Hagerty on Valuing car's. Standard fair or over valuing by lazyness?

This goes along with a question I asked in the off topic section. It started me thinking if Hagerty values all classics the way they did on my Vanagon and 124 coupe.

What I found on there site is a chart on how they came up with the value of those said vehicles.

If anyone knows  westfalia syncro or 2 wheel drive westfalia vanagons fetch a fair bit more in price than a standard tin top van. 

So I was a little dismayed that they lump all vanagons into one valuation chart. This means they are trying to say a stock non-running 86 syncro vanagon with no lockers and 7 seats is worth 25K to our states DMV for tax purposes.

I looked at a lot of the sales that they had on the charts and also found the coupe I purchased on the B.A.T. Surprising to me is that they added the buyers commission to the price of the car. This also doesn't seem correct in that it added valuation on a incorrect number. 

Also a fair amount of the Vanagons I looked at in their chart had been highly modified or restored to like new condition. 

I guess what I'm looking for is what happened to the NADA book that had all the prices for options or lack of options to get a actual fair value.

Has lumping all Ferrari's into the valuation chart become the norm there or do they break those down to each model. I haven't checked that but I wonder if they lump say all the corvettes into their valuation chart or Ford Bronco's.

Do I think some cars ( cough cough Porsches  ) are stupidly over valued. Is that because of the way that they are valued by Hagerty or any other valuation institution or are people just nuts. Might be both but I don't think it's fair to the average joe who likes to drive or have a nice older car that is incorrectly valued.

Any thoughts on that finding? Has anyone else looked at those charts? Am I just a loony kook who is whining about something that has been going on forever? This is actually something I don't think is it but just put it out there.

Wow no one has anything to say? So from what I gather everyone here is ok with paying extra for overvaluation of a car. That's with the overall price and taxing valuation on any vehicle over 30 years old. Guess I'll just keep to the build forum and let the rest of you guys play with the overvaluationed toys.

brad131a4 (Forum Supporter) said:

So from what I gather everyone here is ok with paying extra for overvaluation of a car. 

I have Hagerty on both my Corvette and my Chevy truck. I am completely fine with their estimation of my vehicle's value and also with what they charge me per year to insure them for that amount. I'd rather them overvalue my stuff than undervalue it. I can afford to carry good insurance on my hobby vehicles. 

Are you talking about the values on the Hagerty valuation tool? Those values may be a bit high, but don't forget, the worst condition they have is "fair", which is defined as :

#4 vehicles are daily drivers, with flaws visible to the naked eye. The chrome might have pitting, the windshield might be chipped and perhaps the body has a minor dent. Imperfect paintwork, split seams or a cracked dash might be present. No major parts are missing, but there might be non-stock additions. A #4 vehicle can also be a deteriorated restoration.

Plenty of cars change hands that are in worse condition than that, and they are priced accordingly, ie cheaper than the lowest value that Hagerty lists.

Also, with the policy I have on the Boxster, it's an agreed-value thing. Basically, I tell them how much I want the car covered for. They did send me a notice about a year after I bought it that values had gone up so I might want to increase my value, which I did. So if I'm "paying extra for overvaluation", I'm doing it voluntarily.