Need a Value for Insurance and Some day Sale

[jumpmaster54]

Wanted to ask a respectful question to gauge worth and I value this forums opinion. Need to insure my investment. So what is retail value and insurance valu as I am hearing they are different.

Details, 1967 NADA 109 Station Wagon 6 cylinder Pastel Green worth. It has all new seats (Rovers North Elephant Hide), new tires times 5, has all photos of frame and body before and after new paint job and undercoating to show original solid condition with no rust and 55,000 miles. New shocks n(RN higher end shocks), new springs front and rear, new seatbelts times 10 (2 shoulder and 8 static),

Accessories include Safari full length rack and ladder, visor, 5 foldable steps all way round, front keonig winch, 2 man brabnd new tent on top with changing room addition, 103 inch awning mounted to the rack with complete mosquito netting.

Stan

[jac04]

Stan-
These kinds of questions are pretty much impossible to answer. If you posted a bunch of very detailed pictures, someone might be able to guess at a reasonable retail value.
However, when it comes right down to it:
Retail Value = whatever it's worth to someone else (who is willing to actually pay you that much for it).
Insurance Value (the amount you would like to insure it for) = whatever it's worth to you (and an insurance company is willing to actually insure it for).

Obviously, you and the insurance company will need to agree on a value and you should get an agreed value policy. The agreed value doesn't necessarily need to reflect the retail value of the vehicle, but the insurance company isn't going to let you insure the vehicle for more than they think it's worth. Just come up with a value that you are comfortable with in the event that the vehicle is totaled, then see if the insurance company will agree to it.

[o2batsea]

To replace one in similar condition will cost you somewhere between 20 and 40 thousand. It's fairly rare, has been refurbished and is in good mechanical condition. Rust will be the thing that really devalues it.

[jumpmaster54]

I will post pics soon.

[jac04]

o2batsea, how do you come up with a value based on a written description only? I saw nothing in Stan's description to indicate that this is a refurbished vehicle or any statements about the mechanical condition of all components. I guess you can read into it whatever you want.

The quality of whatever 'refurbishment' has been done will have a significant impact on value. Were Genuine parts used? What parts were replaced other than the ones listed? We don't know.

Also, say the paint job was simply a 'mask everything' job instead of a proper diassembly & repaint. It might not add much (if any) value at all, and could actually devalue an otherwise nice original vehicle. Same thing with the undercoating. Some undercoatings can allow moisture to get behind them, causing rust that can't be seen until too late. So, undercoating could actually devalue the vehicle.

Simply not enough information to provide an estimate of value.

[bkreutz]

Or you could go with the NADA guide for a starting point http://www.nadaguides.com/Classic-Cars/1967/Land-Rover/Series-IIA/4-Door-Wagon-4x4-109/Values

I agree though, there are a lot of unanswered questions on this particular vehicle.

[jumpmaster54]

I will post photos soon. No expense was spared. UNdercoating and paint was done by a professional. All parts except tired were bought at Rovers North or shipped from the UK with LR logos on them.

More to follow. I also realize that prices could vary depending on a lot of things.

Stan

[blackhawkrover]

If your Land Rover is 20(or maybe its 25) years or older. I got Collector Car Insurance for really cheap. $160 for my first Lightweight and $130 for Land Rover #2. Full EVERYTHING coverage and agreed upon replacement value. I believe I have $20K for the first and $45K for the second. Some stipulations. But there is some give and take, the insurance reps were very helpful and really nice at Collector Car Insurance. Hope this helps

[o2batsea]

o2batsea, how do you come up with a value based on a written description only?

I didn't come up with a value, I gave a range with a 20K swing. Not too specific. However, the truck has new paint, so it would follow that the rest of it is in reasonable shape. Ya never know tho, specially if it's coming from the UK where they notoriously tart up old crap to sell to the Yanks.

[jac04]

No expense was spared. UNdercoating and paint was done by a professional.

I searched on your posts to see if I could find any pictures of your vehicle and came up with the pictures from the paint job. No offense meant Stan, but there is a big difference between a "no expense spared" restoration and what was done to your vehicle:



Paint prep today will have been sprayed with etching primer on exposed aluminum and paint original color this weekend.

http://i373.photobucket.com/albums/oo179/jumpmaster54/paintprep2.jpg

http://i373.photobucket.com/albums/oo179/jumpmaster54/109prep.jpg

[jumpmaster54]

No offense taken, but your post only throws outs unknown statements. Please explain?

