Discrepancy with my insurance company and value of my Coronet 440

[Rustymopar]

Does anyone know where I can just get a letter written on the value of my 69 Coronet 440?
I had a stated value for $20k with State Farm. They sent me a letter say.. Nope, ony $10k.
I know its less then $20k, but I'm certain its more then $10k.
Thanks
R

 

[Hemi Rebel]

Drop state farm and call hagerty or some other insurance company that specializes in classic cars. If need be you could get an appraisal. Classic car insurance companies could point you in the direction of one.

 

[Pops1967GTX]

I also had state farm, same problem & a $500 yearly estimate . I went with JC Taylor....

 

[roadrunnerman]

Good idea. get an appraisal from somebody that buys and sells classic muscle cars and take it to your insurance company. If they still refuse to up their value,tell them you will take your insurance to someone that appreciates the real value of cars.

 

[65affair]

http://www.midwestclassicins.com/

 

[70rr-brian]

That's weird. I have State Farm and 30k of insurance on my RR. I have to send them pictures every year which includes odometer reading. But I only pay $120 per year for that coverage. In part because in Kentucky if you have "Historical Vehicle" plates you are only allowed to put 2k miles per year on the car. Had this arrangement with them for the last 4yrs.

 

[67 coronet]

i think the other comments have summed it up for you.appraisal is the way to go.that way you have paperwork on real value.also wanted to say that is a nice ride you have there!

 

[WP29440SE]

love the wheels, that looks bad asssssssss

 

[Mike Z]

I would try Haggerty
Fair Rates and great service
Mike Z.

 

[696pack]

That's weird. I have State Farm and 30k of insurance on my RR. I have to send them pictures every year which includes odometer reading. But I only pay $120 per year for that coverage. In part because in Kentucky if you have "Historical Vehicle" plates you are only allowed to put 2k miles per year on the car. Had this arrangement with them for the last 4yrs.

That is because it is a Roadrunner not a Coronet 440. If the OPs car was a Super Bee it would be a different story.

REGULAR insurance companies that offer stated value coverage also have the right to put a cap on what they will sell. They consider the replacement cost not what an owner may have IN the car.

 

[wannadrag]

I would try Haggerty
Fair Rates and great service
Mike Z.

X2

 

[Montclaire]

I have hagerty, they allow you to set a stated value so long as it falls within their guidelines, if you want to go over you can but they request more info/pics. No reason to pay for an appraisal. And their guidelines, in my experience, are very fair. I had 12k coverage on a parts car, and yes, I provided pictures.

 

[marlabuck]

State Farm is nuts...you have a beautiful car...from the photos 20K is a fair value...we have had Hagerty for 10 years and never a problem with a valuation,...Marla

 

[Moparsmitty]

Several years ago, I had the same problem with State Farm. When I talked to my agent about it, she hinted around that I should check into specialty classic car insurance. She simply said that "we don't specialize in that type of coverage." I went to Hagerty and I get better coverage, it's less restrictive, and a lot cheaper. I have three of my cars covered by Hagerty now. The one thing that I have to do every year is take copies of Hagerty's declarations forms to my State Farm agent as proof of coverage so that they are covered under my State Farm liability umbrella policy.

 

[HT413]

Go to Hagerty. They make you estimate the value and you simply pay for that value of coverage. Done.

 

[YY1]

That is a NICE car. Looks just as mean as an R/T or Bee, without being a clone!!

REGULAR insurance companies that offer stated value coverage also have the right to put a cap on what they will sell. They consider the replacement cost not what an owner may have IN the car.

...and that illustrates the problem with people trying to sell a car based on cost, rather than value.

Barring a "stated value" type policy, I'd have a professional appraiser assign one of the fairly standardized condition categories and then adjust for "upgrades". It shouldn't be a receipts based cost, but an additional "value" for the upgrades.

This site says 10.5K for a #2, and I believe it, however that doesn't take into account the modifications like the engine.
http://collectorcarmarket.com/menus/ccmprcs/69docoet.html

Haggerty's and the like do all that for you, I believe.

 

[cr8crshr]

Never go with a Direct Line Company...State Farm, All State, etc. as they do not have a real good policy to cover Collector Cars. Always use an Independent Agent and a Specialty Collector Car Insurer Carrier such as Hagerty, American Collectors, etc.

 

[q-ship]

Insurance is my business. I sell over 30 lines just for auto.

All my old cars are insured through Hagerty. In my experience there is no other choice due to their "user friendly" relationship with their insureds.

Also, since they are the largest insurer of collector cars, they also have the best (by far) network of parts locating, and shops that are expert in repairing the old cars.

In any event, you are looking for/need an "Agreed Value" policy, which sets an absolute value agreed to by you and the insurer (no appraisal necessary), NOT a "Stated Value" policy. I can't tell you how many people have their cars dramatically under insured without realizing it, after all you can "state" the value of your car at a Million dollars, but should a total loss occur, It could be a numbers matching Hemi survivor and you will get a settlement offer of a rusted out slant 6! --- Even though you have been paying a rate that is based on a Million bucks. This is because "collector value" has no bearing on replacement value of a "69 Dodge Coronet", as trim packages and options are valued in the $100's of dollars or less.

I recommend you call, or go in to a Hagerty agency. Of all the insurers I have ever dealt with, I have never had any problem (myself, or clients). with them.

My experience anyway. --- By the way, beautiful car!

 

[kdtjb]

Hagerty!

 

[HEMI-ITIS]

I'm with Grundy.They charge me a "modified" rate.