13T - Insured Value

[Darin Hull]

The 13T will hopefully be on the road very soon. I’m going to try for the first time tomorrow to be exact. I registered the vehicle this week and obtained agreed upon value insurance. I used a post Steve Jelf linked to one time to estimate the value of the 13T... figured maybe $10,000 was close. I’ve insured the vehicle for $12,000 which is more than the guide suggested. I was reviewing the MTFCA classifieds today and brass era cars are all over the place.. well any year really. I know something is worth whatever someone else will pay for it... but how do y’all get a value for insurance purposes?

I could post some detailed pics but the old girl is not show room quality at all. She looks alright 10 feet away but rough up close. Paint isn’t good, there’s body damage, and she is a little crooked due to a bad accident years ago (pic below). The 13T currently has an engine from around 1925 as the original engine is in my other garage with a cracked crank. Brass headlights are for prior to 13 probably because they’re not brass/black. No ruckstell, no rocky mountain. Kingston L4 carb. Put on a brand new Brassworks radiator today. No speedometer. Upholstery is rough and the roof, too. New exhaust/muffler, restored tank. 6v battery. Great coils rebuilt by Brent Mize and I rebuilt the coil box. Not the original hood, the original is too damaged so using a louvered spare. Hopefully tomorrow, I can say she’s a driver.

Like many of you with yours, this T is priceless. It was my grandpa’s so it’s worth it’s weight in gold. But for insurance purposes, what would it cost to buy another 13T if this one was a total loss? Maybe that is a better question. Would that general guide Jelf posted be the way to insure it? http://dauntlessgeezer.com/DG99.html I used runs, drives, mostly correct, looks like a 10 year old car (well maybe a little more than that) $6k and then $1k for everyone year below 1917.

Maybe a T club if I can find one and it actually meets sometime?

Darin

[Allan]

Darin, the prices are all over the place due to the quality of the car/restoration. If you were to invest in a new paint job, new upholstery etc, the value would rise, not necessarily by as much as you put into it. As you say, it is no prize winner, but if your insurer will allow you to pay premiums commensurate with a $12 000 value, that seems fair from this distance. Can you get a policy that allows you to keep the wreck if you do have a claim?
All mine are covered in this way, and with repair costs the way they are, it does not take much to make up a $12 000 repair bill. if you can get a payout, and keep the wreck, it makes the best of the deal.
I could be talking through my hat with likely different scenarios in your country.
Allan from down under.

[John Codman]

My opinion is that you should insure it for what you would sell it for. If you would sell it for $10,000 then that's a fair value. I wouldn't sell my unrestored but pretty good looking '27 touring car for the $12,000 that it's insured for; I think that I will go to $13,000 when policy renewal comes along (if Hagerty will agree to it). Remember that a declared value policy is not the same as an agreed value policy.

[old_charley]

Whatever you decide to value your car, consider "over-insuring" your T as to what you consider the value to be. Through Haggerty or one of the other collector insurance companies the comp and collision insurance is quite reasonable. In the event of a total loss, and if you wished to replace the car it might take quite a bit of time, effort and expense to find the right car and end up costing much more than you were compensated.
The cost of my comp and collision is about 37 cents for every $100 dollars of agreed value. $55.00/year for $15,000 dollars of coverage for one of my Ts.
For what my opinion is worth, I'd think your '13 ought to be in the $15,000 range. If it were mine I'd insure it for $20,000.

[NealW]

Would that general guide Jelf posted be the way to insure it? http://dauntlessgeezer.com/DG99.html I used runs, drives, mostly correct, looks like a 10 year old car (well maybe a little more than that) $6k and then $1k for everyone year below 1917.

In my opinion, no. I have seen that link posted numerous times, but have not seen any posts from people who have bought or sold a T recently stating that it is still accurate. Anyone who watches "Antiques Roadshow" has seen the appraisers give values in terms of insured value, retail value and auction value. No one can seem to agree on what a fair market value is for a Model T. "Insured value" is always higher than retail or auction value.

In my case, the insurance agreed to value for our two T's is set to cover what I have in the frame up restoration for our 15, and how much I'd sell our 21 for if someone walked up and made an unsolicited offer for it that I couldn't refuse. You could look at Hemmings, Classiccars etc to see what T's are being listed for and use that as a starting point. Most if not all the prices will be a lot higher than shown on the link that you posted, but if you wanted to buy a replacement T TODAY, those prices listed are what you would have to start negotiating from. My observation is that collectors insurance cost for T's is very reasonable. I wouldn't skimp on setting too low of an agreed to value.

[KLTagert]

Hagerty insurance will allow you ( for a bit extra - depending on the valve you determine) to also insure for “ Cherished Replacement”, if the car is totaled, they write you the check AND you keep the vehicle. I’ve done this on a few, like the Coupelet and 16 Centerdoor. If your value is out of reason, explain why and adjust accordingly.

[Allan]

Kathy, that sounds exactly like the policy I have on all my T's. With the company with which I am insured, that is normal for ollector/historical vehicles. there is no extra charge, so it must be built into the premium. It is good to know that someone offers this benefit.

Allan from down under.