New York Classic Car Insurance Question

[Camhi]

Hey all, would appreciate some help and guidance with an appraisal price for my 1969 280SL. My old policy was under my father’s name. Unfortunately he passed away. I now am applying with JC Taylor for a policy under my name. They need an appraisal price. I had one in mind but before I could give my price the underwriter suggested $150,000-$200,000 based off pictures and mileage. I found this to be crazy high. What thoughts do you all have? This car was always my dads and now that I am taking it over I want to do everything correctly. Sadly he would be the person to turn to on matters like this. So hoping some of you can help out. Thanks!

[Bonnyboy]

Welcome to the Forum.   Your question is a good question but it is like asking  "how long is a piece of string?" 

Pictures and history commenting on options and originality would aid in giving you some constructive opinions.   Even with the recent softening in the market your Dad's car could still be in that range.    Is it a an original 5 speed, does it have a limited slip differential, is the body work all original, does it have ultra low mileage unicorn or did it get a nut and bolt restoration at some time and if so who did it may make the difference?  There are lots of variables, the good news i that there is tremendous knowledge on this website but pictures will be key in determining a range of values. 

Have you looked at what cars on Bring a Trailer are going for compared to your Dad's? 
 
Looking forward to more information about the car. 

 

[Camhi]

Hey Ian. Thanks for the response. So some info...

The car has about 75,000 miles on it.
Everything about the car is pretty much original minus a repair muffler. Original 5 speed.

Seems like the range is wide. Between $60,000 to $110,000.

They quoted me $1200 per year for $150,000 valuation

It was so much simpler on my old policy because it was just liability coverage $100 per year. Oy!

[ejboyd5]

If something bad happened to the car, how much money would satisfy you as compensation? Probably a lot less than $150,000? Enough to buy a replacement? Remember, as an inherited asset your cost basis in this vehicle is zero, so any insurance payment you might receive as a result of an accident is gravy for you. Insure it for something close to what you would pay for a replacement, if that is what interests you. If not, insure it for what you would be happy with, get your liability coverage from Taylor, drive it and move on.

[perry113]

I would also run a quote through Hagerty.

[Camhi]

Thank you for your perspective. Definitely helpful.

[johnk]

$1200 for $150k valuation is extremely expensive compare to what I pay through State Farm.

[Camhi]

Hagerty quoted even more.

JC Taylor won’t insure it for less than $125,000. I can understand if they sent out an appraiser but they came to this conclusion based off of 4 pictures. Wild