I know there are a couple posts on insurance woes and a plethora on "what is the value of a SC?" I thought I would share my experience with the group (which is still active so I hope I don't jinx it). Some of you have seen my post on my purchase last fall. My car is a 1989 Red XR7 5-Spd w/ 15,000 miles in like new condition. I am 33 yrs old and have two daily drivers insured on a joint policy (wife's and my car). I applied for insurance with Hagerty for a low use collectors policy with stated value of $11,000. The application does not require an appraisal, condition assessment or even mileage. Just one picture of the car, the VIN and current policy on daily driver. My agent came back to me and said Hagerty's underwriters were coming up with $5-6000 and want to know where I came up with my #. So here was my response. Hagerty has agreed to insure the vehicle at $11,000.
Hi *****,
These cars are little known but by collectors. There is a dedicated club for North America that I was able to pull some listings from that I thought were comparable. A google search will bring up the SCCOA. The club is for 1989-1995 Ford Thunderbirds Supercoupes and 1989-1990 Mercury Cougar XR7s. These cars shared the same platform which specifically featured sport performance features most importantly of which was a supercharged engine (rare for the era). The production numbers on a 1989 Mercury Cougar XR7 with a 5 speed transmission (which is considerably more valuable to the collector watching the market) were only ~2,100. This is an extremely rare car and although obscure to the untrained eye, sought after by the collector. What truly sets my car apart from the rest of the pack though is the mileage (15,000) and the unmodified condition. My car is still on it’s original Good Year tires.
I don't mean to give you or Hagerty a ~~~ story but the car is worth exactly what the seller and buyer agreed upon. What I paid for the car is more or less what the following examples are clearing the market at. Examples are difficult to come by being my particular car (condition, mileage and survivorship) could probably be numbered in the single digits in 2015. It was very difficult to find and even more difficult to purchase from the original owner. I don’t want to operate this vehicle on public way being insured for 1/2 the price the market has set and I hope Hagerty can see my perspective. If the car was worth less than my stated value I would just assume pay a lower premium but this is not the case.
Please let me know what we can do. As I understand it, Hagerty is the preeminent classic auto insurance and I’m sure they will recognize a piece of modern history as I have.
Thanks and regards,
Ben
http://www.sccoa.com/forums/showthread.php?135504-Fresh-out-of-cold-storage-1989-XR7-5sp-26K-miles
http://www.sccoa.com/forums/showthr...r-XR7-5-speed-10-000-miles&highlight=survivor
http://www.sccoa.com/forums/showthread.php?115669-1991-w-19-000-SOLD&highlight=survivor
http://www.autotrader.com/cars-for-...=[MERC[COUGAR[]][]]&listingId=372735514&Log=0
http://www.autotrader.com/cars-for-...[TBIRD%7CSuper]][]]&listingId=316888424&Log=0
http://www.autotrader.com/cars-for-...[TBIRD%7CSuper]][]]&listingId=390817347&Log=0
Hi *****,
These cars are little known but by collectors. There is a dedicated club for North America that I was able to pull some listings from that I thought were comparable. A google search will bring up the SCCOA. The club is for 1989-1995 Ford Thunderbirds Supercoupes and 1989-1990 Mercury Cougar XR7s. These cars shared the same platform which specifically featured sport performance features most importantly of which was a supercharged engine (rare for the era). The production numbers on a 1989 Mercury Cougar XR7 with a 5 speed transmission (which is considerably more valuable to the collector watching the market) were only ~2,100. This is an extremely rare car and although obscure to the untrained eye, sought after by the collector. What truly sets my car apart from the rest of the pack though is the mileage (15,000) and the unmodified condition. My car is still on it’s original Good Year tires.
I don't mean to give you or Hagerty a ~~~ story but the car is worth exactly what the seller and buyer agreed upon. What I paid for the car is more or less what the following examples are clearing the market at. Examples are difficult to come by being my particular car (condition, mileage and survivorship) could probably be numbered in the single digits in 2015. It was very difficult to find and even more difficult to purchase from the original owner. I don’t want to operate this vehicle on public way being insured for 1/2 the price the market has set and I hope Hagerty can see my perspective. If the car was worth less than my stated value I would just assume pay a lower premium but this is not the case.
Please let me know what we can do. As I understand it, Hagerty is the preeminent classic auto insurance and I’m sure they will recognize a piece of modern history as I have.
Thanks and regards,
Ben
http://www.sccoa.com/forums/showthread.php?135504-Fresh-out-of-cold-storage-1989-XR7-5sp-26K-miles
http://www.sccoa.com/forums/showthr...r-XR7-5-speed-10-000-miles&highlight=survivor
http://www.sccoa.com/forums/showthread.php?115669-1991-w-19-000-SOLD&highlight=survivor
http://www.autotrader.com/cars-for-...=[MERC[COUGAR[]][]]&listingId=372735514&Log=0
http://www.autotrader.com/cars-for-...[TBIRD%7CSuper]][]]&listingId=316888424&Log=0
http://www.autotrader.com/cars-for-...[TBIRD%7CSuper]][]]&listingId=390817347&Log=0