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  #1  
Old 11-29-2007, 09:03 PM
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Location: Frankfort, Il.
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Insurance valuation

Just purchased an 87 560SL for $16500, you know that the value of the car is all over the map from $5000 to $35000 depending on condition, I took full coverage from my insurance co., collision, theft etc,. how do I know that if something happens to the car I will get the $16500?????
Thanks
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  #2  
Old 11-29-2007, 09:30 PM
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Quote:
Originally Posted by kchemers View Post
how do I know that if something happens to the car I will get the $16500?????
You don't, but you can make it much more likely if you have the car appraised and documented.
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  #3  
Old 11-29-2007, 10:10 PM
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You can also have the car insured for a guaranteed value.
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  #4  
Old 11-29-2007, 11:03 PM
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You need to go to a CERTIFIED appraiser and get a written document as well as detailed pictures of the vehicle. You should check out Hagerty Insurance for collectable cars. In my experience, main stream insurance company adjusters will only offer a "wholesale" value if they determine the car to be totaled. A particular problem with MB SL's is that body repair parts are exceptionally expensive. My car is worth about $10K in excellent condition. Yet just replacing the front bumper can cost $2K A new grill costs $750. So even in a minor front end collison, the cost of repairs could easily exceed the value of my car. The insurance company knows this and they'd most likely total the car for what I might consider minor damage. But the fact is that it would most likely cost more to repair than what you could sell it for, even in perfect condition. The insurance company always wins.
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  #5  
Old 11-30-2007, 02:19 AM
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Insurance value

Hi
In the UK ( and Europe as far as I know) if you use a Classic Car insurance specialist they will provide a promised Guaranteed Value on "Classic cars" of which the 107 in included. They either get the Mercedes Club or an accepted valuer to give a value on the car and they construct an insurance around that.

Do they have such specialists in the US - As insurance companies are mainly international I would have thought you should be able to find such a company locally - I got my company from the Mercedes Club of Great Britain so I assume there's an equivalent "over there" for example my 1988 300SL was valued at minimum 15k ($30k US) and it's covered for that value - the current "going price" in the classic car press for it is about 17.5K so I'm going to up the value next year but will have to get a re-valuation for the insurance company.

Hope this helps

Cheers

Jim
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  #6  
Old 11-30-2007, 08:13 AM
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If you do not put a lot of miles on your car every year (greater than 2000-3000) I agree that an insurance company that specializes in collector cars is best. They have an "agreed value" that you sign up for, so you are not victim of the insurance company depreciated value, used/remanufactured parts, limited repair shops, etc issues. Check out American Collectors,
http://www.americancollectors.com/
Read what they do and talk to them. Policy prices are very good.
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  #7  
Old 11-30-2007, 07:16 PM
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Location: Frankfort, Il.
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Thank you all I will check with Haggerty andthe other company mentioned!
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'05 Ford Escape 100,000 miles
'87 560SL 92000 miles
'89 300TE 199,000 miles
'02 Audi TT 100,000 miles
'00 Ford Excursion V-10 121000 miles
'92 Mercury Capri 100000 miles
'02 BMW 325XI 60000 miles
'92 230CE 160000
'87 BMW 535SI 160,000 miles
'93 Rinker Captiva 209
5 Kids
2 Dogs
1 Wife
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