Auto Insurance Claims: 1965 chevelle malibu ss fire damage, chevelle malibu, malibu ss

Question
Dear Richard,
 I have spent the last 2.5 years and appoximately 20,000 USD customizing a 1965 malibu ss two door ragtop.  To include all panels except the trunk, new gauges in a new dash insert, new interior upholstery, new convertible top with all new arms and locking pins, carbon fiber hood, bored out 396 engine, front disc brakes, complete floor panels, custom silver paint, etc. etc.  My car was parked in my mechanics garage awaiting fuses for the shaved door handles when it burned down and tragically killed the head mechanic who lived in the adjoining compartment.  The car was burned to the ground, lower than a lowrider!  My insurance policy was comprehensive from Peerless and they are suggesting the car value at 15k.  I could use some ideas here, I know I have that in parts and will spend the next three months chasing receipts if need be.  The offer is no where near the resale or even my costs.  What should I do? It was not appraised only photographed in its completion.

Answer
Hi Doyle,

I'm sorry this happened to you.

You will need to obtain all receipts that you want considered. You may need to hire a professional vehicle appraiser to look at the remains of the vehicle, your photos & receipts and provide a written appraisal of the vehicle as it was just prior to the fire. You will need to keep in mind that the value of most restored cars is less than what was spent to restore them. This is an unfortunate fact but true. It is in only very rare circumstances that a restored car is worth what it took to restore it or more.

I hope this helps
Richard Hixenbaugh