What's my car worth?

[Dino]

No I'm not selling it but it's time to renew my Hagerty policy.  Because I pad way less than that, I had it valued at $20K which costs me $250/year + $50 roadside assistance.  If that seems high to you, we have Michigan's no fault insurance to thank for that.

Anyway, seems to me that these days $20K would not replace my car if it's somehow lost.  So what value should I stick on this thing?

It's a 69 white hat special that came with a 318 and 904, now 440 HP and 727.  When I'm done with it it will have all the HD stuff the R/T's have and then some.  If that matters.  Original options are A/C, tinted glass all around, light package, wood grain steering wheel, power steering and power drum brakes.  It has the stock am radio and center dash speaker and although I'm adding loads of options, it's nothing that came stock on the car.  Originally F8 green in and out with white top.  Now white with black top but still sporting the stock interior (not my choice).  Seats are ripped and carpet is shag by now but pads and panels are very nice.  Console in very good shape but chrome and black paint are fading.

Some bubbling on the bottoms of quarters, small hole in rear crossmember, visible from underneath, center trunk pan has pinholes.  After blasting I would have to replace trunk floor, lower quarters and partial rockers and likely rear valance.  Wheel wells and lip are untouched with no signs of rust.

This is not a pedigree car but it's my baby and if lost I would want to replace it asap.  I know that adding the modern touches doesn't do much if anything to the value so I will write those off.  Not that big of an investment anyway.

I guess the key here is that the car really doesn't need anything to run, I've been driving the pants off of it for a few years and worked out pretty much all the bugs.  After my current projects are done, the car should be as good as anything out there.

Sorry to rehash the same old pics but it's all I have on this pc.

[RIDELIKEHELL]

I don't want to guess but don't they require an appraisal to get agreed value?

[Dino]

I don't want to guess but don't they require an appraisal to get agreed value?

Nope, never did one before.  Besides, I wouldn't accept an appraisal from anyone but the people that know the market, and that's you guys.  Ask 5 different appraisers and you get 6 different answers.

[RIDELIKEHELL]

I don't want to guess but don't they require an appraisal to get agreed value?

Nope, never did one before.  Besides, I wouldn't accept an appraisal from anyone but the people that know the market, and that's you guys.  Ask 5 different appraisers and you get 6 different answers.

I had one done & sent it to Hagerty for my car      I was happy with the $ amount 

[DadsCharger00]

So my car is similar to yours. No rust spots however....least anything visible    I had mine insured this year for 25 through Hagerty.  Only thing they asked me for was like 5 pictures. Inside, outside, and underhood. Haven't heard anything back from em since.

[darkside]

So my car is similar to yours. No rust spots however....least anything visible    I had mine insured this year for 25 through Hagerty.  Only thing they asked me for was like 5 pictures. Inside, outside, and underhood. Haven't heard anything back from em since.

Does hagerty require the car to be kept in a fully enclosed shop. Grundy  won't insure classic cars unless it in a  fully enclosed carport.

[Dino]

So my car is similar to yours. No rust spots however....least anything visible    I had mine insured this year for 25 through Hagerty.  Only thing they asked me for was like 5 pictures. Inside, outside, and underhood. Haven't heard anything back from em since.

Does hagerty require the car to be kept in a fully inclosed shop. Grundy  won't insure classic cars unless it in a  fully inclosed carport.

Yes it needs to be stored in a closed building. 

[F8-4life]

20k is being pretty reasonable for that car, being that 15k buys you half-junk nowadays.
I'd say it's worth 25k, insure it for 30k and if anything ever happens maybe a 69 r/t would make the pain go away.

[Dino]

20k is being pretty reasonable for that car, being that 15k buys you half-junk nowadays.
I'd say it's worth 25k, insure it for 30k and if anything ever happens maybe a 69 r/t would make the pain go away.

I would never buy an R/T, I'll leave those for the people who care about pedigree.  Give me a mutt any day so I can do with it what I want. 

I think $20K is reasonable as well, but I doubt I'd get a similar car for it right now. 

[F8-4life]

Ok maybe not an R/T.. I just meant if anything happened to your old ride you could ease the horror by using it as an opportunity to step up into something you really like.

[Dino]

Ok maybe not an R/T.. I just meant if anything happened to your old ride you could ease the horror by using it as an opportunity to step up into something you really like.

That would be nice!   

In essence I'd be looking for roughly the same car.  Don't care about color much and don't need many options although I do want A/C and the light package.  The latter can be added easily but it would be nice to have all the A/C stuff in the interior.

[Dino]

Just got a quote from Hagerty:

If we were to increase the value of your 1969 Dodge Charger to $25,000 effective on the renewal date (September 20, 2013) your new renewal total would be $335. If we were to increase the value to $30,000 effective on the renewal date, the new renewal total would be $372.

That's with roadside assistance.  My current bill would be $300 even.

Thoughts?

