Why could it possibly be bad for your classic car value to go up?

"MontegoMan562 is a Capri RS Owner" (montegoman562) 05/13/2014 at 10:57 • Filed to: CLASSIC, MONTEGO PROJECT, INSURANCE, EXPENSIVE

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Well because higher insurance premiums of course!

When I bought the 1968 Mercury Montego back in 2011 it was valued on the NADA guide for an "average" retail of around $7,500. So logically, that's what I sent the insurance value at.

It's now around $10,250, but was $10,787 last month. So I just jacked the insurance up to $11,000.

I guess claiming it as an "investment" to my wife is actually true, who knew!

505Turbeaux > MontegoMan562 is a Capri RS Owner 05/13/2014 at 11:00

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ah the 'Tego appreciates. Good deal. what does that translate to, $1 a month on your premium

MontegoMan562 is a Capri RS Owner > 505Turbeaux 05/13/2014 at 11:08

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almost $15 for 6 months lol

505Turbeaux > MontegoMan562 is a Capri RS Owner 05/13/2014 at 11:08

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...

MontegoMan562 is a Capri RS Owner > 505Turbeaux 05/13/2014 at 11:09

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Hahaha.

Want to buy a Montego while you're out here? Apparently it's worth about 10-11k?

505Turbeaux > MontegoMan562 is a Capri RS Owner 05/13/2014 at 11:10

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step one - buy for 8 grand

2 - see above

3 - profit

MontegoMan562 is a Capri RS Owner > 505Turbeaux 05/13/2014 at 11:11

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How about 9?

505Turbeaux > MontegoMan562 is a Capri RS Owner 05/13/2014 at 11:12

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lol

MontegoMan562 is a Capri RS Owner > 505Turbeaux 05/13/2014 at 11:19

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alright maybe 8.

You can have a test drive in a few weeks

McMike > MontegoMan562 is a Capri RS Owner 05/13/2014 at 11:35

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I really need to call up my classic insurance agent and up the coverage on the E-Type.

While not running at the moment, it's a complete, low mileage car. (ran when parked, life got in the way, etc, etc, etc.... which is why I don't talk about it that often - not much to share/show)

I took a stroll through Hemmings a few months ago and noticed that similar cars were trading for almost twice the coverage I currently have.

MontegoMan562 is a Capri RS Owner > McMike 05/13/2014 at 11:49

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oh wow, yeah you better step that up. State Farm has treated me great in regards to the Montego. With the new 11k coverage I'm at like 130 for 6 months, full coverage.

McMike > MontegoMan562 is a Capri RS Owner 05/13/2014 at 11:54

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American Collectors Insurance... They didn't bat an eye at the figure I gave them 18-20 years ago. I'm hoping upping it will be just as easy, and doesn't require an appraisal.

MontegoMan562 is a Capri RS Owner > McMike 05/13/2014 at 12:00

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They were more expensive than state farm for me, but I'm sure my other 2 cars and the house gave me a good discount.

They didn't require an appraisal as long as I didn't go over the "high retail" NADA price, I guess it's a "respected enough" valuation tool.

I went for average retail as my car is FAR from the perfect condition high retail would require.