As a few of you know already... what about AUTO INSURANCE (1 Viewer)

[Overland Tailor]

This has weighed heavily on me for a few years now. My agent asked that I keep all receipts and documentation and said he would find a way to make things good in the event of an accident. I've been with him for many years and while I have trust issues anyway, I basically know that I'll never see the value of my rig.

I kind of had to just get ok with knowing its going to be a loss and I just try to enjoy every day I have it. I'd love to find a solution, but know that we can't take any of it with us in the end....

J

 

[DanMedeiros]

I have some ideas. PM me for those.

Super into this as well. I got about 30K into my rig and I hate that AAA thinks its worth 6k

 

[jaymar]

I just try to enjoy every day I have it. I'd love to find a solution, but know that we can't take any of it with us in the end....

J

I dunno 'bout that. @NLXTACY plans to be buried in his.

 

[Michael Hanson]

Hi, We also want to have our cruisers at least till we die, buried in I don't want that, besides we know it would rust out quickly! I have just been ok on our insurance claims so far, but we had to threaten to go to court and take it down to the court date and actually settled in court. Mike

 

[COYS]

Definitely a yolo ownership deal.

Reference #s from earlier this year.

State Farm initial settlement offer was $10k for a cherry ‘97 lx450 non-locked with 180k miles even though I showed proof $16.5k in cashiers check issued within 10 days of accident.

I hired a third party appraisal and final settlement ended up at $17k plus sales tax. Less $500 appraisal costs and my deductible I ended up about even.

For guys who say oem lockers aren’t worth it, yes they are. I would’ve probably gotten a $2-3k more but would’ve paid more as well. Arb locker would’ve been a tougher sell.

 

[Overland Tailor]

Good to know - I'm a State Farm person as well and see the horror stories with all the companies. SO far, I've had great dealings with some minor accidents and storm damage over the years. No drama, just a check cut and in my mailbox.. I'm happy, but I still don't believe they are going to want to pay what I have in the V8 80 Series.

 

[Laisser aller]

...I don’t know but somehow the issue might pivot on how the vehicle is registered?

I mean the concept of mobile business does not need to be unpacked.

I guess the question being, does anyone know if there is greater protection if the vehicle is rolled into a sort of LLC?

Maybe I am just being super stupid about this... so long as there are others that sense they might take a hit and still assume the risk I am alright.
I’ll be honest, I have never asked the wife word one about the insurance on the rig or any car EVER until I started checking back in with MUD. Didn’t ask the first wife either. Otherwise, the only other time I talked to an insurance rep by phone was when I was in a fender bender years and years ago.

 

[BILT4ME]

I have my 80 and I have State Farm, but I'm in the Midwest. It the highest insured of all my vehicles. I do NOT have a stated value on it, however, I have not a had a lot of upgrades to this point other than maintenance. I have started to add a few goodies, so I should consider it.

However, I have a 59 Studebaker that I have insured as stated value and a 1970 GMC K2500 that I have as stated value. I have no mileage limitations and I asked my agent about that , there are no mileage or location limitations. I drive my Studebaker 5-10K mile/ year for trips (HRPT) and whatever.

I also have (7) vehicles and my home insured with State Farm, so I have more there. I need to look into an umbrella policy to cut my rates for better coverage.

I have had very good responses with SF to date. When I do have a claim and repair it myself, I submit receipts and a cost for labor and they write a check. It has been very low key at this point, but my claims have been small with nothing major.

(knock-knock-knock)

 

[EvanD]

Here for the subscription.

I've wrestled with (in other words, ignored) this issue since I bought my rig in 2014 and had no luck with my nationwide agent. I really need to get on it. I don't have the money into my rig that some of you do but I'm probably 8-10k short of what insurance would pay/what it would cost to replace. And that isn't including the 7k or so I've put into mechanical work over the past year.

 

[Conundrum]

Getting replacement cost is easier on a commercial policy with a good broker. Underwriters sometimes balk if the value gets too high. Plus commercial auto is getting tighter. Vehicle should be titled to the business. Then your issue is with the IRS if you’re audited. Creative CPAs can work around this. Premiums vary so tough to say more or less than a personal policy.

There’s always a catch somewhere. It’s just a question of what game you want to play.

I decided awhile ago that I’ll roll the dice, buy the vehicle back after total, do what I can with parts and take my lumps.

 

[Conundrum]

I also have (7) vehicles and my home insured with State Farm, so I have more there. I need to look into an umbrella policy to cut my rates for better coverage.

An umbrella is just going to give you more liability coverage at a higher premium. It won’t give you any more property coverage. For more property coverage (value on the auto), you need to up your coverage on each vehicle to replacement or better, agreed value if your insurance company will do it.

You might be thinking of blanket coverage but no company will do that on autos. Just real property such as buildings. If I’m incorrect, I’ll eat crow but I want the name of the company that will do it for you.

 

[musthave]

If you or someone else is driving your cruiser and is in a wreck tow it home. Not anywhere else. Take everything off. Put on the original things that you kept or can find, take out everything you added. Call insurance and tell them to send an appraiser out to you.

Get the estimate, let them have it or buy it back. Done.

If they aren’t paying you for the ARB bumper and the Prinsu rack, why would you give it to them? Or, are you just nice like that?

 

[TWILLY]

Progressive quoted me $1300 / yr in addition to my current policy to insure my 92 80 series at $11,500, which, in a total loss situation, *might* recoup the truck and major upgrades like aux tank, Campteq, springs, etc.

 

[Tools R Us]

Progressive quoted me $1300 / yr in addition to my current policy to insure my 92 80 series at $11,500, which, in a total loss situation, *might* recoup the truck and major upgrades like aux tank, Campteq, springs, etc.

So enough $$$$$$, if saved, to replace the rig every ~8yrs? How often do you total cars? Lets say it was totaled at 5yrs, so maybe you would come out ahead, how much of the aftermarket stuff would still be in fashion, what would it's value be?

 

[TWILLY]

I total a few cars a year.

Just kidding.

It does raise questions. I plan to keep my 80 going forever. Or to someday import a diesel to which I can transfer major upgrades. I didn't pull the trigger on $1300 - it makes a strong case for disciplined saving while paying for comprehensive and collision.