Mercedes-Benz Forum banner
1 - 6 of 6 Posts

·
Registered
1987 560SL (L.Tonk) [95,000 miles]
Joined
·
633 Posts
Discussion Starter · #1 ·
I'm switching insurance companies and they asked for an appraisal for my 560SL. 95,000 miles. Pretty decent shape, all in all, but far from a show car.
Appraiser came back with CAD$35,000!

I don't know whether to be happy that it's appreciated, or pissed off that now I feel obliged to take better care of it.

The appraisal came with this chart, which is interesting in its own right[. Lines for Concours, Excellent, Good, Fair.
Rectangle Slope Plot Parallel Font
 

·
Registered
1976 Mercedes-Benz 450SL with ~110,000 miles
Joined
·
36 Posts
Damn! I would have mixed feelings too... You know, I can't help but wonder what happened in January 2014?

Sent from my SM-G991B using Tapatalk
 

·
Registered
1986 560 SL
Joined
·
7,793 Posts
I wonder about appraisals. They are usually out of tune with real-world market prices. You routinely see vehicles for sale specifically declaring that the asking price is well below appraised value.
This gap is not limited to the old car scene. You often hear the phrase "appraisal for insurance purposes" in regards to antiques and jewelry. I remember buying my wife a pricey diamond ring and the jeweller providing me an appraisal for twice the amount I just gave him. WTF?
An artificially high insurance appraisal is fine if you like paying artificially high insurance premiums. The insurance companies are happy to play along.
 

·
Registered
1986 560 SL
Joined
·
7,793 Posts
Tonk, how much did it cost you for that fantasy appraisal?
I switched to Hagerty Insurance because they don't require an appraisal.
 

·
Premium Member
'72 350SL, '85 300D, '98 E320, '19 Subaru Outback (sold '14 GLK250)
Joined
·
12,357 Posts
Tonk, how much did it cost you for that fantasy appraisal?
I switched to Hagerty Insurance because they don't require an appraisal.
I did too.

Back in 2008 when I figured $10k was a good estimate of my car's value, the appraiser had it at $20k. When I questioned him he gave me his sources. One was a car that was advertised at classic car boutique in Palm Beach Florida.

Premium was based on appraised value. Appraiser would not adjust value based on the data I sent him. He got in a huff and sent me back my money :)

Went To Hagerty and never looked back. But there, you do have to have a daily driver as well.

BTW, Hagerty too have some inflated data on car values. But, within reason, you can insure for whatever you want.

1987 560SL (US $$)

Font Screenshot Terrestrial plant Number Document
 

·
Registered
1987 560SL (L.Tonk) [95,000 miles]
Joined
·
633 Posts
Discussion Starter · #6 ·
Tonk, how much did it cost you for that fantasy appraisal?
I switched to Hagerty Insurance because they don't require an appraisal.
It was CAD$150 for the appraisal. I can’t do Hagerty as it’s my daily driver (no other car registered for me at the property).

CAD$35k is around USD$25k so not as crazy as it sounds at first blush.
 
1 - 6 of 6 Posts
Top