1. 62440

    62440 Well-Known Member

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    I applied for Hagarty insurance on Saturday and l gave them a value price of $25000 for it. Its a 62 Plymouth Savoy. My daughter works for a different insurance company and thinks I've undervalued it, thinking it's more like $40000. How do you guy's determine your car's value fairly
     
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    • gtx6970

      gtx6970 Well-Known Member

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      research recent sold cars of similar condition
       
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      • Billccm

        Billccm FBBO Gold Member FBBO Gold Member

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        Hagerty has a valuation tool.
         
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        • 62440

          62440 Well-Known Member

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          Hagarty's valuation tool doesn't list a 62 Savoy. This car is a bit of a Unicorn
           
        • 383man

          383man Well-Known Member

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          When I went with them which I have been with them since 1997 I had to send 4 pics of the car. One side and the front and the other side and the rear of the car. Then the interior and eng and I guess they also used that. I have my 63 insured for 25k through them. Ron
           
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          • dadsbee

            dadsbee FBBO Gold Member FBBO Gold Member

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            Hagarty in Canada is pretty simple. Tell them how much insurance you want to pay for and they gladly take your money. It all comes down how much do you have into the car... what can you live with if it's a total loss.
             
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            • moparedtn

              moparedtn Ed on the Ridge FBBO Gold Member

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              Just got a 10 year anniversary card from them. :)
              I've increased coverage on Fred a couple times over the years, as I got him back closer to done.
              I've had occasion to file a claim from them before, too - they've always been great to work with,
              very professional and absolutely hassle-free.
              I've had plenty of different insurance companies over the decades. None of them touch Hagerty.
               
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              • 62440

                62440 Well-Known Member

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                Thanks, that's reassuring. Hope l never need to test that :)

                 
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                • Charlie Brown

                  Charlie Brown Member

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                  Get a professional appraisal. If you have a claim you want to insured for the right amount. An appraisal should protect you in case of a claims dispute rather than just agreeing on an agreed amount with the insurer. An agreed amount may end up causing grief if the insurance company has a change of heart. Also be very careful to make sure what Hagerty's definition of modified is. I just went through this with them and it was like pulling teeth to get the info I needed.
                   
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                  • moparedtn

                    moparedtn Ed on the Ridge FBBO Gold Member

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                    What part of my statement led you to believe I haven't?
                     
                  • Charlie Brown

                    Charlie Brown Member

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                    I guess I clicked on the wrong reply button. I meant to reply to 62440. Still new at this internet forum thing.
                     
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                    • moparedtn

                      moparedtn Ed on the Ridge FBBO Gold Member

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                      No worries, sir. Your reply nonetheless held several very good points. :thumbsup:
                       
                    • 62440

                      62440 Well-Known Member

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                      I got a reply from Hagarty's insurance today. My policy was declined because they don't insure cars with roll cages. I'm waiting to hear what they say about roll bars
                       
                    • Cojohnso1

                      Cojohnso1 Well-Known Member

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                      I too used $25k value. (Paid $21k 3 years ago) I believe I pay $325 per year?) But you are right. I'm just looking to recover my $$. Not necessarily the actual value?
                       
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                      • Moms68

                        Moms68 Well-Known Member

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                        • JakeMA33

                          JakeMA33 Member

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                          This topic is near and dear to me so I will chime in. Be careful on using an insurance company's valuation tool. Think about it. The higher the value, the more coverage of insurance you buy, the more premium revenue they make.
                          Here is an excerpt from my blog post on this topic. See link below for the full article on valuation of a collector car.
                          Our worst fear has come true. Someone is actually using auction results as data that drives costs that affect Joe consumer car guy each and every day, the premiums we pay for our collector car insurance policies. Illegal, no of course not. Bad form and insulting to our intelligence? Absolutely. How stupid are we? The collector car insurance companies generate premium revenue based on their own price guide? Here let me pour water down your back and then tell you it is just raining. Driving the narrative or even contributing to your product’s narrative in the market place, is as shameless as it is disappointing.

                          Should price guides include auction data? Well actually yes. By definition a valuation price guide does include auction data. That being said, please be careful when using a published price guide. The price guides I have seen touted on the net today vary greatly. Some use data analysis practices that are not repeatable, meaning the results are not provable. If you cant prove to me how you arrived at the answer, your answer is worthless. This means it is subjective and not objective. Subjective means it is one person’s or a group’s “opinion”. I can form my own opinion and so can the rest of us. No need to pay for someone’s opinion. I would gladly pay for a collection and output of good data, where a formal analysis is or can be done. I have not found this type of data yet. Stay tuned.

                          Link to full blog article here https://jakesgeneralstore.com/blog-post/auctions/ 3dcvwx.jpg


                          -Jake
                           
                        • jim94746

                          jim94746 Member

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                          I have them for my 1969 Roadrunner project. We agreed on $20k and i sent pics off body, interior, motor, VIN and fender tag. I also have keep under 3K miles per year which is very easy
                           
                        • joemish

                          joemish Well-Known Member

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                          Use Hagerty Valuation Tools.
                           
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                          • joemish

                            joemish Well-Known Member

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                            try these prices. Your daughter is incorrect. https://www.hemmings.com/classifieds/cars-for-sale/plymouth/savoy
                             
                          • Charlie Brown

                            Charlie Brown Member

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                            Am I the only one to suggest getting a professional appraisal? Could save your behind in case of a claims dispute.
                             
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