After several years of working on and building my truck I am concerned with insurance.
I have about 12 K invested so far and need to set an "agreed upon value".
I am interested in First Hand knowledge and experience in insuring this truck and setting a value on it.

 

Getting a agreed upon value is pretty simple. However there is restrictions depending on how you proceed. Is this a daily or a show truck only? I have several agreed upon value policies. Generally under 25k and no appraisal report is needed. Ultimately you are best asking your insurance agent. I have state farm and they made it very easy, I have had Haggerty also in the past and it was fine but I was limited in mileage to much.

 

I suggest you contact your insurance agent and talk to them about insurance for classic and restored vehicles. Because of inflation and demand for good trucks the valuations for many of our trucks can exceed the new sticker prices paid three decades ago.

Replacement cost should be your target valuation.

 

Spend the few bucks and get it appraised then the insurance company was something solid to work with and you are removed from the equation also in setting a value so if the unthinkable should happen there should be no issues with the insurance company paying out.

 

Insurance for vehicles will be different in Canada and the US. In the US the valuation used to be able to be agreed upon with the insurer. Then of course the higher the valuation the higher the premiums. A friend of mine had several Corvettes. He had them well insured but paid dearly for that in premiums.

 

Insurance in the US or Canada is not any different the only difference is Canadian companies have more rules to follow and really are not able to weasel out of paying out.
Regardless get it apprasied. And what you agree upon with YOUR insurance company is fine if THEY are paying you out. Does not do you much good if you have another company paying for the damages or another 3rd party then the onus may be on you to prove it is worth what you and your insurance agreed upon. If it is appraised then no one can dispute it.

 

Do as they say and not as I do LOL
I did talk to my agent and told them what I had and did to the truck and that normal insurance would not cut it if it was totaled.
They came up with Haggerty that works for me with an agreed 12K and I can go up if I want.
I also get to keep the truck if it is totaled.

I have not (yet) had it appraised but I should just so if something dose happen I have back up proof.
I also have all the recites and pictures of my rebuild to help too.
Dave ----

 

Go on the Hagerty website, and you can generate an appraisal for your truck...or I should say, appraisal(s) based on various conditions. I have both of mine insured through Hagerty, and while there is good and bad with them, I have been pleased with their service so far. I have my '84 2wd insured for $20k or a bit more, and the 1980 4x4 insured for around $14k. Total cost for me for both is around $340/year (CDN). I recently tried to insure my trucks with my regular broker for house, cars, etc, and they couldn't even pull up the VIN on the 1980, and said that they basically wouldn't insure it. The Hagerty coverage is fine for what I do with these trucks. They're just for hobby use. I take them to shows, but I don't really consider them show trucks by any means.

PS: For what it's worth...my 2 cents...if you don't already do it, carry a good quality fire extinguisher in the truck with you and mount it where you can grab it quickly. I have mine behind the seat on the driver's side, but I can grab it quick if need be. It's surprising how many classic vehicles catch fire...and how many Bullnoses do. I'm really **** about fuel lines and protecting wires where they might chafe, but it doesn't hurt to be extra safe. If you go cruising Craigslist and FB Marketplace, it is not uncommon to find a Bullnose for sale with fire damage.