Appraisal Question

[KZ]

 I need to have my homeowner's insurance policy adjusted for personal belongings but in order for them to do this they need to have my car appraised. The insurance compnay gave me 2 names of appraisers they have dealt with in the past. I do not drive this car (1970 RT/SE 440 6-pack), its mainly just there for storage right now until I have the funds to do a full restoration. In its current condition my MOPAR is no trailer queen but its a hardly a rust bucket either. Question is, what sort of things are the appraisers looking for? Will they know that only 167 of these cars were made? I live many states away so I can't be there personally, do they need to start up the car? Or do they just look for rust, dents, etc.?

Looking for some help/advice/guidance on this. Thanks

[FM3V6M]

Sorry to say but to them it will just be a 38 year old pile of junk if it's not running/driving/or looking like a show-piece.  they don't know about rarity or collectability, they don't deal in classics.  If you can get the insurance company to sign-off on an appraiser of YOUR choosing, then you can hire an appraiser that specializes in classic cars and get an appraisal closer to the true value of the car.

[MJS73]

The "value" will be determined by using a similar "finished" car as a comparable and deducting the cost to get your car to that condition.  In other words, not much.  Why not get an "agreed value" policy with a car insurer like Hagerty?

Mike

[MEK-Dangerfield]

  Why not get an "agreed value" policy with a car insurer like Hagerty?

   


Another source is Grundy. Do a search on the Internet. There are companies that will insure your car if you just provide pics. They know what classic cars are worth.... or not.   



  Another Mike

[DAYTONA]

....I did auto appraisals for many years...I always asked alot of questions about the car, how many made, matching numbers, documentation and what amount the owner thought the car was worth

....I inspected all items to see if they worked, if it ran well (sometimes not an issue), paint condition, interior condition, overall cleanliness of the car....in short, if a like car is worth $100K fully done, what would it take to make this yours a $100K car....color has an impact as do options....but most of all, it was just my opinion on a given day...I usually only did MOPARS and muscle cars in general because that was where my strengths were....I also did Vettes and various hot rods....rarely did I appraise an antique car because I didn't know enough about most of them to feel comfortable

[73Chally]

You need to search for an appraiser that specializes in classic cars.  Chances are the 2 your insurance company gave you are just every day car people.  You need to find the right person that does understand the ins and outs of these cars.  You are not bound to the 2 they gave you, you just need to spend some time researching.  It might involve having to fly out and meet with them, but the expense will be well worth it.  With regards to Grundy, Haggerty, etc, will they insure a car if it's not resistered and on the road  ?

[KZ]

thanks for the replies, much appreciated, seems I have some homework to do

[matt63]

Yes get an appraisal from a classic car appraisal company and insure your car for fire and theft only for a predetermined value.

[KZ]

thanks to all, yes. that's exactly what I did, Haggerty quoted a very reasonable price for fire and theft coverage, I was surprised to see the NADA give prices for a 1970 Challenger RT/SE 440-6 from a low of $45000 all the way up to $177K! WOW!

[djr71]

I don't know the insurance laws in your  state but homeowners insurance does not cover cars. The only that could be covered are parts of the cars as personal property. I have seen agents tell people it's covered and it wasn't at the time of the loss. There was also an article in MCG with a collector being told it was covered and when then garage burned it wasn't. In most states anything (wether running or not) registerable and insureable are not covered by homeowners. Do your homework.