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Author Topic: Need help determining value for insurance  (Read 4177 times)

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  • Message Board Member but not a NFTAC Club Member
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Need help determining value for insurance
« on: May 04, 2007, 11:40:18 AM »
I have a 1975 Trans Am 400 with 39K miles on it.  I have had the car since it was nearly new (demo w/ 5K miles) and it has been stored indoors.  It needs some cosmetic work (paint has oxidized, interior a little musty) but I would like to start driving it again.  I want to insure it as a collectible, but I need help determining a value for it.  Does anyone know a good resource for figuring this out?  Also, does anyone have a lead for an insurance company that covers cars like this?  I want to let my 18-year old son drive it, and AmericanCollectors won't insure the car if anyone with less than 10 years experience will be driving it.  Any help would be much appreciated. 
« Last Edit: May 04, 2007, 03:35:01 PM by firebirdclub »


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Re: Need help determining value for insurance
« Reply #1 on: May 05, 2007, 06:19:52 PM »

To determine the value of your T/A see chart below:

Original MSRP: $4,740 // When New

                                   Low Retail              Average Retail Value         High Retail
Base Price                    $8,175                         $19,275                      $29,325

400cu. / 170 &
185 HP 4bbl V8
                          10%                         10%                                10%

Air Conditioning               10%                         10%                                10%

4 Speed Transmission   **10%                      **10%                            **10%

TOTAL PRICE               $9,810                         $23,130                        $35,190

TOTAL PRICE **         $10,628                         $25,058                        $38,123

** = Add an extra 10% if your car has a manual 4 Speed Transmission

Low Retail = / If the car is a (Bow-Wow) Body is in somewhat poor to real poor condition (Body Rust), Interior in real poor condition, or a lot of mechanical repairs needed, major mechanical repairs needed etc.

Average Retail = / If the car is in real good condition- Body, Interior in fair to good condition, only minor mechanical repair if needed etc, itís Average mileage for itís age, Average price to pay at retail, Average price to pay at retail after any and/or all major and / or minor repairs made, Mechanical, Body, Interior, Paint re-stored, New Tires etc.

High Retail = / If the car is in real good condition to excellent condition, Or the car has been fully restored to a like new condition, original low mileage Real Good documentation- original sales slip, History Documentation of the car, - was the car owned by a celebrity, or was it in a move etc. / Also it is the suggested Insured Value of the Car etc.

As far as the Insurance is concerned you can try HAGERTY INSURANCE
At: or (800-922-4050) they specialize in Classic Cars, Antique Cars, Collector Cars, I have my car with them my self because they have a guaranteed- agreed value; of your car with you (if you value your car at; letís say 10,000.00 thatís the valued policy you pay on etc.) a policy that you agree with them.

Or you can try Classic Automobile Insurance Agency, at:(800-397-0765) to see what they can do for you.

After all if you value your car, and someone crashís in it; you want to have it fixed / not some one saying to you ďthatís an old car and itís time for a new one!Ē

As far as letting your 18-year old drive the car, itís tough to find Insurance Company; any Insurance Company that will insure an 18-year old on a Supper Car ie. / Muscle Car  especially if it has a 400 an/or a 4 speed in it. ( Insurance Books Close )
Often in a case of a teenager the Insurance Co., will want your 18-year old on your insurance policy (Co-drivers ) on a more concretive car.

                 Hope This Helps  :)

                                            Justin K.
« Last Edit: May 05, 2007, 06:50:44 PM by T/A JLK »
I am a NFTAC, Member and I was at one time an auto mechanic working for a local GM dealer here in my home town back in the mid-to late '80's now  I currently enjoy working on my own Pontiac's especially on my '85 T/A // making maintenance repairs, repairs, modifications and performance modifications I also enjoy meeting and /or talking to other Firebird & T/A owners an get into technical debates;hopefully just as long as the debate's doesn't go into a to heated argument.


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Re: Need help determining value for insurance
« Reply #2 on: May 27, 2007, 02:48:55 PM »
Value of your vehicle depends on a lot of variables.  I suggest shoping around on classic auto magazines and web pages to find out where autos similar to yours are priced at.

I have a 1973 Formula 455 insured by American Collectors Insurance for $11,000.  It is in considered to be in "Good" condition.  Somewhere between Average Retail and High Retail (as noted above) considering what is and is not yet restored.  The price is set, honestly, based on what I could sell it for in the classic auto market place.  My same car, with a T/A package (depending on rarity), could easily bring $25,000 plus.  If I had a 455-SD instead of a regular 455 then the rarity of this year model could make it worth $40k-$50k or more.

Lastly.  Think hard about why you wish for your young son to drive your classic original hot-rod automobile.  There are reasons classic auto-insurance companies do not ensure young people to drive classic collectable autos like this.

Think of this as a privelege that he has to earn and he'll probably be much more responsible with it when out of your sight.  The last thing you want is for him to have an accident with this car  (even not his fault).  You'll understand what I'm saying the first time you have to repair this car and find out that it ain't cheap, and parts can be difficult to find.


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Re: Need help determining value for insurance
« Reply #3 on: June 19, 2007, 11:28:19 AM »
My first car was a 79 T/A and holy cow did i pay thru the nose for insurance ont hat thing. young and stupid what do expect. But why not the car appraised?

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Re: Need help determining value for insurance
« Reply #3 on: June 19, 2007, 11:28:19 AM »


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