# Insurance appraisal



## etischer (Jun 16, 2008)

Im about to get my car appraised for insurance purposes. Has anyone else gone though this process? It is nearly impossible to put a dollar amount on the 2 years of labor and design work, and the appraisal company has never appraised an EV before. The appraisal is costing me $225, and this company was recommended by my insurance provider. 

Adding up the receipts I have totals around $28k, but how much would it cost for an insurance company to replace it... What do you think is a fair price? My biggest fear is someone crashing into me, and their insurance company sending me a check for $2k, average blue book for my car.


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## DC Braveheart (Oct 12, 2008)

etischer said:


> Im about to get my car appraised for insurance purposes. Has anyone else gone though this process? It is nearly impossible to put a dollar amount on the 2 years of labor and design work, and the appraisal company has never appraised an EV before. The appraisal is costing me $225, and this company was recommended by my insurance provider.
> 
> Adding up the receipts I have totals around $28k, but how much would it cost for an insurance company to replace it... What do you think is a fair price? My biggest fear is someone crashing into me, and their insurance company sending me a check for $2k, average blue book for my car.


You might want to PM the author of this thread who, unfortunately, has personal experience with this issue - http://www.diyelectriccar.com/forums/showthread.php?t=25086


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## TheSGC (Nov 15, 2007)

You should be able to get a "Stated Policy" for your EV. Right now I don't have any collision, but I am collecting my receipts and going to get a "Stated Policy" for my EV. I have put a lot of labor into it, but I don't know if insurance companies care about that, but I will have to ask when I get around to doing mine. Right now I just have the bare minimum insurance on the EV, mainly because it's EV components and what I paid for was less than blue book value, up until last summer when I upgraded everything.


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## etischer (Jun 16, 2008)

DC Braveheart said:


> You might want to PM the author of this thread who, unfortunately, has personal experience with this issue - http://www.diyelectriccar.com/forums/showthread.php?t=25086


That was part of the motivation for getting my car appraised. Better to have it done before it's wrecked. Trying to get it appraised after the fact you're at the mercy of the insurance company and what they are willing to pay. From their point of view, it would look like I am over-inflating the value of my car and committing insurance fraud trying to claim my car is worth $50k when bluebook says $2k


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## Voltswagen (Nov 13, 2008)

I was recently challenged by the state of New Jersey on the taxable value of a 2001 S10 pickup truck. It is not an EV....ICE powered but it's a good example......

The state claimed the value of the vehicle was $6100.00 and wanted the sales tax on that amount. I only paid $2500.00 for the vehicle and paid tax on that amount at the time of registration. I have no collision on the vehicle so my insurance company had no argument.

To settle the dispute with the state.......I mailed them pictures of the vehicle showing the dents and scratches.......a copy of a receipt for a new transmission which I installed.......new brakes which I installed.......and a new starter which I installed.........*AND.......*I included my labor at $90.00 per hour and challenged them to find a reputable dealership which would perform the labor for less. 

I never heard from them again.

Point is document everything and include a premium price for the labor.
Hey....custom houses are insured for half a million and only have 100K in materials. They don't build themselves........
Roy


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## dtbaker (Jan 5, 2008)

My insurance (USAA) does not do appraised values or stated values, but they said that if I had receipts for materials and could show reasonable 'average' conversion labor cost I would 'probably be covered...'

I have had great luck with them on other issues, but wouldn't mind seeing someone turn up a better company willing to back up replacement cost of a DIY conversion.


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## Kelmark (Oct 26, 2009)

I don't know the details yet (still building) but my insurance company referred me to a classic car insurance company that specializes in restored vehicles. This is common with old vintage cars that get restored with $50,000 with of chrome and detail. They will look at my receipts and the car then discuss the amount of coverage and cost. Remember the more coverage the more it will cost.


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## dtbaker (Jan 5, 2008)

Kelmark said:


> I don't know the details yet (still building) but my insurance company referred me to a classic car insurance company that specializes in restored vehicles. This is common with old vintage cars that get restored with $50,000 with of chrome and detail. They will look at my receipts and the car then discuss the amount of coverage and cost. Remember the more coverage the more it will cost.


problem with most of the classic car insurance places I am aware of is that they limit annual milage, and have appraisers that are going to know the ICE car market, not conversions.


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## etischer (Jun 16, 2008)

Voltswagen said:


> Point is document everything and include a premium price for the labor.
> Hey....custom houses are insured for half a million and only have 100K in materials. They don't build themselves........
> Roy


Thanks for suggesting a premium price for labor. If I were to have someone build the car for me, $90/hr is certainly reasonable. 
If I charged $90/hour for my conversion time (conservatively 8hr/week * 1.5 years), the car's value would be upwards of $90k (60k labor, 30k parts). Which follows the rule of thumb for consumer electronics, the selling cost should be 3x the cost of parts. It's a tough call. Instead of adding up labor costs, I could show the cost of buying and installing a 90kw siemens system from metric mind, or a custom inverter from Rinehartmotion. 

We'll have to see what the appraiser comes up with. They guy they sent seemed to be more interested in what kind of stereo and wheels my car had. Power windows, check. Heated seats, check. Power steering, check. I pointed out that it had electric power steering, he said yea, I know, I put a check mark. 

