What's it worth? - No, I'm not selling

[Whoaa]

OK....what did the appraisal number come in at?

 

[admin]

I should know by end of the week.

 

[Whoaa]

For what it's worth Hagerty Insurance Co. doesn't, and never will ask for an appraisal. It is their view that appraisal's can be subjective and bias because they're done by an individual/company, and/or can be infuenced by the owner. And that's not to say that ALL appraisal's aren't legtimate. Hagerty will easily insure your Classic Bronco for the high-end of the NADA classic car price guideline, which is about $31-32k.
However we've all seen ad's for various things for sale that claim an apprasial value much higher than the asking price...which directly undermines the appraisal.
Hagerty insurance is a company of classic car people, people that know and understand the classic car market, ownership, and industry. And NO...I don't work for Hagerty and have no other interest in thier business w/ the exception of I like doing business with them by having my cars insured.

BTW...I don't buy this excuse of "no off road" coverage. Anyone with half a brain is NOT going to go get full coverage on their classic Bronco and then go destroy it off roading. All of classic car people that I know take nice care of thier classic. And the overwhelming majority that do choose to invest on full coverage insurance do it for a reason...to protect thier investment against a catastrphic event. NOT to use insurance as a scape-goat and try to make someone else, insurance company, liable for thier stupid choices.
I don't have "off road coverage", and could care less. I'm not going to go tear up my classic. And if/when I'm on a trail and make a choice to operate my Bronco in a dangerous situation I KNOW its my responsibility, not the insurance company. And this senario is common and actually happens everyday...people enjoying wheeling make a choice to "go", or "not" go on some difficult trail.

Sure there are plenty of folks who have and enjoy off road toys, myself included. But you take the liability on your own when you choose extreme off roading. In this modern age of the liberal's not wanting to take responibility for thier own actions is BS!
There is a huge difference between driving across the mountiains, or desert, or through a mud hole...versus extreme off road where the danger of rolling over, or in some other fashion operating your Bronco in a Dangerous and Reckless manor that will result in serious damage -often times over, and over, and over again...fix & repair, then rinse & repeat.

 

[BajaFresh75]

I'd get her insured for 20K, that's what it would cost to replace her. Nice rig.

 

[admin]

BTW...I don't buy this excuse of "no off road" coverage.

I'm only telling you what the "classic car" insurance companies told me. They won't insure my Bronco because I take it offroad. Period. It's not just that they won't give me offroad coverage. I'd be fine with that.

The issue is they won't insure my Bronco at all. The Hagerty website and the representative I talked to both stated that offroad vehicles do not qualify for their insurance. Same with American Collectors Insurance, which is the company that USAA farms out their "classic" insurance to.

Yes, I could simply tell them I don't take it offroad, but it's not true. And if I ever had a claim I can easily see them denying it because of that. I'm not willing to take that risk with insurance.

 

[toddz69]

Jon:

I'd chime in with a few of the others and guess in the low-mid 20s as your value on your appraisal. My truck doesn't look nearly as nice as yours and it appraised at at $17K 7-8 years ago.

Todd Z.

 

[toddz69]

BTW...I don't buy this excuse of "no off road" coverage. Anyone with half a brain is NOT going to go get full coverage on their classic Bronco and then go destroy it off roading. All of classic car people that I know take nice care of thier classic. And the overwhelming majority that do choose to invest on full coverage insurance do it for a reason...to protect thier investment against a catastrphic event. NOT to use insurance as a scape-goat and try to make someone else, insurance company, liable for thier stupid choices.
I don't have "off road coverage", and could care less. I'm not going to go tear up my classic. And if/when I'm on a trail and make a choice to operate my Bronco in a dangerous situation I KNOW its my responsibility, not the insurance company. And this senario is common and actually happens everyday...people enjoying wheeling make a choice to "go", or "not" go on some difficult trail.

Sure there are plenty of folks who have and enjoy off road toys, myself included. But you take the liability on your own when you choose extreme off roading. In this modern age of the liberal's not wanting to take responibility for thier own actions is BS!
There is a huge difference between driving across the mountiains, or desert, or through a mud hole...versus extreme off road where the danger of rolling over, or in some other fashion operating your Bronco in a Dangerous and Reckless manor that will result in serious damage -often times over, and over, and over again...fix & repair, then rinse & repeat.

I'd like to think that I have a little more than "half a brain" (some may question that) and I don't expect insurance to cover anything that I destroy off road by making stupid choices. That's called personal responsibility and has nothing to do with anyone's political affiliations. I take good care of my truck (340,000+ miles and counting) and like to drive it off-pavement.

I don't think anyone here is trying to make insurance companies into scapegoats for poor choices. Like Jon mentioned in his post, it's a case of insurance companies not insuring you if you drive in the dirt, regardless of whether its reckless or not. I could not tell them that I drive off pavement, but that's not honest or ethical and if something happens in the dirt, what will they say?

Todd Z.

