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Fiero collector car insurance? Help Please by Christine
Started on: 11-05-2016 03:36 AM
Replies: 50 (752 views)
Last post by: Christine on 11-27-2016 12:21 AM
Christine
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Report this Post11-05-2016 03:36 AM Click Here to See the Profile for ChristineClick Here to Email ChristineSend a Private Message to ChristineEdit/Delete MessageReply w/QuoteDirect Link to This Post
I would like to create a data base of Fiero comps that can help the Fiero community acquire collector/classic car insurance like other classic car owners can more easily acquire, even if it takes years to create it.

Most insurance companies will not give agreed value policies to many Fiero owners without comps and appraisals so I am going to try and compile comps in a data base so we can get insurance for our cars like the other collector car owners get but it is going to be up to us to compile the data so they will value our cars as we do.

I read many posts about Fiero owners having trouble getting agreed value or even stated value insurance policies for their Fieros or have not been able to get them at all. I would like to see Fiero owners be able to get better insurance for a nice original, restored or highly modified Fiero, so if you know of any comps please post links, final auction sales or any documentation that might help get our Fieros insured like the other collector cars. I think kit cars might even be accepted as comps for highly modified Fieros so if you have comps and those please send them too.

Please PM me any comps or documents you think might help

Thanks,
Christine

[This message has been edited by Christine (edited 01-01-2017).]

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Report this Post11-05-2016 04:31 AM Click Here to See the Profile for DragonClick Here to Email DragonSend a Private Message to DragonEdit/Delete MessageReply w/QuoteDirect Link to This Post
We use Grundy and are quite satiisfied.

No mileage limitations

Great service

------------------


Frank Martin
87 GT
3800 s/c - lowered with Held Motorsports suspension - Suicide Doors by Archie
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Fun To Drive Daily Driver

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Report this Post11-05-2016 06:35 AM Click Here to See the Profile for spiritClick Here to Email spiritSend a Private Message to spiritEdit/Delete MessageReply w/QuoteDirect Link to This Post
I have Hagarty and had 1 claim. they paid without any problem at all.
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Report this Post11-05-2016 09:48 AM Click Here to See the Profile for rogergarrisonClick Here to Email rogergarrisonSend a Private Message to rogergarrisonEdit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by Dragon:

We use Grundy and are quite satiisfied.

No mileage limitations

Great service



How did you arrive at great service, just for info ? Was it the way they took your application and money, or have you had any claims ? Try driving it 12,000 miles in a year and filing a claim for sliding on the ice and wrecking it. Then tell me how that claim went. Grundy gave me all kinds of limitations when I inquired on several cars...2 Fieros, Super Bee and 2 classic Mercedes. I was flat told outright I could not drive my car on a dinner date with a gf.

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Report this Post11-05-2016 09:56 AM Click Here to See the Profile for hnthompsClick Here to Email hnthompsSend a Private Message to hnthompsEdit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by Christine:

I would like to create a data base of Fiero comps that can help the Fiero community acquire collector/classic car insurance like other classic car owners can more easily acquire, even if it takes years to create it.

Most insurance companies will not give agreed value policies to many Fiero owners without comps and appraisals so I am going to try and compile comps in a data base so we can get insurance for our cars like the other collector car owners get but it is going to be up to us to compile the data so they will value our cars as we do.

I read many posts about Fiero owners having trouble getting agreed value or even stated value insurance policies for their Fieros or have not been able to get them at all. I would like to see Fiero owners be able to get better insurance for a nice original, restored or highly modified Fiero, so if you know of any comps please post links, final auction sales or any documentation that might help get our Fieros insured like the other collector cars. I think kit cars might even be accepted as comps for highly modified Fieros so if you have comps and those please send them too.

Please email me any comps or documents you think might help info@milehighfieros.com

Thanks,
Christine


I have used Classic Car insurance from both Grundy and Haggerty. All that they required from me was a value for the car and some photos showing the present condition. My vehicles are valued anywhere from $15 to $45 k each and I set the value. There are some restrictions on usage but not many but both do require storage in a garage and proof of another vehicle to use as a daily driver.

Nelson
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Report this Post11-05-2016 10:03 AM Click Here to See the Profile for rogergarrisonClick Here to Email rogergarrisonSend a Private Message to rogergarrisonEdit/Delete MessageReply w/QuoteDirect Link to This Post
Those are SOME of the requirements of almost every classic car insurer. I easily met those. I had as many as 5 other vehicles with regular insurance and a stone garage with alarms. My deal killer was told I couldnt use them for what I wanted to. Couldnt see the point of owning a cool car and having to pick up a date in a minivan or pickup truck when I had Mercedes, Ferrari and so on at home.
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Report this Post11-05-2016 10:05 AM Click Here to See the Profile for edfieroClick Here to Email edfieroSend a Private Message to edfieroEdit/Delete MessageReply w/QuoteDirect Link to This Post
I have American Collectors Insurance. I have had several towing claims but no accidents. I can't complain at this point.
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Report this Post11-05-2016 01:14 PM Click Here to See the Profile for ChristineClick Here to Email ChristineSend a Private Message to ChristineEdit/Delete MessageReply w/QuoteDirect Link to This Post
Thank you all for the insurance suggestions, I already have a $40K stated value policy that is too expencive, also stated value is much different than agreed value and without an appraisal along with receipts and inspection by the insurance underwriter it is a stated value policy and much more difficult to collect after filing a claim than an agreed value policy.

