Hit by a drunk driver!
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Joined: Jan 2001
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From: Virginia
It is my understanding that the insurance company is required to "make you whole again" (in legal-ease speak).
Meaning, they have to reimburse for the "current value" of the truck which includes any parts/modifications you do. So save receipts - but if you do the work yourself you can't add your labor costs to the value of the truck.
So if you just had the engine rebuilt (for example) the insurance company must include that cost when they ascertain the value of the truck. The difficulty is not proving the cost of the engine rebuild (you have a receipt) it's determining the value of the rest of the truck - the depreciated value of the truck (with all it imperfections, and wear, etc.). So the insurance company starts with lowest "Kelley Blue Book" value then adds in the value of the new engine. But is the Kelley Blue Book number correct?
So that is where an appraisal would come in useful.
So you have a piece of paper from a "professional auto appraisal company" that says my truck (as it was on date xx) is worth $10K. Then I put a new engine it, ect., etc.
Meaning, they have to reimburse for the "current value" of the truck which includes any parts/modifications you do. So save receipts - but if you do the work yourself you can't add your labor costs to the value of the truck.
So if you just had the engine rebuilt (for example) the insurance company must include that cost when they ascertain the value of the truck. The difficulty is not proving the cost of the engine rebuild (you have a receipt) it's determining the value of the rest of the truck - the depreciated value of the truck (with all it imperfections, and wear, etc.). So the insurance company starts with lowest "Kelley Blue Book" value then adds in the value of the new engine. But is the Kelley Blue Book number correct?
So that is where an appraisal would come in useful.
So you have a piece of paper from a "professional auto appraisal company" that says my truck (as it was on date xx) is worth $10K. Then I put a new engine it, ect., etc.
If you want to protect yourself, there are companies that will give you a stated value policy. But if you use it everyday for work they will probably balk at writing you a policy. And if they do, it will probably not be cheap. If he had one his company would pay him for the truck and then his insurance company would go after the drunk's insurance company to get their money. They are all in cahoots anyway.
FTE Legend
Joined: Jul 2010
Posts: 32,875
Likes: 48
From: Northeast, OK
In a perfect world yes. But they are out to make money, they can't make it giving you a bunch of money for a 30+year old truck. He will have to argue with them, you have to do that even with a newer car or truck. Their business is to give you the least amount of money as possible.
If you want to protect yourself, there are companies that will give you a stated value policy. But if you use it everyday for work they will probably balk at writing you a policy. And if they do, it will probably not be cheap. If he had one his company would pay him for the truck and then his insurance company would go after the drunk's insurance company to get their money. They are all in cahoots anyway.
If you want to protect yourself, there are companies that will give you a stated value policy. But if you use it everyday for work they will probably balk at writing you a policy. And if they do, it will probably not be cheap. If he had one his company would pay him for the truck and then his insurance company would go after the drunk's insurance company to get their money. They are all in cahoots anyway.
Flexible Usage
Our policy allows you occasional pleasure use with no fixed mileage restrictions**. With Hagerty, you can go for a weekend drive, take your vehicle up to the local ice cream shop or attend unlimited events and cruises.
** Occasional pleasure use does not mean use for daily driving to and from work or school, routine shopping, etc.
Our policy allows you occasional pleasure use with no fixed mileage restrictions**. With Hagerty, you can go for a weekend drive, take your vehicle up to the local ice cream shop or attend unlimited events and cruises.
** Occasional pleasure use does not mean use for daily driving to and from work or school, routine shopping, etc.
Post Fiend
Joined: Apr 2002
Posts: 19,311
Likes: 97
From: Waterloo, Iowa
That's called "subrogation". That definitely ain't being in cahoots, not in this case anyway. If they didn't go after the other guy's insurance, they would have to get it from their policyholders.
Posting Guru
Joined: Apr 2011
Posts: 1,636
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From: Orlando area
So I did, a couple of weeks later I got a "cancellation notice" from State Farm, the notice said my vehicle was "over customized".
I called Allstate next, and explained the situation and they said "no problem" just keep the receipts. And I switched to them, and that was the end of that. But if something did happen to my truck I have little confidence in Allstate to do the right thing.
I think getting an appraisal is the best defense. I'm just not sure when to get an appraisal as my truck is not finished (and it probably never will be). It's in a constant state of rebuild.
Post Fiend
Joined: Apr 2002
Posts: 19,311
Likes: 97
From: Waterloo, Iowa
No good deed goes unpunished. I don't understand this. They would/could charge a higher premium to account for a more valuable truck and more expensive repairs. So why would they do that? Any insurance peeps want to take a stab at that?
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Joined: Jan 2001
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From: Virginia
I had a homeowners poilicy with nationwide for about 30 years. Never had a claim against them. I moved to a new house, they came and looked it over and then said I need to do a few things to it. I said ok but 3 weeks later I got a cancellation notice? I had my cars with them also. So I went ahead and completed the requirements, and started shopping around for home AND auto insurance. Never had a claim on the auto either. I figured companies would be falling over themselves wanting my business, not. Times have changed.
