anybody else notice the book value on our cars suck *** ?

I just got a letter from my insurance company stating they can no longer offer a stated value policy for my car at 20k .

I was livid at first but after i called , my new stated value policy will be renewed at 18k and 15 bucks less a month so I guess I can't complain too much .

but dam I think 7500-9500 "book value " is an insult



1997 R
http://www.nadaguides.com/iphone.asp...&o=076&vi=1140


2001 R
http://www.nadaguides.com/iphone.asp...=80000&vi=1143

 

nada represents where cars trade at manheim.

if those are the stated values, that's what dealers have been paying

11k for an 80k mile car is about right for a sale price

9k is what it would sell for at auction.

the only Rs i've seen sell for 20k are the climate controlled cars with under 10k miles

 

I would never expect to sell my car close to 20 but my ins co offered it so I took it . it's not everyday you can recover a good amount from a total loss . the price difference 2 years ago from regular full coverage(comp,collision,uninsured,250 deductible,roadside) compared to the stated value was only 40 bucks .

 

Remember they also take into effect when they insure us the owner. How much recent total losses have paid out. So if 2 ITRs have been totaled thru your insurance company and they both pull 17k then thats what they go off of.

Its complete ****, but thats how they work.

 

And Hagerty does not have any values on their site. Only NSXs are shown.

 

It might be worth a call to these guys:

http://www.grundy.com/

And a lot of sites base collector cars off of this list:

http://www.nadaguides.com/Classic-Cars

I have tried in the past to get folks to email nada classic guides because the more we do, the more likely they'll research the ITR and list it as such...which would open up an entire different world for us in terms of insurance and value.

Cliffs: do this!!

http://www.nadaguides.com/Contact

 

hagerty told me the only way they would insure my R on a stated value is if I had two cars to cover . I was like wtf

 

Based on Todd's suggestion above. I went to the Grundy site just to see. I was quoted $225 a year for a $15K stated value policy. Much better than the $90 a month through State Farm right now. Disclaimer: I have not followed through yet as I need to see what their mileage restrictions are, etc.

 

lol @ State Farm. I dropped them about 6 months ago because I got sick of their policies. They actually raised the rates on my '91 Si and gave me nothing but grief when I challenged them on their coverage. And they wanted me to install a OBD-II port "monitor" so I could save an additional 5-10%.

They just reak of ghetto insurance anymore, much like Progressive.

But anyways, let us know if you pursue the Grundy insurance and how that works out. I was thinking about using them for a couple of cars.

 

LOL, you should do research on stated value. Also compare stated value versus agreed value.

http://www.hagerty.com/classic-car-a...Value-coverage

You paying extra for something that is already in most auto policies.

 

believe me I've done my research . my next move maybe Grundy .

with progressive , the fine print says "stated " and "agreed" value are one and the same .

before I had gone that route I had a normal comp/collision policy with an added 5k in aftermarket parts which was actually costing me more than I pay now . by almost $200 more every 6 months

 

You should research on case laws and lawsuits involving stated value. Progressive agreed value is directly underwriten by Hagerty.

Look up:

armon v united financial casualty



Also check out chubbs, I hear good things but they are expensive. I know a few EVO and STI guys have them and swears by them.

Also if you're arm forces, USAA.