KNIPPS

I hate to ask but since I have been driving this thing I got to thinking I should have it insured for more than I did 4+ years ago when it was a driving project. Here are a few pics and particulars. The car was bought from a forum member about 4 years ago (if you do a search you can probably find the thread). Anyways, the car is originally a 427/390 car currently running a rebuilt 427(rebuilt NOM). Original side pipe car, M21 trans (original/rebuilt) 3:55 rear, trailing arms and steering box rebuilt by Gary R. All new interior (leather seats (originally vinyl) new carpet, cluster rebuilt by Bill H. Paint,body and vintage air install completed by Freddie Z.
Insurance wants an appraisal before hand but I wants to get a gauge from the forum since I value its opinion. Any input would be greatly appreciated Thanks Jim

new vette 62

It's like a house whatever you bought the dirt for plus what it cost to build it. This would be the replacement value. You probably have more in it than you can sell it for. I just had my 65 done and the appraiser gave me a replacement value which was what I bought it for plus all the work that was done. I just added the receipts to what I paid for the car and that was my replacement value. It is a lot different than what you could sell it for unless it is a special car.

KNIPPS

Yeah I know I will never sell it for what was put into it (I don't plan on ever selling anyways). Does the insurance cover a "replacement cost" based on what your cost was to get the car to its current condition or just the current market value of the car based on its current condition?

Tampa Jerry

I use American Collectors and have an "agreed value" on the price of the car. Simply stated, I insure the car for what I think its worth. That said, I imagine the insurance companies have some upper limit for amount they are willing to insure. I doubt they would insure a beater driver for $250K. I sent the insurance company a disc of pictures of my cars and I pay for the amount of insurance I wish to purchase. The only advise I can give is to insure your car for an agreed value as opposed to stated value. Jerry

ifitgoesfast

That's a difficult question for others to answer. I think the number you're looking for is how much $$$ would it take to make you whole again if it were lost to a theft. How much to buy another '67 coupe with same and be happy enough. How much you paid and put into it is irrelevant since you might've bought it when I bought mine in the 1980's for little. Here's an idea. Search for another 1967 coupe with same specs (NOM but originally BB) like you were going to buy one in same condition. Make the list of candidates you feel is about the same as yours and calculate an average +$ for MISC.

KNIPPS

Thanks Fellas, I appreciate the input

Powershift

Recommend an "agreed value" policy from one of the Classic Car Insurance Companies like Hagerty, Grundy, etc.

Hagery has their own value guides, so they generally do not require an appraisal, just a few pictures to help establish condition and value.

I would think that an OEM BB car in the condition shown would be valued/insured around 80-120 K in todays market. If you had to buy another just like it, what would YOU expect to pay??

FWIW.

Larry

vettebuyer6369

Most "appraisers" are clueless and will write whatever you want on a piece of paper as long as you pay them.

What do you think its worth? Whats it insured for now?

Carlsbadliving1

I bought a newly restored 67 small block coupe last year. I called J.C. Taylor Insurance who always carried the coverage on my dad's classic cars when I was a kid. With the description and pictures off this forum when it was advertised, I obtained an agreed upon / no deductible policy with zero hassle. Planning to raise the value by 5% when my policy comes up for renewal in a few months. ( You have a beautiful 67. )

KNIPPS

Its insured right now for 50k...that's what the appraisal through the ins was when I bought is 4+ years ago. I can tell you as I am sure you well know, that 50k does not put a car together like this one unless you have an extreme amount of talent and can do EVERYTHING yourself. I guess I am asking what most of you have done to protect your car from a total loss and to replace it should the worst happen. Thanks Jim

vetteLT193

I'm insured through NCM and Bobbie explained it to me this way... If your car was stolen/wrecked/etc. how much would you spend buying another similar car?