The goal of this thread is not to get recommendations for companies or see what insurance people have because insurance varies greatly from state to state and what one person can get in their state sometimes does not exist in another state or the policy is different based on that states laws.

The goal of this thread is to find comps to help improve the insurance prices and options we have as Fiero owners. So if you have any comps please send them to me.

Thank you

Read this and check your policy type stated is not agreed and you might be disappointed if you have a total loss and do not have an agreed policy.
http://smartshopyourcarinsurance.com/Blog/?p=2185
http://www.rigmetroins.com/...ted-amount-insurance

[This message has been edited by Christine (edited 11-05-2016).]

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Report this Post11-05-2016 06:25 PM Click Here to See the Profile for DragonClick Here to Email DragonSend a Private Message to DragonEdit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by rogergarrison:


How did you arrive at great service, just for info ? Was it the way they took your application and money, or have you had any claims ? Try driving it 12,000 miles in a year and filing a claim for sliding on the ice and wrecking it. Then tell me how that claim went. Grundy gave me all kinds of limitations when I inquired on several cars...2 Fieros, Super Bee and 2 classic Mercedes. I was flat told outright I could not drive my car on a dinner date with a gf.


I'm running 3 Fieros, Magnum RT and a Corvette with unlimited milage and agreed value. The only requirement is that I do not use any of them for normal style use. That is why I have normal cars.

My wife's White Horse front facia got messed up not long ago, and had to be replace at the tune of $3,500 that Grundy covered with no grumbling what so ever. The only grumbling I got was from the paint shop working a three tone paint job.

I figure we have been lucky.

[This message has been edited by Dragon (edited 11-06-2016).]

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Report this Post11-05-2016 08:37 PM Click Here to See the Profile for jscott1Send a Private Message to jscott1Edit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by Christine:

Thank you all for the insurance suggestions, I already have a $40K stated value policy that is too expencive, also stated value is much different than agreed value and without an appraisal along with receipts and inspection by the insurance underwriter it is a stated value policy and much more difficult to collect after filing a claim than an agreed value policy.




Stated value is worthless. Stated value LIMITS how much you can collect, it does nothing good for you.

While I appreciate your effort to collect comps there are far too many variables and too small a sample size to make this realistic. Insurance companies are going to offer you what ever they will offer. Best to just get a bunch of quotes and take the one you like.

Your basic premise is flawed in that every Collector Insurance Company I contacted offered me an agreed value policy with just pictures. I don't understand why you think you need appraisals and comps.

[This message has been edited by jscott1 (edited 11-05-2016).]

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Report this Post11-05-2016 08:59 PM Click Here to See the Profile for hyperv6Send a Private Message to hyperv6Edit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by jscott1:


Stated value is worthless. Stated value LIMITS how much you can collect, it does nothing good for you.

While I appreciate your effort to collect comps there are far too many variables and too small a sample size to make this realistic. Insurance companies are going to offer you what ever they will offer. Best to just get a bunch of quotes and take the one you like.

Your basic premise is flawed in that every Collector Insurance Company I contacted offered me an agreed value policy with just pictures. I don't understand why you think you need appraisals and comps.



I suspect the $40k may be the red flag here.

While the car may be worth that it would be the odd Fiero that would be worth that amount.

I could see them asking for more to insure for a Fiero. If it was 5k-15k photos would have been all they would need.

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Report this Post11-05-2016 09:53 PM Click Here to See the Profile for ChristineClick Here to Email ChristineSend a Private Message to ChristineEdit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by jscott1:


Stated value is worthless. Stated value LIMITS how much you can collect, it does nothing good for you.

While I appreciate your effort to collect comps there are far too many variables and too small a sample size to make this realistic. Insurance companies are going to offer you what ever they will offer. Best to just get a bunch of quotes and take the one you like.

Your basic premise is flawed in that every Collector Insurance Company I contacted offered me an agreed value policy with just pictures. I don't understand why you think you need appraisals and comps.



You say "Your basic premise is flawed in that every Collector Insurance Company I contacted offered me an agreed value policy with just pictures. I don't understand why you think you need appraisals and comps." Do you say this because of what you experienced and you may have been happy with what they offered you? You do not know what I experienced, they asked me for comps and told me I needed an appraisal if I wanted it insured for more than they offered.

There are many variables when it comes to any collector car every 57 Chevy is different too, some are restored and some are totally modified they use comps for all of the high dollar collector cars, unless you want to insure it for 1/4 of what it would cost to replace it. Comps are not mandatory but it helps if you can get them, I have been asked for more than pictures buy all the insurance companies I have checked with to get agreed policies for my Fiero. If they are telling me comps would help me then I am just guessing it would help others too.

