I recently got a '65 Fastback and bought insurance for it last week. Yesterday I get a call saying their corporate office is requiring an appraisal. I have no clue where to start to do this. So a few questions:

1) Who has to pay for this? - If they are requiring it I feel like they should pay. But that is most likely a losing battle.

2) I've found a few national appraiser organizations on line, but not sure how to find someone locally that is reliable. Any thoughts?

3) What should an appraisal cost? The national websites I found make it sound like it will cost around $300. Is this right? Seems a little steep to me.

I should probably add this is a semi-daily driver, NOT a show car. Once I finish the electrical fixes and redo the brakes I plan on driving it as much as possible.

Thank you for your help in advance.
Jason

 

http://www.i-van.org/ My local guy charges $100 and he's a pro. Typed appraisal, credentials, vehicle comparisons, the whole works.

 

First, is this declared value insurance. If it is, some insurance companies require an appraisal from a certified appraiser. It is up to you to pay for it. Personally, it is not a bad think to have. It lets you and the insurance company know what you expect to be paid for a total loss.

As far as cost, it really depends on where you are located and how good the appraiser is. I have paid as much as $500.00 for an appraisal, which was well worth it for a six figure car.

A good and thorough appraisal can take 4-5 hours for the physical appraisal and necessary paperwork, plus travel time. What is an appraisers time worth?

I would get all the fixes done rather quickly before the appraisal, because it could effect the appraisal value.

 

Check with the Mustang club nearest you. This comes up all the time with these cars, so they'll know where to go with it.

 

you can go and look to the nearest mustang dealor..you will get the product there

 

If it was me, I would just pick a different insurance company to use. The one I use did not require an appraisal. All they needed was photos of the car. Paying for an appraisal would really run up the cost of insurance.

 

Last time I checked Glazier Nolan charged $50. Might be a little higher, now. Still, it's not like it needs to be done every year.

 

Currently, my agent isn't discussing declared value. However, I would think that with an appraisal it would become that. But not sure how that works.

I definitely want to get it running first. But there is no way I can wait until the mods are done. That would be several years w/out comp & collision. I have always been curious about what this car is truly worth, so I don't mind getting it appraised now. But I don't need an expensive in depth appraisal. Once I get all of the mods done I will be getting a new in depth appraisal.


Good idea. I will be doing this.

I don't really want to switch companies right now. I currently get multi-line and multi-car discounts that amount to quite a bit. My agent has been great. They are actually fighting on my side with this. It's their corporate underwriter that is requiring an appraisal.



I do understand how an appraisal makes things easier, but I don't understand why they can't just use a low book value if there are no major mods. My insurance company is State Farm and apparently they use Kelley Blue Book. It doesn't go back that far. However, NADA does. I sent them a copy of it and told them to use the lowest value on there until i can get it appraised. They wouldn't even do that because their system doesn't recognize NADA. I find that strange. But they did offer to cover it for the original purchase value of $2200. I don't know the exact value of it, but am pretty sure it is quite a bit higher than that.


Thanks everybody for all the input.

Btw, I live in Oklahoma City. If anybody has any local recommendations I'd appreciate it.

 

You definitely want to get a policy that will pay the appraised value (stated value policy). If you don't you will argue with the insurance company when they want to give you $3000 for your totalled Mustang. Also, a certified appraisal (from someone like the i-van guys) will help when the insurance company of the bozo who totals your car tries to pay you $3000. $100 now is good 'insurance' when you have to fight with insurance companies down the road.

My insurance company (American Family) wouldn't insure my car until it had license plates. I made the mistake of tearing it down right after I got it home and didn't get license plates first (and since Missouri requires inspection, that was impossible). My agent said if the house burns we could call it 'car parts' and they'd probably cover it. I'm glad nothing happened and I did worry about it.

American Family has a classic vehicle policy that uses stated value. That is definitely what you want - unless you'll be happy with the $2200 they will insure it for now. But, with American Family, it is a separate policy so it doesn't count for my multi-car discount. My policy is about $200 a year, and the car is insured for quite a bit more than $2200 :-).

If it's going to be several years, you might get an appraisal for current value. Chances are that will be more than the standard 'rusty old Mustang' value the insurance company will want to give you with a standard policy.

 

Can you not ask your insurance company for a list of appraisers? Surely if they require appraisals, they know of a few.