appraised vlaue/ stated value insurance

[rdeede@hotmail.com (Richard Deede)]

Good info Josh. I have already resubmitted my cars value to my Insurance 
company as $10,000. Im now working on backing that up with an appraisal but 
can't seem to find one near me.

Rich


>From: "Josh Able" <mkii@nycap.rr.com>
>To: <scirocco-l@scirocco.org>
>CC: <wasser-werks@yahoogroups.com>
>Subject: appraised vlaue/ stated value insurance
>Date: Sat, 5 Jan 2002 14:04:16 -0500
>
> >due to people getting hosed by insurance companies, I sending this out to
>hopefully aid people before they get screwed.
>
>
>I feel like a freak for always talking about getting cars appraised, but if
>you have put money into your car, and it is worth more than book you really
>should do it, to help cover your investment in case of an accident. Don't
>count on having receipts piled 2 feet high to get you more money. Some
>insurance companies will treat you right, others will bend you over and 
>make
>you scream like a pig at a slaughter.
>
>Be careful, many "appraisers" only understand US Muscle cars, and anything
>like a VW with "custom/aftermarket" parts confuses them. Make sure they
>understand about your car, many appraisers feel a need to take money OFF 
>for
>aftermarket parts like "custom wheels/ and bodykits/ suspensions / etc".
>Call up your local tuning shop and ask them if they could recommend 
>anybody.
>Also talk to your insurance agent (if you have a local one) and see if they
>can help. And make sure its a real appraiser, some people don't have the
>credentials to back it up. If you know of anybody that has sold a car like
>yours for more money than book, get some paper work on that to show the
>appraiser, and of course have all your receipts.
>
>You would want to get your insurance company to hopefully insure your car
>for stated value
>
>A good way for you to guess the value of your car is to..
>
>1- money you have put into it for "stock" parts and or body restoration
>doesn't really count unless your car is super clean and in "perfect"
>mechanical shape, then it would be worth more than book.
>
>2- money that goes into the car for mods (anything from a short shifter to
>new cams, to custom bodywork, audio, wheels, etc) can be basically divided
>in half.
>
>example: say your cars "book" is 2000$, but you have done a full 
>restoration
>on it, and you also have spent $5000 on mods.
>
>book- 2000$
>due to restoration and new "stock" parts bump it up to 4000$
>mods cost 5000$, but cut that in 1/2, 2500$
>
>car will appraise at about 6500$
>
>there isn't a fool proof way to do it, because there are so many variables.
>
>For instance I know of stock sciroccos that appraise for $8000 - $9000 and
>that's just stock, and I know a custom Scirocco that is basically stock
>mechanically but has major body mods and it is insured for an appraisal of
>about $18,000.
>
>In my case I was appraised starting at book, and then basically all my mods
>were added to the book value and the total was cut in about 1/2.
>
>
>Josh Able
>
>
>
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