My wife told me tonight we have the F-2 insured for $6000. I think that's way too low considering all of the rusted, non-running pieces of junk I see advertised on the net. Yeah, I know you can ask as much as you want in an ad but what you end up with when the deal is made can be quite a bit of difference. My truck isn't pristine, the body has patches and mud and the engine is a worn flat six but still runs pretty good. It is presentable in appearance. I also have the '48 panel. It doesn't run right now but the body is pretty nice and I know the flat head V8 is a good running engine. I think I have that one insured for $8000.

Prices for old trucks go up and down all of the time but in case of an accident I'd like to get enough to replace them. Tonight I found a FB ad in my local area for a '52 F-2, no engine, in primer, the guy is asking $5000 for it. In my area, SE Wisconsin rusty junk is being listed for $2500+. What is the best way to value my trucks? I had the F-2 appraised by the insurance company when I first insured it 25 years ago, that is where I got the $6000 value. What have you guys done to get a value on your trucks? I'm going to call my insurance agent tomorrow to see if they'd be willing to do another appraisal on the F-2, is the insurance the best way to go? The panel isn't running so I doubt they'd want to look at that.

 

Have a look at the “Hagerty Valuation Tool” (search for it). That will get you a number to buy a truck at auction. They have data on the F1. I did not spot anything for the F2.

 

The Hagerty insurance agent helped me determine a price point when I signed up for their insurance. You might want to check them out, as they were better on my 51 F1 than my long time insurance company USAA.

 

I have Grundy and they have never required an appraisal on any of my cars or trucks. I just send them pictures and give them the value I want on the vehicle. I had $10K on my 49 F-1 before I sold it and currently have $17K on a 1953 Chevy Sport coupe.

 

My truck is currently insured for $19k agreed value, and I am considering raising it to $30k agreed value.
Ed
near Philadelphia
Foremost Insurance Company

 

I used Grundy also, Bob. Sent in pictures, added up what I have in it and added 50%. Agreed upon Value with them.

john

 

Question: Would you have your insurance agent place a value on your house for Insurance? If not, get a quote from an licensed appraiser and use that information to purchase your vehicle Insurance.

 

I have mine insured for $20K. Initially I had $12K as the insured value, which is a more realistic number. When my agent pointed out I could up that amount without substantially increasing the annual premium, it was a no brainer to go to $20K. I don't have the actual numbers at hand, but it was an easy decision. In the event my truck is seriously damaged, I should have the funds available from the insurance settlement to make needed repairs, which without the inflated agreed upon value, wouldn't make good sense (especially to my wife). Believe me, it would be a hard sell for me to spend $20K out of pocket to fix a wrecked truck that would be worth $8K after it was fixed. My wife is just not that sentimental about old trucks--even my dad's old truck.

Jim

 

Do your research and be careful on what you buy, and what the insurance companies offer you. While it may sound like semantics, there is a difference between agreed value and insured value, stated value and guaranteed value. Here's an explanation of the differences in coverages to help with your decision, and to make sure you have what you think you have.

(Jim, this is somewhat directed to you, as you said you had "insured value" which could be dangerous, depending on your carrier.)

https://www.hagerty.com/insurance/in...aranteed-value

 

I have USAA too. They connected me to another insurance company for classic vehicles. They told me I could not use my truck for hauling cargo, not even groceries or yard supplies. I could put a folding chair in the back if I was going to a show, but no cargo.

what good is a truck if you can’t throw a few bags of mulch in the back,

 

Thanks for the heads up Wayne. I was a little sloppy in using two different terms to describe my policies. It's my understanding that both my $12K and $20K policies were "agreed upon value" type policies and that damages up to the "agreed upon value" would be covered regardless of the actual value of my truck at the time of my claim. It's been awhile since this was explained to me, however, and I'll double check with my agent. Surprises are never good should you ever need to file a claim.

Jim

 

Every insurance company has their own rules on what you can or can't do. Pick the one that fits what your need. When I was shopping for insurance I was only looking at insuring it for 15K but the difference between 15K and 20K was not that much so I went with the higher value.

I ended up going with American Modern.

 

1. Actually, my home owners insurance company determines the insured value based on the information I supply.
2. I agree that an appraisal it warranted if the car has significant value $30k and up. But when you have a work in progress or daily driver, the agent can give you a feel of what the market is for the cars they sell. And since Hagerty is the largest seller on automobile insurance to classic cars, they probably have a good handle of value versus condition. I ultimately determined the insured value and it was no issue since it fell in the insurable range.

 

I have all my vehicles insured by American Family, I have an umbrella policy to cover personal liability for every day life, home coverage, vehicle coverage for both the dailys and the vintage vehicles. I had a pretty decent insurance guy for a quite a while, even was an old car guy, but he retired and I got a ding bat that doesn't seem to know what she's doing. I need to take the time to talk to her in person and see what she says. If she can't seem to help I'll got to another agent. This is just the beginning of the process, just wanted to see what you fellow truck guys have to say. I know to me my F-2 is priceless, no amount of money could replace it but it sure could help if it got banged up. I've been involved in quite a few accidents over the years, all not my fault, just happen to be in the wrong place at the wrong time. About half the time the guy who cause the accident didn't have insurance and I got stuck with the bill, luckily I was driving beaters at the time and they were no great loss.

I figure the F-2, after seeing what others are asking for literal junk, has to be in the $15K+ range, the panel at about the same range.

 

I know my truck is not worth what I spent to restore it and if I have an accident it will cost me more than it is actually worth to restore it again!
Ed
near Philadelphia