Insurance value for my Challenger convertible

[JH27N0B]

I've posted here a few times about the updating/refresh work I'm doing on my 70 N code Challenger convertible.  My insurance premium invoice came in the mail for my T/A the other day, which got me thinking I really should move the convertible from State Farm Classic car insurance to the collector car insurance company where I can insure with a "agreed value".
I've had the convertible insured with a "stated value" of $45K for some time. That was probably a realistic value.
And now that the engine is partially rebuilt and repainted, the AC restored and back on, and the dash pad getting restored, the value is higher... I hope.
This car is hard to put a price on as it's unusual.  And I wouldn't sell it for 6 figures, truth be known.
It's 1 of approximately 122 N code convertibles made in '70 that wasn't an R/T.  It is a Q VON car, probably executive lease, loaded with options.  Easier to list what it doesn't have, it doesn't have cruise, luggage rack, rally dash or 8 track.  Restored in the early 90s, but well kept up (I've had it since '97), no rust and little rust when it was restored. I've only seen a handful of these cars kept stock, the rest I've seen were cloned into R/T lookalikes.
Since collector car insurance companies are fairly lenient with values, I'm leaning toward insuring it for $75K, but if I was to try to sell it (I hope to live long enough to enjoy it another 20 years, so not going to sell!), I think I'd have a hard time finding a buyer anywhere near that price though.
Just wondering what you guys think?

[Katfish]

I'd err on the high side, since it's not replaceable.
$75k seems reasonable, you don't wan to go crazy high, that will just drive up the policy cost.

[Cuda Cody]

Insuring for $75 seems really fair.  It's a very nice car  and I would hate to be under insured on it. 

[nsmall]

Do you know what insurance company you want to use as someone recently posted a thread about what insurance company they would recommend?

As for the value why not go on the higher side and if the insurance company doesn't agree you can always come down.  I have nothing to offer you regarding value but I do want to also agree, very beautiful ride.

[340challconvert]

You may want to check out Hagerty's price guide (just one source of many)
They put together values based on actual sales from various sources including private sales and their condition rating scale
For a 1970 Challenger convertible with the 383 HP engine, values as follows:

32,900 Average value

#1 concours  73,200
#2 excellent  49,800
#3 good        32,900
#4  fair         23,000

Your car looks to be in #2 condition, but reading the criteria for each condition level is important.
They acknowledge that it is a guideline and that color, trans, and other factors affect value.
It is worth signing up with no obligation to get base line numbers.
Good luck with your insurance search.

[anlauto]

If you can get them to agree to $75K, that's great ! I think you'd have wait a while to sell it for that....even half that. 

[PLUM72]

Seems many people have what I call "Barrett Jackson Syndrome".  This is the thought that their own car is worth more than it actually is.  Even worse than that is "Barrett Jackson Prime Time Syndrome".  This means my DIY restored 72 Challenger must be worth 6 figures!  LOL!

These cars fluctuate in value but have a general long term rise in value.  You have to address this with the insurance company every few years.  Values of the car generally rise, but also keep in mind value changes as restoration levels change, both up and down; down as the restoration gets stale over time.  Haggerty is pretty good.  As someone said earlier you have to read the descriptions.  Most restored cars are 2 or 3 based on the description in the guide.

Sale price is also what the market will bare.  Look around, there are tons of cars on the internet for sale just sitting as they are WAY overpriced.  I recall someone once saying, when restoring a car, Labor is worth nothing and the value of parts put in is about 50 cents on the dollar.  Good luck with your assessment.

[HP_Cuda]

  "Barrett Jackson Syndrome" - you got that right. 

[1 Wild R/T]

Yuck it up all you want but at the end of the day if something happens the the car I'd rather have an agreed value thats higher rather than lower cause as we all know money comes & goes but our connection to the cars can be deeper than dollars.... If they are ok with 75K I'd say go for it....

[303 Mopar]

There is always an interesting discussion when it comes the insurance value, what it could sell it for, and what it would take to fix the car if there was an accident.  I think these are three very different values.

IMO your car would sell for mid to high $40's, but it could take more than double that to repair your car especially if there is extensive damage.  I approach the insured value to what I think I could sell it for as this would be the value if it was stolen. 

Maybe this is completely wrong so I'm open to others opinions.

[RUNCHARGER]

Okay: Assuming a total loss and you're looking for a Convt. to replace it tomorrow in the same condition is $75k going to find you that car? It will take a long while I think.

[Jay Bee]

Okay: Assuming a total loss and you're looking for a Convt. to replace it tomorrow in the same condition is $75k going to find you that car? It will take a long while I think.

  I've gone by that; not so much what I can sell mine for but what would I have to pay to replace it with a similar one.

[Brads70]

well for reference I have mine insured for 60k Canadian. That's what I figure it would cost to replace the car and all the work I've done to it. Hagerty didn't bat an eye.....
You car has to be worth at least double if not triple what mine is worth? 
75k American seems fair to low to me?

[71vert340]

 I agree to insure for what it would cost to repair or replace if totaled in a collision. I'm just curious what others think the value should be if this car were an original shaker car? Price guides say to add 10% to 20% for the factory shaker. Is this a fair mark up value for a shaker car? I'm looking at changing insurance companies and need to place a value on my shaker car.
Terry

[RUNCHARGER]

I would tend to think $10k would not be out of reason for a real shaker convt. in restored condition with all Chrysler shaker parts and the documents to prove it is all legitimate. I think the premium would be less for a hardtop. But this is strictly my opinion, nothing to back it up with.