Appraised / Insured Value Question

[7D2N]

I'm getting close to road driving my blazer and was wondering if there is a difference between appraised value verse insured value?


Thanks
7D2N

[71RestoRod]

Look into a policy with an "agreed" value. Agreed value doesn't depreciate over time. Anything other than an Agreed Value policy then you're at the mercy of the insurance co.

Depending on the value you put on the vehicle, they may want to have you provide an appraisal. I've had several different classic car policies with three different companies and they've always accepted my specified value along with my own pictures of the cars. It should be obvious, but still worth stating that your rate is a function of the agreed value. These policies require a fairly clean driving record but they're much less expensive then your daily driver car policies. I recently moved everything over to Hagerty because they're Ok with driving your collector vehicle for fun; i.e.; to the store or the ball park, not just in parades or car shows like some of the insurers.

[7D2N]

71RestoRod, that helps a lot, should I get an appraisal to find value and then insure? as we know these trucks are worth more to the owner than a buyer or an insurance company if some thing happens.

Thanks
7D2N

[71RestoRod]

Don't worry about an appraisal. Figure up how much you would want if the truck were to be totaled. Unless the number is totally outrageous they will just ask that you take pictures. You can also insure it even if it's not finished yet. Remember, the cost of agreed value collector car insurance is based on the agreed value, so be honest with yourself and don't overpay for your insurance. Call the reputable companies such as Hagerty, JC Taylor, etc. Start with your own insurance co that you use for your house and car. If you tell them classic car agreed value policy, they may peel loose and give you the name of a third party co that they work with and you'll get a break on rates.

[nate_g_2003]

We went through our insurance company, who turned around and went to Hagerty. Pretty reasonable, let us name our value. We got a break for it being a "weekend driver", and it is garage kept.

[7D2N]

Thanks guys, that's the info I was looking for.

7D2N

[fastwillie 696969]

i just saw on speed tv my classic car with the dennis and they had a insurance from grundy
http://www.grundy.com/insurance101/