I know that the majority of Fieros do not have a lot of high dollar mods but over time I have seen more of them than in the past just like other cars it takes time and the older they get the more people

Also there a many collector cars that are insured for more than they would sell for so that is not unheard of, they are just more main stream cars.

I posted links showing why stated value is not the way to go and yes people can get agreed value policies but they are limited in coverage and use. I am well aware that they do not think Fieros are worth much that is what I am trying to change not just for me but plenty of others I have talked to about this over the years

http://smartshopyourcarinsurance.com/Blog/?p=2185
http://www.rigmetroins.com/...ted-amount-insurance
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Report this Post11-05-2016 11:16 PM Click Here to See the Profile for jscott1Send a Private Message to jscott1Edit/Delete MessageReply w/QuoteDirect Link to This Post
Fair enough.... but it is going to be a small sample size in the $40K range. Two maybe three maybe more have Fieros worth insuring at that price.

A Fiero is not a '57 Bel Air. And yes you are correct that just because it's insured for $40K doesn't mean that's it's actual resale value. Insurance Value and resale value are two very different things. I insure my house for what it would cost to rebuild it if it burned to the ground. That includes busting up the slab and hiring custom builders. That all costs way more than what I could sell it for.

Still I have my Fiero insured for a lot less than $40K. If it was stolen or burned to the ground, (no pun intended) I would take the cash and stash it into my retirement fund and not bother trying to recreate my Fiero. Which probably cost me over $40K to build.
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Report this Post11-06-2016 08:41 AM Click Here to See the Profile for hyperv6Send a Private Message to hyperv6Edit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by jscott1:

Fair enough.... but it is going to be a small sample size in the $40K range. Two maybe three maybe more have Fieros worth insuring at that price.

A Fiero is not a '57 Bel Air. And yes you are correct that just because it's insured for $40K doesn't mean that's it's actual resale value. Insurance Value and resale value are two very different things. I insure my house for what it would cost to rebuild it if it burned to the ground. That includes busting up the slab and hiring custom builders. That all costs way more than what I could sell it for.

Still I have my Fiero insured for a lot less than $40K. If it was stolen or burned to the ground, (no pun intended) I would take the cash and stash it into my retirement fund and not bother trying to recreate my Fiero. Which probably cost me over $40K to build.



My point was simply that there are many people who like to believe their Fiero is worth 40k but there are really only a few that qualify.

While you can do agreed value it is still the companies responsibility to not let some to go that high in value with out something to back it up. They would come out looking like they ripped them off letting them insure a 5k car for 40k.

As for what anyone does with the settlement that is up to you. If we all were fiscally smart none of us would be investing in old cars. But we enjoy them so we do.

The bottom line is some people are clueless on values or some try to pull fast one by insuring and then the car suddenly is stolen or burns. I think here the dollar value is so out of the norm they just want more than a phot for everyone's best interest.
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Report this Post11-06-2016 12:51 PM Click Here to See the Profile for rogergarrisonClick Here to Email rogergarrisonSend a Private Message to rogergarrisonEdit/Delete MessageReply w/QuoteDirect Link to This Post
Agreed coverage mean exactly what it says. It means you and the insurance company agree that a total loss is X number of dollars. If you both agree that your Fiero is worth $100,000 then thats their obligation to pay. Pics and appraisals may be required to get them to agree to your estimated value. Your value and their value may or may not be even close to the actual value. Actual value should have no bearing on what both parties agree to. Personally I dont think any stock Fiero is worth $5-6K...but if whatever you say, the company agrees to...thats on them to pay.
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Report this Post11-06-2016 03:05 PM Click Here to See the Profile for hnthompsClick Here to Email hnthompsSend a Private Message to hnthompsEdit/Delete MessageReply w/QuoteDirect Link to This Post
I currently use Grundy and have an agreed value policy on all of my cars. One of them is insured for more than $40K and all I needed to do was to supply a few photos and tell them what dollar amount I wanted on the policy. The premiums are reasonable for me and it looks like they run somewhere around 1% of the agreed value each year. Costs vary from area to area and are likely to be higher or lower in other areas of the country.

Nelson
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Report this Post11-06-2016 06:23 PM Click Here to See the Profile for hyperv6Send a Private Message to hyperv6Edit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by rogergarrison:

Agreed coverage mean exactly what it says. It means you and the insurance company agree that a total loss is X number of dollars. If you both agree that your Fiero is worth $100,000 then thats their obligation to pay. Pics and appraisals may be required to get them to agree to your estimated value. Your value and their value may or may not be even close to the actual value. Actual value should have no bearing on what both parties agree to. Personally I dont think any stock Fiero is worth $5-6K...but if whatever you say, the company agrees to...thats on them to pay.


Agreed is what you can get but there are cases where they may question it as it may not be a legit deal. To insure a car for 5-10 times its value could be legit if there are extenuating circumstances but often it could be a case where someone may be leading up to a false claim too.

Yes people are crooked enough and dumb enough to take out a large policy on agreed and then try to make a claim. To protect the company they will ask for more info just to see what is and just why the agreed value is asked to be so high.

Just because a company offers agreed value insurance does not mean they will give it to all that try to take out a policy.