He wrote down automatic transmission when it was clearly a stick, and we debated this fact for about a minute. He finally wrote automatic stick shift. So far not impressed, but he is just the guy who takes the pictures and looks for dents. Hopefully they take into account all the documentation I provided.


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## Voltswagen (Nov 13, 2008)

My 77 Beetle EV is currently insured through an Antique Collector Car Ins. Co.
I carry theft & collision on the vehicle with a stated value of $18,000.00 and liability at $300,000.00
My mileage is unlimited, however, I had to sign an affidavit saying I would not drive the vehicle to and from work and would not let anyone under the age of 25 drive the vehicle.
Once I put the new convertible top on the car my wife will drive the vehicle to and from work so I will have to find a new insurance company.

Also here in New Jersey, EV conversions must pass a reconstructed vehicle inspection to be registered as an everyday driver. Right now my Beetle has Antique Plates so the state doesn't care as there is no state inspection for Antique Cars.
Roy


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## Guest (Feb 24, 2010)

The car is just 2K but the other components that can be damaged beyond repair can be the expensive parts. You can pay for any value insurance you need. It takes money to pay for that. Just talk to them. Custom car guys should be able to help you. I think you just have to state that the vehicle is valued at a specific point you desire and can prove you invested into the vehicle. I think you have to have all your receipts but I think you can insure it for 50k or more if you like but I am also sure it will cost you extra. 

Pete


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## etischer (Jun 16, 2008)

I got my appraisal report, it was 45 pages long! They took into account the various articles the car was featured in, and the "Passat of the Month award" it received, these all make the car a little more special I guess. The report was quite detailed. If an insurance company gives me any trouble, it's nice to know I have this hefty 3rd party appraisal to throw at them.

They appraised the car for $52k.


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## Guest (Feb 26, 2010)

Sweet, Pays to keep your records. Is your payment more than normal or pretty much like having full coverage insurance for a new ICE car? Love what you have done with your AC drive and controller and you choose an excellent vehicle to put it into. 

Pete


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## Travdude (May 11, 2009)

So, the very detailed appraisal report came from the insurance company guy that was just checking boxes for p/s, p/b, etc.?

Or did you have someone else appraise it?

If so, who?


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## Kelmark (Oct 26, 2009)

etischer said:


> I got my appraisal report, it was 45 pages long! They took into account the various articles the car was featured in, and the "Passat of the Month award" it received, these all make the car a little more special I guess. The report was quite detailed. If an insurance company gives me any trouble, it's nice to know I have this hefty 3rd party appraisal to throw at them.
> 
> They appraised the car for $52k.


Do you know if this new appraisal will affect your taxes on the vehicle?


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## dtbaker (Jan 5, 2008)

Kelmark said:


> Do you know if this new appraisal will affect your taxes on the vehicle?


it'll sure affect the insurance rate!


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## etischer (Jun 16, 2008)

gottdi said:


> Sweet, Pays to keep your records. Is your payment more than normal or pretty much like having full coverage insurance for a new ICE car? Love what you have done with your AC drive and controller and you choose an excellent vehicle to put it into.
> 
> Pete


Just for basic coverage, my insurance was $121 for every 6 months. We'll see what it increases to with full coverage.


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## etischer (Jun 16, 2008)

The guy who filled out the paper work was just a field agent, there to take pictures and inspect the condition. Another person wrote up the report and took into account all the info i had given him to generate the appraisal. Seems to have put a bit of work into it, and has been doing appraisals for 13 years. 



Travdude said:


> So, the very detailed appraisal report came from the insurance company guy that was just checking boxes for p/s, p/b, etc.?
> 
> Or did you have someone else appraise it?
> 
> If so, who?


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## willitwork (Apr 9, 2008)

etischer said:


> The guy who filled out the paper work was just a field agent, there to take pictures and inspect the condition. Another person wrote up the report and took into account all the info i had given him to generate the appraisal. Seems to have put a bit of work into it, and has been doing appraisals for 13 years.


 
What insurance company was it???? I am having problems finding one that covers the EV
thanks


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## etischer (Jun 16, 2008)

My insurance company is Mercury. They are not covering the appraised value though, just cost of the car + cost of conversion parts. It is nice to have the appraisal though, in case someone hits me. 





willitwork said:


> What insurance company was it???? I am having problems finding one that covers the EV
> thanks


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## etischer (Jun 16, 2008)

The appraisal company is:

Automobile appraisal association
www.customcarappraisals.com


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## Gman1 (Jul 13, 2009)

Most people on here are discussing valuation having effect on collision coverage. Even though I have spent a lot of time & $$$ on my conversion, I am not a big fan of insurance, & will probably always have liability only. I was wondering if anyone has obtained prior official documentation. So that if there is an incident, some other insurance company isn't going to throw me a check for $900.00 for bluebook value of a 95 s10 with 285,000 miles on it.


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## dtbaker (Jan 5, 2008)

I am really not a fan of insurance companies either..... that being said:

the majority of the cost is liability, not value.

usaa used to have a 'custom modifications' rule that covered stuff you have invoices for, BUT that has been reduced to $5k max.

next-best 'stated value' policy company I know about is Progressive. They seem to have a pretty flexible policy not relying so much on debatable appraisal. Just your willingness to pay a little more for coverage above what would be blue blue for an older car they don't understand....


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