How much do you insure your car for?/ What do you think mine is worth?

[miller]

Hello,

I have recently thought of raising the value of my Charger on my insurance. Right now it sits at 11,000 which I feel is to low given the current market and what has been done to the car. The insurance company said I would need an appraisal so I went to an appraiser just to talk about how much it would cost to have the car appraised (we gave the insurance company the 11,000 dollar amount when we first bought the car and they accepted it). When I described what the car was, the appraiser said he thought the car was valued too high already he thought it should be around the 7500 dollar mark because it wasn't the original engine, transmission, and other non original pieces. So my question for you is, what amount of money do you have your car insured for, and how did you come up with that value? Also given the description below, how much you think my car should be insured for?

My car is a 1969 Charger, the front clip is a 1968, the interior is a 1969 although I do have 1970 seats. The car is originally a 318/908 with 8 1/4 rear end drum brakes.

I have created a R/T Clone with a 440 engine and 727 transmission. I will be adding an 8 3/4 rear end with 4 wheel disc brakes. The paint still shines well, but I need to pull a dent out of the right side (the previous owners dog ran into it when chasing a Frisbee), and it needs a new left quarter panel because it is getting a little punky (some bubbles are starting to form).

Besides the body work the car is all there, the trunk, floors, part of the frame, engine, transmission, most of the interior, and other small bits have been replaced along with the addition of 15 inch torque thrust like wheels. I do not understand why he thinks my car would fall around the 7500 level (granted this is before he actually appraises it).

Perhaps I am just too attached to my car, but NADA says a middle of the road Charger 318 with the engine replaced by a 440 should fall in the 22,000 range. I know my car might not sell for that much, but I was hoping I could insure it for that much, just so that if it gets in a wreck I can fix it again.

Thanks guys,
Miller

Pre R/T Badge and new wheels...



With new wheels

[41husk]

I would go agreed value.  Yje easiest way to do that is to jave your car appraised (cost $150-250)  Most insurance co. will take that without question.  You will still have to provide pictures but will be agreed on.  You can also provide documentation of published value, such as Old car trader, or Mopar collectoe guide article on current value.  My insurance asked for two if you did not have an appraisal.  None were required with a appraisal.  Hope that helps. 

[Patronus]

I dont know man... that thing is kinda purple...    I would think any nicely painted, complete Charger is worth $20K   

[TUFCAT]

Once you get an appraisal most insurance companys will let you exceed the insuread value at least 10% maybe even 15%.

Make sure you get an appraisal from an credible source that is well-trusted among insurance company's.

I found several in Hemmings under "services".

[41husk]

My insurance Co. refered a guy.  I felt he was very fair,

[Marck]

My charger is insured for 55.000 $ ( 300.000 DKR )
It's cost me more than that though... 

[1969chargerrtse]

My old insurance company wanted an appraisal also if the value was more than 25,000.00. I was not bringing my car to anyone to put a value on it. I went with an agreed value policy that is 47,000.00 today and I think I pay somewhere around 350.00 a year. Each year it goes up automatically in value. All I did was send them pictures and they agreed.
If your car was my car it would be insured for 25,000.

[vancamp]

mine is insured for $35,000 no appraisal was needed just a couple pics and description

[bakerhillpins]

Those of you using agreed value with no appraisal, who are you using?

[vancamp]

Those of you using agreed value with no appraisal, who are you using?

Hagerty on mine

[greenpigs]

Those of you using agreed value with no appraisal, who are you using?

Hagerty on mine

X2

For 17K..it was 15K a few years ago and they raised the amount without the premium because of the increase in value.

Mine is in rougher shape compared to yours & NOM but it is a true RT.

[Dino]

If your car was only worth $7500 we'd all have several in our driveway.  I don't care how basic it was, for that amount you would get a very rough car and it won't get anywhere under its own power.  Seems to me the appraiser was trying to 'shop'.

I looked at so many cars in the last year I honestly can't count them, just by going with your description and those pics you're somewhere in the $20K range.

