Hey All- I'm looking to insure my car and I'm wondering what value it should be covered for. It's an original '71 GSX with 70,400 miles. It's rot free, but the original paint needs to be done over. One of the front fenders is primer. The car runs and I expect it to be roadworthy in the next week or so. Here's what it looks like. I FEDEX'd Grundy an application with pictures and a check for a stated value premium that I thought was within reason, even if on the higher side, for a 1 of 124 total production car. I also enclosed a note stating that if there were any questions, to call me as I was short on time. I supplied work, home, and cell numbers. Well, I got my check back today saying the value was unrealistic. No call, nothing. I was counting on getting it insured with them for the Holmdel picnic. I guess that's not going to happen! So, what is a reasonable value for this car? Also, who is good carrier that is also responsive? I did a search and came up with Grundy and Hagerty. Any preference? I have State Farm for my other cars. Does anyone know if they do stated value insurance? I know I've been asking a ton of questions lately, but honestly that will at least slow down once this car sees the streets. Thanks for your patience. And I appreciate all the help I've gotten so far.
what was the value that they rejected? are they just being dicks becuase the car is not restored yet? if they don't understand what an extremely rare car that is all rust free and original is worth....:blast:
For State Farm, you'll need a stated value from an independent vehicle appraiser. Bring as much documented info as possible such as the production #'s for your car and tell him what your plans are, such as resto, etc. If you explain in detail about the limited production of it and show some other cars for sale (i.e. classic car trader.com) you shouldn't have a problem. You may (depending if the guy has a heart) have to go back for a second appraisal after resto to raise the insurable interest amount.
David- Well, I was hoping someone would put forward a value before I revealed what I turned in, but what the heck. I put in $25k. Yeah, I know it may be a bit on the high side given condition, but I'm not sure their response of "unrealistic" is appropriate. They stated in the rejection letter $12-$15k. They also asked when paint/restoration might be complete. Maybe their number is right? I dunno. What really upset me is they didn't bother to call, despite my note to do so. So, value aside, that makes them 'dicks' in my book. Thanks for the tip on State farm, Reynold. I'll follow up on finding an appraiser on Monday. I suppose I will need to do this anyway regardless of insurance company I end up using.
This may or may not help, but...... I've been following the threads on insurance costs,also. After getting some "on-line quotes" from Hagerty, American Collectors, and JC Taylor, I decided to ask my agent(I have Erie insurance) if they have policies for antique or collectible cars. Turns out they do. They have 2 plans, one is a limited policy, the other is unlimited. Plus my agent said if the value I put on my car seems too high, they send out an appraiser at no cost to me. I used a value of $10,000 to get all my quotes and they were in the $200-$300/year for the ones I got on-line. These were all limited policies, although they may be fairly liberal with their terms. My agents limited policy was $100- $200 higher and the unlimited policy was about $600-$800 a year. I'm working off a not-so-good memory here, so these figures may be a tad higher than I was quoted.
Yes, sort of. "Limited" can also be interpeted as only driving your car to shows, parades, Sunday drives, etc. From the posts I've read here, though, this may not be strictly enforced. I asked my agent about the term "unlimited", and to paraphrase her explanation to me, it meant that I could jump in the car with my grandson and cruise down to the Dairy Queen for a milkshake, anytime of the day or week.
.... I have haggerty...on a 76 pace car...they didnt have a clue what 2 insure it for...but when I told them what I have been offered 2 sell it for.. ...thats when I got the value I wanted.....I think you can over insure it for a set price for every $1000...and as I remember it was not expensive at all....but I have limited miles ..I think 3k per years...heck ..I only need 300 miles..per year.. oh ..the state farms,,allstates,farmers...ect....cost way 2 much and very strict....and the true value would be very expensive...the antique&classic insurances would be the best.....and cheapest......unless its an everday driver..
Re: .... Hagerty does not limit annual mileage. Ken - contact Mark Macoubrie. He maintains the GSX registry and may know what similar cars have recently sold for.
Marco... Marco...when I filled out the application...they had boxes 2 check....the amount of mileage driven per year....the less miles you intend on driving the lower the rates...I think thats why they want pictures of the mileage indicator...o No:
Pictures of the odometer??? That's a new one for me - I've had Hagerty for 5 years and have never been asked about mileage. My appraisal (from the GSCA) listed mileage, but they never asked for any updates. o No:
Marco...with my application they asked for pictures of the car ...all around...interior...and pics of mileage indicator...... ....maybe bcs ..they were stumbled on this type/version of car...they didnt have some sort of value in their files..first they wanted 2 list it as a plain 76 century..with a very low low value.......till they got the pics.....SHAZAMMMMM!!!
