How do we value our cars?

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jhdeval said:
I have checked with the Insurance Agent and the value was stated at 18-20k. I priced it there because at the time on Hagerty the high water mark was 28k I believe and the low was around 16k. I figured mine wasn't perfect nor terribly rare but it is (was) a nice example. And with what I had in it plus my labor 18-20k was about right.

I want to fix it but I think in the end I may just roll this into another project or a finished car. Either way I plan to keep it and maybe down the line I will get the parts and fix it right.

Lets hope the insurance company will come back with some good news. I appreciate every bodies input. Wish me luck.
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If you have an agreed value policy with your insurance company then you have something to work with anything short of that you may be in deep dodo.

As an antique policy isn't there restrictions on the use of the car? Was you using it as a daily driver?
 
I am impressed that a big profit orientated insurance company will take your word for the value of your car based on some non related companies say so, a few pictures and a handful of invoices ? I wish ours were so generous. I will be curious about the outcome.

What I cannot understand is that you spent a major long time (and $s) creating your pride and joy and why you didn't have it appraised so you would not have the questions that you are asking....

I had a minty '71 MGb-gt and my insurance company refused to put collision on it and was quite clear that if I had an accident ...and they were charging strong rates for just pl/pd..that because it was just an old car...they would use black or blue book values... all I would get is 25 cents to call someone who cared. With an appraisal, they would live up to the paperwork even though I told them what it was worth..

I quickly found silver wheels, had it appraised and received a full insurance package with 100 buck deductible collision for less than 1/2 my company was charging me..

My fingers are crossed for you..

Ian.
 
Agreed value is the way to go , I have American collectors ins they even give you 10 % if the car is totaled
 
My insurance company is agreed value with a limit. I believe a car much over $10,000 requires a appraisal. I insured my Dart for $10,000 agreed value and had to include a few photos of the car, front,back,both sides and interior. I also included a shot of the engine. I pay $100 a year with no restrictions on where I drive. As I improve the car I will up the value and have it appraised as well. We all need to have a file that we keep info about our cars, what we do tho them, receipts,photos, and what other cars like ours sell for. When you're defending yourself against an insurance company you can never have too much information. I have Chrome. http://www.anpac.com/classic-car-insurance/
 
If its an agreed value policy for $20k, then fight tooth and nail to get that. If there is no agreed value, make them give you comparable cars in a list of at LEAST 5 cars, to your car, that they base the offer off of. If you don't have an agreed amount, I don't see you getting much more than 5 grand, hate to say.
I always say if it isn't hurting you to let the totaled car sit in a storage lot, let it drag out as long as possible.
BUT, I've seen crazier things with car insurance companies.
 
To the OP

I would like to hear a description of what happened you can leave out who was at fault if you would like. Just a description like "frame damage left front" or "crushed right door." Body shop estimate can be unbelievable. It was $900 to repaint the door on my wifes taurus for a door ding.
 
mcnoople said:
To the OP

I would like to hear a description of what happened you can leave out who was at fault if you would like. Just a description like "frame damage left front" or "crushed right door." Body shop estimate can be unbelievable. It was $900 to repaint the door on my wifes taurus for a door ding.
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but what most people see is the end bill, they don't realize that not just the door would be repainted, that a pint of paint is about $120 and a quart of clear is about the same

and also that they probably blended the fender, painted the door and blended the back door, and cleared everything you got a fair deal
 
mcnoople said:
To the OP

I would like to hear a description of what happened you can leave out who was at fault if you would like. Just a description like "frame damage left front" or "crushed right door." Body shop estimate can be unbelievable. It was $900 to repaint the door on my wifes taurus for a door ding.
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805moparkid said:
Not one picture on here and you want us to try and value it? really?
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Pictures are in his wreck thread.
 
They will look at your car and compare it to others in similar condition that are for sale.

This is something you should also be doing.
 
mcnoople said:
To the OP

I would like to hear a description of what happened you can leave out who was at fault if you would like. Just a description like "frame damage left front" or "crushed right door." Body shop estimate can be unbelievable. It was $900 to repaint the door on my wifes taurus for a door ding.
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I could see it being close to that (although, I agree, $900 is a bit high).

