Best way to detemine value for insurance purposes?

[MadScientist]

Hey all,

Almost finished with the 70' 500 and in being the reponsible owner, I need to get the coverage bumped up now that itll be ion the road.  Its basically a solid #2 car that I plan on driving a bit.  Whats the best way to get the vehicle appraised? Any suggestions?  I hope this wont turn into a "Bash Galen" thread! 

MS

[Todd Wilson]

My insurance company asked how much I wanted to insure my 71 for. If its under a certain dollar amount they didnt need an appraisal. But they did say to keep paper work and receipts of the expenses you had when restoring the car and also keep some auto shoppers in a safe place as you have to document the car is worth the insured value. By showing other comparable cars are for sale at those prices will help you collect if something bad were to happen.


Todd

[MadScientist]

Yup, thats what I thought.  I  have to go through my 2 boxes of receipts and do the tally. Now that I think about it, that might be the reason why my wife wants to help me with that part of the project.  Definitely not going to happen! 

As for the rags, would stuff like MCG count?

MS

[JimShine]

With Hanover, I had to keep it low or it would require an appraisal. So I insured it for what I had into it. With Haggerty, I insured it for what I wanted if it were totalled. I went a hair high because I want to easily be able to replace it if ever wrecked. There was no appraisal, they just wanted pics. It was also far cheaper.

[MadScientist]

What kind and how many pics?  how detailed?  Is it a total photo documentation?  It would make sense to me, to tdo that, in fact I will probably do that anyway.

MS

[Todd Wilson]

The more documentation you have the better off you are if you have to file a claim. Any thing that can be kept and show price or value will help if you have to start adding things up to prove its value. My ins/c ompany had me bring the 71 in and they took pictures of it. Some companys have restrictions on the vehicle. Mine were I cant drive it to work daily and I have to have it in a secured garage.


Todd

[The70RT]

I got a restored 70 Cutlass and insured it for 10K and Hagarty wanted all kinds of pics inside and out of it. They agreed after they got the pics. My charger needed restored but was a solid R/T and I told them I wanted to go 20K and sent one pic and they said yes. Then a few days later they called back and said how come you don't want to insure it for more? I said I will adjust it as time goes by as I am restoring it. They said no prob just let them know as it progresses. I would say a number 2 Charger 500 could be insured for 30 easy. If you can back up the value with receipts or a appraisal that would be better though.