Does anybody know of a good insurance company that will ensure a 2002 cruiser with an OME 2.5" lift, Slee Differential Drop, adjustable UCA's, and Line-X paint job? USAA says it's worth $9,000. I rarely drive it and I'm pretty sure I could sell it for more than that easily.
Insuring a Cruiser (1 Viewer)
- Thread starter lexpedition
- Start date
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I use State Farm. I did have to document ALL upgrades and provide comps in order to get a "fair" value for my rig so I wouldn't get low-balled. Had I simply insured it based on year and mileage, they would have simply low-balled me a $3.5k offer. I would say no insurance company "values" these rigs for what we feel they are worth 
USAA will absolutely bone you.
Ask me how I know.
Ask me how I know.
How do you know?USAA will absolutely bone you.
Ask me how I know.
USAA will absolutely bone you.
Ask me how I know.
I dropped USAA. Their rates weren't competitive and I had no good experiences with them.
Someone told me.
I would have dropped them last year. However, two no-fault accidents within a year still show up as just '2 accidents' to prospective providers. I looked like an ass trying to find new coverage and in my case, USAA is extremely competitive for premiums.
I just renewed my truck with Progressive. They were the only ones I found that would insure it at an agreed value. Which means I pay for what we agreed the truck is worth. I had USAA too and I was disappointed to find out they wouldn't insure my trucks for what they were worth. Only the blue book value of an old truck. Not only did Progressive insure the trucks for the actual value, they insured it as a daily driver vehicle. That combination seemed hard to find. I did not try their nemesis Geico but I bet they would have offered a competitive rate. No reason to think otherwise. I just tried Hagerty's too and I was really surprised that they do not insure daily driven vehicles at all. You have to lie and tell them it is only driven 2000 miles a year or something. I am worried that one day it might be almost impossible to insure these things as daily drivers.
CloudCity
LuxCruisers
Does the policy paperwork state "Agreed Value" on it? I ask because I called a few places for my old Benz looking for Agreed Value and several agents told me that's what their company offered but in the actual wording it was always "Stated Value" or "Actual Cash Value." I had to go to Chubb to insure the car for Agreed Value and found that only collector car places do that, and in the case of my LX it isn't old enough to qualify unlike the Benz. If so, I'd definitely consider switching to Progressive.
Their wesbite indicates "Actual Cash Value" unless you are using their Classic Car Program.
Can you tell us the agreed valuation and your premium cost please? I know quotes will vary by geography, etc.
None of this is meant to call you into question, I really want to make sure your agent is knowledgeable as I faced this so many times and it was frustrating.
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I will have to check on that actually. Chubb was one that I meant to check but never got around to it. I was not aware of any difference in actual value and actual cash value. Definitely something I will be looking into. But I have my truck insured for $24k and it is $1600 a year. I pay in full twice a year which saves me $600 a year compared to installments.
You can find more insurance for more premiums. Personally, i’ve tried to decrease premiums and take on more risk myself. I figure if i can get away with that for a couple years, i’ll be ahead even if i absorb a loss.
I have Agreed Value insurance on my 64 FJ45. Believe it or not, the premium is actually half cost compared to my 2007 LC. There are some restrictions like being garaged at night, however I could drive it everyday if I wanted to as they don't limit miles/usage.
Question:
Say you've got a stated value policy like @toadshade (Hey, we're local btw), and someone else totals your car. Does having the stated value policy ever come into effect if the other party's provider is being a dick about what they want to pay?
I had a hell of a time getting a commercial policy provider to pay me out for totaling my LC. I was lucky to be able to show receipts for EVERYTHING being built, just weeks before the accident. It still took a ton of work to get it, though. I wonder if that were to come up again, if your own policy would step in and cover the spread.
Say you've got a stated value policy like @toadshade (Hey, we're local btw), and someone else totals your car. Does having the stated value policy ever come into effect if the other party's provider is being a dick about what they want to pay?
I had a hell of a time getting a commercial policy provider to pay me out for totaling my LC. I was lucky to be able to show receipts for EVERYTHING being built, just weeks before the accident. It still took a ton of work to get it, though. I wonder if that were to come up again, if your own policy would step in and cover the spread.
Great question.
CloudCity
LuxCruisers
Yeah, that's another advantage, it's much cheaper. I pay about $360 a yr for $50k agreed value on the Benz. My LX is only $800 a year for a typical Actual Cash Value policy with no value listed as that would be determined at the time of loss. That's why I'd like to change it to Agreed Value as well.
I know in the case of my car with collector car over at Chubb, if the car is totaled, then I get a check for the $50k Agreed Value no questions asked.
My 04 is insured for replacement value of 25k. Too many mods and too expensive to replace.
@MongooseGA Through National General. I though most companies would go with stated value.
CloudCity
LuxCruisers
No mileage restrictions through Chubb, but some use restrictions, storage requirements. All pretty standard, but the open-ended mileage is rare for these policies.
That was one of the reasons I went with Progressive. No mileage restrictions. And as far as I know, my agreement is no questions asked. I am paying for insurance based on my replacement value of the truck. Of course I am skeptical about filing a claim. I am sure I will be fighting someone if something happens.
VinylSeats
SILVER Star
I just switched to Traveler's and my insurance broker got me an additional $5000 in coverage beyond the "market value" to cover "permanent modifications" to my 1999. Basically, if the truck is totalled, they'll give me market (I'd fight tooth and nail to get the most possible) plus $5000.
This additional coverage cost $35 per year. Well worth it for the peace of mind.
This additional coverage cost $35 per year. Well worth it for the peace of mind.