As to what you or I think the market sets the price and you can do the research and see what the comparible models in the same condition and mileage are going for. with a stock vehicle. As for modified, well that one is just what the two parties can agree on based on content and time invested and the amount needed to replace it. These if they car a very large amount can be more difficult to value and often would need good documentation of content to show value.

This is why when building a custom car you document all you do in photo's, written documents and recipes. Not only can it help with getting insurance but it can also help if you go to sell the car as it give the buyer a good idea of how well it was done.

I get calls nearly daily from guys who built cars looking for receipts of what they bought as they generally had regular insurance or they are looking to get specified amount. Many times it is after the car has burned or crashed and they have nothing to go on and nothing to back up what they had. This happens more on new cars with modifications as they are not often insure by agreed value due to the age.
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Report this Post11-07-2016 09:33 AM Click Here to See the Profile for 2.5Send a Private Message to 2.5Edit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by hyperv6:
My point was simply that there are many people who like to believe their Fiero is worth 40k but there are really only a few that qualify.

While you can do agreed value it is still the companies responsibility to not let some to go that high in value with out something to back it up. They would come out looking like they ripped them off letting them insure a 5k car for 40k.

The bottom line is some people are clueless on values or some try to pull fast one by insuring and then the car suddenly is stolen or burns. I think here the dollar value is so out of the norm they just want more than a phot for everyone's best interest.


I agree.
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Report this Post11-07-2016 09:34 AM Click Here to See the Profile for 2.5Send a Private Message to 2.5Edit/Delete MessageReply w/QuoteDirect Link to This Post

2.5

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quote
Originally posted by hnthomps:

I currently use Grundy and have an agreed value policy on all of my cars. One of them is insured for more than $40K and all I needed to do was to supply a few photos and tell them what dollar amount I wanted on the policy. Nelson


Is it a fiero? What are the car's details? Thanks

I like Grundy but I think they would balk if I wanted to insure mine for that much.
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Report this Post11-07-2016 10:43 AM Click Here to See the Profile for ImnutsSend a Private Message to ImnutsEdit/Delete MessageReply w/QuoteDirect Link to This Post
Here is link with some good info.

http://www.acarplace.com/cars/insurance.html
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Report this Post11-07-2016 12:00 PM Click Here to See the Profile for qwikgtaClick Here to Email qwikgtaSend a Private Message to qwikgtaEdit/Delete MessageReply w/QuoteDirect Link to This Post
I have Grundy and an agreed value not far south of yours. I pay maybe $300 a year, no claims and I can live with the restrictions. My "classic car" plates also have restrictions and they are more strict than Grundy.

Rob
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Report this Post11-07-2016 12:33 PM Click Here to See the Profile for rogergarrisonClick Here to Email rogergarrisonSend a Private Message to rogergarrisonEdit/Delete MessageReply w/QuoteDirect Link to This Post
" I currently use Grundy and have an agreed value policy on all of my cars."

You shouldnt be able to do that. Far as I know Grundy dont insure regular daily driver cars. You have to have at least one car insured with someone else as your regular driver.

You are correct, NONE of the classic car insurers HAVE to insure for what you want. They simply say they cant do that...or they suggest a value they are willing to do. If they DO agree, THAT IS what they have to pay. I always recommend having lots of photos and receipts to back up any claims.
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Report this Post11-07-2016 02:14 PM Click Here to See the Profile for hnthompsClick Here to Email hnthompsSend a Private Message to hnthompsEdit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by 2.5:


Is it a fiero? What are the car's details? Thanks

I like Grundy but I think they would balk if I wanted to insure mine for that much.


I want to avoid hijacking this thread but will give you some basic info. If you need/want more either send me an e-mail or PM. 1988 T-Top Mera with 3800 SC Series III engine and goodies, an Amida F355 interior, and a custom paint job.

Nelson
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Report this Post11-07-2016 03:07 PM Click Here to See the Profile for rogergarrisonClick Here to Email rogergarrisonSend a Private Message to rogergarrisonEdit/Delete MessageReply w/QuoteDirect Link to This Post
My first try with Grundy was my Ferrari 308 kit. They didnt even want to talk about insuring it. Your Mera is the same 'kit' my body parts were splashed from. Meras are a professionally assembled body kit installed by an aftermarket manufacturer for Pontiac.

"starting with the 1987 model Pontiac dealerships offered an upgrade in the form of an "option" that changed the original body to a Pininfarina Ferrari 308-type body, called the Fiero Mera. Corporate Concepts completed the "Mera" transformation and none were sold as kit form. The Mera body change was offered only on new Fieros, sold through Pontiac dealers ."
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Report this Post11-07-2016 03:31 PM Click Here to See the Profile for 2.5Send a Private Message to 2.5Edit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by hnthomps:

I want to avoid hijacking this thread but will give you some basic info. If you need/want more either send me an e-mail or PM. 1988 T-Top Mera with 3800 SC Series III engine and goodies, an Amida F355 interior, and a custom paint job.

Nelson


I don't think its a hijack, thanks for responding.
I ask because sadly I think 40k would scare an insurance company on a Fiero. Technically it seemed to have worked for you though. In a silly way I wonder if it is because Mera looks like a Ferrari?
Appraisal/ list of parts and costs not required?

