What value does insurance put on your car?

[Blazer406]

I have state farm full coverage on my '87 GN.

In the past, when my wife totaled out her 2000 Maxima, they cut us a check for NADA Retail Price less the deducatable..... fairly straight forward.

I look up my GN on NADA...... had to go to the "classic" car section.

It shows "Average Retail" at $14350. I am a bit suprised it was that "high" as I thought they would try and stick you with a real low value..... way undervalued.

Has anyone had any experience making a claim with SF on a stolen GN.... and they cut you a check?

What did they base their value on?

What seems to be the best insurance to have in case of theft?

Thanks.

 

[charlief1]

The key is making a note of all the work you've had done to it. If you've done a frame off, document it. Look at your policy and read the fine print involved. It will cover you if you make sure they know all the work you did to it or you'll loose your @ss.

 

[rmar]

Get a "agreed value" policy............Only. Mine is for 30 or 35k
This way there is no gray area.

 

[sniperdfa1]

I agree,..

I agree with rmar, I have an "Agreed policy" coverage for 30k. I restored my 87GN frame up. you do have to show documentations on everything you put in your car.

Good Luck!

 

[Nick Micale]

Get a "agreed value" policy............Only. Mine is for 30 or 35k
This way there is no gray area.

Having dealt with many insurance companies for my GN customers over the years, you will find there are "gray" areas in many cases.

Laws may differ among states, but in my experience with GN's over the 20+ or so the "agreed value" means something different to the insurance company.

A recent GN was involved in an accident with a $25K "agreed value" collector policy. The body shop prepared an estimate for $16K, and the insurance company wanted to pay much less than the estimate.

When the customer got me involved, I appraised the total car value before damage at $12-14K. The GN had prior damage that was repaired, and it was only an average GN with some performance mods. I was able to point out a few areas not included, but it was still settled way less than the estimate. In my opinion, he received a fair settlement.

The insurance company's position is that the law requires that the customer " be made whole", not better or worse than before the claim.

The customer figured that he was due up to $25K, but that did not happen. They paid him the amount to make the car as it was before the claim.

In the case of a stolen vehicle, valid documentation MUST be presented to verify value. Normal maintance items older than 6 months are usually not accepted by the insurance company. Modified items, like an expensive engine build, may also not be covered.

If the insurance company can find a comparable GN to yours for a price much less, they can base the settlement on that. Your option then could be court or arbitration?

Remember, you are insuring a collector car, not a custom car, not a race car, so you must be careful how you represent your vehicle to the insurance company. They are NOT stupid when it comes to claims, they hire expert adjusters to protect their company interest within the state laws.

 

[GNcollectables]

The customer figured that he was due up to $25K, but that did not happen. They paid him the amount to make the car as it was before the claim.

If the insurance company can find a comparable GN to yours for a price much less, they can base the settlement on that.

Then really, whats the point to even buying an "agreed value" policy in the first place, if they're not going to give you the agreed value

Seems to me then you're overpaying for a policy that you can't collect the amount you're paying for!

 

[Nick Micale]

Then really, whats the point to even buying an "agreed value" policy in the first place, if they're not going to give you the agreed value

Seems to me then you're overpaying for a policy that you can't collect the amount you're paying for!

I am not a legal expert and do not have the definition of "agreed value", but common sense would expect the owner to insure the vehicle close to its real worth.

If someone has an average GN and insures it for $50,000 agreed value, and it is stolen or totaled, should he receive the full amount? The key here is the average GN is $12-15K.

Again, not being an expert, but this could be considered insurance fraud in my opinion.

If you can produce valid documentation of "actual value", then that is what you should receive.

My point is do not over value your GN.

If you know it is special and has LOTS of $$$$ invested in the restoration or upgrades, obtain a certified appraisal BEFORE any issue can happen.

A good, documented appraisal with photos may cost a couple hundred dollars, but when you have values double the average GN, it will assure fair treatment from the insurance company. :biggrin:

 

[Chuck Leeper]

Appraisal, pictures, receipts, all go toward what Nick is saying.
As for expense: My 55 Chevy is valued at about $50K. In order to cover it at that value, the items I listed are required. <$500/yr w/ minimal restrictions.
My 6T5 HEMI Belvedere at $100K <$500/yr.
I pay that much for my 07 1/2 ton pickup! It's on NADA for $13K....

Note that both cars are ALOT older than the GN's. Until such a time as the GN grows more "whiskers", and drops out of most of the "car value" books, the arguements may continue w/ insurance payouts...

Just my $.02...Like Fox news: We report, you decide!