Club Cobra - Insurance Fixed Value

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- - Insurance Fixed Value (http://www.clubcobra.com/forums/consumer-watch/124423-insurance-fixed-value.html)

There's no discussion. They survey the actual selling prices of several cars that are similar to yours and that determines the value. If you think your car is worth more than the others, all you need to do is show them why you think that. Such as: your engine is all aluminum rather than iron, you upgraded the suspension, you added a set of webers, etc. If valid (not just because it's your baby) they will adjust the price upwards to account for your upgrades. It really is just that simple.

How do I know? I handled claims for State Farm for about eight years and not once did I ever hand a guy a check for a stolen/totaled car and have him complain the amount was not enough. Usually, they just took a quick look at the check, pocketed it quickly and hi-tailed it to the bank.

But I'm sure your insurance company does the same.

Where do they get the selling price information on several Cobras similar to yours? I've seen the asking prices for various Cobras on Cobra Country, but not the selling price. I've often wanted to create a "Blue Book" for our Cobra's but didn't know where to find the actual selling price. It is a "two edged sword" if you had access to the DMV records since owners may low ball the price to the DMV (not that anyone here would do that...).

Try State Farm. They went with the value that I gave them. Also, they call me every year to see if I want to raise the valve. Also, no limit on miles.

Quote:

Originally Posted by WardL (Post 1275315)

They arrive at a selling price for cobras the same way they arrive at a selling price for any vehicle. Survey sellers. If none available, contact dealers and survey their sales figures. DMV numbers never figure into the equation. Once they have arrived at a value determination, they present the offer to the customer. If he thinks it is reasonable, he accepts the offer. If he believes his vehicle was worth more than the others, he must show why he believes that. Usually, receipts are all that's needed to show why the vehicle in question was more valuable than the others. It can't be because your car was just waxed or just had the windshield replaced or had new tires (those are maintenance items). It must be upgrades that you did that increased the value of the vehicle. Like installing a killer stereo or $30,000 Shelby all aluminum big block. Those items add value to the car and would be factored into the replacement price.

If any of you are skeptical, call your insurance company and ask them how they would determine the value of your cobra if it was totaled. If you don't like the answer, find another insurance company. It isn't always the case that cheaper is better. It is until you have a loss, then you might wish you had paid a little more attention to the company rather than the price.

Thanks All. Right now I am covered with Hagerty, just exploring other options since I do not think it is enough and they did not want to raise the value at the time of my inquiry a week or so ago...
I will let you know how I make out soon!

I just insured SPF 3120 with Hagerty for exactly what it cost me to build it. No questions about it!!

Quote:

Originally Posted by Cashburn (Post 1275125)

Before giving advice on this, have you ever been involved in a claim?

From experience, opt for agreed value at what you feel you can replace your car for without lifting a finger, then add alteast 5k for protection. Pay the premium that affords this coverage. Or roll the dice...

It's a risk pool. You can hang in the deep end or wade in the shallow end. But one side you get more pee.

No, never involved in a claim. Love the analogy btw! :LOL:

Quote:

Originally Posted by jhv48 (Post 1275048)

I guess I'm sort of confused about why some of you insist on getting a stated/declared value on your cobras by the insurance company.

As far as I, and my insurance company, are concerned, my car is worth whatever the market says it's worth at the time of the incident. Do I expect to be able to replace my 4 year old SPF with a brand new SPF if mine is stolen? Of course not. I expect to be able to buy a similarly constructed, four year old, used SPF. And my insurance company agrees with me.

If you buy and insure a $100K Mercedes and it is stolen four years later, you're not going to get enough money to buy a brand new Mercedes. You'll get whatever your car was worth at the time of the incident. Seems fair to me!

The replica market varies so much in the market it would be hard to find a true market. Even within specific manufactures there is a wide gap.

I've seen SPF's sell for $30k and I've seen them sell for $70K, guess which one your insurance company think you own when it's time for a payout?

I have an FFR, I've seen them sell for $18k and $70k. Mine is agreed upon at $40k. Could I replace/rebuild it for 40? no, but it's a "fair market" value. maybe a little strong.

The same could be said for continuation cars. If you and the insurance company "agree" on value, there's no debate when you think it's worth $150k but they're selling real world for $80k

An agreed value policy takes all the guesswork and back and forth between you and the insurance company

I guess if I didn't trust my insurance company to treat me fairly I would do just that.

Fortunately, I do trust them. If I didn't, I would find another company.

Just renewed policy on csx car with Grundy and when I had them on phone I asked if they would insure my Bennett car and they asked how much would I like a quote for. They have agreed value so I could have asked for any amount of coverage I wanted to have because agreed policy price is a percentage of the amount of coverage you want. I asked for $ 70,000.00 and just received letter today, quote was $ 471.80 year.