[1974dodgecharger]

I don't want to guess but don't they require an appraisal to get agreed value?

im with american modern insurance (sister of geico) they send an apparaiser for mine, showed fender tag, told them non matching since it was buitl in dec 67, etc...they appraised mine at 32k if lost, demlosihed, etc.....


if i upgrade things i need to report it to increase its value.

[Dino]

Hmmm, maybe it's a Michigan thing.  We don't have appraisals or inspections or smog tests.  We don't even have to show the car when registering the title.  But in return we do get gouged on insurance rates and many of the roads here seem to belong in some war torn former country.

[1974dodgecharger]

20k is being pretty reasonable for that car, being that 15k buys you half-junk nowadays.
I'd say it's worth 25k, insure it for 30k and if anything ever happens maybe a 69 r/t would make the pain go away.

I would never buy an R/T, I'll leave those for the people who care about pedigree.  Give me a mutt any day so I can do with it what I want. 

I think $20K is reasonable as well, but I doubt I'd get a similar car for it right now. 

look at this way dino.  whats it gonna cost u to find a car in similar condition as yours, personally from what i see roughly 25k to 30k.  we all seen what 20k gets you these days yes nice condition, but drivable barely.  either the body is good and mechanics are bad or vice versa

[Dino]

20k is being pretty reasonable for that car, being that 15k buys you half-junk nowadays.
I'd say it's worth 25k, insure it for 30k and if anything ever happens maybe a 69 r/t would make the pain go away.

I would never buy an R/T, I'll leave those for the people who care about pedigree.  Give me a mutt any day so I can do with it what I want. 

I think $20K is reasonable as well, but I doubt I'd get a similar car for it right now. 

look at this way dino.  whats it gonna cost u to find a car in similar condition as yours, personally from what i see roughly 25k to 30k.  we all seen what 20k gets you these days yes nice condition, but drivable barely.  either the body is good and mechanics are bad or vice versa

That's what I'm thinking.  I really can't find anything lately that comes close to mine for the price I paid.  I know the deals are out there but there's fewer each day.

Not counting roadside assistance, it would cost me $322 to have it insured for $30K, $372 with (and yes I am keeping it, you never know).  I don't have any limitations with the car except mileage but I'll never reach that in a year and even if I did, nobody checks it.  They don't even know what my current mileage is. 

How does the cost compare to others' rates?

I think I'll just go with the $30K coverage though.  I'd be kicking myself if something happened and I can't buy the car I want because I wanted to save a few bucks.  Yes I have been known to do that.   

[Back N Black]

Sounds a little high for insurance, I'm paying $325 a year for appraised value of 45 grand.

[Dino]

Sounds a little high for insurance, I'm paying $325 a year for appraised value of 45 grand.

I think it's the no fault part in Mi, we have one of, if not the, highest premiums in the country.

Does that $325 include anything else like roadside assistance or is that the bare premium?

[Back N Black]

That's full coverage, with $100 deductible and no roadside assistance

[1974dodgecharger]

220 for mine with roadside assitance,which i used before when i ran out of gas. that include insurance premium.

[moparstuart]

  insure it for 30k for sure

if you wanna shop your insurance  calll my buddy adam
with the national corvette Museum they have great coverage and beat the hell out of all the other companys I had bid my insurance .  

    Adam Boca
Insurance Agent
NCM Insurance Agency
350 Corvette Dr
Bowling Green, KY 42101
Direct Toll free: 877.678.7626
Local: 270.467.8853

[Mopar Nut]

 insure it for 30k for sure

if you wanna shop your insurance  calll my buddy adam
with the national corvette Museum they have great coverage and beat the hell out of all the other companys I had bid my insurance .  

    Adam Boca
Insurance Agent
NCM Insurance Agency
350 Corvette Dr
Bowling Green, KY 42101
Direct Toll free: 877.678.7626
Local: 270.467.8853

I will thanks for the infor.

[Dino]

I did the online quote for NCM and was quoted $454 with roughly the same coverage I have now.  When I change ONLY the state, in this case Il instead of Mi, it goes down to $269.

Nice huh?   

[moparstuart]

I did the online quote for NCM and was quoted $454 with roughly the same coverage I have now.  When I change ONLY the state, in this case Il instead of Mi, it goes down to $269.

Nice huh?   

call adam personally  , i bet you will get a way better quote 

[Aero426]

It pays to shop your insurance.    Hagerty has ALWAYS been the most expensive any time I ask for a quote.

I recently requoted my policy.

For a zero deductible policy on the street Superbird at $95,000 value and two sports cars at $10,000 each.

Hagerty: $967 annually. No fixed mileage limits

American Modern (AMIG): $623 Mileage on the three cars: 1000/1000/3000

Classic Collectors: $510 Mileage on the three cars 1200/1200/6000. Also, by going to a $500 deductible on the Superbird, the
premium dropped to $405 annually. Again, this is for agreed value, and is less than half the rate of the Hagerty quote. But
Hagerty does give you a free subscription to their magazine.

