1967 M38A1CDN2 Insurance value
 

Hi Guys
I have my 67 M38A1CDN2, 7105 96879 CFR 6707832, insured with Hagerty with a value of US $21,000. The jeep is fully restored and in great condition. I just received my annual renewal notice. The paperwork says that now is the time to review its value and make any changes needed. The renewal date is in july, so l have some time.
My question to everyone is, what is the approx current value of a CDN2? Should l increase its value and to what price? I have not seen another one up for sale in a long time. Any good thoughts on its insurance value. Thanks
Richard Mix

condition condition condition
 

On line classified ads in Canada start about $1000 for the second worst rusted, abused and ignored M38A1 CDN Jeep ever advertised. The hopeful upper end for a restored and appointed example is now wavering around $25,000. Sellers on Kijiji either have no clue what they're selling and how to advertise, or they believe with all their greedy souls that their tarted up survivor or motor pool condition vehicle is the best one on the market.

I like Hagerty's condition ratings and MVPA's judging categories are a good start.

Good luck!

Richard, to add about the market. US prices will not look like Canadian prices. We don't have the wide variety of almost constant surplus disposals. Canadian collectors have had to nurse their modern vehicles to roadworthy and showable condition. Your pricing is in competition with USMC 1950s M38A1s etc. Lots of supply = lower prices. In our situation, limited supply = lower interest. Also, our riding season is May to September.

That $21,000 USD value would equal about 28,600 CDN $. I would suggest that is more than enough insurance for any M38A1 CDN2 unless it is very minty and very loaded with accessories like winch, radios and GPMG.



I have to disagree with Terry's equation of : . Generally CMPs are a dog to resell, and you will have a hard time recouping your investment, but the iconic military jeep of any vintage is an easy sell here in Canada. There are plenty of people with more time than money who want such a toy.

Too true. Just too high to fit in a garage, getting on in years where their significance is being forgotten. Oh and noisy, slow and drafty to drive.

Add to that the cost of almost every part, equally divided between hard to find originals and even now sometimes hard to find common items that used to be available at UAP.

Just recently I found a list I had put together with estimated costs for what I needed for my HUW project. About 10-12 years ago 'all in' the outstanding need-to-buy items came to about $5000. Now, with most items on the list bought and installed, the REMAINING items I still need (that came to well less than $1000 on my old list) will set me back close to $3,000.

I estimate a ground up CMP restoration, not including labour, would be ~$20,000 to $25,000 to do and maybe get you $5,000 to $10,000 on a good day. Given that dynamic I can't see too many more of them being restored here. That, plus if the starting wreck hasn't been stored indoors there wouldn't be much left to restore.

Hi Guys
Thanks for your responses to my insurance value question. As l said l am not
really sure of the value of my CDN2. It is restored and in motor pool ready condition with all its Canadian parts, tall antenna mount, 3 fan belts ect. I have until the national convention to decide if l want to maybe raise or keep same value. Thanks for all the input.
Richard Mix Jr

M38A1CDN2
1967 Kaiser
7105 96879
CFR 6707832

M416
1967 Stevens
6P 6625

Thoughts on Hagerty Insurance
 

Hi All

I have had Hagerty Insurance on my three CMPs for many years, you need to remember that Hagerty is "agreed value" Insurance meaning a number/value that you and the insurance can agree on. It has little to do with what you can sell the vehicle for. This means it can take into account how much effort or $$$ that went into restoration.

Insurance is a little like gambling they are betting you will not make a claim they have to pay, and you are betting that the premiums you will pay in over time will be less than they will pay you if you have a loss.

My Hagerty Insurance of course includes the liability insurance required/suggested for my state. Which is actually a pretty good deal because they figure you can only drive one vehicle at a time. While regular car insurance figure multiple cars in one family can all be on the road at the same time.

Back to value to insure for, my HUP was insured for $10,000 USD for many years, I doubled that to $20,000 USD and Hagerty didn't even ask a question. All three of mine CMPs are now insurance for $20k each. Hagerty has always been more interested in where they are garaged.

When I spoke directly with Hagerty for an article on antique vehicle insurance it was explained, garaging is an indication of how much the owner values the vehicle. This is despite the fact that, at that time, Hagerty paid more claims because of building collapse or fire than than to vehicle accident.

I now look at antique car insurance as being an Enjoyment Tax, when I stop enjoying them that much each year I'll reevaluate the insurance premium.

As far as insured value goes, I consider whatever it would cost me for a replacement. Hagerty is cheap enough as it is, so going at it from a maximum sale price is good practice. Like many others have mentioned, in todays world, MVs can go from easy sales to hard to give away. It’s all too easy to get caught up in restoration costs, never able to recoup your investment dollars.
For a lot of guys, entry level was the only way in, but at the end of day, proabably too much money spent. Personally, I have done restoration work as a hobby for the enjoyment. If I were to really want something, I’d go for a first class ready to go restoration any day. Trouble is, “restoration” is very subjective wording.
Seen plenty of restored vehs that are total s”@t boxes on four wheels.