Unreasonably Low 818 Car Value

[TouchStone]

I just got an insurance quote back from the underwriters. They dont want to insure my car for the requested amount due to the FFR website claiming they only cost $15K. I know this is great PR for FFR but as others have stated this is very hard and to do and undesired as many parts from the donor require replacement. Also this does hurt the resale value for most of us builders as the actual build cost is much higher. I would like FFR to modify their statement to say something of the effect that $15K is doable but not typical, or remove the 15K price tag all together.

44599

[matteo92065]

21st Century just insured mine for $17,000. That is the amount I stated (I did actually build it for about that much), and I could have insured it for what every I wanted. This is in California, 5000 miles/year, garaged. ~$800/year.

[Mechie3]

That seems expensive. My other cars, driven more, and insured for more than $17k (well, insured at current value) are about the same.

EDIT: It says "$35k cannot be supported". Did you keep a budget of everything? Provide an invoice and recipts? Provide an estimate of labor x standard shop rate to get it repaired elsewhere in event of an accident?

[Buzz Skyline]

The National Corvette Museum insurance company insured me for $20k without even asking me first. I went with it.

[TouchStone]

That seems expensive. My other cars, driven more, and insured for more than $17k (well, insured at current value) are about the same.

EDIT: It says "$35k cannot be supported". Did you keep a budget of everything? Provide an invoice and recipts? Provide an estimate of labor x standard shop rate to get it repaired elsewhere in event of an accident?

They didn't ask for it. In response to their email I sent them my project costing spreadsheet about 30K without the hardtop factored in. Ill see if I can get them to come up on the value a bit.
I don't expect full coverage based on price tag of the purchased parts (however it would be nice), but I wont accept $15K as that wouldn't even get me started again.

[TouchStone]

The National Corvette Museum insurance company insured me for $20k without even asking me first. I went with it.

My quote was from American Modern which is the same underwriter that National Corvette Museum uses.

[Tamra]

Try Midwest Classic Insurance.

We originally went through them and then switched to our local agent recently to simplify things, but both prices were similar. Car is insured for $40,000 for ~$400/year at 250/500 liability rates. They never asked for receipts or a build sheet.

[JeromeS13]

You need to provide receipts and documentation to support the value of the car. I have a $30K agreed value on my car from Adam @ National Corvette Museum.

[07FIREBLADE]

I've got 40k with state farm. This is with hardtop and paint factored in. They asked for receipts and I was able to prove at least 30k with projected costs to finish the car.

[K3LAG]

The National Corvette Museum insurance company insured me for $20k without even asking me first. I went with it.

I used them also and insured mine for $30K. No questions asked.

Larry

[Oppenheimer]

I just got an insurance quote back from the underwriters. They dont want to insure my car for the requested amount due to the FFR website claiming they only cost $15K. I know this is great PR for FFR but as others have stated this is very hard and to do and undesired as many parts from the donor require replacement. Also this does hurt the resale value for most of us builders as the actual build cost is much higher. I would like FFR to modify their statement to say something of the effect that $15K is doable but not typical, or remove the 15K price tag all together.

44599

So if a car ad says prices start at $25K for the most base model, then that ins company won't insure the fully loaded one that costs $35K for its full value? They never heard of options?

[billjr212]

So if a car ad says prices start at $25K for the most base model, then that ins company won't insure the fully loaded one that costs $35K for its full value? They never heard of options?

This was my exact reaction on reading this thread. I think you got a delusional underwriter.

I also used NCM - no push back, no request for receipts, though I think I used ~$20k as my value.

I don't think FFR needs to change anything. Sounds like you just need to call back and ask to speak to someone else and point out that $15k is a "base" model with no options or upgrades. No different from any other car. You can buy a new Camaro for $23k, but with options and trim levels they top out around $75k (I just checked for fun). Similar idea with plenty of other cars.

[billjr212]

Perfect timing too - NCM just signed up to be a vendor: http://thefactoryfiveforum.com/showthread.php?18681-New-Vendor!

[TouchStone]

Thanks guys, this makes me feel better. I'll be checking out NCM while I wait for these guys to get back to me.

[CNC_Geek]

Without a doubt, this car can not be built for anything near $15,000. The kit alone is $12k plus options as it arrives in my driveway. I have spent several hundred in misc. bolts, paint & fittings and I haven't started the engine yet. I have spent nearly $1,000 additional based on MANY reports of scary weak braking when using the donor system and no booster (because there is NO WAY the OEM booster will fit in the space provided) I executed this project with a specific budget in mind. This is not my first car build and I felt my additional funds were generous based on the figures and procedures outlined by FFR. While I still look forward to driving my completed 818 the unplanned for financial delays are depressing at best.

[metros]

To those of you getting agreed upon values through ncm, what kind of rates are you paying for $20-30k of coverage?

I know it'll be different for everyone but just looking for a general idea.

[Zodiac]

Not sure but to give you an idea I have $35k agreed value for under $500 a year. They do suggest to have your liabilities on your regular car insurance to be at least 50,000/100,000 and other than that limited to low miles per year. Something like 5,000 or so I can't remember right now.

[Buzz Skyline]

NCM is charging me $250/year at $20k value for the car and 3000 miles driven per year. I may increase the mileage, which will raise the price of course.

GEICO wanted to charge $400/year for liability only.

