Insurance value: replacement cost question
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Freshman User
Joined: Jul 2017
Posts: 44
Likes: 0
From: North Texas
Insurance value: replacement cost question
What do ya'll do for insurance on your truck when it pertains to "KBB" value or replacement cost ? I'm wanting to insure for market replacement value if something happens and not just get the auto insurance company to give me their whatever cheap $ for the truck if something happens.
Truck has been well maintained and has 76k orig miles on a '77 f250 custom with one owner and I'm afraid insurance would say here is $700, have a nice day.
Is their a way to get it appraised or supplemental policy ????
Truck has been well maintained and has 76k orig miles on a '77 f250 custom with one owner and I'm afraid insurance would say here is $700, have a nice day.
Is their a way to get it appraised or supplemental policy ????
Post Fiend
Joined: Apr 2002
Posts: 19,311
Likes: 97
From: Waterloo, Iowa
Who are you insured with now? You should talk with them first, especially if your homeowners policy is held with them. Your premiums are dirt cheap right now I'd imagine what did you expect?
There's at least a couple different ways you can proceed with this, they are almost always going to require an appraisal or at least lots of pictures to document. The antique or collectible insurance policies require a locked garage (no street parking) and no daily driver type use.
There's at least a couple different ways you can proceed with this, they are almost always going to require an appraisal or at least lots of pictures to document. The antique or collectible insurance policies require a locked garage (no street parking) and no daily driver type use.
Cargo Master
Joined: Jul 2010
Posts: 2,099
Likes: 8
From: York, Pa
Same here on classic policy. I have my non daily stuff through American Collector car insurance. My 79 I have regular insurance on since I didn't feel right about it having a normal registration and I use it. If it's not driven a lot classic insurance is the way to go.
Moderator & parts slinger
Joined: Feb 2007
Posts: 50,186
Likes: 5,792
From: S/W Missouri, Polk county
Talk to Haggerty about coverage on "antique" vehicle. But I believe antique tags and insurance come with stipulations??
None DD status, mileage tracking, restriction on what you do with it, like parade only...
Tell your insurance you want to cover is under a replacement amount you choose. You might have to get it inspected by an insurance adjuster.
None DD status, mileage tracking, restriction on what you do with it, like parade only...
Tell your insurance you want to cover is under a replacement amount you choose. You might have to get it inspected by an insurance adjuster.
Thread Starter
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Freshman User
Joined: Jul 2017
Posts: 44
Likes: 0
From: North Texas
I have full coverage now, but I don't think I can stipulate a replacement amount. I"ll get back with my agent and see what can be done. He was confused on what I was asking about an appraisal when I talked to him .
Moderator & parts slinger
Joined: Feb 2007
Posts: 50,186
Likes: 5,792
From: S/W Missouri, Polk county
I have full coverage on my 77 and 78 and my insurance guy asked me how much it would cost to replace them or get them repaired back to there current condition. I told him the # I wanted.
The higher the $, the higher the cost 6 month cost.
The higher the $, the higher the cost 6 month cost.
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Laughing Gas
Joined: Oct 2015
Posts: 991
Likes: 110
From: Dallas, OR
My insurance very clearly told me it would not cover actual value on a classic vehicle when I added it to the policy and suggested supplemental insurance.
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Thread Starter
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Freshman User
Joined: Jul 2017
Posts: 44
Likes: 0
From: North Texas
It's been insured with the same company since 1983, so I think they got their money's worth. I just need to talk to my agent to see if they will allow me to stipulate a $$ amount and get him to understand what I'm asking.
Thanks for the feedback guys.
Thanks for the feedback guys.
Cargo Master
Joined: Sep 2013
Posts: 3,258
Likes: 1,321
From: Pryor, OK
I asked that question to my insurance co (USAA) about three months ago. They gave me a list of local appraisers. After I get it appraised, I can insure up to that number. As of right now, if I total it, all I will see is $3800. I kinda felt insulted when they told me that. I got a lot more in it than that.
Laughing Gas
Joined: Oct 2015
Posts: 991
Likes: 110
From: Dallas, OR
I asked that question to my insurance co (USAA) about three months ago. They gave me a list of local appraisers. After I get it appraised, I can insure up to that number. As of right now, if I total it, all I will see is $3800. I kinda felt insulted when they told me that. I got a lot more in it than that.
Cargo Master
Joined: Jun 2014
Posts: 2,216
Likes: 324
From: Central Florida
Specialty vehicles require a level of understanding that isn't available in the mainstream insurance industry. Unless you elect to be self-insuring, you should seek out those firms that specialize in rare and unusual vehicles. Understandably, they assess risk in terms of how the vehicle is used (e.g. shows only, trailered, etc.) and stored.
Laughing Gas
Joined: Sep 2003
Posts: 968
Likes: 5
From: Corbett, Oregon
I use my truck on a regular basis and really didn't want to limit it's usage to fit my collector vehicle policy. My 'regular" auto insurance offered a stated value option on my '78. All I had to do was answer a few reasonable questions and supply pictures of the rig.
I'm sure every insurance company / agent approaches a stated value differently.
Good luck.
I'm sure every insurance company / agent approaches a stated value differently.
Good luck.
Cargo Master
Joined: Sep 2013
Posts: 3,258
Likes: 1,321
From: Pryor, OK
Let me know what they tell you, to see if they say anything different.