FTE Legend
Joined: Nov 2015
Posts: 30,906
Likes: 4,122
From: Angier, NC
Ten years ago I became concerned over this issue, so I called my State Farm insurance agent. The agent said if you have all the receipts we will cover it - but bring the truck over to our office so we can take some pictures and document it's condition and such...
So I did, a couple of weeks later I got a "cancellation notice" from State Farm, the notice said my vehicle was "over customized".
I called Allstate next, and explained the situation and they said "no problem" just keep the receipts. And I switched to them, and that was the end of that. But if something did happen to my truck I have little confidence in Allstate to do the right thing.
I think getting an appraisal is the best defense. I'm just not sure when to get an appraisal as my truck is not finished (and it probably never will be). It's in a constant state of rebuild.
So I did, a couple of weeks later I got a "cancellation notice" from State Farm, the notice said my vehicle was "over customized".
I called Allstate next, and explained the situation and they said "no problem" just keep the receipts. And I switched to them, and that was the end of that. But if something did happen to my truck I have little confidence in Allstate to do the right thing.
I think getting an appraisal is the best defense. I'm just not sure when to get an appraisal as my truck is not finished (and it probably never will be). It's in a constant state of rebuild.
Then 1 day a dark cloud hits the garage and the roof falls in on top of the project. Is it covered by home owners insurance? I bet not so you may want to check on this too.
How do you put a price on parts you cant get any more, say after market wheels or say fender flares?
Dave ----
Post Fiend
Joined: Apr 2002
Posts: 19,311
Likes: 97
From: Waterloo, Iowa
The more I think about it, insuring "classic" or collector cars or trucks, modifieds, projects etc would be a hassle. Some companies will take it on, tho notice they must be stored in a locked garage when not being driven. No street parking. No daily drivers.
On the other hand they are taken care of and have (usually) more responsible folks who drive carefully and tend to be a safer risk pool.
On the other hand they are taken care of and have (usually) more responsible folks who drive carefully and tend to be a safer risk pool.
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FTE Legend
Joined: Jul 2010
Posts: 32,875
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From: Northeast, OK
Dave - You have a good point. I'm going to be talking to my insurance agent that currently covers house/shop, boat, and autos/trucks. And, I'll be talking to an insurance agent we know at church.
But, as I think about it, piecing together insurance from different companies for several different things could be a problem. Said another way, the coverage could look like a donut with a hole in the middle.
But, as I think about it, piecing together insurance from different companies for several different things could be a problem. Said another way, the coverage could look like a donut with a hole in the middle.
FTE Legend
Joined: Nov 2015
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From: Angier, NC
Being "we" were talking insurance I thought I would bring it up about working on a project and what could happen.
To tell the truth I am guilty of most of the above on my projects not being covered when working on them and when I was driving an older car (AMC) only having what was needed to keep plates on it. At this time none of my AMC's (3) have insurance on them 2 are in garages.
Dave ----
To tell the truth I am guilty of most of the above on my projects not being covered when working on them and when I was driving an older car (AMC) only having what was needed to keep plates on it. At this time none of my AMC's (3) have insurance on them 2 are in garages.
Dave ----
Fleet Mechanic
Joined: Mar 2014
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From: Saskatchewan Canada
I don't know how you read this into my post, but no, I assumed nothing of the sort. Your contribution here is as valued as any.
Post Fiend
Joined: Apr 2002
Posts: 19,311
Likes: 97
From: Waterloo, Iowa
Insurance is weird sometimes. I don't believe homeowners covers a truck in the garage, but it does cover the contents of the Truck when away from home. So for example if someone breaks into your truck and steals your tools and 8 track collection, that's covered. Maybe if the neighbors tree falls on it in the driveway? I dunno. Make sure you understand your policy and what it covers and what it doesn't.
FTE Legend
Joined: Nov 2015
Posts: 30,906
Likes: 4,122
From: Angier, NC
Insurance is weird sometimes. I don't believe homeowners covers a truck in the garage, but it does cover the contents of the Truck when away from home. So for example if someone breaks into your truck and steals your tools and 8 track collection, that's covered. Maybe if the neighbors tree falls on it in the driveway? I dunno. Make sure you understand your policy and what it covers and what it doesn't.
I was lucky it just missed the neighbors garage but did take out some of the stock cade fence.
Dave ----
Postmaster
Joined: Mar 2008
Posts: 3,593
Likes: 2
From: Prairieville, La
The worst part is no lawyer will represent you since no one was in your truck.
Similar thing happened to me a few years back. No one would help me.
Eventually took the offer and parked the truck in the pasture.
In my case the truck was original imperfect paint, but equally uniform. A painted quarter panel would have stood out and they would not spring for an entire paint job.
Similar thing happened to me a few years back. No one would help me.
Eventually took the offer and parked the truck in the pasture.
In my case the truck was original imperfect paint, but equally uniform. A painted quarter panel would have stood out and they would not spring for an entire paint job.