Help Needed to Demonstrate Valuation

[2POINT7]

When the insurance policy renewal for my 1973 911S came up for review recently, I decided my current valuation of $65k was too low and, based on what I've seen over the past 2 years or so, believe the car to be worth closer to $100k. My insurance carrier, State Farm*, is asking me to show some evidence that these cars, in exceptional condition, are capable of bringing that kind of money.

This car received a very professional nut and bolt restoration in 2000 and has traveled about 7,000 'dry' miles since. It is a consistent first place winner in regional PCA Concours events and has just received an invitation to be presented at the Hilton Head Concours d'Elegance http://www.hhiconcours.com/ in November 2008 (which it will). During restoration the original engine was modified to exact 2.7 RS specification. It has extremely nice Recaro leather sport seats that I believe to be 'Porsche correct' for a slightly later, probably '75 or so, model. Please feel free to comment on the seats also, if you recognize them.

Here is where I need your help. First, do you agree that this car should be valued at $100k or if not, where would you place the value (higher or lower)and secondly, please provide any links you know to similar 'comps' that have sold for this kind of money. I've included several photos of this car below. Thanks in advance for your response!

* State Farm has been very good to me over the years and insures my home and several other cars.

[2POINT7]

By the way, nobody is going to hurt my feelings by telling me they believe the car's value is less, even much less that $100k. I have no desire to sell/market the car and am not fishing for a price for that purpose; I simply want to make sure I have suitable coverage in the event of a total loss, in which case life insurance might be what I really need!

[Herr Softie]

IMO, the way to go is a professional appraisal. They cost $200-$300, but you will get a document that your insurance company will give some great weight as to the value of your car.

Professional appraisals work after the fact if your car is totalled, but an agreed upon value up front is definitely many times better.

I don't have a suggestion for an appraiser in your area. I have used a place called Berg Car Co. here in Portland with good results.

[fg1227]

ed,your car is lovely,but the seats are definitly wrong for that year ,they're later seats. To hit the magic $100,000;IMO you need a low milage,original paint in excllent condition;I sold one a few months back got $90,000;your car I would put a retail # of between $75,000-85,000

INVEST IN A SET OF SPORT SEATS;I HAVE A METALLIC GOLD '73 TARGA COMING OUT OF THE PAINT SHOP WHICH I WILL PUT HOUNDSTOOTH SPORTSEATS

[fg1227]

How Great Would Your Car Look With These?

[NiceT]

Ed,
I agree with Frank on all he said but you are also insuring for replacement value so it will be difficult to replace if you were ever in that situation of a total loss. The car is so special that I couldn't agree more that a real set of 73 correct sport seats are called for. John Audette just had a perfect pair for sale and I think they sold quickly.
You could contact Alex Finigan at Paul Russell and Co and he could likely give you a written apraisal for insurance purposes. They recently sold Paul's own silver 73S with 26,000 miles, leather interior and factory air with paperwork back to the window sticker and just two owners. It was a repaint in the original silver. They were asking $100k and it sold in a matter of days so there is a recent sale although not an identcal comparison to a restored car.

PS. You must be paying through the nose to insure that with State Farm! Look in to Hagerty.

Daron

[tfiv]

I've also had a very good experience with State Farm on all of my collector cars, with the exception of the '67S. I'm planning to jump ship to Hagarty. I've just gotten tired of providing appraisals etc., only to have the State Farm underwriters question their validity. The price guides still peg the #1 value of the cars at less than 30K, they can't get past that.

[2POINT7]

I appreciate this feedback and don't disagree that the car may in fact be more likely worth something in the $80k range. I'm cool with that. I also recognize the value of having correct sport seats in the car and may try to make that happen when a nice or restorable set comes available.

I am really interested in hearing additional comments, especially if someone can make a positive ID on the seats currently in the car. Also, for the $65k coverage w/ $500 ded. I currently have, I am paying $230 every 6 mos. Would that warrant a call to Haggerty?

[jaudette3]

Also, for the $65k coverage w/ $500 ded. I currently have, I am paying $230 every 6 mos. Would that warrant a call to Haggerty?

Ed....

Be certain that your current policy is $65,000 *agreed value* as opposed to $65,000 *stated value*. The main-stream insurance companies usually use stated value and the collector insurance companies usually use agreed value. Big difference.

Cheers,
JohnA

P.S. PM sent.

[RickS]

A call to Haggerty is definitely in order. They insure my 73S and make it quite affordable and they are a pleasure to deal with.

Before reading this thread I was on the sofa finishing up reading Excellence and saw a silver '73 S with sport seats and factory air advertised for $100K and said to myself, "yeah right". But after reading this thread, it sounds like prices in the mid to high 10s is more of a possibility if all the right conditions are met and the planets are in alignment.

Thank you Ed for posting your question.

A call to Haggerty is now in order for me tomorrow. This may be one time I am actually happy to pay a bit higher premium - nah not really.