Hi,

Now that my 67 is getting better and better, I would like to make sure that I am properly insured. I currently have a policy with Geico that does not cover my car which I would like to upgrade. Note that I need to stay with this company as it was a complex process to have them consider three years of driver licence that I had in my country...

I am currently paying $480 for 6 months (23 years old in SF, good liability coverage) which should probably go don't to $420 next period. How much would it cost me to get a valuation on my car? How realistic is the apraisal amount going to be? I paid $8k (the car) + $4k (rebuilt 289) + $3k (T5 swap) + $2k (brakes and headers) which makes it rougly 17k. It's in pretty good shape and would be perfect with a new paint.

Should I ask Geico to come see the car?

Should I find an independant appraisal?

That's the very first time and I know nothing about the process...

Thanks a lot!

Have you asked them if they will cover it for appraised value?

hehe Don't ask your insurance company to do an appraisal. Go find an independent to do it instead. Call a few of the car clubs in your area and ask if they have someone who does their cars. Most clubs will be able to suggest someone. Also keep in mind that there are 2 types of appraisals. The first is a realistic value thats based on what the car would be worth to sell. This type is typically lower then the 2nd. The second is based on the replacement cost of the car if it were badly damaged or totaled and would typically be a greater amount.

I didn't realize this until my father got his done a few years back. It was 1 of 986 built that year and is the ONLY one left on the road in North America that we know of. After the restoration the appraiser said it was worth close to 50k due to its condition, the restoration job, value of replacement parts of it were damaged and the fact thats its the only one left on the road. He has won a number of trophies with it because of all this. A year later he ran into another appraiser who said he'd appraise it at about 18k since thats all he figured it would be worth based on what other cars of this type sell for.

His classic car insurance company has it valued for the first appraisal.

In all truth if its pretty much a stock mustang then either type would be close however, if you have a lot of mods and have spent a lot of extra cash on upgrades then you'd really want to find someone whose going to take that into consideration.

Update: I've called them and they would reimburse a "fair market price" (which would make me happy) if something happens. Problem is what they mean by fair... Basically it's nothing for an old car like this.

I will be calling their classic car department tomorrow and keep you posted.

Get a independant appraisal done fair market price is normaly half what your cars really worth insurance companys love to low ball you.My friend last year had full coverage on a 87 buick gnx he was t boned at a intersection by a big suv that ran a light cars totaled.his insurance company would only give him 8 grand for it to replace it with a car same as his was is 14 to 18 grand.He had to send the insurance company things from auctions what the cars sold for the nada guide price list and even a before wreck appraisal 4 months of a headache and he finaly got 19 grand out of them.The point to the story is insurance companys are cheap get that independant appraisal or kick your self when you total the car.