Appraisal Service Update

thanks.  some questions

was the inspection performed at Your location (home)

was an inspection of the underside, jacking car up.

did Inspector drive the car

were You allowed to watch

Yes, he came to my home.

He did take pictures of the underside of the car but did it from the ground, no jacks.

There was a check box on the form for frame and underside condition.  I did have a lift in the garage, but he didn't ask to put the car on it.  Once the car is finished, I may have them come back out and I would put it on the lift as I think it would help with value.

He watched me start the car and back it out of the garage, but he didn't ask to drive it.

Yes, I was allowed to watch and give him some history on the car as he took pictures and notes.

I'm guessing the inspectors may all be different or have their own way of doing it.

Took about 30 minutes and a week to get the report back.

Interesting.  Hagerty (whom I use) has never required an appraisal and their website says that.  Where did you get $80K from them?  

My American Family Agent and the appraiser both gave me the $80K.  They said due to rising repair and replacement cost most companies require this on a new policy.

The appraiser commented on how much work he has done lately for people fighting their insurance company to get actual replacement cost.  He mentioned sometimes people assume they have "X" amount of coverage when they really don't.

You should call Hagerty then.  They will underwrite and provide an "Agreed Value" or "Guaranteed Value" policy.  I had them increase mine but I am currently below your $80K as I never thought a Pantera would need that much damage insurance !  And they do not require an appraisal.

I may need to call Hagarty just to compare.

My insurance agent happens to be my biz partner and insured with him for 30+ years.  Sounds like the insurance companies are feeling the cost increase squeezes now, but I'm sure they still make billions in profit each year.

I'm late to the Pantera scene but have done 100% of the work myself, other than the engine rebuild, and I'm at $50K just in parts with free labor +$40K for the car purchase.  My original goal was $20K in parts so $60K total.  Boy was I wrong.

Just check the policy is 'agreed value' and not  'stated value', as the two are very different, the former obligate them to right a check for the agreed value in a total loss, where 'stated value' is you telling them what you think it's worth and them taking your money based on that valuation, but under no obligation to actually give you that amount in a loss.

I don't recall even sending any photos for the Pantera. it was still in the shop at the time.  Over the phone the agent had to discuss with some one else and I THINK this is the amount of a check should 5177 be totaled.

To exceed the $120K value I would have to submit a narrative and photos.   the shop was suppose to perform that for me, but hasn't happen yet. 

Yes, you definitely want to have "agreed" value which is why I needed the appraisal for the insurance company.

I've been down the road with "stated" value on a classic car before and it took 6 months of fighting to even get close to a fair value after it was totaled.

I’m through Hagerty and just had to provide photos and narrative. Mine is insured over $120k