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Discussion Starter #1
Not sure this is where my inquiry belongs, but I couldn't find a better category!

I'm working with a certified automobile appraiser on a valuation for my car which more closely reflects the amount I have in it. This new appraisal is needed so my insurer will increase the agreed value of my policy. I'm just trying to protect myself in the case of a catastrophic loss (theft, fire, etc.). No plan to sell the car in the foreseeable future.

Part of the appraisal process is to identify vehicles of the same make, model and year which have sold for more than my current agreed value, and the appraiser is having difficulty finding any. So, does anyone know someone who has sold a 1997 Thunderbird for more than $40K? Could be anywhere from stock to highly modified, but has to be street legal. If so, I will need contact information for that person.

I realize this may be a long shot, but folks on this forum have built a bunch of impressive cars over the years, or know people who have. Any help appreciated!
 

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I doubt you'll find one that's sold for anything approaching that. For reference, my current personal "agreed upon" value was $30K. Your post reminded me to update my own coverage. I have Farm Bureau as my insurer. I just got off the phone with them and I was able to increase my coverage from $30K to $40K for only $60 more per year. No questions asked! The car is listed with them as a "Classic". Changing the classification of the car with your insurer may help improve your insurance coverage options.

Last year I got a quote from Hagarty's and was insulted by their offer of only $10K. Basically the only thing they wanted to cover was the value of the engine.

If you'd like to use my car as a reference I'll be willing to help any way I can just send me a PM. You may also want to check with the group over at SCCoA to see what insurance coverage arrangements they've made with their insurers.

-Ron
 

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I think their appraisal process asking for similar cars that actually sold for that value is going to be problematic. I'm pretty sure that none of these cars have ever sold for that much regardless of what was done to them, because nobody wants to and/or can afford to buy someone else's project for an amount that fairly compensates the cost of the parts involved, never mind labor. Silver Slut was sold cheaply at least twice, GoldBird was unloaded for less than my smallest stock position, and nobody on Facebook who wanted PHATBRD could come close to affording it when Miro was floating the idea of selling it a couple of years ago, never mind what it cost to build.

My purpose for getting agreed value insurance would be to get fairly compensated for the cost of building, not buying such a car in the unfortunate case of a loss. These aren't Ferrari 250 GTOs but they're applying their policy the same way for custom-modified cars with a low base value as they do for collector cars. The sale price of other Thunderbirds is irrelevant to me.
 

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Chris has a similarly modified car for sale. His number is in this thread. You might contact him to discuss whether or not he's sold the car and what insurance he might currently have or did have on it in the past.

 

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The "agreed value" in NC is not a guaranteed value, but it will help over not having that listed. My State Farm agent indicated as much, something to the effect that North Carolina is not a participating state in those kinds of policies. Not sure what states, if any, do participate in those kinds of policies. I think the fact that your rate does not go up much when adding that "agreed value" coverage is a dead give-away on what you're really getting.

When I had some damage on the T-Bird and the estimate was $4200, they ended up giving me $3400 for the car. I then bought it back for $200, and Rob's buddy who has a home garage fixed it for $1700, a job that was every bit as good as any shop could have done. I wish Rob had spoken up sooner before I went thru insurance, but it is what it is.

I am surprised about the Hagerty experience. I met a guy that worked there and he said they would insure it for pretty much anything you wanted. There was a stipulation about not driving it to work more than 6 times a year, and a mileage limit. But he made the company sound really good, like they never refuse to pay, etc.

Most of those collector policies state you can't do ANY commuter driving, only to shows and parades. I guess you can't give collector car guys a hard time about never driving it, because basically they're not allowed to. Maybe having both a regular and collector policy on a car is the way to go. That way, if something happens driving it to work, then at least you can file it under Geico or whomever.

Al
 

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Discussion Starter #6
Good input from everyone, thanks. And I have posted the same question at SCCoA.

My car was originally insured with State Farm on an agreed value basis, but they were unwilling to go higher than $25K. Once I was well past that level I switched to Grundy. They have some restrictions (no driving to work, and definitely no "speed contests") but overall are reasonable and fairly priced. Hagerty was nearly twice as much for the same $40K agreed value. I talked to Grundy about increasing the agreed value based on all the upgrades I've made over the last couple of years, and they were unwilling to do so without a certified appraisal. Which puts me where I am now...
 

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Discussion Starter #7
I learned on SCCoA that David Neibert has his 1991 SC insured for $55K with Grundy, so I passed this along to my appraiser and he used it as part of the justification for a higher value for my car. Got his report this morning, forwarded it to Grundy, and they issued me a policy update this afternoon. So, all is good and in a worst case scenario I would get back most of the cost of current content in the car.
 

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Thanks for the update. I'm going to explore my insurance options further. Thanks for lighting the fire under my lazy ass.
 

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You want to increase the value of there heaps, have three or four fine examples at the auction, bid on them to jack up the price to a reasonable overprice.

Pay the fees and be content that this is the start of rising mn12 prices.

It worked for the 1967 Toyota GT's a few years ago.
 
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