1967 M38A1CDN2 Insurance value

[Retsarge]

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

[Phil Waterman]

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.

[chris vickery]

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.