OK, my other post about driving our trucks went well, but I have another question.
How do you insure your truck? State required liability? Full coverage on your auto policy? Agreed value? Classic car insurance?
Since my 53 is a daily driver that is far from being "finished" I only carry liability insurance on it. My thinking is they wouldn't give me much for it and I wouldn't let anyone else do the repairs if damaged anyway. If and when I ever take the time to "finish" it, I might have to rethink the coverage.

 

Check with Grundy for a stated value policy. You can drive it as much as you want as long as you have a second car or truck. They may ask for pictures...

 

I'm in the same boat Jeff, right now my truck is legal to drive but not very pretty. I'm just carrying the bare bones basics; liability and uninsured motorist. My agent told me that as long as I had comprehensive insurance on one of my vehicles it would cover the rest of them.
I looked into some of those specialty policies for my 65 Falcon but most of them were a bit too restrictive for me. Some gave you unlimited miles but the car had to be kept in a garge and not used for errands or if your daily driver broke down. In the end, I just have it insured with the bare bones basics as well figuring that any type of crash would total the car and I'd be the one doing the repairs.

Bobby

 

I have a agreed apon policy with Hagerty. Right now I don't drive mine that much but once I get it done I plan on driving her around so I will be checking into that with Hagerty to see if thats possible, if not I will be calling Grundy...

 

I have Grundy's insurance. I really like the agreed value and unlimited mileage policy.

Lance

 

I'm with Grundy. I have liability, uninsured/underinsured motors, collision, and comprehensive. Roadside assistance is included. I have a $50 COLL deductible and $0 COMP deductible.

I did my research (being from the auto insurance/collision business) and found that Grundy is more cost effective, at least in my case, for my vehicles and they have less restrictions. However, they don't allow the vehicle to be driven everyday even if you have a commuter car. At least this is how the CA policy is written. They only allow pleasure drives and other driving events like parades, rallies, shows, etc.

To the others with LIAB policies only, what happens if the collision is your fault? Who's going to pay to repair your vehicle? You spent so much time and money on your vehicle so far, don't you at least want to protect that investment?

 

I don't think any of the agreed value policies allow daily drivers and they must be garage kept.

 

My State Farm insurance agent had some resource to "appraise" it's current condition and potential market value. As if I'm going to sell it. Mine is for a fixed amount for pleasure driving under 7500 miles per year. I wasn't about to do what I did last time when I burnt my house down with my nearly restored 56 chevy 3100 in the garage. Non-operational so no insurance required so I got $0. The fact it was a Chevy is a long ex-wife story.

 

My 48 is a daily driver, liability only regular policy thru Kemper.

Ilya's question is a valid one. I figure if I mess it up I have only me to blame - and since I built it once I'll just have to do it again.

 

That's why I asked it. Sure, if you crash your truck you have yourself to blame. However, you spent endless amount of every free minute you had, scoured the internet and every swap meet for many hours while searching for parts, and drove around for several hours (if not days) to buy parts to build your truck. Don't you at least want to get paid for doing that the first time so that you'd have an easier time doing it again?

We pay for insurance with hopes not to ever use it, but there's always that "one time" when you wish you had the proper/correct coverage.

Those of you with liability policies only, think about adding collision coverage even if you get a $1000 deductible. It's worth the investment.

P.S. I even have my car trailer insured for COMP and COLL.

 

If I had to deal with the traffic you have there I'd probably have collision coverage too. I bought a 70 Mustang a few miles south of you about 8 years ago. I recall clearly the winding, narrow roads!

I'm not arguing against it - in fact my daughter-in-law is an insurance agent - I just don't feel the risk is great enough here to warrant it. I have lived in other parts of the country where I wouldn't drive without it.

My truck isn't a show truck by a long shot. It has dings and dents that I call character, so I'm not trying to keep a finely built, high $$ truck in perfect condition. It works for me.

 

I too have Hagerty on both my collector vehicles. The premium for full, agreed value, coverage is very low. For my 1960 F-100, I am able to adjust the coverage as required during the restoration since the vehicle is not driven, but is increasing in value as the restoration progresses. The coverage also includes towing services, monthly news letters (which have some great articles), and a large array of customer services available via telephone.

For a few years, I had both collector vehicles on my Allstate policy. While the coverage premium (for full coverage) was competitive, it lacked an agreed value of both vehicles. When I asked what they would pay in the event one vehicle was totaled or stolen, they responded "we'll pay the Kelley Blue Book value". After informing them KBB did not go back as far as 1960 and 1978, they responded "we'll pay what we determine the value would be". It wasn't very long after the conversation when I switched both vehicles to Hagerty. With Hagerty, you set the value. After a review on their behalf and approval of the value, you premium is determined.

Regardless of your insurance provider decision, make sure you have an agreed value policy. Without an agreed value policy, you are at the mercy of the insurance company in the event your truck is damaged, lost, or stolen. It would be a terrible feeling to lose your prized possession and receive a measly $500 check in the mail, etc.

 

Keep in mind that most "Agreed Value" policies will still pay based on market value or appraisal value.

For example, if you insure your truck for $15,0000 AV and the truck is totaled, but only valued or appraised at $10,0000, the insurance company will only pay the $10,0000. However, if your truck is valued or appraised at $20,000, they'll pay the maximum of your AV coverage, which is $15,000.

I usually increase the AV coverage of my vehicles by 10% each year. I still keep track of internet sales and auctions for the vehicles I have insured so that I'm not under-insured. Most of the time I'm over-insured on my AV prices. I don't mind paying the extra few dollars in premiums. My annual premium for all vehicles with full coverage through Grundy is approximately $225.

 

Very true. If considering Hagerty, you submit the declared value of the vehicle. After a review of your vehicle's market value and actual photographs, they will either approve the declared value or reply with the value to which they are willing to insure the vehicle. Your premium is also based on this value.

As mentioned above, it is important to adjust the value as the vehicle's worth gradually grows with age. Equally important is a vehicle under restoration. As the vehicle is restored, the value will increase gradually until the restoration is complete. The quality of the restoration further plays an important factor in influencing the value. Slapping some POR 15 on the chassis parts and a 20-foot paint job on the body will have a drastically different value than a full rotisserie restoration to the concourse level even though both vehicles are "restored".

 

My Hagerty policy has no limits on driving, and agreed value. I put a $6500 price tag on my truck...I have no idea how much it is honestly worth. An appraisal was suggested, but I would rather put the cash in the truck at this point.