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Extreme Veteran
Posts: 504
| In the past I have been able to insure my vehicles with Hagerty at a value that I thought was a reasonable replacement number, without having to have an appraisal. I called them to insure my 60 Dodge Polara today and they said that 20K was the limit for this vehicle. I know I could never replace it for that amount, especially with restoration costs being what they are. I rate it as a #1-#2 condition vehicle, I am thinking 40K is closer to the actual value. Does anyone have any alternative insurance company recommendations?
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Expert
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Location: NY & VT | Old Cars Price Guide currently lists a '60 Polara 2 dr hardtop at $21K for # 1 condition. I'd assume Hagerty values it similarly. |
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Exner Expert 19,174 posts. Neil passed away 18 Sep 2015. You will be missed, Neil!
Posts: 19146
Location: bishop, ca | Condon & Skelly?
Call around to the several nationally-advertised specialty carriers and see what they can provide, with or without onerous
usage/storage restrictions.
Any company should be able to cover a #1-#2 car for $40K; the questions include what your premiums would be, and whether you
want ancillary coverages, like Comprehensive and/or Collision and Medical Payments, what your Liability limits would be, and your
usage/storage of the car.
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Extreme Veteran
Posts: 504
| I would certainly be interested buying any and ALL #1 condition 60 Dodge Polaras for $20K! Many of the valuations listed are NOT in keeping with actual sale prices and current restoration costs. I have been insured with Hagerty for many years and have not run into this before...maybe they have a new policy?? Has anyone else experienced this? |
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Location: Los Angeles | . Push back on Hagerty. They did the same to me with my '60 Dodge Matador and I asked to move the issue up the chain. I then had a conversation with another Hagerty employee and they agreed the car was way undervalued in ALL guides. They then changed the agreed value. They should value it closer to a letter car. They are a great company and there's no need to switch.
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Exner Expert 19,174 posts. Neil passed away 18 Sep 2015. You will be missed, Neil!
Posts: 19146
Location: bishop, ca | Yeah, they try this tactic on a non-rich (pun) person, and they are such a wonderful corporation.
Saw another ad for collector-type insurance from the Chubb Group, and also from Hea**** Classic Ins. Co.
[ THAT'S " H-E-A-C-O-C-K", Mr computer-censor!!!!! ]-----www.hea[you know what].classic.com
1-800-525-2042.....
There's a lot of specialty car insurance providers out there; do some research and calling around before you make
any arbitrary decisions---but, the way that The Hag treated you, up-front, would not make me want to give them any of
my money.
BTW, before anyone pulls the trigger on going with any Specialty carrier, contact your own Homeowners/Auto company and
see what full-coverages they might be able to provide to you on your olde car.
You can save some serious money by having one company insure your house(s) and your cars.
Full coverage on Horrie (standard Actual Cash Value coverage) costs little, with no driving/storage restrictions.
As a sidebar, I used to be with USAA for decades, because of their 'excellent' reputation, and because military officers (NAV)
are used to following orders and not asking questions, etcetcetc...USAA plays up big-time on that "relationship" aspect.
Anyway, years ago, I finally got off my duff and did some price shopping (something that you will NEVER 'hear' USAA talk
about!)...and was shocked to learn how much more I was paying, for their same-coverage, as was available elsewhere.
Do your own research and make your own insurance coverage decisions.
Edited by d500neil 2012-03-31 7:45 PM
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Extreme Veteran
Posts: 504
| Since I have not been able to find any recent auction results...does anyone here have an opinion regarding actual realistic value of a #1-2 1960 Dodge Polara 2 door HT? According to NADA a D500 60 convert is valued at 45K!! LOL
Edited by hemiviper588 2012-04-01 3:50 PM
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Exner Expert 19,174 posts. Neil passed away 18 Sep 2015. You will be missed, Neil!
Posts: 19146
Location: bishop, ca | William; #1 -#2 condition implies that the car has been restored, and/but the #2 car is a bit of a driver.
A #1 car tends to be sold at an auction (and, by definition, since it hasn't been driven, its mechanical condition is such
that it probably can't even get out of its own way, except to idle on and off of its enclosed car carrier).
In all likelihood, its new owner won't drive it, either.
The #2 car will have some usage wear and tear on it, and would probably be sold privately, but not necessarily.
Big difference between the type of owner who would be interested in either car.