One of the cars I looked at a few months ago seemed like a fair deal.  It was a '69 318 car but had a '69 383 and 727.  Low option car but very clean interior and good bones.  The usual rust issues but they were pretty minor, no need for full panel replacements at all, just miinor bubbling.  The owner was asking $17K and offered the car with many nice extra parts, he was also willing to negotiate.  Now this car was clean and original, never repaired but received a new paint job years before and new seat covers.  A nice get in and go '69.

I called an appraiser and told him I wanted him to look at this car and tell me what he thought it was worth.  He said he could not appraise for the extra parts so I had to decide if they would be worth the extra money so I said fair enough.

His first question was is it an R/T so I said no and told him what it was.  He flat out told me that unless it's an R/T it's really not worth much and I should look for another.  I was stunned.  I told him I'd look for another appraiser right away and hung up.  Since I could not arrange to go see the car anytime soon the seller sold it to someone else for his full asking price.

After looking at several others I bought mine for $15K.  Details here:

http://www.dodgecharger.com/forum/index.php/topic,84588.0.html

You know how you just get a good feeling when you find the right car?  Right away I knew this was the car for me.
It too was a 318/904 but now is an R/T clone with the entire drivetrain out of a '70 squad car.  Original interior which is worn but all there and good enough for a driver.  Good body although it is starting to bubble here and there. Frame is great. Everything on the car is unmolested and works including all the gauges and lights.  A/C was disconnected when the drivetrain was swapped but it's all there.
It also comes with some desirable parts so for me I think I got a very nice deal, another may not think so but I could not have had a better car for the money seeing it's close to home and it's the perfect base for what I plan to do with it.  I did not want an R/T or any rare '69 since I knew I would not keep it stock.  I wanted to change the colors and add power windows, locks etcetera.

2nd gens are very desirable cars and they are getting hard enough to find in good shape that it doesn't have to be an R/T either (although it helps  ).  Prices come down every now and then but not for long.  69 models especially seem to fetch high prices.  There are several in my area that sold anywhere from $5K-$10K and I wouldn't want to have any of them they were so far gone.

At the very least I'd have yours insured for $20K but probably more. 

[Kern Dog]

One simple way to assess the value: What would it cost to replace the car with an exact duplicate if it were possible to find one?
My 70 started out as a 318 powered "500" model, but now is an R/T clone with a 493/727 and an 8 3/4 axle. 4 Wheel discs. Paint far better than new. I have mine insured for $40,000. If it burns to a blob, I MIGHT be able to build a twin for that amount.

[1969chargerrtse]

Those of you using agreed value with no appraisal, who are you using?

I knew that was coming but I wasn't home at the time.
American Modern Home ins company, value 47,750 ( see it went up ) for 302.00 a year


Agent is the Heacock group.  1-800-274-1804

[41husk]

If your car was only worth $7500 we'd all have several in our driveway.  I don't care how basic it was, for that amount you would get a very rough car and it won't get anywhere under its own power.  Seems to me the appraiser was trying to 'shop'.

I looked at so many cars in the last year I honestly can't count them, just by going with your description and those pics you're somewhere in the $20K range.

One of the cars I looked at a few months ago seemed like a fair deal.  It was a '69 318 car but had a '69 383 and 727.  Low option car but very clean interior and good bones.  The usual rust issues but they were pretty minor, no need for full panel replacements at all, just miinor bubbling.  The owner was asking $17K and offered the car with many nice extra parts, he was also willing to negotiate.  Now this car was clean and original, never repaired but received a new paint job years before and new seat covers.  A nice get in and go '69.

I called an appraiser and told him I wanted him to look at this car and tell me what he thought it was worth.  He said he could not appraise for the extra parts so I had to decide if they would be worth the extra money so I said fair enough.

His first question was is it an R/T so I said no and told him what it was.  He flat out told me that unless it's an R/T it's really not worth much and I should look for another.  I was stunned.  I told him I'd look for another appraiser right away and hung up.  Since I could not arrange to go see the car anytime soon the seller sold it to someone else for his full asking price.

