Although at 30+ years old you can put stated amount or appraised value insurance on it. I am insured with State Farm and I have had appraised value policies on some of my cars in the past and they do not have a problem with salvage titles because they use an appraised value from a licensed appraiser. I rebuilt a 67 Stang GT, 315 hp 390 4 spd for a customer and it was appraised for $46K and the insurance co had no problem accepting the fact that it had an "S" on the title. There are insurance companies that will insure them.
Problem with "STATED VALUE" is that it is the value of the policy and sets the premium, but not the vehicle value. They can go back and say the current market value is less and only pay that. "AGREED VALUE" is the value of the vehicle if a total loss. No market value issue. If the appraised value is out of range for the actual vehicle, the insurance company may not accept it. Underwriters can ignore an appraisal if it is too liberal. Most insurance companies will look at the NADA guide as a base. If the apprasial is way over the book value, it may not fly, but every insurance company is different. Insurance companies will insure salvage title cars, but not for book value. They will deduct a persentage from that figure.
i understand this Craig, thats why I sold him a car with a good title, there wasnt much left on the car but what he does with it is on him.
