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Realistic Value of My '73 (for insurance purposes, not selling)

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Realistic Value of My '73 (for insurance purposes, not selling) Empty Realistic Value of My '73 (for insurance purposes, not selling)

Post by bucket Sat Jul 30, 2022 8:52 pm

I was hoping to get a realistic value of my car for my insurance agent. I have numerous older vehicles and my agent told me to get him values on everything so he could see what he can do for better coverage than we have now. I don't think it's worth a whole bunch, so don't worry about offending me, lol. I just want to be properly covered in the event that something happens, but at the same time, I don't want to be paying a bunch on insurance for a bunch of overvalued cars and trucks.

Anyway, it's a '73 SS station wagon. Typical rust for the area. Solid frame and floors though. Interior is pretty good for original. 95% original paint. Other than the exhaust, the car is basically bone stock. 350/th350, runs and drives well. It's certainly no cream puff, but it's not a POS parts car either. Which is why I'm having a hard time figuring out a value, the others I've found online are either very nice and show quality, or they are non-driving donor cars.

Realistic Value of My '73 (for insurance purposes, not selling) 20210721
Realistic Value of My '73 (for insurance purposes, not selling) 20210722


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Post by Iggy Sat Jul 30, 2022 9:17 pm

One of the issues you will run into is the rust when it comes to valuing the vehicle. Your car meets the description of a #4 car using the Hagerty Valuation Guide. However, their #4 does not account for rust so you are actually below their #4. But to give you some place to start - a #4 2-door 1973 SS with a 350/350 is around $13,000. Since you are below a #4 and it is a wagon (I think that is a plus, but the market dictates) I would consider somewhere in the $8,000 to $10,000. Much like the Laguna Type S-3 market, rarity does not increase the price because the demand is not there - YET!
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Post by bucket Sun Jul 31, 2022 12:55 am

Now see, I'm glad I posted the question now. My best guess on value was much lower. I seem to be out of touch with the current market of the vehicles I own. I was shocked to hear opinions on what my squarebody Chevy trucks are worth... that market is really booming I guess. Looks like I might have been out of touch with the wagon too. But anyway, thanks for the response!

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Post by zucchi Mon Aug 01, 2022 10:48 am

Iggy wrote:I would consider somewhere in the $8,000 to $10,000.  Much like the Laguna Type S-3 market, rarity does not increase the price because the demand is not there

At the risk of sounding like Captain Bring Down, I think that's a bit optimistic. Sadly, it may be worth that much in parts, not the car as a whole.

Value is really subjective for something like this. The person to whom this car "speaks" will value it high. An insurance company will generally value something at it's replacement cost or, at best, market value. The market value is what it will bring in a quick sale like Bring a Trailer Auctions or eBay. If you really want an unbiased assessment of what it's valued at, list it on an auction site with a starting bid of $1.00 and with a ridiculous reserve like 100K and be firm about not disclosing what the reserve is. The top bid at the close of the auction is it's value.
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Post by alowerlevel Tue Aug 02, 2022 9:37 pm

My Insurance Co had no issues insuring my 73 for $12.8k, costs me less than 200 bucks a year
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Post by bucket Tue Aug 02, 2022 10:35 pm

zucchi wrote:
Iggy wrote:I would consider somewhere in the $8,000 to $10,000.  Much like the Laguna Type S-3 market, rarity does not increase the price because the demand is not there

At the risk of sounding like Captain Bring Down, I think that's a bit optimistic. Sadly, it may be worth that much in parts, not the car as a whole.

Value is really subjective for something like this. The person to whom this car "speaks" will value it high. An insurance company will generally value something at it's replacement cost or, at best, market value. The market value is what it will bring in a quick sale like Bring a Trailer Auctions or eBay. If you really want an unbiased assessment of what it's valued at, list it on an auction site with a starting bid of $1.00 and with a ridiculous reserve like 100K and be firm about not disclosing what the reserve is. The top bid at the close of the auction is it's value.

No worries at all about bringing me down. I personally don't care what the car is worth. I have it because I like it and nothing more. There's no intention of ever selling so it doesn't matter to me if it's worth 5 figures or if it's worth it's weight in scrap... I'll love it just the same. My goal here is just to protect me in the event of a theft, fire, tornado or whatever. If something like that happens, I just want to get enough money out of it to cover buying another similar car. I hope that never happens though. There can't be too many black on black '73 SS wagons roaming around.

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Post by zucchi Sat Aug 06, 2022 10:15 am

A realistic example of value can be gleaned from the 1973 Chevelle thread...

https://www.g3gm.com/t13023-1973-chevelle

It's a 2-door coupe which are more desirable than a station wagon, and though it needs paint and seats redone, it appears to have no rust. Yet it's been for sale more than six-months. Can't appear to sell it even for $3,900.00

https://reno.craigslist.org/cto/d/diamond-springs-1974-chevelle-malibu/7516667141.html
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Post by Iggy Sat Aug 06, 2022 8:11 pm

Unless you are insuring with a company with Agreed Value, the number you insure for will be the Maximum the company would pay. Not saying it cannot be done, but with the rust it would be difficult to insure with a collector car company for Agreed Value. With what is called Stated Amount (most companies regular companies insure that way) they would determine a value at the time of the loss. Agreed Value requires more documentation than Stated Amount, but only you can decide what to insure for. You asked an opinion and if I were in your shoes I would insured it for at least $8,000 on Stated Amount - you do not intend to sell and it is not Agreed Value, but you have to consider would you rather over insure slightly or under insure and loose if it is totaled. For the last 32 years I have been a Licensed Insurance Agent and for the last 20 years have owned my insurance agency.

If you want a true value, you would need a professional to look at your car and take the time to see what other SS wagons are selling for. Then keep in mind next month that number would be different, could be up or down.
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