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Black Gold 380R's 65 Mustang Build Thread
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<blockquote data-quote="Black Gold 380R" data-source="post: 16786186" data-attributes="member: 70025"><p>Okay everyone,</p><p></p><p>I've been working with a collector car company trying to get insurance on my car. There is a minor issue with my agreed upon value.</p><p></p><p>In my application packet I listed $120K as my requested agreed upon value. I believe in todays market that if my car is totaled it will cost me around $120K to get another Mustang (coupe) built to this level.</p><p></p><p>I send the application in and attach pictures of the car. Pretty much all the pictures you guys have seen (i.e. engine, interior, exterior, underside, front and back).</p><p></p><p>A couple days later the insurance company contacts me and says they want additional documentation to support the value I listed for the car. They want things such as an appraisal or receipts or a bill of sale.</p><p></p><p>I bought the car in 1989. No bill of sale. I have not had the car officially appraised and I do not have $120K worth of receipts.</p><p></p><p>So, I compiled the receipts I do have on all my big ticket items. I would be scanning receipts all day if I counted all the $20 to $100 receipts I have.</p><p></p><p>So, after compiling my big ticket items this is what I came up with:</p><p></p><p>The grand total of all my big ticket items and labor comes to a valuation of $142,479.06.</p><p></p><p>I explained to them that If I ever have to replace this car with one of equal quality I would have to purchase one from a collector or an auction house such as Barret Jackson or Mecum. When those cars are sold the labor that went into them is passed on to the customer. So, for me to replace this car I believe I would have to pay around $120K. Which is where my valuation comes from.</p><p></p><p>So, I guess I will see what they say. I think I make a pretty good argument, but insurance companies never want to pay. Even when the judge orders them to because someone got an STD while in a car LMAO!!!</p><p></p><p>Any thoughts? What do you think they will do? Honor my request or low ball me??? Do you think my valuation if off/too high???</p></blockquote><p></p>
[QUOTE="Black Gold 380R, post: 16786186, member: 70025"] Okay everyone, I've been working with a collector car company trying to get insurance on my car. There is a minor issue with my agreed upon value. In my application packet I listed $120K as my requested agreed upon value. I believe in todays market that if my car is totaled it will cost me around $120K to get another Mustang (coupe) built to this level. I send the application in and attach pictures of the car. Pretty much all the pictures you guys have seen (i.e. engine, interior, exterior, underside, front and back). A couple days later the insurance company contacts me and says they want additional documentation to support the value I listed for the car. They want things such as an appraisal or receipts or a bill of sale. I bought the car in 1989. No bill of sale. I have not had the car officially appraised and I do not have $120K worth of receipts. So, I compiled the receipts I do have on all my big ticket items. I would be scanning receipts all day if I counted all the $20 to $100 receipts I have. So, after compiling my big ticket items this is what I came up with: The grand total of all my big ticket items and labor comes to a valuation of $142,479.06. I explained to them that If I ever have to replace this car with one of equal quality I would have to purchase one from a collector or an auction house such as Barret Jackson or Mecum. When those cars are sold the labor that went into them is passed on to the customer. So, for me to replace this car I believe I would have to pay around $120K. Which is where my valuation comes from. So, I guess I will see what they say. I think I make a pretty good argument, but insurance companies never want to pay. Even when the judge orders them to because someone got an STD while in a car LMAO!!! Any thoughts? What do you think they will do? Honor my request or low ball me??? Do you think my valuation if off/too high??? [/QUOTE]
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