 

[Whoaa]

I could not tell them that I drive off pavement, but that's not honest or ethical and if something happens in the dirt, what will they say?

Todd Z.

In my comments I have blurred the lines between comments in this thread, and another recent thread in which a number of comments were directed at "no off road coverage". My bad for the confusion.
A number of posters deemed "ABC -choose the name" insurance company not a good fit for thier needs because of the no off road exclusion.

I have talked extensively to my insurance companies recently, and specifically Haggerty. During these conversations we have went over point-by-point detail of the written policy. I'm confident that my classic's are covered, period.
Suffice to say that much of what is posted in the other recent insurance thread is simply not true. At minimum not the same insurance I have from the same company.
My advice is to call your insurance company and get the facts directly from the company your doing business with. And as reader's we each have a duty to do our own due diligence regarding accurate information.

 

[admin]

OK, so the appraisal came back at $22,700.

Now keep in mind this is supposed to be "replacement valule" not what I could actually sell it for. So that $22,700 includes buying a replacement Bronco and then modifying it as needed to match exactly what I have now.

 

[Hozr]

That seems about correct. I have ours valued at 25,000 through SafeCo (oddly enough) I used to tout American Modern as they've insured my Bronco, Cobra, etc in the past but they randomly dropped my insurance after 2 1/2 years without telling me. I drove for 3 months uninsured without knowing and they still haven't refunded me the premiums (I pay the year in advance). Reason I was dropped? I had installed a lift. Yeah, it was on the list of modifications I submitted two years ago when you wrote the policy. They also claimed it was due to a picture I sent them of offroading - in my dirt driveway.....So yeah, I get it Jon - Insurance companies will screw you any way they can and I've heard the offroading claims as well.

 

[BluebroncoNC]

Raffling it off by chance?

 

[JefeAZ]

OK, so the appraisal came back at $22,700.

Now keep in mind this is supposed to be "replacement valule" not what I could actually sell it for. So that $22,700 includes buying a replacement Bronco and then modifying it as needed to match exactly what I have now.

The appraisal is supposed to be the value of the vehicle as it sits. It should include everything done to it. Maybe Im just reading that incorrectly though . . .

At what value does your insurance carrier require an appraisal? Most are $25k-30k. What company does your Farmers Agent have you with? I probably asked you before but its been a few years. They dont mind a cage?

 

[admin]

The appraisal is supposed to be the value of the vehicle as it sits. It should include everything done to it. Maybe Im just reading that incorrectly though . . .

My understanding is that there are different types of appraisals depending on what you're looking for. What you describe would be a "fair market value" appraisal according to the company that did mine. The appraisal I got was for "replacement value" since the point of the insurance in a total loss situation would be to replace my Bronco with one as identical to it as possible.

At what value does your insurance carrier require an appraisal? Most are $25k-30k. What company does your Farmers Agent have you with? I probably asked you before but its been a few years. They dont mind a cage?

I don't have the insurance yet, but should shortly.

 

[JefeAZ]

My understanding is that there are different types of appraisals depending on what you're looking for. What you describe would be a "fair market value" appraisal according to the company that did mine. The appraisal I got was for "replacement value" since the point of the insurance in a total loss situation would be to replace my Bronco with one as identical to it as possible.

I don't have the insurance yet, but should shortly.

So did the appraiser say a fair market value would be less than the replacement value appraisal?

What I would want on file for my records and for insurance coverage is an appraisal for the EB and everything that's currently installed on it

 

[admin]

So did the appraiser say a fair market value would be less than the replacement value appraisal?

Yes, he said fair market would be less. Fair market value would be what I could theoretically sell it for, which typically wouldn't give me full value for all the modifications and parts I've added to it.

Let's say you bought a Bronco for $10,000 and dumped another $10,000 of parts and labor into it. You probably couldn't sell it for $20,000 because we all know that you rarely get back what you put into it. But the "replacement value" should be $20,000 because it reflects the money needed to exactly replace the Bronco you had, including all custom parts and labor.

What I would want on file for my records and for insurance coverage is an appraisal for the EB and everything that's currently installed on it

Agreed. And that's what I have.

 

[admin]

The appraisal is supposed to be the value of the vehicle as it sits. It should include everything done to it. Maybe Im just reading that incorrectly though . . .

My understanding is that there are different types of appraisals depending on what you're looking for. What you describe would be a "fair market value" appraisal according to the company that did mine.

Sorry. I may have confused the issue with my earlier reply above. You said, "the appraisal is supposed to be the value of the vehicle as it sits".

I read that as "value" being what you could sell it for. But you may have meant "value" as in how much money had been put into the Bronco.

Anyway, I think you and I are saying the same thing, but just coming at it from different sides.

 

[JefeAZ]

haha exactly! Just want to make sure!

 

[Bukin 67]

I think the appraisal was fair. As you basically said above, from the insurance company's point of view you should be able to replace it (not sell it) for the insured amount.