I have been not keeping up on prices for a while, can't believe this June will be 10 years since I have owned my 1998 WS6 vert (black with tan top/interior). It's an Auto with all options except for luxury seats and clocking in at ~31K miles, maybe it is time to find it a new home LOL. I have it values at Hagerty at $13K, would consider it excellent or near excellent condition. Any thoughts on what I should consider upgrading the valuation to?

 

Ask for what you want or need and go from there.

 

Shoild be asking $25K you can always go down. Harder to up your price.

 

Thanks, I was looking what I should consider changing my Hagerty insurance guaranteed replacement value. I will definitely consider increasing it.

 

I thought the insurance companies tell us what they value you something at and not the other way around. Hagerty lets the owner decide what the car is worth?

 

I have my 2001 Trans Am convertible valued at $16,500 with Hagerty. They keep sending messages to increase but of course that nets them more $$$> I'm happy with my valuation at present. My car is in good condition, not excellent. 84,000 one owner miles. Some recent photos from an early Feb FL trip.

 

It's called an agreed value policy. There are several insurers that have these type of policies including Hagerty and Grundy for example. The value you place on the vehicle is how you are billed accordingly. The objective here is to keep your estimated value within the realm of reality. Yes you can insure your 74 Pinto for $35k but the premium would be through the roof so why bother. Besides who would steal it?

 

So there’s a value “range” I’m guessing? Like the insurance company says it’s worth between this and that and you choose which one you like based on the rates? Or can you really value it at whatever you want as long as you’re paying the
premiums? If we use the $35k Pinto for example, is the insurance company really going to give someone $35k if they total the Pinto because the owner declares it’s worth that much? The insurance co isn’t going to say it’s only work $5k? What would keep people from over valuing their car and then totaling it to collect a check? If the self-appraised value was high enough one could buy another Pinto and then have some left over.

 

As mentioned above, with an agreed value policy (Grundy, my provider, also offers this just like Hagerty) YOU set the value and they bill accordingly. They don't publish an "acceptable range" for any given model, but I'm sure if you tried to cover a car for something completely outside of what they consider reasonable market value they would likely require an appraisal. I've never reached that limit with any of mine, so it's never been a concern or problem for me.

There are usage restrictions and certain requirements for this type of policy, so not just anyone will qualify. But if you have receipts and/or an appraisal that could justify $35k for a Pinto, I'm sure they would cover it. This is the sort of thing they specialize in, so I'm sure they are well aware of how to uncover/prevent fraud with any claims. If you make a claim that size ($35k), you can expect that they will investigate accordingly.