How do you Insure your 70 Series? (1 Viewer)

[Bostonfj60]

Hey everyone,

So I just bought a 1987 HJ75 Troopy (with a Takka camper top) in amazing condition. My insurance company will only insure it based on what they consider a similar model to be (like an FJ60) and that basically translates to little money if I were to total the vehicle, or if it got stolen. I would be out some serious cash. I am also in a similar situation with my 1981 FJ40.

SO. Does anyone carry insurance that actually covers the vehicles real value? FYI I am in the USA, Mass to be specific.

Any suggestions would be greatly appreciated!

Cheers,

Jon

 

[OGBeno]

Just went through this on my 60.

Told insurance the entire story, modifications, engine work, etc. Showed receipts.

Then did research on similar vehicles done up like mine.

Insurance adjuster type of dude came out to my house, took pictures, etc.

I told them I wanted it valued at $55K.

They came back with about $57K as a real value to replace.

Of course, all of this costs extra on a monthly basis in terms of the premiums to my insurance company.

 

[cruiserdan]

Stated-value insurance is available from various carriers. Often those policies will have restrictions on mileage, type of usage and also how the vehicle is stored. It all begins with a value assessment as stated above by Beno.

My carrier offers a special policy of this type. It requires you have other "normal" vehicles insured and it must be garaged. After that the usage restrictions are not that bad. I have yet to take advantage of that because I can't fit a vehicle in my garage.....

 

[Gun Runner 5]

I provided my insurance company with an appraisal letter and they in turn took a number of photos. I've got a "stated value" policy on the truck.

 

[Bostonfj60]

excellent, thanks for the info...

 

[Gun Runner 5]

excellent, thanks for the info...

As slight hijack ......
Please join your fellow U.S. 70 Series owners by posting here:
https://forum.ih8mud.com/threads/u-s-70s-registration.804314/

 

[jfrench]

This has been covered elsewhere on Mud but I was always told stated value policies are worthless unless there is an appraisal and valuation of comparables. I had a stated value policy with Allstate on my BJ42 and after talking with them in greater detail the stated value means nothing in a total loss situation as they'd refer to KBB or Edmundsmaking the value worthless. Agreed value policy is the industry term for what you want. Either way the safest approach is professional appraisal and sale values of comparable vehicles, and speaking with an agent with experience. I dropped Allstate and am now with State Farm with appraisal and pics, etc. Good luck

 

[Bostonfj60]

As slight hijack ......
Please join your fellow U.S. 70 Series owners by posting here:
https://forum.ih8mud.com/threads/u-s-70s-registration.804314/

I certainly will! My rig shows up monday morning! I will post pics this week...

 

[Gun Runner 5]

I certainly will! My rig shows up monday morning! I will post pics this week...

Thanks, You can't get the free t-shirt until you register.

 

[NGray]

I'm still waiting on mine...must be a Georgia thing.

 

[Chester]

I'm still waiting on mine...must be a Georgia thing.

Sent via Georgia eagle. That's a couple of buzzards flying vexing circles overhead, patiently waiting for your demise.

 

[RhinoRig]

I too have spent a bunch of dinero lately and would like to make sure the investment/boat is covered fully!

I've only heard the name of one insurance company that does this: State Farm. A reputable friend told me about their policy because he insures multiple vehicles with an assessed/stated value policy.

However, my SF agent says it can't be done. So, how do you get the uninitiated agents educated and get them to fill in the right blanks? Any other companies you could recommend?

I'm getting the sense that with the miles we drive (35k on the 80 last year), the fun we have, the lack of garage, and other practical matters, we're not going to qualify for anything other than a super expensive Lloyds o London policy.

Drive careful and watch for idiots, they're everywhere...

 

[Gun Runner 5]

I'm still waiting on mine...must be a Georgia thing.

Florida is the one exception to the free T-shirt promotion.

 

[elkaholic]

To the original post, make sure you understand the difference between stated value and agreed value. With stated value, the rig starts at that level and depreciates - so a total loss several years later will pay out at a lower value. Agreed value is a fixed amount that the insurance will pay in the case of a total loss. There is a difference in process both on the front end and in the case of a loss. There is also a big difference in price

 

[elkaholic]

I have my policies with Auto Owners and despite 4 claims last year (don't ask) they did not nail me too badly on renewal this year.