I recently switched to classic car insurance, primarily for the Agreed Upon Value aspect.

My thinking was the realization that the XJS is currently in a no-man's land regarding value. Though values are rising for good low mileage cars, salvage values used by most insurance companies aren't rising as fast. Additionally, the actual cost to replace is higher than the 'market value' -- IOW, I realized I needed to insure it for more than I could sell it for today. If my car was totaled or stolen and I had to go purchase another XJS in great cosmetic condition with only 60K, it still wouldn't 'replace' mine because I've spent years doing all the things we do to make the cars 'right'.

Imagine what it would cost to have a shop go through a 30 year old XJS and do all the things on Grant's Post Purchase Worksheet, and as he says to “do it once, do it right, repeat in 20 years”. At our local mechanic's hourly rates plus parts it would be very expensive, and that's IF you can find someone who will do it right. If your car is totaled, you don't want to get "the price to buy one with the same mileage plus a mountain of your own labor and parts out of pocket".

The economics were actually discouraging me from driving the car, which isn't good for an XJS. I looked into Grundy which was the least expensive, but they are overly restrictive on how you can use the car. Hagerty is less restrictive, and it was still quite a bit less than my standard insurance. Very glad I made the switch, and Hagerty has some nice things like a driver's club and other perks.

I thought others might want to look into this after they've put some much effort into their cars.

 

I have Hagarty as well, primarily for the less restrictive use. Other classic car policies have mileage restrictions and I could exceed those if I went to a show I like to go to. Hagarty said that was fine, they want us to use our cars. They said their description of use was "Driving consistent with a classic car" - so going to a car show was perfectly fine, even if it was on the other side of the continent. Using the car as an Uber or pizza delivery was not ok.

For value, the value I should insure for was if my car is a total loss, what would it cost to buy a comparable car to replace it? I don't think that means buy a neglected car and pay to have it gone through, but what would it cost to buy a car where all that work was done? Doesn't mean you'd be able to find one on the day your car was totalled, but there must be a market valve for a similar car.

 

The odds of finding a not neglected car though are incredibly small. A 30 year old XJS that has low mileage, may have had 'regular' service, but will still need 80-90% of Grant's post purchase list unless it was owned by an enthusiast who really knows these beasts.

 

I didn't say it would be easy, but such cars do exist and have a market value. That is the proper insurance value.

I have a Daimler DS420 limousine insured through Hagarty. In all of calendar 1989 only a single car was made in LHD - mine. All the others that year were RHD. Most were base line "stripper" cars for the funeral trade and mine is fully optioned. The original owner doubled the price of the car with the options they added, some of which were things not on the option list, but Jaguar put them on for the purchaser. Imagine my chances of finding another one?

 

My XJ-S is insured through Hagerty for $10000. I based that on what similar cars were advertised for. I was pretty particular in wanting a BRG HE car, '82-'88 ideally. I didn't see too many listed for sale in a couple years of looking, but the ones I did see were $7500-$10000. At the moment the car is overinsured, but that really just means I'm paying more than I should be. The passenger seat needs attention, but once thats fixed I think it will be worth close to the insured value.

 

I totally agree with all the points made in this thread. An agreed value insurance for these cars is very important, or else all the effort and expense to get them right just evaporates in the event of a clown writing your car off.
I have never added up what i have spent on the car, and I never want to, but I think that these days, with genuine parts of decent quality being harder and harder to find, it could easily exceed 10,000 USD to buy a rust free car and fix it to a reliable standard. My guess, all in would be more like double that sum.

 

You may want to have a competent appraiser do an appraisal for you. My 1990 XJ-S convertible V12 was appraised a month ago. It's in great condition, and I have done everything I'm aware of in terms of preventative maintenance and replacement of things that can be expected to fail due to old age. The appraisal came in at USD 17,000, which was a pleasant surprise.

 

I insure mine with JC Taylor for 18k. Nice company. I understand Jay Leno insures his vehicles thru them as well.