I’m nearing the completion of the restoration of my ’53 3100. I have a few details to finish up over the winter and hope to have it on the road next spring. (By the way, thanks to everyone that’s helped me get it this far.)
I’ve got the truck insured with Hagerty. Hagerty let’s you state the value of the truck, charges you a premium based on this value and pays up to that amount if you ever have to make a claim.
Currently, the truck is insured for its value at the time of purchase. Now that it’s worth a lot more I want to up the amount, but how do you go about determining the value of your truck?
Do you go by the amount you spent for the restoration (which is more than I care to admit)? If you go by the price of other ’53 Chevrolet 1/2 ton’s how do you know what’s comparable? Of course if I have an accident I only need enough to cover the cost of the repair, but if my garage burns I could have a total loss.
Any suggestions? How have others come up with a value for their collector’s vehicle?