What are the other differences? AMIG has $2000 of spare parts coverage per car, Hagerty $750, Classic Collectors $500.
AMIG provides for up to $200 in towing expense, Classic Collectors provides $100. Hagerty offers towing as an option.
AMIG has full safety glass coverage for addt'l premium, Classic Collectors incudes it free.

Every situation is going to be different depending on where you live, the cars you want to insure, the coverages and extra options
you select. Some providers like Hagerty do advertise a more liberal use policy.

[Aero426]

I went through Lars Anderson of Rally Insurance Group.  800-801-1823  www.rallyinsurance.com

He got quotes from Classic Collectors and American Modern.    The Hagerty comparison I did on my own. 

[Dino]

I don't know why, but when I do these online quotes, Hagerty is way cheaper than anyone else.  Most quotes are close to $500 for $30,000 coverage.

I need to look into this more after work.

[Dino]

I found the reason for the high cost.

Michigan Catastropic Claims Association Fee

Runs $186/year, regardless of insurance company so there we go.  That's why I pay so much more than most of you.


'The Michigan Catastrophic Claims Association (MCCA), a private non-profit unincorporated association, was created by the state Legislature in 1978. Michigan's unique auto insurance no-fault law provides unlimited lifetime coverage for medical expenses which result from auto accidents. The MCCA reimburses auto no-fault insurance companies for each Personal Injury Protection (PIP) medical claim paid in excess of a set amount. Currently that amount is $530,000. That means that the insurance company pays the entire claim, but is reimbursed by the MCCA for medical costs over $530,000.'



'All auto insurance companies operating in Michigan are assessed to cover the catastrophic medical claims occurring in Michigan.  Those assessments are generally passed on to auto insurance policyholders. The 2013-2014 assessment is $186.00 per vehicle.'


It's what it is, I'm not going to make a fuss about it.  I will call around a bit for more quotes but I may just stay with Hagerty, seeing they are really not that expensive relatively speaking, and it is a big company with very good user experience.  That too is worth something.

Thanks for all the help guys, much appreciated.      

[Homerr]

I don't know what your car is worth, maybe low 20's ?, but replacement cost would probably be $30-35k.  Insure for replacement cost.

[tufamc]

For $72, you should just go with the $30k policy, why not, 72 dollars is 1 tank of gas in your car, big deal, you'll sleep better at night!! Personally I live 9.2 miles from Hagerty's headquarts, in Traverse City, and my work takes me there from time to time, incredibly nice group of people, for me they will always fit the bill, kind of a home town thing though.

good luck with your choice, remember if something does happen, you ll be kicking your own a$$ over the price of a tank of gas....


JR

[Dino]

Agreed, I'd really be kicking myself if I lose my car and tried to save $72/year.   

[will]

My brother sells insurance. He's told me it's always better to over-insure than not to have enough. Go for the higher amount, it will be worth it if you hafta make a claim.

[rarefish]

My  You guys sound like you should be insurance sales men. Sure, the insurance company's love people who over insure anything, your home, your life, your car, why? Because it adds to their profits. They know that they will make out on some 95% of all policy that they sell.
I often hear people at car shows telling others like their car is insured for $50,000 when its a $10,000 car. Pay that extra premium and I guess you some how hope that the car is totaled or stolen some day, just so you will feel good about being over insured?
I have been paying for classic insurance for about 35 years now and have saved lots of money by being slightly under insured over all those years. To date. I have never made a claim during the 35 years and hope that I never have to. So the insurance company wins and I lose, but just not as much as others...

[myk]

I've got mine at $35K right now, but that figure was BEFORE the body work, paint, re-wire, wheels and tires, etc.  I'm going to call them up and ask for the maximum agreeable value without an inspection.  Is the car worth that much, obviously not, but thanks to the "Mopar=gold" nonsense it would probably take you and me both about $40K MINIMALLY to get us back to where we're at right now if we suffered a total loss.

Is someone actually making an argument against over-insuring?  Again keep in mind that $10K cars sell for twice or three times that much all day long, nevermind the cars that are in respectable shape.  I don't know about you guys, but I am NOT willing to do the whole "project" thing again; projects SUCK.  So, if it cost me $1000 a year so I could get $50K or more in the event of a total loss then that's the value of a lifetime, even though with $50K I just "might" get a solid car.  You can't be in the classic car game and try to be financially shrewd about it, that's an oxymoron...

[JB400]

I agree more with the $35k.  That puts you right in the middle of the market.  Even if you had a total loss (like elanmar) you could buy a fairly decent car for the $30k and spend the extra $5k to fix anything to your liking.  Or, spend the $35k on a show car that was properly done 5 years ago but has acquired a few paint chips here and there and is no longer fit for high profile shows.