Need help proving my Buick's value

[budget_crx]

My '86 T type was stolen early this morning and so tommorow i am going to be talking to my insurance agent about making a claim. I am worried that I will be getting a low blow with it though. KBB, Edmunds, they all say the car isn't worth anything, but we all know this isn't true. How can I prove to the insurance company that its worth more than the 4K that the sites claim?
My agent knows that it is a T Type, when I bought the car he helped me out greatly with getting a policy setup, but i'm still worried I won't get back what I had into it. Any suggestions? Thanks.

 

[russgoodman]

Its a WH1 car too, should be worth more than just a base turbo regal. Keep that in mind.

 

[BLACK6PACK]

Low Retail Average Retail Value High Retail
Base Price $10,000 $15,600 $29,100
Options

6 Cylinder Engine -10% -10% -10%
Factory Air Conditioning 10% 10% 10%
TOTAL PRICE $10,000 $15,600 $29,100

NADA website shows pretty good numbers.

 

[BlackMetal]

Might sound far-fetched but you could also show a sample of eBay auctions that show what these cars go for.

 

[stack1]

As an insurance adjuster, I can tell you that ebay is worthless to an insurance company so don't waste your time there. Go to the nada site and print out the value sheet. Then go to autotrader and find other similiar '86 T's, the closer to you the better, and print out those ads. As soon as you talk to the claims adjuster, tell them that you have done a little research and you'd like to fax it to them. This way they have the info before they run the actual cash value request. Hopefully they'll present you with a more fair first offer. Feel free to PM me if you have any questions, I'll be more than happy to help out however I can.

Greg

 

[6-b-kwik]

sorry to hear what happend hope u get it back!! but i learned from friends and this site get classic plates!!! i have my GN set at 25,000 if something happens to it.so now when i drive it i feel alot better about that good luck man!!

 

[stack1]

sorry to hear what happend hope u get it back!! but i learned from friends and this site get classic plates!!! i have my GN set at 25,000 if something happens to it.so now when i drive it i feel alot better about that good luck man!!

kwik, you may want to check your policy. You may have a stated amount policy for $25k, which means you're paying premium based on that $25k. In the event of a loss, they will likely run a market survey to determine the value. I've never heard of a general auto policy that will pay a set amount for a total loss or theft.

 

[6-b-kwik]

kwik, you may want to check your policy. You may have a stated amount policy for $25k, which means you're paying premium based on that $25k. In the event of a loss, they will likely run a market survey to determine the value. I've never heard of a general auto policy that will pay a set amount for a total loss or theft.

i went threw a buddy of mine and the way he explained to me is if the car is total or stolen i get 25k which i set it at!!

 

[jdpolzin]

What happens to extremely modded cars that have an appraised value with a printed appraisel? My car has an apprasiel that I would rather not state online. I'm wondering how the insurance company would react if my car was stolen?

 

[stack1]

i went threw a buddy of mine and the way he explained to me is if the car is total or stolen i get 25k which i set it at!!

I'd double check with him. An insurance company pays on a claim based on what is written in the policy, not what your assumption is. And you know what happens when you assume!!! Ask him if it's a "stated amount" policy. But my experience in claims handling is that most agents don't know $h|t about the claims process. Ask for a copy of your policy and read what it says when a total loss occurrs. I'd almost guarantee that they will run a market survey to determine the value. I had tons of insureds like you that said "my agent told me I'd get x amount if my vehicle were totaled." I'd have to tell them that were paying premium based on that stated amount that they said the vehicle was worth, but I'd still have to run the market survey. Normally their stated amount was much more than the value, all they were doing was paying extra premium that whole time. I know the policies of most of the major auto insurers and none will take a customer's word for what a vehicle is worth and pay that. Why not say it's worth $50k then?

What happens to extremely modded cars that have an appraised value with a printed appraisel? My car has an apprasiel that I would rather not state online. I'm wondering how the insurance company would react if my car was stolen?

You should have what's called an endorsement. Again, check with your agent to see what your policy covers or read your policy. An endorsement is an addition to a standard auto policy that will cover additional custom parts and equipment. Most standard policies only cover up to $1000 of custom equipment. Document and take pictures of your stuff to help cover you in the event of a loss.

 

[ULOSE2A6]

So, how does Hagerty and Grundy compare to this? Don't they have the stated value policies as well? I know quite a few people that have them but I have not heard about a claim from one of these types of insurers.

 

[6-b-kwik]

called and had a chat went over paperwork car has a stated value of 25k!

 

[stack1]

So, how does Hagerty and Grundy compare to this? Don't they have the stated value policies as well? I know quite a few people that have them but I have not heard about a claim from one of these types of insurers.

I'm not sure how the speciality carriers handle it. I'd be curious to find out as well. If someone wants to email me the insurance policy, I'll read it.

kwik, what did your policy say about how the value is arrived at if there's a total loss? Do you mind saying your insurance carrier?

 

[TURBOPOWERED68]

I'm not sure how the speciality carriers handle it. I'd be curious to find out as well. If someone wants to email me the insurance policy, I'll read it.

kwik, what did your policy say about how the value is arrived at if there's a total loss? Do you mind saying your insurance carrier?

I’ll send you a Copy of my Hagerty policy in the morning.

 

[Chuck Leeper]

Stated? Agreed? A difference in how the policy is interpreted?
Also, w/ elevated values, there can be some serious restrictions as to where the car can be parked, where it's driven, annual mileage, and how it's used.

 

[ngc414]

I Own an agency here in Ohio. We offer several standard makets and collector car markets. Agreed Value is the only type that guarantees the "agreed value" you and the insurer determine. Stated only means they will pay up to the stated amount and does not guarantee the amount and then there is ACV (actual Cash Value) which is what you see on most standard policies. If you have Hagerty they only write Agreed Value which is nice. But always double check with you agent which you have since things vary from state to state and company to company. Below is a clip I took off my website from Haggerty insurance explaining the difference in coverage:
There are three types of automobile insurance offered today: Actual Cash Value (ACV), Stated Value, and Agreed Value. ACV coverage is what insures most everyday cars and pays out a depreciated "book" value in the event of a claim: the older a car is on an ACV policy, the less value it has. Some insurance companies offer Stated Value policies for collectibles. These policies are better than ACV because they allow you to "state" a value for your vehicle greater than its depreciated "book" value. But, Stated Value can still depreciate vehicles because the policies generally require the insurance company only to pay "up to" the "stated" amount. Only Agreed Value insurance policies guarantee you will get all of your money back in the event of a total loss. There is no depreciation of a car's value with an Agreed Value policy.

 

[Shifty]

Don't pick the 6 cylinder option on NADA... When you chose Turbo 6 it knows, if you chose 6 cylinder it thinks it's a Naturally Aspirated Regal... Click the link and print the page out for your insurance company... Good luck with the insurance, and sorry to hear it got stolen in the first place...

1986 Buick Regal 2 Door Coupe T-Type Turbo price report at NADAguides.com

 

[1LowLeSabre]

NADA is a joke.

 

[nick368]

Question answered above

 

[Brad Conley]

...But my experience in claims handling is that most agents don't know $h|t about the claims process.

So Greg, what are you going to pay on that old white Buick sitting out in the Buick Barn you saw the other day???:wink: Need the policy number to look it up??? MMIC has it insured...AGREED VALUE!!!



Just messin' with you.:biggrin: