NADA & KBB retail value

[snakem04]

Maybe someone can help me out. Ive decided to switch insurance compies to a collector car insurance company. With that being said the insurance company would like to know what the value of the car is that i want to insure. Kelley Blue Book says $45,375 and NADA says $55,500. Both values where for high retail. Why the huge price differance between the two companies? I told the insurance company to insure the viper for $56,000. But is it really worth it or is it closer to what KBB says it is. The higher the value the more the price goes up for the policy. Any advice is appreciated. Thanks James

 

[TowDawg]

year, color, miles, mods, condition, location?

 

[snakem04]

year, color, miles, mods, condition, location?

2004, Viper red, 26,000 miles, only mod is mopar race exhaust, condition is pretty good, located pocono mountains PA

 

[viper067]

I think what you really want to do is insure the car for what it would cost to replace it .... seems like $45,000 is the going price, insuring for a little over that should cover you.

 

[snakem04]

that seems like a good idea thanks viper067

 

[TowDawg]

Agreed.
It probably would sell for less than 45k, but on an agreed value policy, I would insure it as high as they would let me. The difference in premium cost is probably very small considering the low cost of these policies anyway.
I wish I could qualify for one, but we get quite a long driving season down here and I'm in the Viper a good bit when the weather is nice, so I drive too many miles for any of the policies I've looked at.

 

[snakem04]

Agreed.
It probably would sell for less than 45k, but on an agreed value policy, I would insure it as high as they would let me. The difference in premium cost is probably very small considering the low cost of these policies anyway.
I wish I could qualify for one, but we get quite a long driving season down here and I'm in the Viper a good bit when the weather is nice, so I drive too many miles for any of the policies I've looked at.

Yea the difference in policy price for 45k to 55k is $100 a year. So if i insure the car for $55,000 and god for bid something happens and the car is totalled would i get $55,000 or will they just give me what you can buy the car for. Im going to have to make another phone call today and ask them.

 

[Bill Pemberton Woodhouse]

If you are buying a stated value policy, it would be 55K that you would be paid.

 

[audiowhiz]

$ 55k for a 2004 is a bit on the high side, but if they allow you to insure it for that for a mere $100 extra a year, it's a no brainer.

of course so long they don't nickle and dime you should you have a catastrophic loss, god forbids.

 

[snakem04]

$ 55k for a 2004 is a bit on the high side, but if they allow you to insure it for that for a mere $100 extra a year, it's a no brainer.of course so long they don't nickle and dime you should you have a catastrophic loss, god forbids.

Yea i figured it was high considering you can buy them for $40k. They told me i could choose the amount i wanted to insure it for but i wasnt sure what would be best. I dont want to go to little or to high.

 

[pdparker]

I have several cars on a classic car policy. The price that you state as the value of the car is looked at by underwriting along with pictures of the car. Underwriting will then determine if they want to insure your car for that value. Once they do, this is the agreed price paid for the policy if you incure a loss.
It works much differently than standard car policies where they nickel and dime you during a loss.

 

[Flexx91]

As someone has mentioned, insure it for the maximum allowed. If there is a total loss, you would recoup the actual replacement cost (market value or the true cost of buying another Viper similar to yours) plus a little extra. Remember that values listed in KBB and NADA are based on average depreciation and not actual market values. With that being said, one of these companies may have made an adjustment due to the values/cost of Vipers in current market (due to the current economy).

 

[snakem04]

Thanks for you help everyong ive decided to insure it for the max. I will feel alot better knowing im covered and i wont lose anything on my car if theres ever a loss. For the extra $100 a year its well worth it. But i hope i never have to use it.