Should we be adjusting our insurance due to the low dollar ?

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Should we be adjusting our insurance due to the low dollar ?

Post by Brads70 on Thu Mar 03, 2016 6:41 pm

Just thinking with the Dollar in the toilet should we be getting our cars value adjusted ? I've added a bunch of things so I think I will anyhow but was wondering what others think?
Most of the parts ( if not all?) are from the USA ?

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Re: Should we be adjusting our insurance due to the low dollar ?

Post by Ragtacker on Thu Mar 03, 2016 7:06 pm

Once I get the motor done I am getting an appraisal done. I want an accurate value to work with. If its like boats the value goes up as the dollar goes down it seems

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Re: Should we be adjusting our insurance due to the low dollar ?

Post by JGL on Fri Mar 04, 2016 4:39 am

Most of us do not drive in the USA or almost none but the real only way is to have our cars appraised.

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Re: Should we be adjusting our insurance due to the low dollar ?

Post by smoken340 on Fri Mar 04, 2016 2:15 pm

Brads70 wrote:Just thinking with the Dollar in the toilet should we be getting our cars value adjusted ? I've added a bunch of things so I think I will anyhow but was wondering what others think?
Most of the parts ( if not all?) are from the USA ?

Are you talking about insuring it, so the value is closer to the US. dollar replacement value ? If so that could significantly raise your insurance and I'm not sure that its possible to value it in American dollars.

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Re: Should we be adjusting our insurance due to the low dollar ?

Post by DustDevl340 on Fri Mar 04, 2016 2:23 pm

I just increased mine with Hagerty after seeing some similar cars with people asking a lot more than mine was insured for. They didn't ask for an appraisal. The broker simply checked Hagerty's value guide, said my requested value was reasonable for condition and bumped it up for me. All they asked for were a couple of pictures.

It isn't only the dollar. Values have gone up in the last while. I probably couldn't replace it for what I paid for it or what it was previously insured for.

Steve

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Re: Should we be adjusting our insurance due to the low dollar ?

Post by smoken340 on Fri Mar 04, 2016 2:29 pm

Steve, I've seen your car, do you mind me asking how much you have it insured for ? I haven't had mine appraised since the paint strips and interior have been done. I wouldn't mind increasing mine, just not sure how much to do it by. If you don't want to reveal costs here then send me a pm.

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Re: Should we be adjusting our insurance due to the low dollar ?

Post by Brads70 on Fri Mar 04, 2016 5:17 pm

DustDevl340 wrote:I just increased mine with Hagerty after seeing some similar cars with people asking a lot more than mine was insured for. They didn't ask for an appraisal. The broker simply checked Hagerty's value guide, said my requested value was reasonable for condition and bumped it up for me. All they asked for were a couple of pictures.

It isn't only the dollar. Values have gone up in the last while. I probably couldn't replace it for what I paid for it or what it was previously insured for.  

Steve

That's what I was thinking.....

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Re: Should we be adjusting our insurance due to the low dollar ?

Post by Brads70 on Fri Mar 04, 2016 5:18 pm

smoken340 wrote:
Brads70 wrote:Just thinking with the Dollar in the toilet should we be getting our cars value adjusted ? I've added a bunch of things so I think I will anyhow but was wondering what others think?
Most of the parts ( if not all?) are from the USA ?

Are you talking about insuring it, so the value is closer to the US. dollar replacement value ? If so that could significantly raise your insurance and I'm not sure that its possible to value it in American dollars.

Sort of, Mine is insured for 30K Canadian. There is no way I could replace it for that?

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Re: Should we be adjusting our insurance due to the low dollar ?

Post by smoken340 on Fri Mar 04, 2016 5:34 pm

Brads70 wrote:
smoken340 wrote:
Brads70 wrote:Just thinking with the Dollar in the toilet should we be getting our cars value adjusted ? I've added a bunch of things so I think I will anyhow but was wondering what others think?
Most of the parts ( if not all?) are from the USA ?

Are you talking about insuring it, so the value is closer to the US. dollar replacement value ? If so that could significantly raise your insurance and I'm not sure that its possible to value it in American dollars.