There is also the aspect of, do you have say, 8 other cars under them with quality values? They are more apt to accept a valued customer.

[This message has been edited by 2.5 (edited 11-07-2016).]

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Report this Post11-07-2016 08:55 PM Click Here to See the Profile for hyperv6Send a Private Message to hyperv6Edit/Delete MessageReply w/QuoteDirect Link to This Post
Well kit cars are a sticky mess when it comes to value.

As we all know all kits are not equal in quality or finish. Also some kits are so obscure there is no way to set a president for value either. You can get into things like a Superformance Cobra kit and there are so many and since they are built to a high degree they have an idea what it is worth and what it is really values at.

This is were documentation is important as well a touch of reality that you are not going to be able to charge for all your time and investment on some of these project. Just because you invested 5 years and 60K will not make for a $100K car.

The Fiero kits were such a mix of good bad and ugly in quality most with such short lives few people know them by name outside the Fiero hobby it is difficult to peg a price outside a real Mera or such.

They can be as fickled as pro street cars as they suffer the same fate. Some are really well built and some are not. Documentation is what splits the really well built cars from the ones that are not unless you can see just what you have under the body.

Hot Rods do not suffer this much as most are name brand well known kits and or real steel that always adds much to the value. The quality of the build is such that it is what lends itself to the value and in most cases you can see it in many of them or not see it in others.
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Report this Post11-08-2016 05:45 PM Click Here to See the Profile for hnthompsClick Here to Email hnthompsSend a Private Message to hnthompsEdit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by 2.5:


I don't think its a hijack, thanks for responding.
I ask because sadly I think 40k would scare an insurance company on a Fiero. Technically it seemed to have worked for you though. In a silly way I wonder if it is because Mera looks like a Ferrari?
Appraisal/ list of parts and costs not required?

There is also the aspect of, do you have say, 8 other cars under them with quality values? They are more apt to accept a valued customer.



I have a total of four Meras currently insured with Grundy and the insurance value is somewhere around $100k plus or minus. At one time I had a standard rough finished 1988 Formula insured with them for a few months until I sold the vehicle to a friend. No appraisal or list of parts and costs were required for any of the vehicles. However, I did need to provide a few photos of each vehicle so some of the work and engine swap was readily visible to Grundy or Haggerty when I used them for classic car insurance.

Nelson
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Report this Post11-09-2016 12:49 AM Click Here to See the Profile for ChristineClick Here to Email ChristineSend a Private Message to ChristineEdit/Delete MessageReply w/QuoteDirect Link to This Post
I was hoping for the best when I posted this thread, I thought maybe someone would have info that would be useful to me and possibly others but I can see that is not that case and that is fine, if you do not ask or try you never know.

I do see that most are skeptical that any sane person would spend $40K to $60K or more on a Fiero, and that is understandable because most people would not do that, but some of us have, I for one and I know of a few others that have too.

Will I get it insured for $60K? Probably not but with the massive amount of receipts and a good appraisal I might get it insured for 60% of what I have invested.

Here are the pictures I have right now, I have not added any pictures to my build album for a few years so the 4 pages of pictures in my link only tell about 50% of the build story and there are lots of things not shown so this just gives a rough idea of the work done. (Please let me know if you can’t see all 4 pages) http://s920.photobucket.com...0Build?sort=3&page=1

I did not do a build thread and do not plan to, as I just do not have the time or the need to have people either praise me or bash me for spending too much on a Fiero. I know it is more than any sane person would spend on a Fiero if it was an investment, but it was not built as an investment.

After talking to Nelson and a few insurance companies and agents, I find that I have my work cut out for me, I need to get my 8” thick pile of document and receipts scanned and an appraisal done to see what I can insure it for as there really are no comps and my attempt to find some has mostly failed, pictures of the car only go so far at this level with any insurance company.

For those that are curious as to why I would try and insure a Fiero for over $40K here is a quick breakdown to go with the pictures in my link.

The first build includes (pictures)
1. Custom paint and body mods, $10K before the fi512 nose that added another $3,000 (with custom corner/turning lights)
2. 13” Brakes, front and rear sport suspension from http://www.arrautmotorsports.com/parts/brakes
3. 350HO Chevy crate motor, 4T60 trans rebuilt for the engine set up
4. Intake, fuel injection system and exhaust (too much to list)
5. Custom interior (Dash was a bust to ugly and too expensive and worth $0 dollars to me now)
6. Custom oil/trans cooler with fan, 3000 CFM rad fan, 4 core radiator and related items for cooling.
7. Bunch of other stuff I can’t remember, but the pictures might show what I forgot or blocked out.

The pictures do not show the work currently underway now which include the following:
1. Rewiring of the entire car with new harnesses
2. Programmable OBD2 fuel injection system
3. Larger custom crank pulley/balancer the one I got with the V8 kit is only 7” and does not spin the alternator fast enough to keep the battery charged and many batteries and alternators have failed as a result.
4. Reworking the dash (it was just too ugly)
5. New A/C system from vintage air, all the stock stuff was just too far gone (tried to reuse it and it was a fail on 3 attempts)
6. Custom extractor hood to help with the borderline cooling/overheating under load.

