Just a Thought on Re-appraisals

paul67 · 10-08-05, 03:33 PM

I have done a lot of work on my 1967 (interior, paint, bumpers, etc.) since 2003 when I brought it up from PA to the Great White North. At that time I had an appraisal done for agreed value insurance purposes.

After reading many "what's it worth" and insurance posts, here and elsewhere, I got to thinking about the $s that I have spent on my hobby. There is no way on earth that those upgrade/restoration costs can be recouped in totality but there must be some value added. Plus C2 prices have marched steadily upward in the last couple of years, even for runts-of-the-litter 327/300 Powerglides like mine.

So today I had the same appraiser as in 2003 drop by. He has many years of experience and his opinions are accepted by my insurance company. I have used his services for years on agreed value Corvette policies. Well...it looks like the value of my 1967 has increased about 33%. So the report will be off to my insurance people in a week or so, basically coinciding with winter commercial, dead storage but setting a good valuation for driving season in 2006.

My point is that classic car values can swing - up or down - and it is good personal financial practice to keep up-to-date. For the sake of a $100US appraisal, I will be secure in knowing that thousands of dollars will be protected. Just a thought for consideration.

67HEAVEN · 10-08-05, 03:39 PM

Good advice, Paul.

BarryK · 10-08-05, 04:37 PM

excellent advice to all Paul

When my car was about to come out of the paint shop in the late spring, I had a new appraisal done it figuring the value may have gone up with the new bodywork & paint plus just the increase in market value on these cars.
Turns out the new value was up 44% compared to what I paid for it just the previous year and the amount I had previously had it insured for.
It's much more comforting having the proper amount of insurance on the car and therefore no worries or concerns in case anything happens.

It can also cause other issues though.......... I mentioned my new appraised value went up significantly to my neighbor who had a gorgeous '67 black L-71 coupe. I don't think he ever did have an appraisal done since right after he bought it about 10 years ago. When his new appraisal came in he was shocked at how much it was for even though he tried to keep up with the market values. He's not the type to come on these forums or anything like that so he had a general idea of what the value might have been but not a very good one. As soon as he saw the new value, he sold the '67, bought a beautiful '66 L79 two-top vert, and still deposited in the bank a LOT more $$$ than he ever spent on buying the '67 10 years ago. He misses the BB at times but is very happy with his "new" '66 and is laughing about all the money in the bank the '67 brought him.

paul67 · 10-08-05, 06:28 PM

Barry,
The appraised value is not necessarily the market value but it should be close with a competent and honest appraiser. I fought this battle in 2003 on my acquistion of the 1967 with an insurance company. They were convinced my 1967 "Chevrolet" was worth $3,000. It was a frightening experience to go without full coverage for several weeks. I never want to go through that type of risk analysis - with the risk on my side - again.

BarryK · 10-08-05, 07:04 PM

Paul, that's very true and most of the time the appraised value is actually a bit more than what the true realistic market value will bring for the car. I have no doubt if i tried to sell the car - which i'm not - that I would NOT get what the appraised value is, but I'd rather have it slightly higher for the insurance to cover me for a few years so I don't have to go thru it again every spring.

you're kidding me?! they tried to say a '67 Vette is only worth $3,000??!! You are right, that is scary and what a hassle to have to explain the difference between a basic "'67 Chevy" and a "'67 Corvette". what idiots!

67HEAVEN · 10-08-05, 07:29 PM

Quote:

Originally Posted by BarryK

well, you said full-size so I'll assume you don't mean a Camaro??

what about a Chevelle 396?

Full-size, Barry. Full-size.

Sorry, Paul. http://www.corvetteactioncenter.com/...ad.php?t=75189

paul67 · 10-08-05, 07:36 PM

Barry,
There was a three-day period between the time that the car was delivered to my driveway by an international carrier and I had no insurance. Then I when I did I had only $3,000 worth. I struggled to get this sorted out for a month and eventually did with a Classic Car Company. Do you know what Depends are? I do.

IH2LOSE · 10-08-05, 07:40 PM

Paul what did the aprasial cost you. I am still trying to find a aprasal company for my 62. I was quoted 350 to do it at carlilse and they wanted me to wright down all of the stuff done to the car

or 400 plus travel @ .35 a mile for them to do it at my home.

paul67 · 10-08-05, 07:42 PM

You fellows find me a green 1964-65 Malibu SS hardtop with a 327 and a four-speed and I will buy it. Long story going back to my youth.

paul67 · 10-08-05, 07:50 PM

Larry,
The cost was $135.00CDN or just over $110US. I can give you an e-mail if you wish. He is well connected in that industry. He might have a contact in your area in the USA. The key is to have someone acceptable to your insurance company. Otherwise you are just wasting money.

JohnZ · 10-09-05, 04:22 PM

Quote:

Originally Posted by IH2LOSE

Paul what did the aprasial cost you. I am still trying to find a aprasal company for my 62. I was quoted 350 to do it at carlilse and they wanted me to wright down all of the stuff done to the car

or 400 plus travel @ .35 a mile for them to do it at my home.

Larry, check with your local NCRS chapter guys or with the local street-rod club and see who they use for their insurance appraisals; you DON'T want an ordinary appraiser that works the local collision shops - you want a guy who's familiar with Corvettes and street rods.

The guy I use has been doing ONLY classics for about thirty years, and all the collector insurance companies accept his appraisals without question; he gets around $100 for an initial appraisal, and does updates for $50; he does my cars every two years.

studiog · 10-09-05, 08:41 PM

Quote:

Originally Posted by IH2LOSE

Paul what did the aprasial cost you. I am still trying to find a aprasal company for my 62. I was quoted 350 to do it at carlilse and they wanted me to wright down all of the stuff done to the car

or 400 plus travel @ .35 a mile for them to do it at my home.

Larry,
I have a classic car appraiser from Lake George, NY, (10 minutes away) coming in two weeks to appraise my 61. He does classics and hot rods for several local insurance agencies in the area. He is charging me $75.00.

67HEAVEN · 10-09-05, 08:54 PM

After determining which Ontario insurance company would provide Agreed Value coverage (thanks for all the agreed value info in those other threads, Larry

), I then asked them for a list of approved appraisers.

Since I used one of their appraisers, they didn't bat an eyelash at the 6-figure number.

paul67 · 10-26-05, 08:01 PM

Just to finish this thread off, the re-appraisal has been accepted by my insurance company. The car is now stored until April in a secure commercial facility.
I may sell in the spring. If you are curious as to the value as appraised, e-mail me at platour@rogers.com.

67HEAVEN · 10-26-05, 08:15 PM

Quote:

Originally Posted by paul67

I may sell in the spring.