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914World.com _ 914World Garage _ Insurance up for renewal --- agreed upon value question
Posted by: vintage914racer Mar 18 2015, 04:29 PM
My annual insurance premium is almost due which prompted me to assess my Hagerty agreed upon value. The car is a 1970 914-6. It's a solid driver with freshly repaired longitudinal, floor pans and hell hole (work done by Rick Ollah in http://www.914world.com/bbs2/index.php?showtopic=226585)
Structurally I would say it is now a 9. There are a couple rust bubbles on the body and it has a pretty old respray. In the coming years I'll get the body repaired and looking pretty...once the kitchen remodel is behind me. I have the 914-6 engine case, but the car currently has a 1968s motor in it. So, not wholly original, but could be brought there with the case and a few other pieces. Car is a solid driver that I wouldn't hesitate driving the 1,400 mile trip to and from Road America -- and which I've done a number of times in the last 5 years.
My question is, what is a reasonable number to set as the agreed upon value at?
A couple pictures, since they're worth a thousand words...
Posted by: Jeffs9146 Mar 18 2015, 04:41 PM
It depends on how much you want to spend per month.
And if you are worried about it being totaled. Most repairs can be done for well under $20K so as long as your damage stays under half that you can save some money monthly.
Otherwise it could cost about $28K-$50K or more to purchase and rebuild one.
Posted by: laflaur Mar 18 2015, 04:58 PM
I just insured mine with haggerty and have an agreed value of 45k.
It is a non numbers matching 70/6. they will insure it forwhatever you want,the premium just goes higher.
Posted by: Cairo94507 Mar 18 2015, 05:30 PM
$60K.
Posted by: bigkensteele Mar 18 2015, 05:31 PM
Good reading here
https://www.lelandwest.com/stated-value-vs-agreed-value-classic-car-insurance.cfm
I am also trying to figure out how to insure my in-process conversion. I am about to tear it apart, and it will most likely be off the road for a year or two. Essentially a pile of expensive parts in my garage.
Posted by: vintage914racer Mar 18 2015, 05:38 PM
Thanks everyone for the feedback this far. In case I wasn't clear, Ive had hagerty agreed upon insurance for awhile and simply need to boost the value given the recent market shift. The car was insured for $40k which seems light given current conditions. How light is the question.
Posted by: stevegm Mar 18 2015, 05:38 PM
My annual insurance premium is almost due which prompted me to assess my Hagerty agreed upon value. The car is a 1970 914-6. It's a solid driver with freshly repaired longitudinal, floor pans and hell hole (work done by Rick Ollah in http://www.914world.com/bbs2/index.php?showtopic=226585)
Structurally I would say it is now a 9. There are a couple rust bubbles on the body and it has a pretty old respray. In the coming years I'll get the body repaired and looking pretty...once the kitchen remodel is behind me. I have the 914-6 engine case, but the car currently has a 1968s motor in it. So, not wholly original, but could be brought there with the case and a few other pieces. Car is a solid driver that I wouldn't hesitate driving the 1,400 mile trip to and from Road America -- and which I've done a number of times in the last 5 years.
My question is, what is a reasonable number to set as the agreed upon value at?
A couple pictures, since they're worth a thousand words...
These are great pictures. Can you email me high resolution versions for the voting poll for next year's 914 calendar? We won't start working on it until about October. But, these are so great, I don't want to lose track of them.
Posted by: vintage914racer Mar 18 2015, 05:40 PM
My annual insurance premium is almost due which prompted me to assess my Hagerty agreed upon value. The car is a 1970 914-6. It's a solid driver with freshly repaired longitudinal, floor pans and hell hole (work done by Rick Ollah in http://www.914world.com/bbs2/index.php?showtopic=226585)
Structurally I would say it is now a 9. There are a couple rust bubbles on the body and it has a pretty old respray. In the coming years I'll get the body repaired and looking pretty...once the kitchen remodel is behind me. I have the 914-6 engine case, but the car currently has a 1968s motor in it. So, not wholly original, but could be brought there with the case and a few other pieces. Car is a solid driver that I wouldn't hesitate driving the 1,400 mile trip to and from Road America -- and which I've done a number of times in the last 5 years.
My question is, what is a reasonable number to set as the agreed upon value at?
A couple pictures, since they're worth a thousand words...
These are great pictures. Can you email me high resolution versions for the voting poll for next year's 914 calendar? We won't start working on it until about October. But, these are so great, I don't want to lose track of them.
I can certainly send you some. In fact I can probably do one better. Once I get the car back on the road I'm going to have one of my employees, who specializes in automotive photography, do a shoot with the car.
Posted by: mepstein Mar 18 2015, 07:15 PM
$60K.
if it was mine, maybe a bit more.
Posted by: Andyrew Mar 18 2015, 07:23 PM
I would put it between 60 and 100k depending on your sentimental value. Re-evaluate next year.
Posted by: Hawk Mar 18 2015, 07:26 PM
$60K.
if it was mine, maybe a bit more.I would suggest using $80,000 as the benchmark for a very nice, closer to all original 6. And that's likely to move upward again this year. I have this one agreed to that value through AIG Premier through Barrett Jackson Insurance.
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Posted by: vintage914racer Mar 18 2015, 07:37 PM
$60K.
if it was mine, maybe a bit more.I would suggest using $80,000 as the benchmark for a very nice, closer to all original 6. And that's likely to move upward again this year. I have this one agreed to that value through AIG Premier through Barrett Jackson Insurance.