[Adam Boca]

Thanks everyone for the great plugs!

Here is what we know.....

The kit ALONE costs $10,000....
You can option it out another $3-5,000
Paint costs $3K-8,000 (unless you like the tinted gel coat)
The donor car costs $5,000

Your sitting around $23K there....This is without any mods or having to go to the auto parts store to get things here or there...

We understand what you are building, and the time it takes to build it. Give us a call!

[Aero STI]

I just called NCM, $488/yr with $20k value and 6,000 miles. Progressive is $1,400/yr, but I only carry it during the warm driving months. I have a very clean record, but do carry the highest coverage available in MI with pretty low deductibles.

You better believe I'm switching to them once I fill out the paperwork.

[TouchStone]

Here's the rest of the story. After sending them my project costing they were willing to insure only $24K for $400 annually (1000 miles).

I have also talked to NCM they are insuring the full 35K at only $336 annually (1000 miles). So guess who I just signed up with.

Thanks Adam and Bobbie!

[Innkeepr]

I am waiting to see how my ins company ( American National property & Casualty ) ANPAC quotes me for this.

I have my FFR MKII insured for 36K. I have the following restrictions
1. NO driver under 25 ( the kids are upset with that, not me ! )
2. No DAILY driver to work - I can still take it, just not daily
3. 7500 miles a year or less
4. must be kept in a locked garage over night
5. Can not be left unattended - example - no walmart or grocery stores, car shows are acceptable.
6. no public display of power - yes they use those words. I can drive it to the track - but once I am on the track - no insurance
7. 250 dollar deductible on comp/collision

I pay $36 month ( actual 390 year ). I am 45, no accidents or citations. This replaced my FLHTCU, which cost about the same to insure.
I believe I got a break due to 3 other cars, home owners, and life ins policies.

[Bob_n_Cincy]

I first tried the Midwest ,NCM and a couple of other insurers. It appears that all the specialty car insurers require 10 years driving history for anyone that might drive the car. Since Michael is only 18, he was not eligible.
I guess I should of mentioned that he has driven ATV, jetskies, golf carts, Bicycle 60 mile road races, 22ft speed boat, dirt bikes and go karts over the last 10 years.

I talk to State Farm (my main carrier) over a year ago about the 818 and they were not sure they could cover it.
I approached them again this week and got it done.

I stated value of 25K. 7500 miles per year.
I got a premium of $275 every 6 months.

http://thefactoryfiveforum.com/attachment.php?attachmentid=44653&d=1440217036

Bob
.

[07FIREBLADE]

I had similar issues you had Bob, being 25 and not having 10yrs driving experience I didn't qualify anywhere else beside state farm with my dad. We have a higher limits but they were able to come through for us.

[metros]

NCM quoted me at $400/year for few miles and $30k coverage.

I may check state farm as they carry my home/vehicles. It'd be nice to have it all together in one policy. I didn't expect that they would do that sort of thing.

[freds]

NCM quoted me at $400/year for few miles and $30k coverage.

I may check state farm as they carry my home/vehicles. It'd be nice to have it all together in one policy. I didn't expect that they would do that sort of thing.

They do. My 818 was just added as another vehicle (with stated value 25k) onto my regular State Farm policy.

[Pearldrummer7]

Well, this is as good a place as any to ask.

Anyone under the age of 26 (I'm 24) able to find kit car insurance? I'm in NY. It's looking pretty bleak for me...

[07FIREBLADE]

State Farm bro. I'm 25

[Drummer]

Since I am an automotive appraiser, I have run into most of the worst cases anyone can imagine. Cars stolen before being completed, "oh, I'll insure it next week", you name it. There are basically 2 kinds of policies: ACV (actual cash value) and Stated Value policies. Names are self explanatory, ACV is what you can SELL it for (nothing to do with what it cost to build); stated value is just that, you state what the value of the car is and insure it for that.

There is a subset for the second choice: a)value the car for what "you" think it's worth, or b) what it would cost to replicate. Both of these choices will require (if you want to keep from having problems down the road if a claim should arise) a competent appraiser to look at your build and CERTIFY an appraisal attesting to it's value. This value will include all expenses and LABOR involved in the build. It will cost you a couple of hundred for a good appraisal but...if the worst happens, you're covered. I've seen many instances where an insured thinks that they are covered only to find that the figure given was a policy limit number and not necessarily what they (the insurance company) will pay out on the car if a total loss.

As I said, I do this every day and I see the problems which arise. All you guys do yourselves the favor and document (receipts, appraisal) your cars...then go for a drive. Remember, shiny side up, rubber side down.

And my car, well it's an Austin Healy 100M modified to S specs; an Austin Healey 3000 just finishing a frame off...so why am I here??? Because I'm selling the 3000 and going for the 289 C car! CAN'T WAIT!!!

[Hiryu]

Check out what is today's Nice Price or Crack Pipe on Jalopnik:
http://jalopnik.com/for-25-000-you-could-own-this-2014-factory-five-racin-1725972412

[Buzz Skyline]

Currently 58% nice price. Not bad.

[D2W]

Based on the nice cars for sale right now for less that aren't selling I'd say people are voting with their hearts not their wallets.

[JeromeS13]

Based on the nice cars for sale right now for less that aren't selling I'd say people are voting with their hearts not their wallets.

The interest that I've received from the ad reflects that to be a true statement... Haha.