Agreed upon value for SPF MK1 Cars

[Dave Hood]

My current insurance company, Infinity Insurance, is existing the classic car business. As I'm looking at alternatives, I also want to increase my agreed upon value. My current policy is at $136,000, and I'm thinking it should be closer to $175,000 at this point. The companies I'm considering are asking me to provide them with examples of sales prices for other SPF cars manufactured about the same time as mine (early 2007). They said they need that in order to increase the agreed upon value amount.

If anyone has one of the earlier cars and has sold it in the last couple of years, can you please message me with any data I can use to support (or not) my assumption that I should be using a higher agreed upon value? Thanks.

 

[Walter Williams]

SEND THEM A HILBANKS ADD.. THEY ARE $175,000 TO $225,000

 

[Julian]

SEND THEM A HILBANKS ADD.. THEY ARE $175,000 TO $225,000

That's for a new one though, not 10 years old and I appreciate that may be the route one has to go to replicate a total loss, but insurers don't work like that. I had to search around and find actual sales data for ERA's (advertised price was unacceptable), but with a low volume market that is tough, even more so as these cars often don't do well at auction and private sales are not recorded anywhere. Then there's the whole engine spec and transaxle equation to translate into a level playing field as well.

As much as you might not want to hear it the $136K probably isn't far off the average used SPF sales I have seen unless recent sales have been buoyed by the Ford v. Ferrari movie.

 

[Walter Williams]

NOT TRUE... THE GULF CAR FOR $179,000 HAS 16,000 MILES ON IT..

 

[Rick Muck- Mark IV]

Dave,

If you need a written appraisal let me know, will be glad to provide one.

 

[Jack Falla]

That's for a new one though, not 10 years old and I appreciate that may be the route one has to go to replicate a total loss, but insurers don't work like that. I had to search around and find actual sales data for ERA's (advertised price was unacceptable), but with a low volume market that is tough, even more so as these cars often don't do well at auction and private sales are not recorded anywhere. Then there's the whole engine spec and transaxle equation to translate into a level playing field as well.

As much as you might not want to hear it the $136K probably isn't far off the average used SPF sales I have seen unless recent sales have been buoyed by the Ford v. Ferrari movie.

My insurance company (Zurich) insured my car for an agreed replacement value of a brand new car.

 

[Julian]

NOT TRUE... THE GULF CAR FOR $179,000 HAS 16,000 MILES ON IT..

Apologies and I stand corrected, I should have looked up the reference quoted. I had not realized the SPF cars were now commanding such high prices, good for all makes.

 

[Walter Williams]

THERE IS A CAV ON COBRA COUNTRY FOR $250,000

 

[Rick Muck- Mark IV]

THERE IS A CAV ON COBRA COUNTRY FOR $250,000

Well that would make my previous SPF worth at least $350,000.00!

 

[Dave Hood]

I've switched insurance and wanted to pass along information to anyone who may be in the market here in the U.S. for a new insurance carrier. I've signed with American Modern Insurance. They are well regarded and have various affiliations including the National Corvette Museum.

https://www.amig.com/insurance/collector-car/

My policy is for an agreed upon value of $175,000. Deductible of $250, and an annual mileage cap of 3,000 miles. And the other usual perks such as flatbed towing, etc. The annual premium is only $697. About half the cost of the premium for my 2015 Jaguar F-Type which has a depreciated value of about $45,000.

 

[Dave Hood]

If anyone wants to save the contact information for the American Modern Insurance option, here is the broker that I worked with to find the policy....

Robbin R Terry
Office - 217-438-6235

 

[Bill Kearley]

In Canada I'll ask $450000. Think I'll build another one as an investment.