Just got my truck back from the shop with the newly rebuilt V8 flathead motor.
Also has new tube tires with wide white walls (see my gallery pics)

My insurance is due, and I think I might want to update my value of hte vehicle.

How do I determine the price?
I can't seem to find a site to give blue book values.

It is currently valued at 11,000 , but I think that might be low now
Thanks

 

A professionally prepared appraisal complete with pictures and dialogue would be of assistance if you had a loss,………… or are you allowed to insure to any value that you are willing to pay the premium for? You might still have to substantiate that, so an appraisal would be a good thing.

 

Yes, true.

But also, one thing you want to consider in the appraisal process, is that an appraiser is going to use certain criteria to come up with a value - such as the average sellable price of a truck of your year. And what you are going to end up with is probably closer to a legitimate sale price verses what it would cost to replace the truck. (the old "you never get out of it what you put into it" thing). Did you keep the parts reciepts or keep a record of th elabor hours to legitimize a greater value withthe insurance company? Might be a goo thing to gather all that up and take lots of pictures of those parts now if you haven't already.

Yes there is a trade off of higher value VS premium cost. But if you are going to pay for the insurance to start with, it doesn't make much sense to under insure it to the average or sale value if it's going to cost you an extra $10,000 on top of an insurance settlement to get all the new parts and labor it will cost you to build another one exactly the same - you are just wasting the premium payments if you do that. Am I making any sense.

So, if it cost you $35,000 to build the truck and it gets stolen, then you will be shorting yourself if it has an appraised "MARKET" value of $22,000 and that's what you get for it. See what I mean. Personally, I'd be tempted to pay the higher premium.

 

I contacted Haggerty about my question and they looked up my truck with the v8 flathead.
They told me "average" value was a little over 12,000 and high end excellent condition was 26,000

My truck is most definitely better than average, but not mint condition BEst of show quality.
So I went with a number close to the middle of the 2.
I feel better now that my coverage is more in line where it should be

 

IMHO, I think your short changing yourself. I have an agreed value of 20k before I even finished it. I'm going higher real soon.

 

I have an agreed value of $25,000 on mine. With Grundy it is cheaper for $25K than it is for $20K because of different underwriters. Check it out.

 

Your pickup looks like a new truck. It would be much more difficult to replace than a 2010 new truck. I think you should value it for at least as much as a new 2010 truck. Probably $25,000 or more would be appropriate. They will be making lots more "new" trucks, over time there will be fewer and fewer trucks of your vintage. Short of a total meltdown of the economy, your truck should be worth more with each passing year. For full enjoyment of your beauty, insure it to the max so that worries over potential losses will diminish.

 

Classic Car Values has values on a one to five scale with a one being museum quality with a value of about thirty four thousand. A truck that falls between a daily driver and museum is valued at around twenty three thousand, daily driver is around fourteen.

 

Daily Driver - $14,000! WOW!

 

People, let's not forget the appraisers creedo; "COST IS NOT VALUE". That means that even though you have "agreed value" insurance coverage for the amount of your receipts, and you have receipts totalling 40K, the agreed value will be "up to" 40K. (Be sure to read the fine print in the policy) That doesn't necessarily mean they're going to hand you a check for 40K, no questions asked. The replacement value is not the value of your receipts, it means what the insurance company can find to replace your vehicle with a "like-kind" product. If they can show you trucks that are similar to yours in condition and amenities for 25K, that is the "replacement value". And that's all you're going to get, no matter what your "agreed value" is. Insurance companies are happy to take your premium money, but that doesn't mean they plan to give it all back to you.

I am speaking in generalities, not specifically about any particular insurance company or business model. It is based on knowing how insurance companies work, based on 30 years of working in and around the repair industry. But it is a fact that the insurance industry spends more money figuring out ways to deny claims, than they do paying them.

So for your best protection, get an independant appraisal done and use that for ammunition for your agreed value policy. Don't just toss a number out there and expect to get a huge check if something disastrous ever happened.