Any of you utes have issues with the insurance company valuating your old Volvo?

I had this problem several years ago when I totalled an '84 wagon. But I was able to show the insurance company ads from similar cars and what teh "street price" was for the old 240's.

Now that I have a 240, again and am getting insurance; it made me think of this.

I'm sure the insurance companies go off blue book - which isnt very accurate IMHO. So what, if anything do you guys do about it?

I'd hate to total my 245 and only get $1,300 for it when I paid much more than that!

 

I'd have it appraised. I'm in the same boat with my T-5R. Blue book around $4,300 while the street value near $8,000.

I also keep sale data.

 

my old cars, I only keep liability insurance on them. save a few years of premiums for full comprehensive/collision coverage at actual replacement value, and you can buy another one.

yeah, I'd be annoyed if my 745T that I've fixed up got smushed. but I only paid $1200 for it, even if I have put a few $1000 more into it, thats intangibles from the viewpoint of the insurance folks.

 

Ins. cos should pay REPLACEMENT VALUE. Just make sure that's what it says in the policy. Then, in a loss, you can go far and wide getting samples of the car you lost.

 

and the best way you can do that is to get the car assessed like RSPI says... otherwise its your value versus theirs, and you can guess who has the upper hand.

 

So, how do you APPRAISE a car if not by using a widely used GUIDE such as the Blue Book, Black Book, or a NADA guide? That's what those are, valuations guides which are followed by everybody in the industry such as finance companies, banks, insurance companies, etc. They happened to be off when it comes to older cars and unrealistic especially in some geographical areas that value some brands more than others. That's where the REPLACEMENT VALUE stipulation comes into play.

 

Owning several classics, I can offer this input...... My 1955 TR3 and 1969 TR6 are both insured by a classic company (Hagerty) for an agreed replacement value. There is no negotiating in the event of loss.... This required photos and appraisals but those were easy to obtain. The beauty is there is no deductible, and factors that affect us older Volvo owners are the same as for the other classics.... i.e. these are long out-of-production cars and the concept of loss isn't shared as with the more cookie-cutter cars of temporary status.

 

My State Farm agent recommended that I do that. He said they are limited as to what they can pay over book value. One of the biggest problems is people putting a lower price on the sales slip, it lowers value for all of us. Besides that, book value is an average, so don't be afraid to point that out to people.

 

There really isn't a benchmark, such as a "book" because the concept of replacement value has another dimension in cars that are no longer in production, especially my Triumphs. That said, the "cost to restore my car to it's previous state" (in event of damage) takes on an entirely new meaning.... because "total loss" is a different concept as opposed to, say, a 2011 Malibu. The average insurance company (State Farm, Farmers, Allstate for example) isn's structured to deal with classic/collectible/antique cars. This makes the process of appraisal very subjective. But, Hagerty, in my case, accepted my appraisals and agreed to pay out those figures in the event of loss.

 

I have an independant insurance agent, who I spoke with today. He can take a "stated value" - based on what ever I want to tell him. But my premiums will reflect this. Or I can just be mentally prepared to fight the insurance company if and when something happens. Which I have done before - successfully.

He's going to run the numbers both ways and see how they look.

It's good to have a guy on my team.

 

Well, if you go through Hagerty, You'll have less hassle. I did so, and am satisfied... thus: It worked for me! Fighting insurance companies is way down the list of things desirable in life.... such as a root canal, to me. When Hurricane Ike destroyed the wetern half of my home on September 13, 2008, the damages were $108K. The insurance Co. handed me a check for $65K and told me to have a nice life. After a tad over a year and a damned good lawyer, I got the rest of my money.... and the insurance company had to pay those legal fees. I don't ever want to have to do that again.... with a home.... or a car. Successful or not, the stroke level blood pressure brought out by taking on a multi-billion-dollar insurance co. just ain't worth it!

 

There are two things I fear in life... God and insurance companies and in that order.