Classic Insurance "Agreed Value" And Bill of Sale

[sugarandopium]

Let's say you're buying and insuring a 20k$ GN.
You take the title to DMV and tell them you paid, say 1,500$, to avoid state sales tax on 20k$.
Then......
When getting a classic insurance policy for the car,
and doing the agreed value thing, will they require written proof of what you paid for the car?

I'm 99% will be using Grundy to insure the car FWIW

Thanks.

 

[ngc414]

Let's say you're buying and insuring a 20k$ GN.
You take the title to DMV and tell them you paid, say 1,500$, to avoid state sales tax on 20k$.
Then......
When getting a classic insurance policy for the car,
and doing the agreed value thing, will they require written proof of what you paid for the car?

I'm 99% will be using Grundy to insure the car FWIW

Thanks.

I cant speak for all collector car insurance companies but I have never had one of my collector car markets request that information on a 20k agreed value policy. I am pretty sure Grundy is like Hagerty and will only require that you meet underwriting guidlines and submitt photos of the car.

 

[GNBRETT]

The book that DMV will use as a value will be different then classic car insurance companies. I know with Insurance for Classic Cars, Antique Motorcycles, and Collectibles | American Collectors Insurance I told them I wanted my TR insured for $20k and it was like $350 for the whole year. You have to pay for the whole policy up front tho.

You have to have insuance before you can register the car anyway. Unless you live in NH. Then again, I am not familiar with all states and what requirements they have for registering a vehicle. So you should have a policy before you go to DMV. That is pretty standard with any state that requires you to insure your vehicle. DMV will not ask you what the car is insured for.

Some states don't access value of vehicle more then (10) years old. It's whatever you put down. If you had an 87 Honda Civic it would probably have the same value as a Regal. As far as DMV is concerned it is an 87 Regal and probably worth $1k to $1.5k.

 

[sugarandopium]

Sounds good, thanx for the replies!

 

[asrnj77]

At little aside but I have been looking at collectors insurance as well as traditional insurance. I asked Geico (my current carrier for a quote) and they said that they use the NADA guide as well as whatever the claims adjusters modifies. Well the NADA has an average 87 GN listed at 18,300. If that is what they would reimburse me, I'd be fine with that. For some reason the NADA guide has only 3 options - 1. air conditioning 2. 4 cylinder 3. 6 cylinder. Well for some reason if you click on 6 cylinder in lowers the value by 10% so just leaving it blank gets you the most money. They seemed surprised "a 1987 buick is worth what?" but that's why I want to know these things ahead of time

 

["Turbo-T"]

Didn't know an 87 GN could be had with a 4 cylinder.

 

[QuickBuick87]

Didn't know an 87 GN could be had with a 4 cylinder.

Oh you didn't know?? That was the one with the twin turbo option........

Ken

 

[asrnj77]

Yeah and the 6 cylinder option lowers the value by 10% so apparently only the good ones were 4 bangers

 

[QuickBuick87]

Yep....Quad 4 with twin turbo option is the rare one.......

 

[QuickBuick87]

The book that DMV will use as a value will be different then classic car insurance companies. I know with Insurance for Classic Cars, Antique Motorcycles, and Collectibles | American Collectors Insurance I told them I wanted my TR insured for $20k and it was like $350 for the whole year. You have to pay for the whole policy up front tho.

You have to have insuance before you can register the car anyway. Unless you live in NH. Then again, I am not familiar with all states and what requirements they have for registering a vehicle. So you should have a policy before you go to DMV. That is pretty standard with any state that requires you to insure your vehicle. DMV will not ask you what the car is insured for.

Some states don't access value of vehicle more then (10) years old. It's whatever you put down. If you had an 87 Honda Civic it would probably have the same value as a Regal. As far as DMV is concerned it is an 87 Regal and probably worth $1k to $1.5k.

I was seriously thinking about the American Collectors Insurance until they gave me a 2500 year mile limit. I drive a lil more then that. Good price though......

 

[GNBRETT]

I was seriously thinking about the American Collectors Insurance until they gave me a 2500 year mile limit. I drive a lil more then that. Good price though......

Well they never asked me what the current mileage was on my vehicle when I insured it so im not sure how they would even validate any mileage over 2500.

 

[QuickBuick87]

Hmmm, good point Brett........

Ken

 

["Turbo-T"]

Oh you didn't know?? That was the one with the twin turbo option........

Oh, ok. I thought the twin turbo option was only avaliable on the GNX when ordered with a V8, a 5 speed and in white. :wink: