[TR] value for insurance proposes?

[Jonas Payne]

The way I look at it is not what I could sell the car for, but what it would cost to actually replace it.

 

In the case of most of my collection 

 

1.        I would have to find a very, very good car

2.       It would more than likely need to be improved

 

I do all of my work myself, which keeps the investments relatively low, but when considering number 2 above, I consider the cost of having somebody else do it for me.

 

Jonas Payne

PBR Consulting Services, LLC

702.882.6711

 

From: Triumphs [mailto:triumphs-bounces at autox.team.net] On Behalf Of Geo Hahn
Sent: Sunday, December 13, 2015 9:08 AM
To: TeriAnn J. Wakeman <tjwakeman at gmail.com>
Cc: Triumph List <triumphs at autox.team.net>
Subject: Re: [TR] value for insurance proposes?

 

As anyone who watches Antiques Roadshow knows -- there is a difference between what an item would sell for in a 'well advertised auction' and the value to be used 'for insurance purposes'..

 

I like to insure for what it would take to replace it and (as Randall notes) that would mean both buying a suitable example and then doing all the things that still need to be done.

 

To get to that number I take into consideration the info on the Hagerty Valuation Tool:

 

https://www.hagerty.com/apps/valuationtools/1960-Triumph-TR3A

 

Their numbers seem to me to be more insurance values than market place expectations.  It's not an absolute answer but does provide some points for interpolation based on condition and other concerns.

 

Geo

 

On Sun, Dec 13, 2015 at 9:48 AM, Randall <TR3driver at ca.rr.com <mailto:TR3driver at ca.rr.com> > wrote:

> If the car was in a fire, flood or whatever what would it
> cost to replace it? What should I insure it for?

Given the way prices have shot up recently, I'd say more like $30k minimum and $40k is probably more realistic.  You still wouldn't
get an exact replacement, of course, so you're looking for enough money to buy something that is close and then modify to your
tastes.

Which reminds me, I should up mine, too.  Just a minor "fender bender" in 2013 came close to exhausting my stated value.  Literally
stopped at a stop light, and the pickup truck in front of me decided he had to back up!

-- Randall



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