Appraisal thoughts

[blown motor]

I have another thread going on the appraisal value of my Challenger. The discussion here and with one or two others brings several questions to mind, merely from a discussion point of view.

What's the value of an appraisal? Insurance companies what to know that the value they are insuring your car for is not over inflated. I really don't think they care if you are under insured.

So what purpose do you approach it from?
If you would replace it with the same car because you love that model then you need a replacement value. But should that include finding one 1000 miles from home and the cost of getting it back home, a very real possibility? Buying one at an auction and paying a 10% buyer's premium? Brokerage fees if you're crossing a border?
Or, just the replacement value and you move on to some other model? All associated cost are on you.
Or, maybe you never planned on selling it so you say "that's a wrap", you don't replace it, and the money goes in your bank account which the kids are going to split up when you pass. In which case the monetary value becomes less important. Or maybe it doesn't. Unless you're Scottish like @jimynick and then that's all out to sea.
I've been wrestling a bit with this and a lot of thoughts have gone through my head. My appraisal came in a bit low , in my opinion, but do I pay for another appraisal or do I just let it go because in the end it likely won't make a damn bit of difference anyways.
I imagine the answer to this is different for everybody. I'm not looking for answers, just throwing out ideas to stimulate thought.
Cruising season, for those of us in the more northern reaches, is upon us. Let's hope we all have the right insurance and let's hope we never need it. Drive on.

[jimynick]

Och aye! The ACV (actual cash value) should be predicated on both market research and comparable vehicles. An SFE19 endorsement used to at least state that should the vehicle become a total loss, that the company would reimburse you to the value of the endorsement. The company has an obligation to pay you what the cost of a comparable vehicle is here, in Ontario and I would think that if they can't find one here, then wherever there is one, they should present it to you at no cost to yourself. Read your policy carefully and speak to your agent to clarify. That's what he's getting 15-20% of your premium for laddie. Hoot mon! 

[challengermaniac]

I believe most of us will come out on the shortend should we have a Total Loss Claim. As babyboomers have continued to trade up and hold onto desireable cars over the years, it would appear the number of AVAILABLE classics for sale has dwindled.  This makes for finding a comparable replacement a challenge regardless of the distance.  Of course, this senario may likely change as the number of babyboomers continues to dwendle over the next couple of decades.  Insure your classics for their value and for what you cannot afford to lose. 

[tparker]

Hmmmm...  so if I wreck my original 71 convertible 426 `Cuda, they will replace it with another at no cost?   

I'm about to do the insurance thing and will be looking into all this. Luckily I won't have that  issue above, it's a  340 70 challenger. But I think it would  be difficult  to talk about replacement  cars vs monetary value. I would think it would be harder and harder to even find an equivalent car now days. Especially with all the mods back in the day and all the restos, what would you  replace it with? Seems like the car would be valued at a reasonable value that both parties agree to. Could  you  insure  your 74 slant six  barracuda for 1 million bucks? I  doubt it,  even  with  higher premiums. At the end  of  the  day, the  insurance  company is in  business to make money. They are betting you won't get your car in a crash and you prefer your car to the money,  and  they adjust their prices  accordingly. But I suspect  the value is somewhat tied to their valuation charts. I'll ask when  I get to that  point,  hopefully in  a couple weeks.