For example, if the ding was in the middle of the rear door and blend room was limited (measure 18" forward and 18" rearward of the ding), you could be looking at:

R/I on the front door
R/I on the rear door
R/I rear bumper (or more likely, just dropping the corner of the bumper)
R/I tail light
R/I quarter glass, if it has it.

Depending on how the rear glass is set, it could lead to R/I of the back glass.

A ding in one door can easily lead to painting both doors, the quarter, and the roof rail all the way down the a pillar.

If you don't have any break between the roof and quarter, you need to run your clear over the roof and down the other quarter.

This could lead to removing the windshield.

This is especially true with tri-stage colors.

I know all of that is crazy but that's how it works.
 
I can tell you from looking at the pics and deducing what it looked like before the accident that you had, at best, a $5k car (in my opinion). I'm not sure on the quality of the paint itself, but the area below the cowl was not finished well and it is a slant car, which will reduce the value...
 
805moparkid said:
you didn't read what you quoted... before the wreck pics...
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I have several threads were I posted pictures before, after and during. I was not looking for my car's specific worth but in general how we value our cars. For instance an early a-body barracuda is generally worth 3-8k.
 
Jim Lusk said:
I can tell you from looking at the pics and deducing what it looked like before the accident that you had, at best, a $5k car (in my opinion). I'm not sure on the quality of the paint itself, but the area below the cowl was not finished well and it is a slant car, which will reduce the value...
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The area below the cowl and into the engine had not been finished yet. There were still things that needed to be done but I did put a stated value. As I said I had about 9-10k into the car with parts factoring labor I figure another 3-4k. So my stated value of 18-20k is a little higher than the value. Hopefully I will be able to get enough back. I have found several places with the parts and hopefully a few more cars (parts or project or both).
 
jhdeval said:
The area below the cowl and into the engine had not been finished yet. There were still things that needed to be done but I did put a stated value. As I said I had about 9-10k into the car with parts factoring labor I figure another 3-4k. So my stated value of 18-20k is a little higher than the value. Hopefully I will be able to get enough back. I have found several places with the parts and hopefully a few more cars (parts or project or both).
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In a couple of posts you say "stated value". I hope this isn't the case and you have "agreed" value on it.
 
younggun2.0 said:
thats a tough one. i have an agreed value plan. my car is insured for 35k. if its totaled that is what i get. the only bad part is if you want to buy the total back they will charge you on a scale of that agree'd value. that being said i have over 25k in reciepts and i know my car would be lucky to fetch 15k on the open market.
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Wow. You're car could most likely get in the $17-18k range here in CO. It's pretty crazy how the markets vary.
 
jhdeval said:
The area below the cowl and into the engine had not been finished yet. There were still things that needed to be done but I did put a stated value. As I said I had about 9-10k into the car with parts factoring labor I figure another 3-4k. So my stated value of 18-20k is a little higher than the value. Hopefully I will be able to get enough back. I have found several places with the parts and hopefully a few more cars (parts or project or both).
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That's kinda my point. The insurance adjuster will note that. When we got the good deal out of Allstate they basically wanted me gone and it's wasn't as much as they could have been out (or as much as they were out for the 99 Town Car that hit mine - this was in 2004). You may still come out ok, but expect to be lowballed.
 
This thread has allowed me to expect a realistic number. I am hoping to come out at between 5-8k I would like to be closer to the 8k mark and that is what I am going to push for but if it just won't happen I will settle for the 5k. That leaves me enough if I worked the numbers to get my parts car and some working capital to fix it.
 
jhdeval said:
So over the weekend I had an accident and now I am concerned with valuing the car. I have antique insurance and told the insurance company my 65 Barracuda /6 (Hopped up) was worth 18-20k. I got that number from the Haggerty valuation tool. Nada values my car with a slant at 16k.

As the title states how do we value what our cars are worth?
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I have mine with Hagarty at 35,000. They approved that value. I came to that value by thinking of what the car would cost to replace.

Technichally speaking the value of the vehicle is a combonation of at least 2 book values. That's how insurance does it.

REalisticly speaking the cost of your vehicle is an average of what the current local market will bear.

If your car is a driver quality show car 16-20 sounds reasonable.
 
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