Ferrari Mailing List: Re: Hagerty 328 Valuation

[Doug & Terri (dnt]

Bob notes “Hagerty refused yesterday to place a declared value of $70,000 on my '88 328 GTS - 30,000 miles.”

 

Drat – that’s a cold shot Bob.  Well, Hagerty does evaluate a #2 car (a previous #1 Pebble Beach winner) with quite a high set of standards.  An average value for a 328 between $45,000 and $59,725.  Mix that in with the actuary’s tables (I knew an actuary once – boring fellow who spent his time memorizing random digit tables and phone books) and they arrive at a risk they are willing to accept.  Add to the mix where you live.

 

Since they usually only have your pictures they requested and your self-evaluation they draw up their underwriting conclusions.  Yea or nay.

 

SO – what I tell my associates – enter your car in a concours or ANY graded car show.  Most likely the numerical grade would place a fine car in the upper reaches of the chart and it IS a grade by LEARNED judges with their eyes ON your very car.  Fact is – because judges are human (most are, really) they even have a tendency to rate, um, middlin’ cars higher than they should be – after all, you don’t want to crush the poor owner’s heart – but the car is out of contention for a trophy.  Even a modest car is usually rated at least 85 out of a hundred points.

 

What I am getting at – enter your car is a graded car show.  Submit a copy of the judges sheets along with your pictures.  Here you have given the insurer more to grade your car on than just a few two dimensional pictures of a three dimensional object and your loving words.  After all – does a mother EVER have an ugly kid?

 

Onward

 

DOUG

 

From: Ferrari [mailto:ferrari-bounces+dnt=dock.net [at] ferrarilist.com] On Behalf Of Bob Ochsman
Sent: Tuesday, September 30, 2014 5:11 AM
To: DOUG
Cc: The FerrariList
Subject: [Ferrari] Hagerty 328 Valuation

 

  Their position

is that is too high a valuation.  Their rep by phone said they would study the matter further and get back to me.

Now, before you guys get on my case that that's not a Clyde value, that is true.  But to my mind, the declared value for insurance purposes should be the full retail value.  In any case, I'm a customer who is willing to pay the insurance tab for this valuation.

I was motivated to raise the declared value on my car by both the valuation data in Cavallino and the values posted in the latest issue of Forza.  While they may not be fully accurate, many potential buyers and sellers will baseline their negotiations against those numbers.

In any case, the situation is pending and the Hagerty rep said they'd come back to me with their final determination in a day or two.

Thoughts?