PSA re: Classic Auto Insurance- UNDERINSURED

[Pool Fixer]

I don't know about you, but since classic or collectors insurance is cheap, I tend not to think about it too much.

I got my renewal notice recently and when I logged in to pay, I realized i was light on my agreed value. I hadn't driven the car in several years but did keep it registered and insured. They increase it littel by little every year but even if your policy was accurate 5-10 years ago, it's probably light today as values have exploded in the last few years.

I called in and all they wanted was a few pics and they agreed to increase it... along with a corresponding rate increase of course- but it's still affordable in the grand scheme of things.

Responsible people check this **** regularly. I'm not one of those so I figured i'd put it out there for others like me.

 

[gtx6970]

I upped the agreed value on mine last year.

 

[Dave6T4]

I live in Ontario, Canada. Yesterday, I picked up one of those Auto Marketplace magazines. This one was called Mopar Muscle Round-Up. I was amazed at the prices being asked for most of the cars in there! I think a lot of us guys up here have vastly under estimated the value of their Mopar Musclecars according to this publication. I realize these are asking prices, and can be different from sold prices, but still....

 

[khryslerkid]

I'll check it out. I'm due for renewal in March.

 

[Black_Sheep]

In the past I’ve periodically updated the appraisals on my fun cars, the last time was 5 years ago. Has the market changed enough since then to make a new appraisal worthwhile?

 

[dadsbee]

Hagerty has been nice enough to advise me it's time for a value increase on a few cars and my choice to do so or leave them as is. Now if they'd get rid of Aviva as their underwriter I'd be all set !

Remember, if you get T boned in an intersection even the agreed value isn't going to fix the car 9 times out of 10 at todays shop rates. Make sure you can live with the cheque you're gonna get when they take your car....

 

[68BabyBlue]

In the past I’ve periodically updated the appraisals on my fun cars, the last time was 5 years ago. Has the market changed enough since then to make a new appraisal worthwhile?

The GTX market has. My last ‘69 is currently on the market for more than twice what I sold it for in 2021. Last summer I turned down an offer on the current one that was nearly double what I paid for it a year earlier.

 

[HawkRod]

Thanks for the reminder. I need to up the agreed value on my Road Runner. Like @dadsbee stated, you need to be OK with the check if you get T-boned and the car isn't fixable. There is no way I could even come close to building another like mine with the current agreed value check.

 

[AR67GTX]

I don’t bother with appraisals and American Modern has never asked for one. As long as you are getting an agreed value policy and your valuation is not crazy out of line, they don’t care. You’re going to pay the policy amount for that value and if something happens to total the car without any illegal shenanigans on your part - they are going to pay you what your policy was written for.

 

[dadsbee]

Yep! Silver Wheels up here, that was our previous choice and Hagerty took over, use to make us get an appraisal all the time and it was a PITA. Hagerty already has evaluations for most vehicles so don't demand appraisals. That said I have my Bee insured for about 3 times what they say a #2 is worth... they didn't even flinch taking my money, but it's gonna "cost" them that for me to walk away from it if **** happens.

 

[Pool Fixer]

I'm not sure about the last 5 years... I wasn't up on the market at all. My car was registered and insured but was sitting in my garage unused. when I checked it a few days ago it had risen to 49,500. I upped it to 80. cost about another $150/year but it's worth it.

 

[Black_Sheep]

I don’t bother with appraisals and American Modern has never asked for one. As long as you are getting an agreed value policy and your valuation is not crazy out of line, they don’t care. You’re going to pay the policy amount for that value and if something happens to total the car without any illegal shenanigans on your part - they are going to pay you what your policy was written for.

I insure through Farmers, anything over $20,000 agreed value requires a comprehensive appraisal.