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Posted by Jon Kelly [99.107.250.59] on Wednesday, September 15, 2010 at 18:31:57 :
In Reply to: Re: Different slant APPRAISALS posted by copey [206.80.246.12] on Wednesday, September 15, 2010 at 04:46:57 :
In my experience, if you are using a rare or classic car/truck you should look for an insurance provider who can give "stated value" insurance. Meaning that the vehicle is appraised and insured for a determined value, regardless of the amount of $$$ the vehicle was sold for or built for. Appraisals are not necessarily over rated, you have to prove what the vehicle is worth, i.e. its insured value, and what a given audience is willing to pay for it... if it sells for less thats called a bargain.
I had stated value insurance on my '69 Roadrunner with State Farm, because it was my daily driver. None of the specialty collector car insurance companies could give me the coverage I needed. For the most part you are restricted by mileage, and in some respects useage of the vehicle. It is not a fit for everybody, but for the collector/restorer who occasionally drives their truck, it could be a good deal. I have never insured with Hagerty, but have always heard good things about them. My 2 cents worth...