2020 HEPR Insurance Value

[TENTEX]

I am looking at Hagerty and trying to assess the Fair Market "replacement" value of my 2020 HEPR with +/- 10K miles.

The last (3) lower mileage vehicles sold for an average of $173K with buyers premium included.

What does the audience here think a realistic value is for insurance purposes.

Car has never been to the track, etc.

This isn't a 2020 HEPR vs 2020 GT350R argument thread on intrinsic value.

Any insight is much appreciated.

~TEX~

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[DrumReaper]

Hey @TENTEX, im in the same boat. Glad you started this thread. Following…

 

[TENTEX]

Hagerty initially quoted a $100K value but now has agreed to a $170K value but the premium is $1K over my current policy.

Not trying to pinch Pennie’s here, it’s not about the money, it’s about the money….

 

[The Road Well Heeled]

I insure my collectable cars with American Modern Insurance Group (AMIG) for agreed value. They are an arm of Geico and they've agreed with pricing on my 2007 Z4M coupe of $65K based off of EAG BMW comparable sales and a $120K valuation on a mid year 327/300 Stingray.

My initial HEP R insurance was based on a $90K valuation and I will be updating the valuation soon and let forum members know of what my agreed valuation is and how I was able to establish it. For the record, I will be trying to to establish a valuation of $150K plus.

 

[TENTEX]

@The Road Well Heeled

Hagerty balked before and said $100K. After my agents office sent them the pdf window sticker and a link to the last 3 BAT auctions for HEPR’s in the past 35 days they had no qualms about $170K valuation. I’m leaning your way at $150ish.

 

[Dharri21]

When I got my Haggerty Insurance after putting the information in online they called me a couple of days later and went over current valuation based on current sales and auctions and they had all the data. I was initially assigned 150k in January. I have a 2021 GT500 and a 2020 HEP R and I pay about $2200 per year for the pair. I am only allowed 3000 miles per year per vehicle.

 

[Dharri21]

The $150k was for the HEP R only.

 

[Muligan]

Ask yourself a couple of questions -

1) Would you replace it with a comparable car if you had a total loss? If yes, recent selling prices of cars in similar condition with similar mileage would be your guide, as that's what it would likely cost in today's market to replace the car.

2) If no to #1, are you interested in paying an insurance premium that would net you the greatest payout in case of a total loss or would you just want to recoup your out-of-pocket? The latter would likely result in a lower premium, but could result in leaving money on the table in the event of a total loss.

 

[TENTEX]

#2 what is the dollar figure though?

 

[Muligan]

#2 what is the dollar figure though?

Well..... see #1 if you want a max payout or just base it on your buy-in for the car if you merely want to recoup your expenses.

 

[TENTEX]

American Modern Insurance Group (AMIG) is a NoGo per my Agent. They won't consider the value.

 

[Dharri21]

Its collector car insurance. USAA is also a no go. It goes by their valuation.

 

[TENTEX]

According to my Agent American Modern Insurance Group (AMIG) was not interested in anything over $75K.

 

[dom418]

I value my 14 mile wrapper car at $200k and my 800 mile car at $175k. I think a sub 10,000 mile car is easily insurable for $150k

 

[Inthehighdesert]

I look at the insurance on my two 350’s much like a look at my GL for my business. The initial policy cost’s x. The much higher limit’s cost + 20-25% in my case. That’s a no-brainer all day long. There are instance’s where you can thrown good money over bad, this isn’t one of them.

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