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northernz

Fantastic Appraisal

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Hey all, I just got an email from Mike at Whitehead performance. He is having my restored 1971 blue on blue 240Z appraised so I can update my insurance.

I don't have the report in hand yet but it's going to be valued north of $50,000!!!!! I know I wouldn't get that price in a sale, but for insurance coverage thats great news! :) I'll be interested to see the report, It may be time for a review of your agreed value with your insurance company!

Mark

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Wow that is impressive.  I am doing a 71 Blue on Blue right now.  I am doing it complete but not a restorage but more of a refresh to a resto-mod.  It will have a top notch paint job and all new blue interior,  When the car is done is will go up for sale I am hoping for $13 to $15K.

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Hey all, I just got an email from Mike at Whitehead performance. He is having my restored 1971 blue on blue 240Z appraised so I can update my insurance.

I don't have the report in hand yet but it's going to be valued north of $50,000!!!!! I know I wouldn't get that price in a sale, but for insurance coverage thats great news! :) I'll be interested to see the report, It may be time for a review of your agreed value with your insurance company!

Mark

 

How does $50K compare to what you thought it might be appraised for? â€‹ BTW, just paid my annual collector car insurance premium today.  Value must be going up since the annual premium sure is   :D

Dennis

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I was hoping for 30,000 tops! Nice to know that I will be able to recoup my costs in the event of a total loss. According to Mike, the appraiser said that it was a very clean nearly showroom condition car, and that Zeds in this condition go for 50,000 or more. Not sure where he got those numbers, but I'll take it to the Insurers that's for sure!

Montezuma, maybe you should aim a little higher on the resale of your car. Would love to see some pictures of it

Mark

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Do you have to specifically have to register your car as an antique with the DMV to get that type of coverage or just a standard registration for your insurance company to pay that kind of money in case of an accident? I have mine covered for $30k, but I don't think it's registered as a classic or antique.

Thanks

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Do you have to specifically have to register your car as an antique with the DMV to get that type of coverage or just a standard registration for your insurance company to pay that kind of money in case of an accident? I have mine covered for $30k, but I don't think it's registered as a classic or antique.

Thanks

I have three cars insured with "classic car" coverage. Only one has historic car CA license plates. No need to designate your car as historic. You just have to live with the limits a classic policy places on vehicle use - like annual miles driven, garaged, not used as daily driver.

Dennis

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Doesn't a higher valuation mean higher premiums?  I think I'd want it as close to replacement value as possible. $50k should cover a condition 1 trailer queen.  Nice validation of the value of the restoration though, pics are looking great in your other thread, you must be itching to go for a drive!!

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This is sort of what I am seeing in the  project car prices too. What I was hedging at in "$4000 for this" thread. I believe the days of a cheap Z car project are coming to an end. Bitter sweet, would be nice to get the recognition of how great these cars are and the dollars to justify saving them, but I like my cheap Z car projects.

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Premium will no doubt be higher, but I have not spoken to the Insurance compay yet. I insure the car as a daily driver , but after it is parked for the winter I drop the comprehensive and collision, which saves some money. As Mike said, I am one of the first to have an appraised value that is more than the cost of restoration! This is not the car that was stolen, but they are both currently at the same shop!

As for "itching for a drive", that is the biggest understatement of the year!!!  I saw the Garage Squad 240Z episode on TV today, and the sound of that sweet engine had me climbing the walls in anticipation!

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Drop the collision but don't ever drop the "comp" coverage. From Allstates website

 

When people hear the word "comprehensive," they might think "all-encompassing"— but in car insurance terms, the word has a different meaning.

Simply put, comprehensive coverage protects you against damages to your car that are the result of covered perils not related to a collision. Think of a scenario that could cause damage to your car that has nothing to do with striking another vehicle. In many cases, this can include:
•Theft
•Vandalism
•Fire
•Natural disasters like a hurricane or a tornado
•Falling objects
•Damage done to your car by animals
•A civil disturbance, like a riot that results in damage or destruction of your car

As with all insurance policies, you should check with your insurance agent to make sure what perils are included under the comprehensive coverage of your auto insurance policy

 

Comp coverage is cheap; collision is not...

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