General Category => Restoration Projects => Topic started by: Mo in Mo on December 11, 2018, 02:25:54 PM
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I'm trying to get insurance on my 1937. I realize the bike is only worth what someone is willing to pay. However what is a good safe estimate to put on my bike for insurance. I'm looking at Hagerty's is there any other companies else you guys recommend?
Thanks
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I have State Farm Ins . on my '57 Automatic .
They did or had an appraisal done at no cost . I recall I had to send them multiple pictures of the bike and what ever other pertinent information they needed .
I only have comprehensive coverage ( storage ) as it's not currently legal for street use .
It's extremely 'expensive' @ $4.23 per year for $6K appraised value coverage . ;)
Pete . :)
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I use Hagerty. They are Agreed Value. I sent them a couple of pictures of each bike, I told them what I thought they were worth and they insured them for that. I have my rat bike insured for $4000 and my restored bikes for $6000. When I have sold my bikes, they usually ask how much I sold for. They use this info to keep a database on current values.
When using a regular insurance company, good luck getting paid in the event of a loss.
I would bet that if something happens to PD’s bike, State Farm would pay out Actual Cash Value, which is likely $100 or so.
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Rick ,
How do you figure a hundred dollars ? That seems to be getting close to scrap prices , at times .
Pete . :)
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Rick ,
How do you figure a hundred dollars ? That seems to be getting close to scrap prices , at times .
Pete . :)
We all know a 1969 Chevelle big block car, nicely restored is worth upwards of $75k. What do you think the Book Value on that car is? When you have a Stated Value policy, they pay actual cash value, NOT what a car is worth restored. That is why companies like Hagerty's, Grundy, ect exist. They pay out Agreed Value. Do a search and read up on this, it is an eye opener. There is a nationally syndicated car writer, who's name escapes me at this time, that frequently writes about this exact issue. Guy's spend tens of thousands of dollars and get back penny on the dollar.
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Hmm , sounds like I have a bit of research ahead .
Thanks , Rick .
Pete . :)
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Rick,
What do you think is a good value I should put on my bike?
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Rick,
What do you think is a good value I should put on my bike?
I’d try to insure it for what I think it’s worth, somewhere around $8000-10,000. I haven’t seen a comparable sell, so it is hard to pin down a price.
Did you get it running well?
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Yes it runs great, after it gets started. It’s very cold blooded.
Thanks for a valuation. The only one I know that sold was from Gary’s Collection. It was bought by Bill E. I’m not sure what he paid. Talking with others I think there is around 10-12 left of which I believe 6-8 are fully restored.
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Yes it runs great, after it gets started. It’s very cold blooded.
Thanks for a valuation. The only one I know that sold was from Gary’s Collection. It was bought by Bill E. I’m not sure what he paid. Talking with others I think there is around 10-12 left of which I believe 6-8 are fully restored.
I've seen Bill's at Portland and it is a piece of jewelry! No expense spared for sure.
The problem is they are rare, but also not a lot people spend big money on a Simplex. For whatever reasons, the newer Automatics almost always bring more money than the earlier shifter bikes.
MO, what do you think your bike is worth?
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I was thinking in the $5,000-10,000 range would be safe. If I had to put a real value it would be a crazy number. In the line of $15,000-20,000. In reality a number so high no one would pay it, since I haven’t even thought of selling. However if someone pays that amount you could get another one and fix it up.