I am well aware that I am out of my mind and have spent way too much on a Fiero as a lot would say, but spare me the bashing unless you just can’t help yourself or it makes you feel better, just remember I built the car for me and if I cannot insure it for what I want I will just insure it for what I can and if something happens to it I will hope for the best and cut my loses if I have to.
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quote
Originally posted by hnthomps:


I have a total of four Meras currently insured with Grundy and the insurance value is somewhere around $100k plus or minus. At one time I had a standard rough finished 1988 Formula insured with them for a few months until I sold the vehicle to a friend. No appraisal or list of parts and costs were required for any of the vehicles. However, I did need to provide a few photos of each vehicle so some of the work and engine swap was readily visible to Grundy or Haggerty when I used them for classic car insurance.

Nelson


100k meaning 25k each? If so, that is probably seen as more reasonable than 40k.
Thanks
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Report this Post11-09-2016 08:30 AM Click Here to See the Profile for 2.5Send a Private Message to 2.5Edit/Delete MessageReply w/QuoteDirect Link to This Post

2.5

40903 posts
Member since May 2007
 
quote
Originally posted by Christine:

I was hoping for the best when I posted this thread, I thought maybe someone would have info that would be useful to me and possibly others but I can see that is not that case and that is fine, if you do not ask or try you never know.

I do see that most are skeptical that any sane person would spend $40K to $60K or more on a Fiero, and that is understandable because most people would not do that, but some of us have, I for one and I know of a few others that have too.

Will I get it insured for $60K? Probably not but with the massive amount of receipts and a good appraisal I might get it insured for 60% of what I have invested.
.


I'm a layperson, I just use insurance, I'm not in the business.
But I don't think it really matters how much one has actually invested, I just thought of it as too much for the insurance company to chew, to insure it for what someone actually has in it? If that makes any sense. When it hits a number they feel is a trigger for appraisal, they go for appraisal. So an appraiser would be the person who may have better answers.

Don't take any of it personal and I don't see any bashing in this thread. If you do I doubt it was intentional. I do my cars for myself as well, not for "investment" or resale.

[This message has been edited by 2.5 (edited 11-09-2016).]

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Report this Post11-09-2016 09:29 AM Click Here to See the Profile for ChristineClick Here to Email ChristineSend a Private Message to ChristineEdit/Delete MessageReply w/QuoteDirect Link to This Post
I did not say there was any bashing yet, but I figured if I posted pictures and the amount of spending that some bashing would happen. I have had it happen before, maybe it will be different this time?
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Report this Post11-09-2016 09:54 AM Click Here to See the Profile for 2.5Send a Private Message to 2.5Edit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by Christine:

I did not say there was any bashing yet, but I figured if I posted pictures and the amount of spending that some bashing would happen. I have had it happen before, maybe it will be different this time?


Hard to say, there is no place free of opinions
I like your car, I don't get to see it often but saw it at the 30th.
I don't know how they appraise cars, if all they need is receipts and proof the parts are on the car, etc.
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quote
Originally posted by 2.5:


100k meaning 25k each? If so, that is probably seen as more reasonable than 40k.
Thanks


No, not meaning $25K each. One at $45, one at $25, and two at $15 k each. One of the project cars is in the paint shop now and the insured value will likely be raised to $25K or more after the paint/bodywork and interior are completed.

Nelson
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Report this Post11-09-2016 10:33 AM Click Here to See the Profile for 2.5Send a Private Message to 2.5Edit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by hnthomps:


No, not meaning $25K each. One at $45, one at $25, and two at $15 k each. One of the project cars is in the paint shop now and the insured value will likely be raised to $25K or more after the paint/bodywork and interior are completed.

Nelson


45k for one, cool so that gives hope. No appraisal required? I do wonder if you only had that one car insured with them if they would go for it. Being a Mera maybe its also due to rarity that helps?
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Report this Post11-09-2016 10:52 AM Click Here to See the Profile for hyperv6Send a Private Message to hyperv6Edit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by Christine:

I did not say there was any bashing yet, but I figured if I posted pictures and the amount of spending that some bashing would happen. I have had it happen before, maybe it will be different this time?



No need to explain and please do not feel defensive.

The point here was basically that Fiero values generally are not that high. Fact is few old cars are that high Fiero or not.

The point is your car is outside the norm and with the way collectors insurance operates. Generally they need little info to give you a fair price. The fact you are asking a price way beyond what is the norm just is requiring more info to justify in the eyes of the company the risk and value of what they will insure. To be honest an appraisal on a car if you feel it is worth that much is in your best interest as your opinion means little at the time of a claim.

Insurance is a tricky subject as is car values and you can not be thin skinned. Documentation is key and it appears you have that covered. But an appraisal in this case may be your best friend. You may agree or not agree with their estimate but it is what really counts many times.

Not saying this is your case but too often people take much of their time and investment into a car as the value and that is not how it works. Even if you restore a older muscle car you can have more value in it than it is valued by an insurance company. They do have limits in some cases.

