|
Appraisal for Special-Interest class insurance
I finally got a formal appraisal for my two Alfas, Milano Gold automatic and 164S. I've been worrying about the likelihood of my Alfas suffering total loss under regular insurance for long. It's not any mainstream car scenario: if you trashed it, then simply fix it or get aother one under regular insurance. Alfas in North America just CANNOT suffer any accident, or it's an insurance write-off and they pay you $1000 - 2000 for your priceless hobby!
Well after the recent conversion of my Milano into a 75 Veloce, appraisal became an absolute priority. Coincidentally, the only certified appraisor in my area just happened to pass my Milano on the hoist of the body shop the other day, and he left contact info for the owner, suggesting this car might qualify for collectible status and a special insurance program.
I phoned him and the insurance company right away, and was told the good news: both my 2 Alfas qualify for what is classified as "Special-Interest cars." Cars over 25 years old are "Antique-Classics" category, 15 - 24 year-old cars belong to the "special interest." I'm so glad my 164S just made the special interest! It is a 91 model! My Milano is of course a solid 18-yr-old candidate.
The appraisor came today and spent an hour on my 2 cars. The Milano is judged to be a "Class-3" on a scale of 1-6. In other words, not too bad. Based on its super clean condition, virtually new every mechanical component, 75 Veloce conversion, etc, this 2.5 V6 is appraised for $8000. The appraisor evaluated the rims as real Momo of course, and had it been a 3.0 Verde in similar condition, the car could claim $10000. Automatic or 5-speed otoh is not a factor, even though market desirability is worlds-apart.
The 164S is appraised at $9000, mostly due to the overall clean state (although not 100% rust-free like the Milano), mint Recaro leather option, 16" real Momo rims, strong mechanic condition (again not like-new as the Milano).
In Canada, most likely because the 164Q never made ashore, so the 164S was a rare enough Alfa considered an all-time top-of-the-line. It is rarer than the 164LS and hence valued the most. Things are different in the US, but the Milano experience is about the same: becoming rarer, depreciation stopped long ago, and resale-value rebounce.
Now I can rest assured should anything happen to my Alfas, at the very least I can get what I will consider fair monetary compensation. $8000 and $9000 are way higher than their market value of course, but to me my Alfas are simply PRICELESS. I knew I won't sell the 164S when I bought it 4 years ago. 4 years later I added a Milano and still know I will never sell either of my 2 Alfas. Now I've found them proper protection: for special-interest cars, I can save $$$$ annaul premium, but the most gratifying thing is still an accountable recognition of fair value for my cars.
Last edited by yiminlu; 11-25-2006 at 01:15 AM.
|
Linear Mode
