A mate of mine has just taken a deposit on his S1 330GT 2+2,colour change,Aussie delivered with books and tools.$175K.
I am getting ready to renew my Hagerty Insurance and am puzzling as to what value to put on my cars - the 2 most valuable being my 330GT S2 and my '47 Ford Convertible. I used the valuation tool which Hagerty provides and found that they seriously undervalued the 330 by their formula, and the '47 Ford was greatly overvalued. I'm not so sure they try very hard to keep up with reasonable market valuations. Cheers Warren
Hi Warren, I had the 330 on our regular car insurance for many years, but in the back of my mind I always wondered whether they would know how to value the car if something happened, so about a year ago I moved the 330 to an agreed value policy with Heacock (specialty insurer that does not have usage restrictions). Unless this is a temporary blip, the value I set last year is too low and I wonder if I would have been better off staying on regular insurance (probably not, but it's an interesting question). It's probably a good idea to call the insurer to discuss. It would be interesting to hear if others have changed their agreed value because of the recent market and what the response from the insurers has been. Peter
I'd skip Hagerty and try someone else. They were my first call for my purchase last fall purely based on name recognition. Since I live in the city and walk to work (for now) and my wife uses the main (non-classeic) car to drive to work, they wouldn't insure my new classic vehicle at all. Said I need to be a primary driver of a vehicle on a daily basis. As if I don't ever drive or know how to drive. Which I thought was 100% preposterous. And this was after I had entered in a lot of information and talked to them a couple times. It turned out to be a complete waste of time. It shouldn't be that difficult. Call Chubb or whoever and tell them how much you want it insured for assuming it's not materially different than the books. Your premium will reflect that amount.
Hi Peter; When I tried to use my regular insurance (before I had the Ferrari) I found State Farm hardly knew the difference between a Ford Convertible and a Ford Tractor. They quoted for a car which didn't even exist! So I went with an Antique car specialist. But that was years ago. The only real data I have relative to my 330 is from one EBay sale where 2 dealers bid each other up to 115K on a similar car (better in some respects, less so in others). Since they intend to make a profit, I have to consider raising my stated value. I also would like to hear from others, and also see what Cavallino thinks the 330GT market is like. Hope to see you at Radcliffe this spring (assuming spring comes!) Cheers Warren
Hagarty raised the insured value approx 1.3 mil to 16 mil for their high value on the 330 LMB, for about an 8 month time period... with only 4 cars and no public transactions at that level... suggests they are trying keeping up with the market
The auction prices have been very high, so that eBay example seems low currently. I do hope to make to Radcliffe this year. I've had conflicts the last few years so it hasn't been an option. It's about a 3 1/2 hour drive for me each way, so I would say that I wish it was closer but then, if memory serves, I think your drive is much longer than that! I do hope to make it -- I've been enjoying long drives in 330 when salt isn't on the roads so hopefully will be able to make it out.
I don't know that they're trying too hard. valuation tools for my 64 330 GT show a value of $100K in #1 condition. recent sales (not just auction) suggest that is at least $50K light.
As posted earlier by meself,my mate's 330 GT S1 has been sold this week at the ask of $175K. Aussie,colour-changed,full books and tools. I haven't heard of another going for that sort of dosh,have you?