Your question is unanswerable, beyond SWAG's, because there are too many variables in your question, regarding the
OEM(?) colors and trim and options and mileage of the hypothetical cars, and, the buying/selling motivations of the
hypothetical parties.
Your #2 car could be an original-Survivor low mileage stripper Polara, or it could be a gently driven full-boat optioned/documented
car or it could even be a reconstructed rust bucket that has had all sorts of changes having been made to it appearance and to
its equipment.
You posted that pic while I was typing...
However: your proffered car is a good example of a clone, as that car was/is not a D500 model.
You specified hardtop models in your OP; but, referring to 1960 Polara D500 verts, there are only three
known survivors.
If this green car were a real D500, its fair market value would be far greater than it would be, if this car were
to be correctly advertised as its being a clone/tribute/replica/recreation/what-ever.
Unfortunately, many cars' originality is mis-represented by their owners.
The real-red (one of the three known survivors) D500 verts sold at auction several years ago, and it brought
in something more than$45K---lolol...
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Edited by d500neil 2012-04-01 4:05 PM
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Extreme Veteran
Posts: 504
| I believe the red D500 sold for around 180k plus...my 2 door HT is a 383 single four version, PS PB auto clock and a radio. White exterior with a blue interior and 66K actual on the clock! See my pic link below...
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Exner Expert 19,174 posts. Neil passed away 18 Sep 2015. You will be missed, Neil!
Posts: 19146
Location: bishop, ca | Do you own this beautiful car?
For insurance value, I'd cover it for $40,000.00 -$45K.
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Extreme Veteran
Posts: 504
| Yes, I just bought it. I agree with your evaluation, I think 40K plus is a reasonable number even in this market. |
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Expert
Posts: 2519
Location: central Illinois | Here's another site: http://collectorcarmarket.com/menus/ccmprcs/60dopora.html |
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Extreme Veteran
Posts: 504
| I called Hagerty again and they gave me the same response, 20K maximum value. The agent said they do "extensive research" to arrive at these numbers....I asked what that was and he said auction results and valuation guides. So I asked him to provide the auction results, he said someone else does that....
I did request a quote with Hea**** Insurance, they have competitive rates and don't have a problem with my valuation of 45K. Does anyone have an opinion on there service before I change all my cars over to them? |
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Veteran
Posts: 257
Location: Kansas City | Your Polara is worth more than $20K for sure. One thing I have learned is that you can't trust the price guide. It is based solely on auction sales and there are not that many that have crossed the block over the last ten years. It doesn't even take into account individual sales, but then again how could they. I was at Barrett-Jackson in 2008 and they sold a '60 Polara there. See this link www.barrett-jackson.com/application/onlinesubmission/lotdetails.aspx?ln=1252.1&aid=223&pop=0 Keep fighting, your car is worth at least $40-$55k, take it from someone who was trying to find one to buy a couple of years ago. One more thing, the Old Cars price guide used to say that a '57 Chrysler 300-C convertible was worth $45-55k about 5 years ago. Finally a handful went through an auction and currently the value in their guide is over $100k. So they will get the prices right eventually, it will just take time and a few more to go through the auction. |
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Exner Expert 19,174 posts. Neil passed away 18 Sep 2015. You will be missed, Neil!
Posts: 19146
Location: bishop, ca | Of course, this proves nothing, but here's H-E-A-C-O-C-K's advertisement as posted
in the current issue of Classic Motorsports magazine (since you asked about them).
I'm sure that they have an informative website, and there may be postings about them
on the Web---but if there are any, most such postings (like, for Snake Farm) will
tend to be negative in tone.
If they insure race cars, a street driven ride should not present any problem to them,
in covering your car for a stated value.
Your premium is based upon the amount and the type(s) of your coverage(s).
Edited by d500neil 2012-04-03 7:35 PM
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Location: Chestertown, NY ( near Lake George) | I have American Collectors, highest agreed value for my 55 New Yorker was 20k, I agree, that was the same as AARP's policies. My friends 59 Coronet needed an appraisal to cover it for 16k, 4 dr post car, mechanically rebuilt. I did the appraisal and pics for his coverage, they would only go to 12k max. Values for any of our cars are tough without comparable vehicle sales and even then between auctions and private sales there could be a large discrepancy. |
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Hagerty Insurance Values
