What are you guys doing for insurance – do any of you have an agreed-upon value for your rig? (1 Viewer)

[USMCDocJ]

Hi, all!

I just switched insurance companies to Progressive. I am curious and am interested in getting an agreed-upon-value for my rig – since the blue book value is way too low and doesn’t take into account the desirability, exceptional cosmetic and mechanical condition, & cult-icon status of my rig. The Kelly Blue Book value is an offensive $4,300...

My rig is easily worth $10k PPV.
I’ve done a few mods – $1k ARB, lights, rack & cargo box, & coil spacers.

As you all know the prices for 80’s have skyrocketed over the past 2-3yrs. People are paying insane prices for clean rigs.

Anyways, my question is:
What do you guys do for insurance? I tried looking for a way to get an agreed-upon-value for my rig w/ Progressive. But it sounds like you have to get classic car insurance – which has mileage limits. (My rig is a daily – I drive it ≈ 7500 miles a year.)

It would suck if I or someone totaled my car and I only got a measly $4,300 for it.

Thanks in advance!

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I have a 1991. I also have progressive. I had an accident (someone hit me) back in October. Progressive underwriters and my agent searched for sales comps. 1st within 100 miles... Nope. Then state wide... Nope. Then nationwide. The found 3 sales in the last 6 months nationwide and averaged them + any custom parts on the truck. Valued me out at 15000 and change. Saved my truck from a total for 6k of damage. YMMV.

Matt

 

[Jormungandr]

I had a 25k agreed value policy with Safeco for the last 5 months on my LX450 (great condition, triple locked, tons of maintenance, 220k, ARB bumper, other accessories, etc). However out of the blue they recently cancelled my policy because "1997 Lexus isn’t eligible for agreed value coverage in our antique/classic program since it is not a vehicle that is collective, exhibited in car shows/parades, rare, or unique". My local agent tried to fight back citing Hagerty's evaluation tool, but ultimately they weren't having it.

Those that have their 80s insured with Safeco, what was your agreed value policy amount? Vehicle condition/mileage? Garaged? etc. (@Red Merle and @Jormungandr I saw you guys responded earlier in the thread and could maybe provide some guidance). I'm trying to figure out why they would cancel it out of the blue and how I can have them possibly reconsider. I liked Safeco because their mileage limits still allowed me to drive my vehicle plenty with no issues.

Dang I hate to hear that, mine is $21k and sounds to be in similar condition to yours but a 1996 Toyota instead of Lexus. I am at like 232k, head gasket within last 10k miles. Was your renewal coming up? or just mid policy year they just canceled it? either way this is nuts.

 

[Red Merle]

I had a 25k agreed value policy with Safeco for the last 5 months on my LX450 (great condition, triple locked, tons of maintenance, 220k, ARB bumper, other accessories, etc). However out of the blue they recently cancelled my policy because "1997 Lexus isn’t eligible for agreed value coverage in our antique/classic program since it is not a vehicle that is collective, exhibited in car shows/parades, rare, or unique". My local agent tried to fight back citing Hagerty's evaluation tool, but ultimately they weren't having it.

Those that have their 80s insured with Safeco, what was your agreed value policy amount? Vehicle condition/mileage? Garaged? etc. (@Red Merle and @Jormungandr I saw you guys responded earlier in the thread and could maybe provide some guidance). I'm trying to figure out why they would cancel it out of the blue and how I can have them possibly reconsider. I liked Safeco because their mileage limits still allowed me to drive my vehicle plenty with no issues.

Sorry for the delayed response. I actually don't use Safeco anymore. I am using Auto Owners now. I would have to check, but I think my 80 is insured up to $25,000 and my 100 is around the same, maybe a little less.

Hope that helps.

 

[sunrk]

Yes - A$15k for my 1992 pov pack.

 

[nickolai]

I've been a bit set and forget on insurance for my truck but I have been thinking much more about it lately after being in an accident. My HDJ81 is covered agreed value for $18,650 ($NZD).

