Had a long overdue chat with my insurance agent yesterday. She (not a truck person) informed me of what I already knew down deep in my gut: The insured value of my 1-owner, really "cherry" '74 Hi-Boy is what the insurance company figures a "'74 truck in good condition" would sell for. Like all of us on this site, I figure with all the upgrades and TLC that I have put into MY truck, it's worth a whole lot more than $2500 or whatever they would allow in case of total loss. What have you guys done about this, if anything? Have you been able to convince your insurance to step up the insured value? How did you accomplish it? My agent could only suggest that I get it appraised by a creditable "appraiser", which doesn't exist out here in the boon-docks as far as I can determine.
Another thing about all this that is especially worrisome is that I heard just a couple of days ago about a local having his xfer case and drive lines stolen, and they are going to just total the truck rather than replace the parts, because of the low value on the truck. That would really be the livin' end!
Hope somebody out there has some light to shine on this for me!?!
Steve

 

Steve, you will have to find a rider policy of sorts. You ought to own a 66. The drivetrain is worth more than they will pay on the truck. We are sol on that one. In my case if the insurance company would pay off of an accident on the front of my truck, where would anyone find a good rad. support, hood, chrome grill, etc.
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John

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In the cool still quiet of night, you can hear chevies rusting away.

 

This may sound like radical advice, but READ YOUR POLICY. All standard auto insurance policies pay based on industry standard valuations for a vehicle of the described make, model and year, in "good" condition. This method keeps insurance costs down for everyone. Otherwise, the insurance companies would need to individually appraise every vehicle, and re-appraise them annually to see if there was any change in condition, new equipment, etc.

This method works fairly well for relatively new vehicle, i.e., those that are five or fewer model years old, because value is fairly consistent among them. That's also why it is easy to find "blue book" value data on newer vehicles. Enough of them are sold every year that lots of sales data is generated and average retail values can be determined.

For older vehicles, it is very difficult to estimate value. For instance, it isn't hard to estimate what a 99 F150 reg cab, short box, 2wd with a 4.6 and auto tranny is worth. It's almost impossible to guess what the same truck, but a 79, is worth without inspecting the actual vehicle, because condition will vary widely.

There is a solution. If you have an older vehicle that is worth a lot of money, you buy what is known as a "stated value" insurance policy. If the stated value policy is for $10,000, and your truck is stolen, the insurance company pays you $10,000. You need an independent appraisal that confirms the value of the vehicle, though (otherwise, people would buy $20,000 stated value policies on $250 cars just to cash in the policy). Stated value policies will cost more than regular policies, but you get better coverage. It's your choice.

 

Steve, I see your concern. What i did is have a profesional Appraiser/adjuster come to my home. He specialized in insurance and court appraisals. He was an automotive engineer and his appraisals will stand up in court. Look in the nearest city phone book....I know you are out in the boonies...but someone will try and accomondate you. he charged me 140.00 for the work. I recieved 2 `manuals with full pictures from every angle of the truck. he researched the venicle on the internet and from several listed cost books.
I sent his cover letter certification to my ins co and all went well.

I have full coverage on the truck like any new vehicle and can drive it anytime.
Last year some one backed in to my tail gate, you should have seen the look on the guys ins agent`s face. He thought it was scrap!!
it was repaired like NEW and they paid all costs!!



__JOHN__ô¿õ
1972 F-250
ICQ# 6030753

 

I've been investigating this problem myself. Haggarty is one company that writes declared value policies.
Holy Cow!! Look at all the new smilie's!
:-staun
Bear

 

Thanks for those lucid comments and ideas.
Sounds like I have some more homework to do finding an appraiser, and then deciding if it's worth the trouble to chase down establishing the higher value.
Anyway, that's the inside scoop that I needed to get me rolling!
Yeah, these smilies are pretty neat!
Steve

 

[updated:LAST EDITED ON 21-Dec-01 AT 09:56 PM (EST)]>Steve, I see your concern. What i did is have a profesional
> Appraiser/adjuster come to my home. He specialized in
>insurance and court appraisals. He was an automotive
>engineer and his appraisals will stand up in court. Look in
>the nearest city phone book....I know you are out in the
>boonies...but someone will try and accomondate you. he
>charged me 140.00 for the work. I recieved 2 `manuals with
>full pictures from every angle of the truck. he researched
>the venicle on the internet and from several listed cost
>books.
>I sent his cover letter certification to my ins co and all
>went well.
>
>I have full coverage on the truck like any new vehicle and
>can drive it anytime.
>Last year some one backed in to my tail gate, you should
>have seen the look on the guys ins agent`s face. He thought
>it was scrap!!
>it was repaired like NEW and they paid all costs!!
>
>
>
> __JOHN__ô¿õ
>1972 F-250
>ICQ# 6030753
>
I was an insurance adjuster for 8+ yrs. Getting a vehicle appraiser to come & look at the truck is an excellent thing to do. That way, you know its stated value (aka actual cash value).

Then, you can get a policy either thorough your carrier, or, if not available, through another carrier, that will insure your truck for its "stated" (ie. appraised) value, vs. the "book" or "market" value of your truck.

Make sure that when you purchase such a policy, that it will "pay stated value in the event of a total loss". If it does not have that statement, the insurance company can still screw you over in the event of a worst case scenario.

During the appraisal process, make sure all improvements, upgrades, and resto items are taken into account. It would suck to have a $2000 pay-off on a truck that costs/is worth $7500!!!!

:7

 

you should have asked her to try to find a replacement for it in the same condition with the same modifications for $2000. Let them do some research into replacing the vehicle.

 

>you should have asked her to try to find a replacement for
>it in the same condition with the same modifications for
>$2000. Let them do some research into replacing the
>vehicle.

The typical (insurance company" answer would be that they're in the insurance business, not the used car business.

I'm glad I'm outta that game!

 

Just a quick note to all. I just restored and customized my '79 Highboy. Sunk 14K into it and all the insurance company could say was that if they considered it totaled, they would only pay what the local going rate for the same truck would be (not including upgrades or custom work). If you call Geico they will point you to an affiliate that will provide you with a policy for what you have invested. I did not have to have a adjuster come out because I had receipts for everything. It was quick and easy and didn't cost as much as I'm paying for insurance for my wifes new rice burner. Hope this helps. Good luck and Happy Holidays to all!