This is really F'ed up.
I also have a 68 camaro that I fully restored myself.
when I bought insurance they told me that if i wanted it insured for over 25000.00 it would need to be appraised, so I just bought the up to 25000.00 stuff. But nowhere on the policy does it say anything about what the car is valued at. I bought the body for 800.00 and spent 23000.00 in parts to restore it.
Now it sounds like the insurance company could just tell me my Camaro is only worth 800.00 and screw the crap out of me if I ever have a claim.
http://i133.photobucket.com/albums/q...e/IMAGE051.jpg
http://i133.photobucket.com/albums/q...e/IMAGE010.jpg
When you insure with a stated value below $25,000, that's what the value is. You pay a larger premium due to that so it'll be covered at stated value. You're right in the fact that you need an appraisal for anything over the $25,000 value. My wife use to work with American Family Insurance and we have my wifes car, the kids El Camino, and the Bronco insured through them with a stated value.
My father-in-law is doing a Mustang for the wife and kid and it's appraising at $50,000. We'll be going through a specialty company for the insurance on it.
Here's the wifes car. We had to state the flames and wheels to increase the value.
http://www.***boat.com/image_center/.../DSC_00061.JPG
Here's the kids car. We have a stated value on it.
http://www.***boat.com/image_center/...m/DSC_0043.JPG