We were in a not at fault accident recently - They're paying out for repairs, total cost is about $11k NZ. Granted about $2k of that is ARB Bar, but the damage itself is quite minimal.

Guess my point is that repairs cost a lot more than I would have expected - so you're agreed value probably needs to be higher than you think, especially with trucks fetching high prices in the event you write the truck off and need to replace it.

I'll be bumping the agreed value up once the truck is fixed up, probably around $25-30K. That will give me options for replacement should the truck be written off.

 

[Broski]

And even if you could, they'd disown you for being offroad or making some unapproved modification etc. And even if they didn't, the monthly premium would be insane.

This just true. Not sure where you get your information

 

[jaymar]

My full post appears below. I still say if you walk in there and say your rig is worth $150k, and manage to get an agreed-value policy ('stated value' is bunk) you're gonna pay through the nose, and they'll look for any excuse not to pay if it's wrecked or stolen. Many of them seem to be the vehicle equivalent of HMOs...

Given the money we pour into these things and the gear that goes in and on them, I'm not sure it's possible to get an actual real-value insurance policy. And even if you could, they'd disown you for being offroad or making some unapproved modification etc. And even if they didn't, the monthly premium would be insane.

Make it as theft-proof as humanly possible, make it trackable if stolen, and set aside the extra few hundred a slightly better policy would cost you each month. That's your new-truck kitty. Meantime you're not forking it over to an insurance company...

 

[jaymar]

have had many talks with my agent of 40 years about my 80. My concern is more with liability, He has assured me that the truck is covered on and off road and that the modifications are a non-issue.

Just make certain he assures you in writing.

Not many here that think the Rig is worth a 150K

Give it a few years; we'll get there. Prices are crazy.

 

[sunrk]

Be warned - just because you might have an agreed value policy saying the vehicle is worth X doesn't automatically mean the insurance company will come to the party purely based on you paying an inflated premium to get the higher agreed value. It still needs to be 'market reasonable'.

Any *any* tiny detail that can void or reduce liability on the part of the insurer is far more likely to be exercised with somewho who pays for an excessive high market value policy.

 

[jaymar]

Be warned - just because you might have an agreed value policy saying the vehicle is worth X doesn't automatically mean the insurance company will come to the party purely based on you paying an inflated premium to get the higher agreed value. It still needs to be 'market reasonable'.

Any *any* tiny detail that can void or reduce liability on the part of the insurer is far more likely to be exercised with somewho who pays for an excessive high market value policy.

So, here's the straight skinny from Experian, and from Hagerty. 'Stated value' is bunk; you can state whatever value you like, they don't have to pay it. Basicially, it appears to be a con.

'Agreed value' is the documented value of the vehicle, agreed upon ahead of time--and that value does not depreciate over time. As Hagerty says: "With Agreed Value coverage, the insurance company will guarantee that they will pay this agreed-upon value in the event of a covered total loss." (Doesn't mean they won't try to weasel out of the coverage entirely on a technicality--but if you're covered, you get the agreed-upon amount.)

Now, that's gonna cost you. And it might also draw the attention of sophisticated thieves who pay for information (vehicle details, value and address) from people who work for insurance companies. (Yes; of course that happens. One-stop shopping.)

Stated Amount vs. Agreed Value Car Insurance - Experian

If you are looking for a policy where you can help decide the value of your vehicle, learn more about stated amount and agreed value policies.

www.experian.com

What is Stated vs. Guaranteed Value Insurance? | Hagerty

Hagerty is here to help you understand stated value vs. guaranteed value so you can know exactly how much your policy will pay out in the event of a total car loss.

www.hagerty.com

 

[sunrk]

Good info. I changed insurance company for mine last year and got told I was under insuring (which I was) based on the current Oz market values harmonised average for base model diesel 80's. I set mine at the *minimum* recommended as an agreed value policy.

