It occurred to me if by some fluke I totalled my truck the insurance company would probably want to give me around 3k so quite possibly any little accident would put me out.

Called my agent, he recommended getting an estimate on it. First place I called laid out a professional salesman's pitch.

Examples of what he said:
His estimates were of value because they're hand written and with film pictures taken so not easily forged or faked.
His experience helps remind people of all the little things that add value when figuring out what it would cost to replace.
He laid out an example of him estimating some old mustang would cost 80k to replace when considering all the custom parts, labor etc.


I can't remember everything but he was quite polished. However, I don't really want to pay $375.00 for the service just so I can potentially get full value "if" I wreck the truck. I've only ever been in 3 accidents all just less than 5 mph bumps but I'm realistic and understand the day may come. If it does I don't want to get shafted considering all the money I've given them over the years.

That said, when insuring my bike I provided a list of all the aftermarket stuff I'd chromed, polished and bought and they let me insure the bike for extra up to those values. This truck they won't allow me to do that with, estimate required. Even if they did, I didn't do a majority of the upgrades, I don't know what they cost.

So that said, anyone know of a company that could reasonably allow me to insure the truck for the value I believe it to be worth without having to pay somebody $375.00. The guy said his estimate is usually good for 3 years and I'm thinking even after the 3k in rust repair and small fixes I've put into it in the last few months it's probably still only worth 10k appx. Justifying an old classic's value might seem worthwhile if I had everything documented and the truck was worth $30k but paying $375.00 just to insure what I think is appx a 10k truck seems like such a ripoff.

Thanks for any feedback.

 

To me 375 is only about 10 a month for the 36 months to insure if someone stole your truck or a tree fell on it to get the 10k instead of 3k. Just my 2c's

Sam

 

Thanks for the reply, and I may just do it if it's the only way to get its value increased. Just stings a little paying full coverage and the same price as I was for a vehicle that was booking for 14k knowing I'd get much less benefit in the event of an accident.

Who knows though, maybe his estimate to replace will be more than my perceived value. Just seems though there should be a less expensive alternative.

 

Insurace companies are a huge rip-off, half the people out there don't even carry insurance, so who pays for it....we do!

All 50 state DMV's need to start validating and confirming insurance upon vehicle registration and/or renewal, most don't, there in lies the problem.

That said, i insure all four of my rides under liability only, $608 a year for all four.

I refuse to give the robber barons anymore of my money as i'd never get it back anyway, were i to wreck one of my vehicles, all pre '83 (which they consider junk).

EDIT: upon rereading i realize this was more of a rant than an answer, my apologies to the OP.

 

I agree that Insurance should be easier. It really seems like a racket. But having had a truck totalled within the last year and having the Ins screw me based on their local price comparison. Never found a comparison truck that matched my options but they didn't care. I will have estimates in the future. But yes it should be cheaper. Good luck

 

I don't know if all these types of insurance carry a stipulation of "X amount of miles per year" and/or other "fine print disclaimers," but it/they could be an option worth investigating. Good luck.


Collector Vehicle Insurance Program | American Collectors Insurance

 

Have you looked at Hagerty's or Grundy's? I got a quote for a full coverage on an amount a little over what I have in my truck so if it was totaled I'd get my money back and it was cheaper than my liability through my regular insurance company.. You have to send pictures and they have to agree with your "estimated value" for obvious reasons. My quote for $15k was around $270 a year with $0 deductibles and towing...

 

No, thanks. I'll look them up and give them a call tomorrow.

Just noticed your links too, thanks.

 

I agree with Montana completely on the whole insurance situation.

I also insure my vehicles for liability only. Granted if you owe money on them you would have to have collision, comprehensive, etc. Additionally if someone without insurance hits you, and has no money (likely), you'll be out-of pocket for the repair cost.

But I hate the whole insurance hassle. Suppose you've got a nice vehicle; great shape, well maintained, all original oem body panels and you get in an accident. The insurance company WILL try and cheap out with Chinese made craptastic sheet metal. When you point out that all yours were oem they'll say "...too bad, your policy allows us to do it this way..."

So if all they're going to do is some half-*ssed, cheap-as-possible repair well... it's not worth it to me.

My understanding on Hagerty, and similar collector car insurance companies, is the vehicle can only be driven "x" number of miles, can't be used off-road, can't be used as a daily driver, etc.

Good luck!