Insurance Values

**69clone** · #1 10-10-2003, 12:58 PM

Hi, I am a new user to your boards and have enjoyed reading the various postings about the cars we all appreciate. I have notied that some of you are very knowledgeable about these cars and wondered if you could help me out. I live in Saskatchewan Canada and up here our antique cars (30 years or older) carry only a basic Government determined insurance value. My son and I have just recently completed a frame off restoration of a 69 Nova and created a Yenko Clone. The car is equiped with a LT1, bored and stroked, blueprinted and balanced, eutectic pistions, forged steel crank, 202 heads, Edelbrock EPS Intake Holley 600 Carb, 280 Comp Cam, Hedman headers, 2 1/2" aluminum exhaust w/Flowmasters, 10 bolt 308? nonposi rear-end. I have a 12 bolt 373 posi rear end going into it this winter. We have done a ton of research and installed correct decaling minus the embroidered headreast.
I am not posting this to brag but no one up here seems to know what the value of this vehicle would be s I need to add suplemental insurance coverage. I would appreciate it if anyone could tell me what an approximate value would be for this car.
Thanks.
P.S. Earlier this summer I raced it (a first for me) a the local dragstrip and my best was 13.474 104.5mph

Pantera · #2 10-10-2003, 01:46 PM

You will need to determine if you want to pay huge amounts to the insurance co or have a payment you can afford? since it is a clone I would recomend you consider what it would cost you in real dollars out of your pocket to duplicate it as a value. Stolen or destroyed in a fire and if that amount would allow you to build another just like it? Doesn't make sense to put too high a value on it, and have to pay out the nose for something that can be replaced. The historic resale value is just not there, so why pay extra for it?

COPOL89 · #3 10-10-2003, 04:42 PM

PANTERA HAS SOME REASONABLE THINKING. THE INSURANCE COMPANYS HAVE DIFFERENT COVERAGES FOR DIFFERENT THINGS. MY OPINION WOULD BE TO ADD UP YOUR TOTAL REPLACEMENT COSTS AND GET A COLLECTOR CAR POLICY FOR JUST WHAT YOU FEEL YOU NEED IF ITS AVAILABLE UP WHERE YOU ARE, I WOULD NOT INCLUDE YOUR LABOR IN THE TOTAL COSTS IF YOU AND YOUR SON DID MOST OF THE LABOR YOURSELF, EVEN IF THE CAR WAS A REAL YENKO OR JUST A SMALL BLOCK NOVA THE INSURANCE COMPANYS DON'T REALLY CARE THEY WILL WRITE A POLICY FOR A DOLLAR AMOUNT, FOR EXAMPLE 14.00 PER EVERY THOUSAND THE CAR IS WORTH. A 15,000 DOLLAR POLICY WOULD COST AROUND 200-250 DOLLAR EVERY 6 MONTHS. BUT THERE ARE LIMITATIONS WITH THESE POLICYS SUCH AS MILAGE RESTRICTIONS AND THEY MUST BE STORED IN A LOCKED GARAGE AND THEY HAVE TO BE APPRAISED BY A REPUTABLE SOURCE. TALK TO ONE OF YOUR LOCAL AGENTS AND PICK A POLICY THAT YOU ARE COMFORTABLE WITH. [img]/ubbthreads/images/graemlins/burnout.gif[/img]

**JRSully** · #4 10-10-2003, 06:03 PM

Myself being in the insurance business, I can tell you the following;
1. Any carrier you go to will simply look in thier database of currently insured vehicles that are very similar to yours to determine the max limit they will offer. The
bigger the carrier (more vehicles insured)the better chance you have getting a "realistic" limit, appraisals help, but are not always the deciding factor.
2. Claims- Theft/Damage- 99% of the carreirs writing collector car insurance allow for occasional pleasure use, BUT if you park the car somewhere (except for car shows or parades)and the car is stolen or damaged the first question most carriers ask you is "was the car in your direct view when the damage was one/when theft took place" if you say "NO" this could open the door to them denying the claim. As some policies state that the car is not to leave your care, custody or control, except parades, car shows. BE CAREFUL. Any other questions, give me a shout.