Nice looking car
Posted by: rick 918-S Mar 18 2015, 07:51 PM
Great to read your back on the road! I would say 60-80. You have the engine case. I really don't think an upgraded engine will be a negative. After all, we all desire more HP. 
Here's why I say to be sure you protect the value. There are many ways to complete repairs as you have seen. Some take longer and produce a result that will actually restore the value as well as complete the repair. This can cost more.
I'm not convinced a factory 6 at the prices they are commanding these days could ever really be considered a total loss. I think what totals the car is the owner running out of money during the repair process. Even chassis' like Sir Andy's are well worth repairing these days at these prices.
Posted by: Greg914-6GT Mar 18 2015, 08:36 PM
I use Hagerty on both my 914-6 race cars and think they are the best. Ask how much it would be to raise per $10k, then buy what you a an afford. I would stay away from Leland West, very arrogant on the phone. They don't think 914s are valuable.
Posted by: Michael N Mar 18 2015, 08:43 PM
I had had my car at $25k up until last Summer . I set the $25k back in 2006 when I bought the car. I increased it to $55k and the premium did not change that much with Hagerty. Excellence just posted 914 values in their latest issue. They had the 914-6 in good condition at $65k and $80k for an excellent one. Based on the pictures of your car you should be in that range. Try finding a car if you needed to replace yours. It would take that much money to do it in today's market and not be that easy to find one especially if you were partial to a specific color.
Posted by: MJHanna Mar 19 2015, 06:31 AM
Another way to look at it is the configuration as it sits. What the parts are worth? Have you priced early engines? 
Try to buy one out right for less the 20-30k. 
Try to rebuild one with good new parts… If you want to go back to the original engine please send the 68 engine my way. 
Posted by: vintage914racer Mar 19 2015, 07:02 AM
Another way to look at it is the configuration as it sits. What the parts are worth? Have you priced early engines?
Try to buy one out right for less the 20-30k. Try to rebuild one with good new parts… If you want to go back to the original engine please send the 68 engine my way. I agree. Early engines are bringing good money. I've actually tried to sell the 68s engine a couple times but buyers always back out. If I could find a buyer for it and be able to swing a fresh motor as a replacement I would go that route.
Posted by: rgalla9146 Mar 19 2015, 07:03 AM
Great discussion.
I'm up for renewal and I'm w/ Hagerty as well.
( and I wish I could reach into this picture and straighten out that "S" )
Attached thumbnail(s)
Posted by: 914Next Mar 19 2015, 07:51 AM
No intention to hijack this thread. Sounds like many of you are very satisfied with Haggerty. I'll also, however, throw in a good word for Jack Larue, Larue insurance. He was recommended to me by others on forums for my other cars. I insure five collector cars with them. Great service. Insured through Classic Collectors for Agreed Value. I just raised the AV on my '96 low mileage Twin Turbo from $115k to $160k with a simple email. They also have good mileage options. Most of mine are at 1,200 miles but I have one at 6,000 miles since my wife likes to drive hers bit more during the summer.
As for the 914-6….I think I missed my window last september. Bid on a very original 6 on ebay but backed off when it hit $75k. Would love to pay that now! I did find my '73 2.0 which is in superb original condition and we love it….but its not a 6.
Posted by: Steve Pratel Mar 19 2015, 09:18 AM
Good reading here
https://www.lelandwest.com/stated-value-vs-agreed-value-classic-car-insurance.cfm
I am also trying to figure out how to insure my in-process conversion. I am about to tear it apart, and it will most likely be off the road for a year or two. Essentially a pile of expensive parts in my garage.
During the restoration, #770 is covered by my homeowners policy. Boxes of parts......... The chassis was questionable, but they approved it. Talk to your homeowners/renters, take pics, document BEFORE and you are good to go. At least with my insurance company.
Posted by: gandalf_025 Mar 19 2015, 11:40 AM
here.... a quick fix....
Posted by: Steve Pratel Mar 19 2015, 12:26 PM
Holy Crappppp (and I can say that with some level of authority 
)
I just did a quote for: My 79 Yamaha XS1100, my 78 XS750, my 97 M3 AND the 912E....... 0 deductible comp & collision on all for LESS than I am insuring the M3 a year......... I have USAA which gives great rates for the most part but I'm shocked.... Why haven't I don't this before?
Posted by: rgalla9146 Mar 19 2015, 01:00 PM
here.... a quick fix....
Danke !
Posted by: bigkensteele Mar 19 2015, 04:31 PM
Good reading here
https://www.lelandwest.com/stated-value-vs-agreed-value-classic-car-insurance.cfm
I am also trying to figure out how to insure my in-process conversion. I am about to tear it apart, and it will most likely be off the road for a year or two. Essentially a pile of expensive parts in my garage.
During the restoration, #770 is covered by my homeowners policy. Boxes of parts......... The chassis was questionable, but they approved it. Talk to your homeowners/renters, take pics, document BEFORE and you are good to go. At least with my insurance company.
As of this morning, Hagerty is covering my car @ $8k and my parts @ $10k. They have policies for project cars. $160/year. Can't beat that!
Posted by: vintage914racer Mar 19 2015, 05:45 PM
I bumped the value to $65k. Once I do a few more things to it this summer I'll probably bump it again. The move from $40 to $65k only bumped the premium by about $150/year.
Posted by: rgalla9146 Mar 19 2015, 05:45 PM
Do they have requirements for location (storage ? ) of project cars ?
Must the car be registered ?
Posted by: 76-914 Mar 21 2015, 09:36 AM
Mine states they must be garaged.
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