State Farm is asking for an appraisal of my '67 911S SWT... and, yes, they are a lot cheaper than Hagerty so it seems to be worth it... anyone have a good recommendation? Thanks!
State Farm is asking for an appraisal of my '67 911S SWT... and, yes, they are a lot cheaper than Hagerty so it seems to be worth it... anyone have a good recommendation? Thanks!
Chris Powell at Chris's German Auto Service in Redmond can do this for you.
He has done this for me, is on the the PCA Technical Committee, and is the best mechanic for early 911s in the PNW IMO.
Get a quote from Amig.
They were alot cheaper than hagerty and did not ask for an appraisal
Regardless of what the appraisal is, in the event of a total loss, State Farm will pay the Stated Value (based on the appraisal) or the current market value, whichever is less. If you have a high stated value, it just means your car's payoff amount will really be determined by an insurance adjuster looking at recent sales who I'm sure has little concept for the premium of an unrestored classic. To get a proper settlement will require a fight. I have State Farm for everything, including an umbrella, but use a company which underwrites Agreed Value policies for my classic cars.
I'm with Randy on using Chris Powell, excellent reputation, good guy!
In regards to insurance, I'm also in Washington, but I went with Hagerty (many years ago, and still with them). I also have had everything with State Farm in the past, but didn't find their Washington state underwriting of classic cars to serve my needs, but I did use them when I was in California. One thing you need to look for in the policy is an "in sight" clause. Some insurance policies are written such that the vehicle must be in "your sight" at all times. So if you go out to dinner and the car is not in your sight and it disappears or is hit, tough luck. I know there's quite a few guys in California with Chubb, but I haven't looked into them yet.
There's been lengthy threads on this topic here an on other forums, and I'd suggest spending some time there. Keep in mind that each state has separate underwriting rules, and you'll need to read the fine print.
Randy, who are you with?
cheers,
Eric
I use State Farm's "Limited Use Antique/Classic" policy for my early cars. Several years ago, my agent explained that, for stated values above $35K, they required an appraisal. Once I obtained an appraisal from someone they approve, they raised the stated value to the appraisal amount. On one of my cars, I pay a six-month premium of $188 for a stated value of $125K. I have no idea how this compares with other insurers but I'm satisfied with State Farm's service. I'm also in Washington State.
I used State Farm a long time ago but had trouble when they were supposed to pay off. That's why they are cheap.
PLEASE check your state's insurance commissioner (agency) for ratings by consumers on insurers. You will almost certainly find that USAA is best (if you qualify as a member of the armed services), followed by Amica.
State Farm will surely be way down the list. IIRC, they were sued by the California Attorney general a few years back too.
If you'd like a second opinion too, I can recommend Nathan Merz at Columbia Valley Luxury Cars. Nathan understands early 911 very well, and he is in Bellevue, just around the corner from Chris' old shop.
As I understand it, Nathan will be going to Parade this year to talk about early 911 valuation.
What's Parade?!
Quote:
Originally Posted by WBYonder
This should help:Quote:
What's Parade?!
https://www.pca.org/event/2015-10-13...y-peak-vermont
I also have all my classic cars insured using the Antique/Classic policy with State Farm. The cars are insured to a value which are supported by an appraisal. The downside is when the value goes up, you have to get a new appraisal to support the new value. Plus every two years, SF sends me a form to fill out to which asks about where the specific car is stored, the mileage, condition, value, and will also have to submit pictures to my agent. For my recent letter, I upped the value of the car by ~3% just to see if they would accept it (without a new appraisal) and the new value was in the new declarations page.Quote:
Originally Posted by swcarroll
As for customer service, SF has always done right by me. My old 356C sunroof was totaled many years ago before I had it on a Antique policy. State Farm sent out a classic car appraiser who determined the value of the car before the accident and paid out in full.
I'll have to ask Chris to do my next appraisal. But if your insurance co requires a certified appraisal company, I had Mark Ito from the Auto Appraisal network appraise my RS a few years ago. Ito@AutoAppraisalNetwork.com
Definitely vet the appraiser before they show up.
We had a situation here recently where a State Farm recommended appraiser "reached" to put a $60k valuation on an S that the owner sold two months later in the low 200s.
I can't imagine insuring our cars with a State Farm or similar insurer. Given that you can spend the "savings" difference on simple parts and basic service these days, I don't understand the mindset of taking a chance given all the chicanery in their policies.
Specialty insurers are the way to go
Wow, did not know to look for this.Quote:
Originally Posted by Soterik
Thanks for calling it our Eric.