1957 Series 1 insurance Value

[artpeck]

I just acquired a 1957 S 1 and while my agent insists it should only be insured for liability I want to insure it for collision and theft and they have of course no way of establishing value. One option is what I paid for it but I have seen prices all over the place and do feel like I bought well. Plus the market is so thin that few come for sale. It basically in excellent shape. Zero, and I mean zero, rust. Engine runs well and strong (for what is is). Frame is straight, tranny shifts cleanly in all gears. All bits work; light, wipers, etc. upholstery is newer but in proper fabric Boby work all straight. Even the banjo steering wheel is solid and uncracked. At some point someone did a nasty forest green over spray which I will correct but otherwise you get the idea. Any thoughts on a value range anyone wants to toss out there? Thanks.

[parrie]

Congradulations on your purchase, sounds like a beauty. Insurance for collision and theft is one thing, replacemnet value is another thing to consider. Not sure what your insurance cost would be but I think it would be realistic to insure it for dbl what you paid.

[artpeck]

Fair point. And that is really what I am looking for, replacement value. Hard to establish given how thin the market is. Unfortunately this one wasn't owned by Churchill... I paid $5500 which seemed fair even if the condition was less good than it is. Also the PO had a reputable mechanic go through the engine and replaced all gaskets. Did the valves. New springs. And seems to have really dialed in the solex as it runs flawlessly and starts on first crank. I think I got lucky since I bought it site unseen and had it shipped.

[knac1234]

Art,

Who do you insure with? My Series was on an agreed on value policy with American Collectors for $215/year ($14K value on it).

I used their 7500 mile tier, which allowed some commuting and errand running in addition to the usual "pleasure driving." Had to be garaged, have a good driving record, and you had to have at least the same number of modern vehicles as there were drivers in the household. If that fits you, insure your SI to the max for not a lot!

Julian

[jac04]

This topic seems to come up quite often. Get Agreed Value insurance for an amount that you are comfortable with.

[artpeck]

Agreed upon value is what I intend to do. Just trying to get a fair sense of value to agree upon. We use a very good agent and have our real estate, personal liability and all 9 vehicles insured through them at favorable rates with very good service.

[ThePhotographer]

I need photos of this zero rust Series I!

[artpeck]

I can't upload photos from my iPad. Here is a link to the PO photo set. You will note the wood on the hood. Not clear where that came from. And the nasty over spray job in forest green. Appreciate your thoughts.

http://flic.kr/s/aHsjAukaFm

[ThePhotographer]

Wow, great looking truck! I am envious for sure!

[artpeck]

Thanks. I think it is a very solid candidate for restoration. I have been looking for awhile and so few come up and the ones that do, many are in terrible shape. There is a lot to do but no grievous problems. Lucky that it spent its life in Utah in a very arid environment.

[parrie]

Awesome looking truck, I'd say you made out rather well. The pictures of the frame are IMPRESSIVE! You're right, the wood on the bonnet is kinda funky, never seen that before...I suppose beauty is in the eyes of the beholder. Seeing the pics I'd say that you could get your agent to agree to $15k value. Hope you enjoy it thoroughly!

[LaneRover]

Restoration? I'd just drive it like that! I would recommend painting the plates that I assume are there as load spreading plates for seat belts. At least paint them to avoid any reaction between the steel and aluminum.

Any ideas why they have the wood strips on the bonnet?

[jac04]

Just trying to get a fair sense of value to agree upon.
Again, it should be a value that you are comfortable with. It doesn't really matter what we think it's worth, or even what an appraiser thinks it's worth (as long as you are not obviously trying to insure it for way more than it's worth). That's the beauty of agreed value insurance - it allows you to insure the vehicle for the amount you want as long as it is reasonable. So, if it's stolen or totalled are you OK with breaking even at $5500? Then insure it for $5500. Do you want to insure it for enough to replace it with a comparable vehicle? Then try $10,000 - $15,000, maybe even $20,000. Think it's worth more? Then insure it for $25,000 - $30,000.

Now, agreed value insurance can also be used to insure a car for less than its value, allowing you to save $ on insurance. Say a relative leaves you their million-dollar car and you can't afford to insure it for $1M. You can insure it for $5k if you want. Just remember that's all you'll get if it's totalled.

[siii8873]

nice truck that is a great find! Don't see where it needs much of a restoration as noted above I'd keep up on maintenance and drive it.