gatorcola

My new insurance company is questioning the value I put on my ride and are requiring an appraisal. I have asked the agent what qualifications they require but have yet to receive an answer ( I don't want to pay for something they ultimately won't accept). I'm aware that a firm like Classic Auto Ins. would be less expensive but I have no choice but to keep the car in my packaged program.

I will never sell my IROC, but if I loose her I want to be properly compensated. As such I placed as value at 14k (who the heck knows; I don't) I am curious though, is there a certification for auto appraisers? Otherwise, I'll get one from a fellow 3rd gen nut.

scottmoyer

There is a certification for auto appraissals.

Can you document what makes your car worth $14k dollars? Years ago, I copied eBay pages that showed pictures and the selling price or high bid of similar mileaged cars. It was easier for me since I have a low mile original car. A high mile car that has had work done to it will require more homework in finding a similar car. Good luck, but you might need to pay for an actual appraisal.

gatorcola

No I can't; that's what prompted my question. With 3rd gens still relatively early in their classic status, value remains quite subjective in my opinion. To a degree, the 14k value I placed on my ride is within a range based on what I have read here, on the fact that it is, from what I can discern, as high an optioned IROC vert that was available, and the fact that I had a firm offer of 10.5k 6 years and 3k miles ago. I have no interest other than protecting the investment I have recently put into her and, honestly, the heart pain I would incur if something tragic happened.

I really do recognize that the opinion I have on my ride is prejudiced by my history and love of her.

Iroctopless

Check the autoclubs in your Florida area (especially any Chevy/Camaro clubs). They will be able to offer you great local advice with regards to finding a good recognised (by your insurer) appraiser. Or check out some local car shows and ask around what other owners do. You will soon find someone. A good appraisal is worth it. Even if it costs you ~$100.
That's what I did for my ride. It's current appraised value is $21,000cdn. And that's what my ride's replacment value is now rated at. Ask your insurer about the 19 or 19A clause. I believe it's a standard declaration of value used by insurance companies both here in Canada and the US.

Get it done, soon. And it actually doesn't increase your rate much either (at least it didn't for me). But mine is also insured as stricktly for "pleasure" not "all-purpose" for stuff like driving to work, etc.

scottmoyer

Not sure if the car is a daily driver or not, but if not, check with Grundy for coverage. They will insure it at whatever value you feel the car is worth with pictures to prove it's value. Any value that seams extreme, they will ask for proof of value, but not for the amount your looking at.

HankL69

iTrader: (1)

I agree completly with the last post. Check around and get somebody locally. I needed an appraisal for my Firebird and responded to a magazine ad. The "appraiser" asked for pictures and a printed discription along with the check. I sent what he wanted and waited. He sent back a print out with a value out of Kelly blue book. I think the amount was $7,500! When I complained saying that similar cars were selling on E-Bay in the $16,000 / 24,000 range he said he could re-do his "appraisal" for another fee. I found a local guy who came to the house, checked the car over, sent me the appraisal ($22,000) and charged me less than the first guy.

gatorcola

My IROC is garaged pleasure ride. I average putting +/- 750 miles per year on her.

I have obtained quotes from Grundy's and others and they are certainly less expensive. However, I have bound packaged insurance coverage with a very good national high quality insurance company for homeowners, WIND, vehicles, and umbrella. There's a minimum premium that I won't meet unless my IROC is included. For this Floridian, the wind & property together, as opposed to some small company combined with the state huricane fund (Citizens), is a big deal. Another plus is that the auto coverage is an agreed upon amount in lieu of blue book 'replacement cost'.

I've called around and one name keeps poppng up. While I don't know him, I know many that do - he has a very good reputation. When I get his apprailsal, I'll post it for your info.

Thanks for your input and interest.

gatorcola

I ended up taking my ride to a very reputable local higher end used car company. After meeting with the owner and his inspection of my IROC, he furnished a signed statement, on letterhead, agreeing with the NADA high retail value of $14,300.00. Furthermore, it states that the vehicle will do very well in the local market. I had not told him of the value I had placed on my ride and I found it somewhat amazing that there was only a $300 difference. I had only looked at Kelly Blue Book. Hope the insurance company accepts the letter; it was convenient and free.

http://www.nadaguides.com/default.as...005&c=11&any=0

Iroctopless

Sounds good. I understand the discount thing with insurance. I get a pretty good deal when the house, contents, vehicles, trailers are all insured by one company. As long as we're happy with the coverage that's applied to each of them.
Good luck.