Sort of, Mine is insured for 30K Canadian. There is no way I could replace it for that?

How old is your last appraisal ? Maybe it's time for a new one, tell the appraiser the amount you'd like to insure it for and see what he says.

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Re: Should we be adjusting our insurance due to the low dollar ?

Post by DustDevl340 on Fri Mar 04, 2016 5:57 pm


I don't mind telling you, Dan. It's insured to 20K now. Should still be able to find a good A-Body for more or less that kind of money if the unthinkable ever happened. Probably bump it up again in a couple of years.

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Re: Should we be adjusting our insurance due to the low dollar ?

Post by smoken340 on Sat Mar 05, 2016 3:35 am

DustDevl340 wrote:
I don't mind telling you, Dan. It's insured to 20K now. Should still be able to find a good A-Body for more or less that kind of money if the unthinkable ever happened. Probably bump it up again in a couple of years.
That seems a bit low for an H-Code, Duster. Mine is appraised and insured for $30k. That was before new paint, stripes and interior. I now want to get it reappraised, because they knocked dollars off last time for the tired paint and cracked and worn stripes, faded carpet and such. I still don't trust these insurance companies, without an appraisal.

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Re: Should we be adjusting our insurance due to the low dollar ?

Post by DustDevl340 on Sat Mar 05, 2016 7:18 am

Mine isn't numbers matching and isn't as original with the 360 in it and some other mods. I probably should get an appraisal done on it this year, though. I'll adjust the value again if I am really out of range.

Does anyone know a good appraiser who knows Mopars?

Thanks,

Steve

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Re: Should we be adjusting our insurance due to the low dollar ?

Post by smoken340 on Sat Mar 05, 2016 7:30 am

I don't think there's to many appraisers that specialize in certain makes. However I found a guy that seemed rather knowledgeable. However he is in Dorchester. www.vintagecarconnection.com. Mr. KevinTaylor. 519-922-3321.
Maybe someone will know a company in the Toronto area. Just make sure who ever you choose is with p.a.v.e. or the insurance company may not recognize the appraisal.

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Re: Should we be adjusting our insurance due to the low dollar ?

Post by crankycrow on Sat Mar 05, 2016 5:39 pm

if you ask your insurance company they will give you the names of appraisers they use .

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Re: Should we be adjusting our insurance due to the low dollar ?

Post by DustDevl340 on Sun Mar 06, 2016 10:53 am

Thanks for the advice guys. I think I'll probably get an appraisal done this year. Much rather have a professional idea of what it's worth as opposed to my guesstimate.

Cheers,

Steve

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Re: Should we be adjusting our insurance due to the low dollar ?

Post by JGL on Sun Mar 06, 2016 11:15 am

DustDevl340 wrote:Thanks for the advice guys. I think I'll probably get an appraisal done this year. Much rather have a professional idea of what it's worth as opposed to my guesstimate.

Cheers,

Steve
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Re: Should we be adjusting our insurance due to the low dollar ?

Post by smoken340 on Sun Mar 06, 2016 12:42 pm

I'm having mine done as well. I've done about $15k worth of work since it was appraised last time. The other nice thing about a proffesional appraisal, is you get an idea of what you can do to make your car worth more. Most of the stuff that they put down as negatives about car on my last appraisal, I' ve addressed.

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Re: Should we be adjusting our insurance due to the low dollar ?

Post by Brads70 on Tue Jun 07, 2016 3:39 pm

I just bumped mine up ( doubled it from what it was) They just required a few pictures. ( Hagerty). Insurance rate went up over 3 times what I was paying as it's now considered "modified"

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Re: Should we be adjusting our insurance due to the low dollar ?

Post by JGL on Tue Jun 07, 2016 4:08 pm

Them's the brakes. Just about all of us were thinking of having our cars re-appraised or just plain adding some insurance but how many actually did it is another thing. Like you say with Hagerty all you need is 4 pics.

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Re: Should we be adjusting our insurance due to the low dollar ?

Post by Ragtacker on Tue Jun 07, 2016 7:31 pm

Had the appraiser out Saturday just waiting for the final paperwork.

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