Insurance value of my 71 New Yorker

[RWCearley]

I hope to have my 1971 New Yorker 2 dr ht with a 440 TNT restored this year and will increase its value when finished. I currently have it insured with Haggerty for around $10 k. I havent found any comp values on line. Whats the groups opinion for insurance values?

 

[CBODY67]

One reliable source of potential value can be Auction Results from Mecum Auctions and similar. Only issue my be the low numbers such cars have shown up at those auctions. Might have to go back 5 years to get enough of a variety of cars to consider.

A local business owner was insuring an AMX his father had ordered new. So Chris put what he suspected was a normal value, then factored it up a few thousand USD for general principles. He submitted the application to Hagerty. A while later, he got a "rejection letter". He questioned that until he read the letter! Rather than the price he had put on the car for its value, THEY suggested it needed to be higher! Why? It was ordered with the special HP performance option, which was a very rare option for an AMX. So their recommendation was in the $50s rather than $30s, in USD. THAT told him something he did not know about the car, or that he remembered about it. So he sent them a check for THEIR amount and he was happy!

I would suggest the "agreed value" coverage option. Just update it every few years.

Haggerty has an online value guide, too. Might look at it.

Just some thoughts,
CBODY67

 

[mgm1986]

I actually upped the insurance on my 1968 300 this morning. I went from $12,500 to $20k to cover what money I have in the car (purchase price and repairs). Ultimately it is whatever you are comfortable with knowing some cars dollar value will never cover the value to the owner which can be more sentimental than fiscal.

In my case, I love the car and enjoyed all of the time I spent restoring it to a driver and if it is totaled or stolen I mostly just want my money back.

 

[RWCearley]

The value to me is,more than getting my $$ back. New Yorker been in the family since day 1. I probably will up the value to $30k. Not sure if todays market value is more (or less) than this amount

 

[Big_John]

I hope to have my 1971 New Yorker 2 dr ht with a 440 TNT restored this year and will increase its value when finished. I currently have it insured with Haggerty for around $10 k. I havent found any comp values on line. Whats the groups opinion for insurance values?

View attachment 728047

View attachment 728048

I looked at Hagerty's value guide and while they don't list a '71, they do list a '70 and that's going to be pretty close.

#3 Good condition is 11,700 and #2 Excellent is $18,200. Most cars run between #2 and #3 and very few cars are #1, but that is $25,200.

So, IMHO, $10K is a bit low. I'd bump it to $15K now and $20-22K when finished. The additional cost will be minimal and Hagerty will push back if they feel it's over valued. Better to have them pay you too much than too little.

 

[marko]

does it have the rare optional buckets and console shift ? that will add to the value.
and what other options / colour combo is it ? more info will get you more info.........

 

[RWCearley]

Color is in the pics. It has the rare floor mounted casset player. Not planning to put it back in thou. TNT is a rare option as well.

 

[71Polara383]

Hagerty is great. They will probably not question the agreed value. Set it at 35k, and see what they say. Talk to them. Tell them the cars story. They will have 0 issues covering you.