Value Help Please
Fleet Owner
Joined: Jun 1999
Posts: 24,552
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From: Creedmoor, North Carolina
Bobby, One thing that you must take into consideration, what it's worth or the asking and what someone will pay are two different things. You can keep something on the market for 5 years asking $6,000.00, but if $4500.00 is the highest that you have been offered, it aint worth $6000.00 no matter what someone tells you.
John
John
Posting Guru
Joined: Nov 2005
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From: Madison, SD
Originally Posted by jowilker
Bobby, One thing that you must take into consideration, what it's worth or the asking and what someone will pay are two different things. You can keep something on the market for 5 years asking $6,000.00, but if $4500.00 is the highest that you have been offered, it aint worth $6000.00 no matter what someone tells you.
John
John
And in regards to the kid anteing up for the damage he did, congrats!!!! Nice to see there are still some people in this world who are willing to take responsibility for their own actions....
Elder User
Joined: Dec 2003
Posts: 610
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From: socal
It's tough, I had a similar situation and I did have uninsured motorist coverage so my insurance co. went after the guy but I still had to battle with them over the value of my F250. To me it was priceless to them it was scrap metal. They totaled it,damage was $2400, they placed value at $700, I opted to take a small payoff & the truck back,ended up costing me about $4,000 or so to fi
I went overboard) and later sold it for $8k. But a total nightmare it's hard to come out of it ok when you are dealing with older trucks, looks like you got hit buy a decent guy though hope it works out.
I went overboard) and later sold it for $8k. But a total nightmare it's hard to come out of it ok when you are dealing with older trucks, looks like you got hit buy a decent guy though hope it works out.
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Logistics Pro
Joined: Jun 2003
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Originally Posted by 7DF250
It's tough, I had a similar situation and I did have uninsured motorist coverage so my insurance co. went after the guy but I still had to battle with them over the value of my F250. To me it was priceless to them it was scrap metal. They totaled it,damage was $2400, they placed value at $700, I opted to take a small payoff & the truck back,ended up costing me about $4,000 or so to fiI went overboard) and later sold it for $8k. But a total nightmare it's hard to come out of it ok when you are dealing with older trucks, looks like you got hit buy a decent guy though hope it works out.
I went overboard) and later sold it for $8k. But a total nightmare it's hard to come out of it ok when you are dealing with older trucks, looks like you got hit buy a decent guy though hope it works out.I talked to my insurance lady and she said that after I get the truck repaired, I can insure it for any amount that I want. I don't care if it costs me a few extra bucks a month to cover it for $8 or $10 grand, just having the piece of mind knowing that I won't have to go through this again. I have a fresh 466" engine and a fresh trans sitting on the floor of my garage, this may be the right time.
Posting Guru
Joined: Nov 2005
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From: Madison, SD
If you want that kind of insurance it is readily available through any number of specialty vehicle insurance companies. I have this insurance on some of my toys, agreed value coverage is what it is called. Check with Haggerty's or any of a multitude of companies just like them. The "agreed value" coverage on my '71--before it is even finished--is $15,000.00. When it's done, it will be $20,000.00. The insurance for it is less annually then my daily driver.....
Cargo Master
Joined: Sep 2004
Posts: 2,691
Likes: 6
Originally Posted by instig8r63
I talked to my insurance lady and she said that after I get the truck repaired, I can insure it for any amount that I want. I don't care if it costs me a few extra bucks a month to cover it for $8 or $10 grand
Last edited by qman; Jan 29, 2007 at 02:22 PM.
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Post Fiend
Joined: Sep 2004
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From: Near Fresno, California
Originally Posted by qman
Insuring it for $8000 isn't gonna do you any good unless an appraisal of the truck says it's worth $8000 and your insurance company agrees. Make sure you talk to your insurance lady again and be sure of what it will take to collect on that $8K. Insurance companies will sell you all the coverage you want but when it comes time to pay they will appraise your vehicle and "WILL NOT" pay a dime over what they consider it to be worth. . . ..
There may be a problem with the insurance company agreeing to the value you place on the vehicle, but that issue is addressed before you buy the policy. If they think you have placed too high a value on it, they will not issue the policy.
Standard insurance works differently. There it is fair market value, and the value is set by the insurance company.
Considering it all, I would take any reasonable offer from the guy, and would also check to see if his dad has any liability. I would also wear a neck brace and limp any time I meet with them - remember, they are not only paying for the damage to your truck, but also wanting a release from liability from you.
Posting Guru
Joined: Nov 2005
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From: Madison, SD
Originally Posted by qman
Insuring it for $8000 isn't gonna do you any good unless an appraisal of the truck says it's worth $8000 and your insurance company agrees. Make sure you talk to your insurance lady again and be sure of what it will take to collect on that $8K. Insurance companies will sell you all the coverage you want but when it comes time to pay they will appraise your vehicle and "WILL NOT" pay a dime over what they consider it to be worth.
