Has anyone ever used an Auto Appraisal Service?

[eastsidebimmer]

All this talk about insurance down below got me thinking about my Hagerty policy and my agreed value. I’m not expert, but I think it means that if someone steals it, or I crash it beyond repair, they will pay out the agreed value to me. What if someone else hits me and the other company does not want to pay out full value—does Hagarty take over?

As time (and hopefully value) moves on, I’ve thought about having an independent appraisal done to make sure my agreed upon value for my policy is accurate and, in the event I ever need it—I have a comprehensive report on the condition and value. The local specialist in my area charges $250 for a full onsite 14 page report with pictures--in triplicate. Has anyone done this BEFORE an accident? Were you surprised or disappointed in the findings?

Ben

[frank]

I had my 1975 02 Appraised in 2004 at a cost of approximately $125. The estimated value was $13,500. I was given two copies of a written report that included six photos. One of these was submitted to my insurance company. I guess I would be happy(?????) with a $13,500 settlement,however I have more than that into the restoration.

[72touring]

I had an appraisal done about ten years ago on a 1972 2002 Targa. The local (Bay Area) recommended appraiser (who is now deceased) was a Porsche expert, but had enough resources to pull together an estimated value and a thin binder of information. He also shot a few Polaroids that were included in his report. Cost was $200. All in all, I felt like I was going through the motions in that my insurance company (State Farm) demanded an appraisal in giving me a declared value vs. bluebook (what a laugh) value.

[B-Doon]

I'm not sure that agreed value policies mean what you think. They might be different for classic car companies, but when I used to work at Progressive I was under the impression that an agreed value policy was there to serve the purpose of meeting insurance requirements. This means some finance companies require a person/business to insure a property for say..80% of its value while being financed. This means that the policy holder and insurer would agree on a value for the purpose of satisfying the lien holder. As time goes on the "value" of a property changes based upon market conditions, and most insurance companies are only obligated to pay "market" value....When I was working as an adjuster we had policy holders who tried to insure 30 year old motorhomes worth less than 10 grand for $50k. When they were totaled we paid the market value, not the agreed value the policy was written for (required by the lien holder) umpteen years ago when it was new...

I'm not sure even I understand this....but better check into it with a "KNOWLEDGABLE" agent....Some agents will tell you whatever you want to hear to sell a policy...

Peace,

Brian

72inka