I have more in my Fiero than I could sell it for but I know that and understand that. I have a fair value on it but no where near the 30 plus years of work and investment. If I should have an issue I can get at least enough to get back to something close to what I have.

The Value of vehicles is a very opinion driven topic and not always one where people are happy with the end result. In the end just cover all your bases with documentation and with an Appraisal. Photos and documents are your best friend.

Sorry if you took this wrong but this was never a true judgment on you or your car. It is just how this game is played and it can appear personal when it really is not.
You are one of the ones out of the norm and things are just handled differently.
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Report this Post11-10-2016 10:32 PM Click Here to See the Profile for jscott1Send a Private Message to jscott1Edit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by Christine:

I am well aware that I am out of my mind and have spent way too much on a Fiero as a lot would say, but spare me the bashing unless you just can’t help yourself or it makes you feel better, just remember I built the car for me and if I cannot insure it for what I want I will just insure it for what I can and if something happens to it I will hope for the best and cut my loses if I have to.


You are smart to try and protect the money you have spent on the Fiero. As I said before insured value has almost nothing to do with resale value.

Ever bought a diamond? Ever try to sell it? You are lucky to get 10% of the purchase price back if you bought it in the mall. If you bought it at a crazy cheap deal on it maybe 15% Point is that insurance companies know that you really spent the money, they can ask for an appraisal on a diamond, and they know that most people are trying not to lose their diamond rings. So the risk is low. There is not a lot of data on high dollar Fieros so they don't know how to price the risk.

I appreciate your asking on this thread. There are a some folks with high dollar Fieros that just accept the risk and are very uninsured compared to what they have spent. This happens with new cars too by the way. You could drop $90K on a Corvette and a couple of years later it's worth $40K. If it's stolen good luck trying to get $90K back. Depreciating assets are difficult to insure. Collector cars are not supposed to depreciate, but then again Fieros are not very collectable. It's a conundrum to be sure.
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Report this Post11-11-2016 12:30 AM Click Here to See the Profile for ChristineClick Here to Email ChristineSend a Private Message to ChristineEdit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by hyperv6:


No need to explain and please do not feel defensive.

The point here was basically that Fiero values generally are not that high. Fact is few old cars are that high Fiero or not.

The point is your car is outside the norm and with the way collectors insurance operates. Generally they need little info to give you a fair price. The fact you are asking a price way beyond what is the norm just is requiring more info to justify in the eyes of the company the risk and value of what they will insure. To be honest an appraisal on a car if you feel it is worth that much is in your best interest as your opinion means little at the time of a claim.

Insurance is a tricky subject as is car values and you can not be thin skinned. Documentation is key and it appears you have that covered. But an appraisal in this case may be your best friend. You may agree or not agree with their estimate but it is what really counts many times.

Not saying this is your case but too often people take much of their time and investment into a car as the value and that is not how it works. Even if you restore a older muscle car you can have more value in it than it is valued by an insurance company. They do have limits in some cases.

I have more in my Fiero than I could sell it for but I know that and understand that. I have a fair value on it but no where near the 30 plus years of work and investment. If I should have an issue I can get at least enough to get back to something close to what I have.

The Value of vehicles is a very opinion driven topic and not always one where people are happy with the end result. In the end just cover all your bases with documentation and with an Appraisal. Photos and documents are your best friend.

Sorry if you took this wrong but this was never a true judgment on you or your car. It is just how this game is played and it can appear personal when it really is not.
You are one of the ones out of the norm and things are just handled differently.


No worries, I did not take any of the comments personally and am offended buy any of the posts so far. I just have had threads like this go down hill fast after I post the details about my Fiero so I have grown to expect the negative comments so I figured I would get in front of it and welcome the comments. I guess the negative people that like to bash and hijack threads have not joined in this time or at least not yet.

After the latest round of work is done on the GT and I get an appraisal and some insurance quotes I will post the results and what insurance I choose and the amount they agree on.
It will be a few months before the GT is done so if I forget to come back and post and anyone is waiting to hear what the end result was PM me or post here and I will post my findings.
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Report this Post11-11-2016 08:03 AM Click Here to See the Profile for rogergarrisonClick Here to Email rogergarrisonSend a Private Message to rogergarrisonEdit/Delete MessageReply w/QuoteDirect Link to This Post
To be clear, I just offered a warning based on MY experience. I know some that have Grundy and Haggarty. Also some that have other. As a body shop I can say Ive never dealt with either of them paying for a customers repairs. I dont use them, and I dont think any of my customers did, so I have no basis for anything other than what I ran into trying to insure many of my classic and custom cars. I dont bash them per se'. If others have good luck with them, so be it.
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Report this Post11-11-2016 02:50 PM Click Here to See the Profile for hyperv6Send a Private Message to hyperv6Edit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by Christine:


No worries, I did not take any of the comments personally and am offended buy any of the posts so far. I just have had threads like this go down hill fast after I post the details about my Fiero so I have grown to expect the negative comments so I figured I would get in front of it and welcome the comments. I guess the negative people that like to bash and hijack threads have not joined in this time or at least not yet.

