Just curious to how you guys determined the value of your third gen for an agreed upon value for insurance.

I currently have State Farm with liability coverage, as I haven't driven it for a long time! But I really hope to get it out this year and I know from previous conversations with State Farm, they have said that if there ever was an issue,the value, most likely from KBB would be lower than I'd like. So, I would like to make sure it is insured to a value that I'd be happy with.

I'll start with checking into Grundy, but I'd better have an idea of value in mind.

Any ideas? I am looking to ensure my 1989 IROC, 350, original owner, paint, interior, etc. I'd have to check, but the mileage is between 65k-70k.

 

Anywhere from $6,000 to $15,000 would be a modest value to insure it at.You can insure it for what ever you want to but they may require an appraisal if they think it's too high for your car.

 

You are paying an insurance premium based on the insured value of the car. If you want to pay the insurance on a car that you feel is worth $50k, they'll insure it for that, however, you will need to have documented proof that the car is worth that because to the insurance company, it's an investment. The hope is that you pay the premium for many years without any payouts.

Without knowing more about the condition of your car and the options it has, we can't put a price on it. Most '89 IROC-Zs that I see are beat, so the price would be low. If your car looks like a show car without flaws and looks like it just came from the factory, then you can insure it for much more.

 

If you want to do it "right" start talking to collector car guys, ask who they recommend for an appraiser.

My appraiser was an Insurance adjuster, and he is well respected... Cost me about $75 every 5 years or so to keep it current...

Keep in mind that there are several values to any car

1) Resale Value (what is it worth if you were to sell it)
2) Insurance Value
3) Replacement Value (If you wanted one exactly like it, how much would it cost)
3a) Dealer Value (If you purchased it from a dealer (used of course) how much are they asking)
3b) Private party Value (If you found one for sale by some guy named Joe, how much are the Joes selling one like yours)
4) Sentimental Value - For crying out loud its a car, it can be replaced.
5) Appraisal Value

My 87 is appraised at $25,000, its a pretty darned nice car too. the Convertible is $15,000, my 67 Riviera he talked me up to $25,000, My wife's 5 speed 87 is at around $8000

John

 

I'll get some pics probably in a month or so, when it comes out of the garage. But, the car is definitely not beat! Not a full show car either. But it is your basically stock IROC, 5.7L, red, etc. I just need to determine what a replacement value is, meaning if I had to go find a car of the same caliber right now,how much would I need. I would hope to say $10k should be plenty. So that might be a good starting point....and would be a whole lot better than KBB.

 

I have Hagarty on my 89. Give them a call .... but as far as I know they will let you place whatever you feel the car is worth on it ..... the higher the value the higher the premium. I placed mine at 15K..... you can also raise it if say you put a bunch of money in the car.

Hagarty is for collector cars only I think ? the car I believe has to be garaged and may have mileage restrictions.

 

One thing to consider is to overinflate the value a little. The reason I say this is
1) if you are seriously considering this I would hope that your car may be nicer than most of them out there. Even what you find for sale, so finding a nice example would be a bit harder than just going on craigslist, you will have quite some time researching, driving and trying to find a car that suits you.
2) As the dollar weakens, inflation happens, and the car prices (dollar value) at this point have not looked downward in the past 10 years, the value will only be greater next year than this year. Inflation adjusted they are about the same.
3) Also keep in mind that many insurance companies offer a "stated value" on older cars, I know Citizens, Hanover, and Encompass - has a new name (who underwrites for Hagerty) do. You pay a little more, but if you talk to them and have it written into your policy it should (in theory) work out without any problems. Also you would pay a bit more than what you pay at Hagerty, but if you store your car in the winter months, the premium is only $100 for the winter, and then you drive the car for 6 months (summer) and the full coverage premium is $750, on average its about $425 for the year... The biggest thing is putting storage insurance only on stored cars, IE you do not need Collision, uninsured motorists, accidental Death, Personal Injury Protection, Work Loss, etc... you only need Theft, Fire, glass breakage, (comprehensive) etc. Usually when I call up and say I am putting a car into storage they know what to do and only give me what I need until I bring it back out of storage.

Here are real world examples,
For Comprehensive I pay (annual premium)
$45.00/year for $5,000 coverage
$122.00/year for $25,000 coverage (That is only $10.16 / Month in the winter)
$89.00/year for $15,000 coverage (That is only $7.42 / month)

I do not recall what my full coverage premium was, none of them were over $800 though...

It is stated right on my policy what the stated value is for each of my cars. (also keep in mind I live in Michigan, we have no-fault and it is expensive insurance)

Using a regular policy is also nice, because:
1) you are not locked into a fixed amount of miles you can drive.
2) You can drive it to work if you want...
3) If you cannot afford to drive a car (say you lose your job), you can put it into storage, and only pay $10.00 per month).

Now if you have a problem, I am not sure if your regular insurance policy (with a stated amount) would differ from a Hagerty or other classic auto insurance. I have not had any problems, tho...

Now I will say some companies are more flexible than others, IE if I want to take a car out for just a weekend, For example, last year I had to move a car out of storage while my building was being repaired, I had no choice but to drive it on the street, so I contacted my insurance company and told them what was going on and that it would only be for a few days while we were getting new overhead doors, should only be a few days, and they did not charge me anything, but put a note on my policy. Some companies will say you can change the status of your car only a few times a year, others will tell you that you can do it as much as you want, just do not forget to tell them...

Right now I am with Hanover insurance, they are pretty easy to work with, I can contact them at almost any time, even weekends to change the status of the insurance. Other companies agents only work from 8-5 M-F...

It all goes with what you want to do...

John

 

I keep year round full coverage even though it's garaged in winter ! Had the appraisal done through my insurance co.

$680.00 a year
appraisal $13,500

1989 Iroc-z dark red metallic/ gold
fully loaded
unmolested
102k miles
excellent condition

 

Can I ask Why? If it is parked in a garage, not driven you can save a lot of money on things you do not need, like collision, and PLPD... it is unlikely that the car would hit someone, or be in an accident while parked... Even so, the Comp would cover you if the shovel fell off the wall and dented it for example...

 

I used http://www.hagerty.com/valuationtools to help me get an idea of what to value mine at for insurance purposes.

 

I insured the GTA for 8k and Camaro for 6K ... both cars w/ Grundy -$279/yr.

If I see values jump in next few years - can always raise it.

 

I am paying 400/yr with Hagerty valued at 15k

 

You guys are all paying way too much. I have Grundy and pay $168/year for $22k coverage with no mileage limits and full coverage. My deductible is $100 or $250, I don't remember, and it comes with towing, full window coverage and plenty of piece of mind.

 

Might have to do with where they are.

 

yeah im in new jersey the car insurance capital of the world

 

I will check on grundy... I know here in Michigan we have what we call No-Fault Insurance. So basically If I am in an accident, regardless if I am at fault or not I am still covered.

 

Grundy came back with a reasonable offer. $968 for three cars.
1) 87 Formula $25000
2) 89 Formula 350 Conv $15000
3) 67 Buick Riviera $25000

So about $322 & change for each car on average in Michigan.

 

Helpful thread. I am also looking to insure my 89 IROC and currently looking for a low mileage car insurance. Will definitely check out those mentioned companies.