Appraisal values

[David Williamson]

Anyone had a new appraisal done recently? Mine are about 4 years old and I am thinking they might be too low and I should get them redone. As it is the Coupe was appraised at least $20k under what it cost to build in 2017/18
David W

[Papa]

Be sure you tell the appraiser that you need the appraisal for an agreed value insurance policy. My last appraisal was within $500 of my build cost in terms of parts and paint.

[David Williamson]

over the 18 years and several appraisals the Cobra appraisal has always been close to the build cost and the Daytona that cost much more to build was not. It looks like the market value of our cars has gone up so to protect myself from a loss I am going to get a new appraisal done on both of them.
David W

[UpNorth]

Good question.
And who can cover our FFR this side of the border?
I will have to tackle this issue hopefully this summer.

[UpNorth]

Good question.
And who can cover our FFR this side of the border?
I will have to tackle this issue hopefully this summer.

Bump.

[AC Bill]

I know in BC there are several independent appraisers, some who claim that they meet the standards, and their appraisals are recognized by the insurance companies. I don't know if that would guarantee a set payout for a write off, but I'm sure it would help.
You can put a declared value on a vehicle, and pay the policy price to cover it for that amount, but even then the payout can vary.
Much of what the Gov't run insurance company, (ICBC) pay, is based on current market value. They review what the cars are currently selling, for the same model, and then take into account the condition, mileage, options, and any accessories, etc.. Some have done well, others have felt they were ripped off.

[glastron351]

In Manitoba MPI has a maximum value of $50k on their 'standard insurance package. You can increase the maximum value by the amount of your choice....just an extra premium. I increased maximum value by 20K....Hagerty also will cover your car up to your declared value. I used them during the build process as MPI will not cover a vehicle until it is road legal.

[UpNorth]

In Manitoba MPI has a maximum value of $50k on their 'standard insurance package. You can increase the maximum value by the amount of your choice....just an extra premium. I increased maximum value by 20K....Hagerty also will cover your car up to your declared value. I used them during the build process as MPI will not cover a vehicle until it is road legal.

Do you know if Hagerty covers for like 6 months per year (Driving season)?

[FFRWRX]

From their website:

Does Hagerty offer seasonal coverage?

No. At Hagerty, we offer an annual policy.

[jimfil61B]

I spent over $95,000 on my build, and the appraisal company said that the most he could appraise it for was $81,000 since a lot of these cars were not selling for more than that, he went over all my receipts and agreed that I did spend that much on the car but after searching sites of sold factory 5 cobras this was the best that he could do.

[DanQ]

Always insure your seasonal car year round. Fire, theft, weather, etc. can happen during summer use and during winter storage. I have not seen 1/2 year policies for a long time.