After the latest round of work is done on the GT and I get an appraisal and some insurance quotes I will post the results and what insurance I choose and the amount they agree on.
It will be a few months before the GT is done so if I forget to come back and post and anyone is waiting to hear what the end result was PM me or post here and I will post my findings.


Idiots will be idiots and you can not let them get to you. Most people here are fine, opinionated yes but fine.

Just cover yourself and keep with the appraisal as you are not the norm. It may save you if you so have a high value or it may save you money in not over valuing the car. Either way it will protect you and what you pay.

Good luck on the finished product!

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Report this Post11-12-2016 12:33 PM Click Here to See the Profile for A_PegasiClick Here to Email A_PegasiSend a Private Message to A_PegasiEdit/Delete MessageReply w/QuoteDirect Link to This Post
Christine,

When I first insured my Fiero coupe with Grundy it was pretty much stock. Just minor upgrades like Mr. Mike's seats, formula wheels and wing. Like others have said, all I had to do was provide a couple of pictures, fill out their application and sign that I would abide by their policy restrictions.

It was only after I decided to "upgrade" my Fiero and radically increase my coverage did I have any issues. I went with an Archie V-8 full kit, Tom's digital gauges, Arraut Motorsports drop spindles in front, coil-overs in the rear and Wilwood brakes all around and, of course, aftermarket rims and tires. Many of the same type of things you've done. Grundy would not significantly increase their coverage just on my word and a few pictures. I provided copies of "ALL" of the receipts for parts and labor, and I provided pictures of the entire build process. Luckily, the shop that did the work routinely documents their progress on the company website, so all I had to do was provide them the link and they could see for themselves the extensive work that was being done. This was more than they asked for, but it had the desired effect. They quickly approved the coverage change and issued a new policy. Maybe Grundy has changed since then, or maybe it's because of where I live, but they didn't ask for any comps. Then again, all of the proof for why I wanted to insure for the amount I did was right in front of their eyes.

As to the amount you've spent on your Fiero. IMHO, that doesn't make you crazy. It means you want to make your car into the vehicle that you want. This is one of the great things about the Fiero. It is a great platform to build on. Also $40k-$60k on a car that you can drive is not ridiculous. Ridiculous is the 6 (or more) figure prices being obtained at auctions, and those cars will probably end up in some private collection where the only one who will get to enjoy them is the person that bought it.

FIX IT UP and DRIVE IT!

 
quote
Originally posted by Christine:

I was hoping for the best when I posted this thread, I thought maybe someone would have info that would be useful to me and possibly others but I can see that is not that case and that is fine, if you do not ask or try you never know.

I do see that most are skeptical that any sane person would spend $40K to $60K or more on a Fiero, and that is understandable because most people would not do that, but some of us have, I for one and I know of a few others that have too.

Will I get it insured for $60K? Probably not but with the massive amount of receipts and a good appraisal I might get it insured for 60% of what I have invested.

Here are the pictures I have right now, ...

I did not do a build thread and do not plan to, as I just do not have the time or the need to have people either praise me or bash me for spending too much on a Fiero. I know it is more than any sane person would spend on a Fiero if it was an investment, but it was not built as an investment.

After talking to Nelson and a few insurance companies and agents, I find that I have my work cut out for me, I need to get my 8” thick pile of document and receipts scanned and an appraisal done to see what I can insure it for as there really are no comps and my attempt to find some has mostly failed, pictures of the car only go so far at this level with any insurance company.

For those that are curious as to why I would try and insure a Fiero for over $40K here is a quick breakdown to go with the pictures in my link.

The first build includes (pictures)
1. Custom paint and body mods, $10K before the fi512 nose that added another $3,000 (with custom corner/turning lights)
2. 13” Brakes, front and rear sport suspension from http://www.arrautmotorsports.com/parts/brakes
3. 350HO Chevy crate motor, 4T60 trans rebuilt for the engine set up
4. Intake, fuel injection system and exhaust (too much to list)
5. Custom interior (Dash was a bust to ugly and too expensive and worth $0 dollars to me now)
6. Custom oil/trans cooler with fan, 3000 CFM rad fan, 4 core radiator and related items for cooling.
7. Bunch of other stuff I can’t remember, but the pictures might show what I forgot or blocked out.

The pictures do not show the work currently underway now which include the following:
1. Rewiring of the entire car with new harnesses
2. Programmable OBD2 fuel injection system
3. Larger custom crank pulley/balancer the one I got with the V8 kit is only 7” and does not spin the alternator fast enough to keep the battery charged and many batteries and alternators have failed as a result.
4. Reworking the dash (it was just too ugly)
5. New A/C system from vintage air, all the stock stuff was just too far gone (tried to reuse it and it was a fail on 3 attempts)
6. Custom extractor hood to help with the borderline cooling/overheating under load.

I am well aware that I am out of my mind and have spent way too much on a Fiero as a lot would say, but spare me the bashing unless you just can’t help yourself or it makes you feel better, just remember I built the car for me and if I cannot insure it for what I want I will just insure it for what I can and if something happens to it I will hope for the best and cut my loses if I have to.


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