I looking to get an appraisal done on my cutlass so if anything ever happens I can have the value of my car documented so i dont get screwed. Im located in MA so if anybody knows anyone that would be helpful or if anybody has an recommendations of what i need to look for in an appraiser. any help is appreciated.
Classic Car Appraisals
- Thread starter Peter
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I have thought about this a lot. An appraisal does not guarantee that you will be compensated that amount in the event of an incident/loss.
What you and I know your vehicle is worth and what an insurance adjuster will pay are sometimes worlds apart. I would take lots of pictures of the car and keep any pertinent paperwork related to the build/restoration. Unfortunately if you were to have an accident -regardless of who is at fault - they might just see an old 80s beater. They might not even care about an appraisal.
TRUE STORY: From 2005 through 2007 I spent thousands of dollars fixing up a 5.0 Mustang notch. I finally got it just the way I wanted it (It was beautiful - - and ran 12s!). A teenage boy ran a stop sign and I T boned him in his Blazer. Long story short, his insurance company "totalled" my Mustang and offered me $1600!! I went round and round with numerous people at his insurance co. and even tried to "buy the car back" from them and offered the title and the keys if I could just have the carcass. I never convinced anyone there that the car was easily worth $5000 or more. They absolutely refused to let me keep the car. In the end I had 2 factors working in my favor: #1 I had the wrecked car on my property so there were no storage fees accumulating, and #2 I was very, very patient. I waited them out and I think after a while they were tired of dealing with me and the letters, and the phone calls etc. They let me "strip" what I wanted off the car before they hauled it away and cut me a check. I think I got $2400 plus the engine, transmission, rear, wheels, seats, and a few other goodies.
LESSON LEARNED: I have collector car insurance now. The cool thing is it is a name your price/value and then you pay premiums accordingly. Agreed on value. The bad thing is there are restrictions about driving to work/errands etc.
Hope this helps
James
What you and I know your vehicle is worth and what an insurance adjuster will pay are sometimes worlds apart. I would take lots of pictures of the car and keep any pertinent paperwork related to the build/restoration. Unfortunately if you were to have an accident -regardless of who is at fault - they might just see an old 80s beater. They might not even care about an appraisal.
TRUE STORY: From 2005 through 2007 I spent thousands of dollars fixing up a 5.0 Mustang notch. I finally got it just the way I wanted it (It was beautiful - - and ran 12s!). A teenage boy ran a stop sign and I T boned him in his Blazer. Long story short, his insurance company "totalled" my Mustang and offered me $1600!! I went round and round with numerous people at his insurance co. and even tried to "buy the car back" from them and offered the title and the keys if I could just have the carcass. I never convinced anyone there that the car was easily worth $5000 or more. They absolutely refused to let me keep the car. In the end I had 2 factors working in my favor: #1 I had the wrecked car on my property so there were no storage fees accumulating, and #2 I was very, very patient. I waited them out and I think after a while they were tired of dealing with me and the letters, and the phone calls etc. They let me "strip" what I wanted off the car before they hauled it away and cut me a check. I think I got $2400 plus the engine, transmission, rear, wheels, seats, and a few other goodies.
LESSON LEARNED: I have collector car insurance now. The cool thing is it is a name your price/value and then you pay premiums accordingly. Agreed on value. The bad thing is there are restrictions about driving to work/errands etc.
Hope this helps
James
True story also, I have an 87 442, 70,000 mile original car, nothing ever done to it. Off duty sheriff rearends me in the middle of the day in a ford expedition. His insurance guy comes out to inspect the car and the first thing he asks for is any appraisal paperwork. Of course I have none so we have to go agree on an average price of the car. A few weeks later I get a letter with an average value for the car which was about 5000 at the time, I paid 500 to keep the car (which I still have) and the pain and suffering got me another 2000 so all together I got 7000 for the entire accident and I got to keep the car which still runs and drives. If I would of had the appraisal paperwork then they would of had no excuse to pay me what the car was worth. If I'm not mistaken it also goes by the state your in, if the cost of the repair is above the value of the car then they are going to salvage it, other states it's a percentage of what the car is worth.
I was told by Allstate Auto Ins that they never allow the totalled vehicle to be "bought back" from them after they pay you for it.
Other states, other companies maybe/prob different.
Other states, other companies maybe/prob different.
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