Appraisal on my 71 Mach 1

[Stanglover]

On the advice of a friend who works for a major restoration company locally, I got my car reappraised due to the surging cost of materials, parts and labor in the industry. This is mainly for insurance purposes, but also gives me a better idea of what these cars can be worth in todays market. I'm not going into all the details, but it was appraised at $85K Canadian or about $62,500 US at today's rate of exchange of 1.36. (Sucks doesn't it!!)
My point here is we ALL need to keep up with the surging inflation costs and keep our cars fully insured. I've not yet got a quote, but really, if the car was to get hit, I would get only about half of what the repair or right-off cost would be at my current rate of insurance. I know we all hate insurance, but sometimes we need to get what we pay for.

 

[PoFoMoCo]

Yes sir, I did the same thing with mine in October 2022. I had to double my original coverage to get to the current valuation but surprisingly my premium did not double, it went up at 35%.

 

[Stanglover]

Yes sir, I did the same thing with mine in October 2022. I had to double my original coverage to get to the current valuation but surprisingly my premium did not double, it went up at 35%.

Hope mine doesn't double as well.

 

[c9zx]

I updated my coverage in April, with a new and better company. Chuck

 

[Stanglover]

I updated my coverage in April, with a new and better company. Chuck

I think you have a better choice of insurance companies in the US than we do here in Canada. That goes for a lot of things.

 

[Kilgon]

On the advice of a friend who works for a major restoration company locally, I got my car reappraised due to the surging cost of materials, parts and labor in the industry. This is mainly for insurance purposes, but also gives me a better idea of what these cars can be worth in todays market. I'm not going into all the details, but it was appraised at $85K Canadian or about $62,500 US at today's rate of exchange of 1.36. (Sucks doesn't it!!)
My point here is we ALL need to keep up with the surging inflation costs and keep our cars fully insured. I've not yet got a quote, but really, if the car was to get hit, I would get only about half of what the repair or right-off cost would be at my current rate of insurance. I know we all hate insurance, but sometimes we need to get what we pay for.

Great food for thought. I think we all have our own personal opinion of what our cars are worth and without an appraisal we could be short selling ourselves by tens of thousands of dollars.

What's an extra hundred or so in insurance cost compared to thousands lost due to being underinsured. I know what I will be doing next week.

Thanks Geoff for the eye opener.

 

[Stanglover]

Great food for thought. I think we all have our own personal opinion of what our cars are worth and without an appraisal we could be short selling ourselves by tens of thousands of dollars.

What's an extra hundred or so in insurance cost compared to thousands lost due to being underinsured. I know what I will be doing next week.

Thanks Geoff for the eye opener.

Kilgon, thanks and I totally agree with you. I'm sure most of us are underinsured and as we all know insurance companies will only pay out the minimum they can get away with. If we're underinsured, we will have to pay the difference out of our own pocket.