Here are some GSX's on Trander on line: http://adcache.collectorcartraderonline.com/10/3/0/45838530.htm A second one: 1971 BUICK GSX $39, 900, power steering, power disc brakes, automatic, 350-4bbl, ram air, a/c, new red paint, Buick road wheels, seats, carpet, door panels, dash pads, dash and headliner. AUTO INVESTORS, www.auto-n-vest.com autoinvestors@hotmail.com 334-793-1658.(334) 793-1658 It looks like you are low at 25K..... :eek2:
Hagerty does not have a preset annual mileage limit. They DO ask what your expected annual mileage is. If you type in 7000 miles they will decline to issue you a policy. Just a few weeks ago they told me their typical policyholder averages about 3000 miles annually. Us northern drivers are on the low end, and warmer climate owners are on the higher end, I would guess. I also had to submit 4 specific pictures, but none of the odometer. Just had to state the current miles. They also asked about drivetrain mods... approx HP... They have an antique classification and a modified classification. If you admit you have 550hp under the hood instead of 360, you will pay more. I can raise the agreed value of the policy, but if I request more than a $5000 increase I have to have it appraised to justify it. I currently have $8000 at a cost of just under $100/yr. You have to provide proof of another registered/insured vehicle for each listed driver of your car. Your Buick cannot be your primary transportation, or they will not cover it.
25,000 is probably high until the car is finished. I would guess they tend to look at that factor in this case.
Hey- Thanks for the responses. I sent an email to Mark Macoubrie (per Marco's advice) stating options and other pertinent info, such as condition. Marco, you noted getting an appraisal from the GSCA. How does that process work? That would seem to me to be a solid basis for establishing value. Mike, that $40k for a 350 GSX sounds outrageous! :eek2: I wonder what the seller will get for it? That certainly makes my value statement look too small. Man, this is a tough question to answer. I will certainly ask lots of questions about limitations. The guy who first told me about Grundy said his agent had told him that included in the "limited" activities was "other hobbyist activities". According to the agent, this was essentially a weasel clause in case you want to take the occasional cruise to the DQ. I'll be sure to get this clarified. Carl Rychlik was at my house until almost 3am helping install the exhaust- Thanks Carl! I'll bet you're "exhausted" today! :laugh: Anyway, as the world gets ever smaller, he told me of a guy that has a collector car insurance brokerage locally. Turns out the guy also has an office supply business and that I've known him for about ten plus years. So, I'll be calling him first thing Monday too! Thanks for all the input, I appreciate it! :beer
Ins.coverage Ken-I have my 70 Stage 1 insured with Hagerty.I also have one other car(Know what a 7liter Iso grifo is?)and my boat covered by them. 1.Stated loss policy(buick $20,000) 2.No preset mileage restriction.This reduces any claim from being scrutinized as "non eligable "use of car. They even suggested at policy renewal to raise my coverages. My 2 cents GB
I have recently talked and sent in a application to Hagerty on my '72 GS and '82 Camaro. I stated on the phone to them that I could drive them up to 5000 miles a year. They refused me stating that that was too many miles per year for Michigan. I live in a rural area that to go anywhere it is a 20 to 50 mile trip. I also told them that I would like to use it to go out of state on a trip (isn't this pleasure use?). They told me this is not a use that they would cover. Does this also give them an "out" if the car is out of state? What about car shows that are out of state? I will be making some other call this week looking for insurance that will let me actually drive my car for "pleasure" use. I now have State Farm on a stated policy but it only covers to and from car shows or parades. Please be carefull I think Hagerty is becoming a "big" insurance company. P.S. Check your oil pump pressure relief bolt. I found mine today almost out! It hasn't been touched in 2 years!
You might give a try to Great American Insurance. I don't know to many specifics, but it was pretty easy to sign up with them. I insured my 67 GS400 for a stated value that was in the ballpark of what they told you your GSX is worth!!! They did want to know if it was restored. Since I just got it out of 18 year storage, the real answer was NO, but I had to backtrack real quick to say that it only needed to be cleaned up (which is true) and she said okay. They wanted pictures of all four sides but only an application where you fill in mileage. Might be worth a call. 1-800-252-5233 www.classiccollectors.com