 

[EPIC Cruisers]

Dang I hate to hear that, mine is $21k and sounds to be in similar condition to yours but a 1996 Toyota instead of Lexus. I am at like 232k, head gasket within last 10k miles. Was your renewal coming up? or just mid policy year they just canceled it? either way this is nuts.

Agreed, just seems very odd to me. But no my renewal was not up, it was a brand new policy (had it for 5 months). Out of the blue my insurance agent called and said they wanted to completely cancel it but she also thought that was insane, so instead she got them to simply remove the agreed upon value. It's $100 cheaper per month, but out of premise I'm looking at other options. I would've understood if they refused to setup the policy to begin with, but to let it go for 5 months and THEN cancel it seems preposterous to me.

Sorry for the delayed response. I actually don't use Safeco anymore. I am using Auto Owners now. I would have to check, but I think my 80 is insured up to $25,000 and my 100 is around the same, maybe a little less.

Hope that helps.

Definitely helps. I haven't checked them out yet so I appreciate the lead!

 

[sunrk]

How can an insurance company simply phone you one day and say 'we've decided to terminate your insurance policy' with no reason given? It's like a 'no grounds' eviction from a rental property.

Are there any places where you are required to have more than statutory 3rd-party insurance for rego to be considered legal and valid? Here only 3rd party is legally required to validate registration.

Plenty of people have no additional insurance because everything is so expensive!

 

[Jormungandr]

Yeah @EPIC Cruisers that is super weird. Why let the policy run 5 months then cancel it. I’ve had my policy for probably 3 years now give or take. Hopefully you can find something else with an agreed value.

 

[EPIC Cruisers]

How can an insurance company simply phone you one day and say 'we've decided to terminate your insurance policy' with no reason given? It's like a 'no grounds' eviction from a rental property.

Are there any places where you are required to have more than statutory 3rd-party insurance for rego to be considered legal and valid? Here only 3rd party is legally required to validate registration.

Plenty of people have no additional insurance because everything is so expensive!

Yeah @EPIC Cruisers that is super weird. Why let the policy run 5 months then cancel it. I’ve had my policy for probably 3 years now give or take. Hopefully you can find something else with an agreed value.

It is insane. They only gave me the reason after I pressed them for it, their explanation being "1997 Lexus isn’t eligible for agreed value coverage in our antique/classic program since it is not a vehicle that is collective, exhibited in car shows/parades, rare, or unique.". I'm heavily leaning to them not knowing that in "our world" the Lexus variant is the same as the Land Cruiser (generally speaking in regards to value).

Don't get me wrong if that's their opinion/guidelines then that's fine, but why allow the creation of the policy and allow it to go on for 5 months? If those are your guidelines then don't allow the policy to be written to begin with or don't renew it when the time comes.

Here in the states (generally speaking) you're only required by law to have liability coverage, aka if you hit something then your insurance can pay for the damages. Anything beyond that is voluntary and also very expensive. That being said there's plenty of people that drive without any insurance. If you're hit by them and you don't have the right coverage then you're out of luck or you have to go after them through the court system.

 

[jpoole]

Thanks for all of the input on this tricky topic.

I've not found a good way to ensure that my 80 will be around until I'm too old to drive it besides parking it in a safe place, keeping it in good nick and driving carefully. In terms of insurance I've taken a different strategy than I think I've seen described so far in this thread. I run liability only and have avoided sinking more $$ into my 80 than I'm prepared to lose in a worst case scenario. Paying thousands a year in insurance would basically guarantee that I spend the replacement value of my 80 every X number of years for the rest of my life. I'm more comfortable with stashing that $ and dealing with whatever arrives when I get there. Since I've followed this strategy my whole driving life and have never had any of my autos damaged in a relevant way I've probably already saved far more than a few decent 80s would cost.