Cargo Master
Joined: Sep 2004
Posts: 2,691
Likes: 6
Originally Posted by Dave Severson
Wrong, not on "agreed value" insurance.
Read again and you'll see my first sentence says:
"unless an appraisal of the truck says it's worth $8000 and your insurance company agrees."
All I was trying to do was make him aware that the agreement needs to be in place. Otherwise a $10K policy isn't gonna do him any good.
Originally Posted by Dave Severson
I don't deal with insurance companies that operate the way you suggest..
Last edited by qman; Jan 30, 2007 at 10:54 AM.
Posting Guru
Joined: Jul 2003
Posts: 2,222
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From: East Central Florida
Bobby
Dave is right in post #17 above. When you get this straightened out, or whatever, next time go with Haggerty. You can insure it for $100,000 if you pay the premium. Most of us around here carry Haggerty and insure for around $15K - $50K of vehicle value plus laibility & "PI" and Medical. Some of the guys have righteous Iron, Some steel street are rods worth $50K+.
I pay less on my Slick with $15K insured value & My Bird with $12K than I do for any of our daily drivers. I am limited to 2,500 miles per year, per vehicle but I don't go that far. Hagerty is a nationally recognized, Specialty Interest Vehicle insurer.
In this case don't Putz around. Either get a lawyer or a lawyer and a chiropractor. The guy might live in a nice house you can take over. Also arrange to show you are paying storage while your vehicle is damaged & out of service. Don't gey sucked into a stall. Negligence is negligence and running into the rear of a stopped vehicle while talking on a cellphone is neglignce, take the hombre for full amount + all your costs. . . .
Just my $.02
FBp
Dave is right in post #17 above. When you get this straightened out, or whatever, next time go with Haggerty. You can insure it for $100,000 if you pay the premium. Most of us around here carry Haggerty and insure for around $15K - $50K of vehicle value plus laibility & "PI" and Medical. Some of the guys have righteous Iron, Some steel street are rods worth $50K+.
I pay less on my Slick with $15K insured value & My Bird with $12K than I do for any of our daily drivers. I am limited to 2,500 miles per year, per vehicle but I don't go that far. Hagerty is a nationally recognized, Specialty Interest Vehicle insurer.
In this case don't Putz around. Either get a lawyer or a lawyer and a chiropractor. The guy might live in a nice house you can take over. Also arrange to show you are paying storage while your vehicle is damaged & out of service. Don't gey sucked into a stall. Negligence is negligence and running into the rear of a stopped vehicle while talking on a cellphone is neglignce, take the hombre for full amount + all your costs. . . .
Just my $.02
FBp
Last edited by FordBoypete; Jan 31, 2007 at 09:40 PM.
Thread Starter
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Logistics Pro
Joined: Jun 2003
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Originally Posted by FordBoypete
Bobby
Dave is right in post #17 above. When you get this straightened out, or whatever, next time go with Haggerty. You can insure it for $100,000 if you pay the premium. Most of us around here carry Haggerty and insure for around $15K - $50K of vehicle value plus laibility & "PI" and Medical.
I pay less on my Slick with $15K insured value & My Bird with $12K than I do for any of our daily drivers. I am limited to 2,500 miles per year, per vehicle but I don't go that far. Hagerty is a nationally recognized, Specialty Interest Vehicle insurer.
In this case don't Putz around. Either get a lawyer or a lawyer and a chiropractor. The guy might live in a nice house you can take over. Also arrange to show you are paying storage while your vehicle is damaged & out of service. Don't gey sucked into a stall. Negligence is negligence and running into the rear of a stopped vehicle while talking on a cellphone is neglignce, take the hombre for full amount + all your costs. . . .
Just my $.02
FBp
Dave is right in post #17 above. When you get this straightened out, or whatever, next time go with Haggerty. You can insure it for $100,000 if you pay the premium. Most of us around here carry Haggerty and insure for around $15K - $50K of vehicle value plus laibility & "PI" and Medical.
I pay less on my Slick with $15K insured value & My Bird with $12K than I do for any of our daily drivers. I am limited to 2,500 miles per year, per vehicle but I don't go that far. Hagerty is a nationally recognized, Specialty Interest Vehicle insurer.
In this case don't Putz around. Either get a lawyer or a lawyer and a chiropractor. The guy might live in a nice house you can take over. Also arrange to show you are paying storage while your vehicle is damaged & out of service. Don't gey sucked into a stall. Negligence is negligence and running into the rear of a stopped vehicle while talking on a cellphone is neglignce, take the hombre for full amount + all your costs. . . .
Just my $.02
FBp
Posting Guru
Joined: Nov 2005
Posts: 1,302
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From: Madison, SD
Yup, had Haggerty's for years and one claim... it was 11 days from the date of the accident til the date I had the check in my hand... Then Haggerty's battled the insurance company of the idiot who hit me and collected from him after a prolonged battle. Needless to say i have kept all my toys insured with them ever since..... And, everything is handled by phone or computer, never have met an agent. Not all companies are out to rob you blind and sell you what you don't need or want......