Insurance Appraisal

Mojo · 24. Oktober 2004

I recently purchased a 1995 AC Schnitzer 840ci with about 72,000 miles. As with many of these cars, this one is in remarkably good condition. This leads to concerns about insurance coverage as the replacement cost of this vehhicle is substancially higher than the "book value" used by insurance companies in Canada. My broker has given me the option of supplying him with a private appraisal. The appraiser is coming to look at the car this week and he's quite open to me providing him with any info that will help him to arrive at the market value (why not, it helps him do his job.

So, that leaves me looking for material that will help support a maximum realistic appraisal. Any suggestions?? I'm sure that there must be others in this position.

Any suggestions greatly appreciated.

schnitz850 · 25. Oktober 2004

Hi Mojo

I can only give you a rough idea of what the schnitzer bits cost in GBP as mine looked the same as yours....

Assuming you have the spring kit as well (white coils) I believe it would have cost an extra £10K to £15K over the original cost price for the Schnitzer kit.

Let somebody chime in if I'm totally of the mark.

Hope this helps....

Mojo · 26. Oktober 2004

Thanks Schnitz,

That's useful info but what I need most of all right now is some guidance on market value for the complete car. The appraiser doesn't seem to have a lot of experience with unusual cars and I need to give him some figures that will keep him away from just using a depreciation table or book values which won't take into account limited supply, strong demand etc.

PS if you've got any pics of the 850 I'd love to seen them.

TerryY · 26. Oktober 2004

Try jfbessette@bessette-assurances.com

He is an Insurance broker in Quebec and drives an 850. He has helped others with apraisals.

Mojo · 26. Oktober 2004

Thanks Terry, I'll give him a try. Has anyone else been asked to do this by their insurance co?

theo · 27. Oktober 2004

My situation is the reverse. The insurer has givenmy 94 840 a market value of $62,000 AUSTRALIAN whereas I would be lucky to get $52 on the market.

Theo

TerryY · 27. Oktober 2004

Theo

That is so they can charge you more now and change their mind by revising downward if you ever make a claim later!

With both the 840 and the Cobra having about the same Book value, I pay about 15% more for Identical coverage on the 840.

nzmoko · 27. Oktober 2004

Insurance

I purchased my CSi from a deceased estate - hence, substantially less than the 'book' value.

I have been through the same thing. I was worried that the value of the car wasn't worth the premium for fully comprehensive insurance. ie. if I was to have a frontal accident, would they write-off the car because the front end would cost more to fix than half of what I paid for the car ?

I arranged for an appraiser to look at the car and supply a 'today value'. Naturally, it was in the Insurers interest for the value of the car to be higher (=higher premium).

The value of my car turned out to be 40% more than what I paid for it but doing the sums, it still wasn't cost effective for me to go fully comprehensive.

My way around it is common in Switzerland - I share my number plates, taxes and insurance between two cars (I never drive the CSi in winter anyway).

It's always going to be a problem with a car that has depreciated so much from its original price but actually costs more to repair than it did in 1993 (if you take into account the massive rise in dealer labour charges).

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