I'm sure this approach doesn't make sense for many. How/where folks drive, how much $$ they have in their 80s, how much they depend on their 80, how easily they could come up with a replacement, etc. will vary for everyone.

I'll keep watching to see what folks come up with for insurance and may join the full-coverage gang if my 80 becomes a lot more valuable or hard to replace.

 

[jaymar]

Thanks for all of the input on this tricky topic.

I've not found a good way to ensure that my 80 will be around until I'm too old to drive it besides parking it in a safe place, keeping it in good nick and driving carefully. In terms of insurance I've taken a different strategy than I think I've seen described so far in this thread. I run liability only and have avoided sinking more $$ into my 80 than I'm prepared to lose in a worst case scenario. Paying thousands a year in insurance would basically guarantee that I spend the replacement value of my 80 every X number of years for the rest of my life. I'm more comfortable with stashing that $ and dealing with whatever arrives when I get there. Since I've followed this strategy my whole driving life and have never had any of my autos damaged in a relevant way I've probably already saved far more than a few decent 80s would cost.

I'm sure this approach doesn't make sense for many. How/where folks drive, how much $$ they have in their 80s, how much they depend on their 80, how easily they could come up with a replacement, etc. will vary for everyone.

I'll keep watching to see what folks come up with for insurance and may join the full-coverage gang if my 80 becomes a lot more valuable or hard to replace.

Make it as theft-proof as humanly possible, make it trackable if stolen, and set aside the extra few hundred a slightly better policy would cost you each month. That's your new-truck kitty. Meantime you're not forking it over to an insurance company...

GMTA...

 

[Catskills]

Just make certain he assures you in writing.

I went with Progressive years ago because they said they would cover me at off-road parks. Once the agent told me this over the phone I emailed her and made her tell me the same thing. This might not make a difference to you guys out west.

Hagerty insures my 80 now, but told me they would NOT cover it at off-road parks and if I got a winch they couldn't cover me. They made me submit pictures and said that its lift, front bumper, and sliders were ok, but a winch wouldn't be.

 

[MRego]

I went with Progressive years ago because they said they would cover me at off-road parks. Once the agent told me this over the phone I emailed her and made her tell me the same thing. This might not make a difference to you guys out west.

Hagerty insures my 80 now, but told me they would NOT cover it at off-road parks and if I got a winch they couldn't cover me. They made me submit pictures and said that its lift, front bumper, and sliders were ok, but a winch wouldn't be.

How much are you guys paying as premium here in the US?

I have just acquired a 94 FZJ80 (basically stock, except for an OME 1,5 inch lift and 33 tires) and included in my existing policy for an additional premium of approx. $600 bucks for SIX MONTHS only. I found this crazy expensive, since this premium is more than what I pay to insure my wife's 2017 4Runner and I am sure if I total the Runner I will get a much bigger pay than if I total de 80.

Also, I could only get to the $600 premium after bumping up the deductible from the $500 we have in the Runner to $1500 for the 80.

What am I missing here? I always thought the 80 would be super cheap to insure - assuming a "market value" replacement cost.

 

[jaymar]

How much are you guys paying as premium here in the US?

I have just acquired a 94 FZJ80 (basically stock, except for an OME 1,5 inch lift and 33 tires) and included in my existing policy for an additional premium of approx. $600 bucks for SIX MONTHS only. I found this crazy expensive, since this premium is more than what I pay to insure my wife's 2017 4Runner and I am sure if I total the Runner I will get a much bigger pay than if I total de 80.

Also, I could only get to the $600 premium after bumping up the deductible from the $500 we have in the Runner to $1500 for the 80.

What am I missing here? I always thought the 80 would be super cheap to insure - assuming a "market value" replacement cost.

My first thought is it's not paying for 80 damage that concerns them--but paying for the damage an Old Iron 80 is going to do to an electric shaver on wheels, should the two collide...

Morning after photo...

Night of the crash photo...