Several thousands were spent on paint, sealings the aluminum for proper painting, replacing any thing needed for paint, correct paint etc.

Many more thousands spent on correct parts from rovers north.

I guess I should have stated on frame restoration, not frame off and not total restoration. Better than some I have seen for sale etc. I was thinking a value of $16-17 compared to the 1967 109 with defender front on ebay stating restoration yet resto-mod. Hope this clarifies that I was not trying to deceive anyone etc. I do know what all went in to this 109 and what amazing shape it was when started.

Stan

[jac04]

Please explain?
First, for insurance value, determine a value that YOU are comfortable with. Forget about what anyone else says and forget about what you see on eBay. If you ask what people think retail value is, it will depend upon who you ask, and how knowledgeable they are about Rovers and vehicles in general (and how much money they have to spend, and how bad they want to purchase the vehicle, and do they like the color, and do they want a 109, etc.).

As for the paint job, I'm sure it looks nice, but unless you remove all the trim, lights, etc. it is impossible to properly paint the vehicle. All the taped edges will be potential starting points for paint failure. Things like this can have a huge impact on retail value.

[jumpmaster54]

OK got it. I plan on keeping it but you never know.. Thanks

Stan

[amcordo]

I searched on your posts to see if I could find any pictures of your vehicle and came up with the pictures from the paint job. No offense meant Stan, but there is a big difference between a "no expense spared" restoration and what was done to your vehicle:


Wow. Such a nice thing to say.

[bmohan55]

Just my .02 to the O.P.....you used the term "investment". Unless you really bought well "usually" the best you would do is to get your money back when it comes time to sell. I feel it's best to look at these trucks as a hobby & learning experiance and enjoy them at that. I'm finding out the hard way the the money you "invest" into it will not necessary be realized at the time of sell...and don't even think about recouping labor!

For insurance purposes I'd attempt to insure it for what you have into it, but that may only work if you have collector car insurance and then you are restricted in it's usage.

In short, insure it for as much as you are comfortable with, enjoy it and when you sell it, it will pass on to the next owner in better shape than what you started with.

[disco2hse]

Just to toss in a different view. I would suggest there is no relationship between what you spent on your vehicle, its retail value, and its insurable value.

However much you have chosen to spend on improving your vehicle is a reflection of the passion you hold for it, and the depth of your pockets allow you to express your passion in a manner you deem to be fitting. However, in the retail market, the buyer will pay you the current worth of the vehicle, not what you spent on it. Except in rare occasions, the money spent on the full restoration/improvement of a motor vehicle will not be returned at sale time.

So, the general rule is, if it is really important to have a figure you consider to be accurate, get a qualified valuer to assess its worth. Realise that is a snapshot of the vehicle's worth and the figure will change over time. Otherwise, do as the rest of us and scan through the local for sale columns and build a general picture of what you think it is worth comparing those factors that are important, your vehicle's strengths and weaknesses against those you find in others.

So far as insurance is concerned. The advice to get an agreed value policy is good advice. They tend to be more expensive, but in the event that you need to make the claim, you will be happier with type of policy than if you have an incident and have to start haggling with the insurer over how much your vehicle is worth. Chances are, they probably won't even have it on their database to make the call and will try to cut their loss as much as they can.

Usually, in that type of agreed policy, you insure for more than the retail value. Include in it your recovery gear, tools, etc.

[jumpmaster54]

I searched and searched to find an original NADA 109 that was in great shape from the start. I waited until I found one with the original frame (no rust) and the original drive train.

I settled on a 1967 6 cylinder 109 Station Wagon 5 door and if the Register is correct, most 1967 NADA were modified with new and non-rover motors. Mine is also a LOW Serial #21. All I did is use original or Rovers North parts to replace seats, seatbelts etc. IN my opinion it seems rare as only 800 plus a few were made.

I do understand most vehicles are only worth what people will pay and I do only hope to enjoy my rover and at best just recoup my total spent. Not trying to make money off my rover.

Thanks to most for being professional and respectful. I choose to always be the same.

Stan