Insurance value

[lukesky]

Hi, all. I know the question comes up a lot about how much a Thing is worth, but as a new owner, I need to figure out how much to insure it for. I originally started at $6,000, but after looking at some of the asking prices here, on ebay, and elsewhere, I'm thinking about raising that. Problem is that I need some proof that it's worth what I think. How have you all convinced your insurance companies to set a value. I know the registry had a rough guide several years ago and it pops up every once in a while, but I'm looking for something that's more recent. I can get an appraisal for $150, but I'd rather put that money towards a new top. Thanks!!

[bljones]

Best thing to do (no pun intended), is get an appraisal done by a recognized auto appraiser. It is $150 well spent, and will likely be mandatory if you are going to get an "agreed value" policy.
_________________
OG JHC
Author of Original Rant #1
"It stingd itself to dead... now that is control on you"

2%

[bmwloco]

www.hagerty.com

I have my Thing insured through them, as are my BMW motorcycles. It's "stated value" coverage, so I have my Thing covered for $6000; it's $100 annually.

Go to the web site, fill out the information, send them a photo and poof, you're done. They're good! I've been using them for years with my historic vehicles.

Just a thought... and they may not cover your state.

[radioman]

My 73 is insured through American Collectors Ins. Also stated value (8K), full coverage, no deductable....about $100 a year. Caveats: must be garaged, locked, and driven less than 2500 miles a year. No problem for me and no appraisal.
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It's a Southern Thing, 73, stock.
Bill

[Joe 20]

I'm with State Farm, stated value. About 120 per year for 10k. No hassle, done it for years on various cars.

[Ian Epperson]

Has anyone who'se gone with "stated value" tried to collect? How difficult is it?

I've had minimum coverage on the Thing as the paint job is worth more than the blue book value. I had always assumed that if I so much as scratched the paint, they'd call it totalled.

After it rolled (sigh) I realized that I lucked out. Nothing broke that's overly expensive to fix - except for the paint. Now I'm reconsidering the coverage.

She's a daily driver - I put much more than 2500 miles a year (more like 5,000 - 8,000) and I have AAA.

[lukesky]

My agent (who's a personal friend) says it shouldn't be a problem to get the coverage for it as long as I can prove its value with some comparables. Does anyone track sales prices? The only place I know of where you can see final sale value is through ebay. Here and on the Thing Registry, there's now way to know what the final sale price was.

Has anyone sold a Thing recently? What was the price and condition? And why would you do such a foolish thing?

[bmwloco]

I've never collected with "Stated Value" coverage, but I have friends who have - once after a truck rear ended a trailer carrying vintage BMW motorcycles and once after a stolen and wrecked classic GTO.

In both cases, Hagerty paid exactly what was stated - no muss, no fuss within days.

Both instances only confirmed by thoughts on dealing with Hagerty. They're straight up, easy to deal with, and understand collectors and collectable autos and boats.

One caveat: you have to have a garage and are limited to 6k travel in a year.

[Woreign]

I applied for the Hagerty insurance the other day after your recommendation. I haven't heard back from them yet. My estimated annual mileage was around 7-8K. But if I'm limited to 6k that might be OK too... You know those VW speedometer gears are always breaking!

[bmwloco]

Be sure and tell them you'll only do 6k a year. You also have to have another "daily driver"

[markie61]

[lukesky]

Since I have all my cars through the same company (Farm Bureau), I get a discount on my other cars so it knocks $20 off the price.

Something to Thingk about.