After looking at several others I bought mine for $15K.  Details here:

http://www.dodgecharger.com/forum/index.php/topic,84588.0.html

You know how you just get a good feeling when you find the right car?  Right away I knew this was the car for me.
It too was a 318/904 but now is an R/T clone with the entire drivetrain out of a '70 squad car.  Original interior which is worn but all there and good enough for a driver.  Good body although it is starting to bubble here and there. Frame is great. Everything on the car is unmolested and works including all the gauges and lights.  A/C was disconnected when the drivetrain was swapped but it's all there.
It also comes with some desirable parts so for me I think I got a very nice deal, another may not think so but I could not have had a better car for the money seeing it's close to home and it's the perfect base for what I plan to do with it.  I did not want an R/T or any rare '69 since I knew I would not keep it stock.  I wanted to change the colors and add power windows, locks etcetera.

2nd gens are very desirable cars and they are getting hard enough to find in good shape that it doesn't have to be an R/T either (although it helps  ).  Prices come down every now and then but not for long.  69 models especially seem to fetch high prices.  There are several in my area that sold anywhere from $5K-$10K and I wouldn't want to have any of them they were so far gone.

At the very least I'd have yours insured for $20K but probably more. 

I wish you were in the market for a car a little over a year ago.  I had a numbers matching 383 /727 68.  It was a very nice ameture resto and a good driver.  I felt it was worth 25K and insured for 27K.  I had a reserve of 20 K on ebay 3 times and for sale localy.  It never met reserve.  I ended up selling it for 19k.

[Dino]

I wish you were in the market for a car a little over a year ago.  I had a numbers matching 383 /727 68.  It was a very nice ameture resto and a good driver.  I felt it was worth 25K and insured for 27K.  I had a reserve of 20 K on ebay 3 times and for sale localy.  It never met reserve.  I ended up selling it for 19k.
[/quote]


I would have had to decline it but it sound slike a great car!

I don't know what it is with the '68's, they don't seem to fetch the numbers the '69's do.  A bright orange car comes to mind to explain that but still.

My first was a '68 and although I loved every inch of that car I like the '69 more and was not willing ot get anything else.  I also would not buy a numbers matching car because I want to leave those to the people who would restore them to stock specs which I do not intend to do.  My ideal car was not rare to begin with and non matching which is exactly what I got.

[bobs66440]

Those of you using agreed value with no appraisal, who are you using?

Hagerty on mine

X2

For 17K..it was 15K a few years ago and they raised the amount without the premium because of the increase in value.

Mine is in rougher shape compared to yours & NOM but it is a true RT.

Hagerty for me too. No appraisal needed.

[baullz]

I have mine insured for $55,000 through State Farm and all I had to do was send them some pics no appraisel needed.

[crusty440]

Hagerty is my ins. valued at 45,000.00

[SnoPro440]

I have mine insured for $55,000 through State Farm and all I had to do was send them some pics no appraisel needed.

I've got mine at $50,000 with State Farm as well.  Just had to send pics.

[Back N Black]

I have mine insured for $55,000 through State Farm and all I had to do was send them some pics no appraisel needed.

I've got mine at $50,000 with State Farm as well.  Just had to send pics.

I wish we had insurance companies like that up here in Canada, we have to have an appraisal, they go over it with a fine tooth comb. So the Halpag crew can insure their crap for big bucks just by sending in a few pics??

[Fred]

I've got mine insured for AUS$90,000. Not nearly what it cost to build.

[SnoPro440]

I have mine insured for $55,000 through State Farm and all I had to do was send them some pics no appraisel needed.

I've got mine at $50,000 with State Farm as well.  Just had to send pics.

I wish we had insurance companies like that up here in Canada, we have to have an appraisal, they go over it with a fine tooth comb. So the Halpag crew can insure their crap for big bucks just by sending in a few pics??

I don't know for sure, but I think they (Halpag) would be covered by some kind of business insurance, not personal.

[400/6/PAC]

I have mine insured for 35k through Grundy Worldwide.
The car is only worth 12k on a good Day.
No appraisal, Just pic;s

[440]

I'm up there too not far behind Fred...... Cars are quite overpriced here, although, just getting the parts here alone is probably about 1/3 of the overall price anyways....  

Salvage rights are a nice perk too.....