Hey everyone, I am trying to get my insurance company to value my 91 for more than what the blue book would value it, so I need some comps.
The car is not a show car by any means, but I do have about 5k in it, and if it got totalled, I would probably only get 1/3 of that.

The car in question is a 1991 Firebird Formula with 167k miles, white, ws6, hardtop, 5Spd(now a t56) 305 tpi. Power windows, doors and mirrors.

Visually it's not in the best condition. the paint is chipping, and theres some dents and rust, but uts a good fun daily driver. It's a good 20-30 footer.

Please let me know if you see anything for sale similar to this and what it sells for.

Thanks.

 

maybe you just need a different insurance company...
get a quote from Hagerty or American Collectors insurance.

 

This

 

I have my 92 with Hagerty and they have it valued at $18,950.

 

I back this statement as well. I have my 94 Firehawk insured through Hagerty with a stated value of $14,000. That runs me $230 for an entire year and I believe that includes some basic roadside. Granted I have it listed as less than 5000 miles a year (or whatever their break point is) and have a spotless driving record. I imagine if you are DD with car you might fit into a different category but it’s worth looking into. That’s cheap if you ask me and something happens or totaled that’s what I have it covered for.

 

Forgot to add that I also quoted my 91 Formula and my 88 T/A on the same policy with 8k for one and 6k value for the other and if I remember correctly the price was very low. These two cars are not seeing outside my garage at this point so playing the gamble there. But I think you’ll find much better options then what you currently have

 

As you may know the collector car insurance companies have mileage limits and require the car be garaged. American collectors needed a exterior garage photo as well as an interior shot and one with the car (29 Ford Model A Tudor) in the garage. The big plus is you get an agreed value on the car.

 

GRUNDY

 

most companies will do a stated amount, just tell them you want it valued at $5000 or $6000

With those miles it probably is not worth a lot unfortunately...

 

Maybe, but the mileage just shows the car has been driven. The condition tells you more about how it was treated and maintained. If you insure it for $6k and something happens to it, you'll probably have a tough time matching the condition when you try to replace it. Especially if you're looking at other cars with the same mileage. Most of them are going to be trashed in comparison.

 

Thanks for the suggestions everyone. I currently have my Firehawk insured with Hagarty, but didnt think they would take a non show car such as this.
I'll ask.

General question, but related to Okfoz's reply - why does mileage affect value? In my eyes, it questions the reliability and longevity of a car, particularly the drivetrain. But for this car, I have replaced the transmission, and every oil change I send the oil out for used oil analysis to check wear metals. If I provided that info to a prospective buyer, would that justify a slightly higher asking price? Or would it not matter to the general public?

 

I agree with you. unfortunately few other people do. I would prefer a car with 20,000 miles over 300 miles when you are looking at something that is 30 years old. With something that is not driven there are benefits, the odometer does not move as much, it ideally would be closer to the way it was when new. In my experience, cars that are not driven for a long time end up having issues when they are then driven. People view an old car with 10 miles on it as a "new" car. Unfortunately most everything should be gone through, they were not designed to sit and waste away, A low miles car to me ends up just being a museum piece, a full size model if you will, or simply a show car that is probably thrown on a trailer to a show.
Miles seems to have more influence on the value of a car than condition, it shouldn't, but it does.
I remember looking at a car for a friend of my wife's and the windshield was broken, dents in the fenders and doors, it was beat to where hardly anything would not have to be repaired or replaced to make nice, for example they didn't clean under the sun visors, and it was just black from dirt, it just was treated very rough. The only redeeming factor was it only had 30,000 miles on it but they still wanted a premium for it. I told the salesman to shove it where the sun don't shine. Unfortunately dealers, people in general, and collectors look at "miles" and think it is better than one that is in better condition.
My 87 has 123,456 miles or there about, I have it insured for $25,000, but I have a lot of custom parts on it and honestly it is one of my nicest cars, second only to my bought new 2016 Roush, Value it for what makes you comfortable. An appraisal would help as well.

 

I agree with okfoz, I'd rather have a car that has 100k on it and was loved than a car with 30k and beat into the ground. I'm currently in the process of getting this kind of insurance for my Vette and T/A, my boss at work gave me an agent to call since he has about 10 or 11 vehicles insured with them, he told me it's pretty easy to do I just haven't made the call yet.

 

Berkley Classic Car Insurance is awesome, too. My IROC is valued at $17k and insurance is $239 a year

 

I just insured a 1985 L69 IROC with State Farm, they used stated value, $8000, and it was $55 for 6 months with a $500 deductible.

 

I would research the stated value policies and how they can screw you if your car is ever totalled. Agreed value is the better type of policy

 

Scooter, you are correct, mine is an "agreed" value, not at "stated" value, I just checked. Only had to send them photos of the car, then good to go.