Collecting comps of other similar LC's for insurance valuation purposes. Is this a waste of time? Plus other insurance questions... (1 Viewer)

[mrq]

Hi, all!

So as you all know the going-prices for clean Cruisers these days is CRAZY! We're seeing clean low mileage Cruisers fetch $40k, $50k, $70k, even $80k on Bring A Trailer consistently.
And people on Craigslist and Facebook are asking (and getting) a ton for their Cruisers as well.

I am really paranoid about something happening to my rig. Whether I get in a wreck, someone hits me, or it gets stolen... It's a big fear of mine (having OCD doesn''t help ease this fear, haha.)
It would suck big time if something happened to my rig (Bessie 2.0) and my insurance were to give me nothing for it. Blue book for my rig is like $3.5-4k. But I'd say it is easily worth $14k-$16k – based on all of the comps I've seen sell and have seen for sale.

My rig is in really good shape – about an 8.5/10 cosmetically and a 8.5/10 mechanically. It's got an ARB front bumper, aux lights... And really soon (once it gets delivered and my shop installs it) it will have a Dobinson's rear bumper w/ tire swingout and jerry can holder on it.

ANYWAYS...

For the past 1yr or so I've been perusing Craigslist, FB, BAT, and Ebay and screen-capping any ads to comparable Cruisers. The purpose of doing this is to collect comps to show my insurance company in case something happens to my Cruiser and it gets totaled. I've tried to research agreed-upon value policies but it's sounding like the only insurance companies that do that are classic car insurance companies like Hagerty.

I've heard about guys having to fight tooth-and-nail w/ their insurance in order to get a decent payout...

Am I wasting my time doing this? Will insurance even take into account the comps I've research/provide them IF something ever happened to my rig?

What are your guys' experiences w/ getting insurance to pay you fair market value for your totaled/wrecked 80's?


ALSO, for anyone that wants the folder w/ the comps I've collected...

I have a folder with the 165 screenshots of all the comps that I can upload to DropBox incase any of you want it for valuation purposes for your rigs.
All of the rigs in the folder are both FJ80 and FZJ and are all between 200k–350k miles in varying condition.

LINK IN REPLY BELOW! ↓↓↓

 

[mrq]

CRUISER PRICES INSURANCE COMPS

Shared with Dropbox

www.dropbox.com

 

[MtnAddict]

I have been thinking about this as well. Interested what others have to say.

 

[Jormungandr]

I use safeco and have an agreed value on my 96.

 

[COYS]

Same boat. I wouldn't let go of my '97 with 278K miles for <$45K today, chip shortage market or not. It's just a sht ton of work and energy expended to mind the esoteric details. The irony is that the pricier my rig gets, the less economically feasible it is for me to keep.

I'm learning that agreed upon value (not stated value) is key. I just don't know of an insurance provider who would cover mine at $45-50K. I'm already paying $550/month to insure two cars here in LA. Insane.

Getting a professional appraisal is key. It cost me $500 3 years ago when my LX 450 got totaled. It made up about $10-11K in pricing delta.

 

[bhsdriller]

Can't you just do an agreed value insurance policy. Put an amount on it and be done

Lots of people do it with classics

 

[COYS]

Can't you just do an agreed value insurance policy. Put an amount on it and be done

Lots of people do it with classics

There r these things called contingencies to mitigate risk. Insurance comps aren’t stoopid. The 80 isn’t your typically dainty vintage vehicle. You can actually use it even in 2021 as a daily. I do.

I’m all ears for those who have their 80 insured at an agreed $50k with 10k per year allowances with no other term$. Cuanto cuesta?

 

[ace10]

Is this your daily driver?

Do you purchase your insurance through a trusted agent who isn't an employee of the insurer?

 

[sxp]

My '96 is insured at an agreed upon value. I determined the value when I bought it some years ago. I need to update the value as the mods, and the market have pushed the value up considerably. I will probably do this next year once I redo the interior. Since the value will be going up, I will most likely need to have it professionally appraised.

 

[ajax1]

I have mine set to agreed upon value, though farmers, which I have my house and two other vehicles. I pay all three trucks together and forget what I pay total it isn’t much. I did this on my 94 years ago. My agent asked what I have done and I just rattled a bunch stuff off. He quoted it and we were done. He did tell me if I wanted a lot higher then to go hagerty. Once I got the 96 which is way way cleaner (have been offered 35k for it) I told agent I need same policy of the 94with out even looking at the 96. I will prob value it higher and talk to him see what happens.

 

[man0fsteel]

Thanks for the legwork MRQ - what did you end up doing? Like you, all the work I'm putting into my LC is worth much more than the insured value. I'm working w my broker to see if I can get an agreed upon value that is closer to what it's actual worth.

I'll post what I end up with.

 

[PIP]

Semi related to this and worth bring up IMO is the fact that money is worth less today than it has been in awhile. So while $45k or more for a nice 80 might sound like a lot of money, it is not. A new work truck is $75k to $100k. A 20 year old fullsize 4x4 pickup ready for work is $10k. An old 8K+ Forklift that runs is worth $1/lb of capacity or more. A telehandler is worth $2-$3/lb. Any dumptruck that is ready for work is worth $15k+. Manufacturing machinery built in the past decade is selling on the used market for MORE than brand new machines which is often 50% more than they cost to buy a decade ago.

The monetary value of physical things has shifted dramatically.

 

[SoCal80series]

Subd

 

[sunrk]

Here in Oz, my rusty DX barn door 1hz 80 with almost 700k km on orig motor is insured for A$15k. I could not buy a replacement vehicle for that price though - I'd be looking at A$20k plus for a base model in good cond with basically nothing added or done to it.

 

[man0fsteel]

Semi related to this and worth bring up IMO is the fact that money is worth less today than it has been in awhile. So while $45k or more for a nice 80 might sound like a lot of money, it is not. A new work truck is $75k to $100k. A 20 year old fullsize 4x4 pickup ready for work is $10k. An old 8K+ Forklift that runs is worth $1/lb of capacity or more. A telehandler is worth $2-$3/lb. Any dumptruck that is ready for work is worth $15k+. Manufacturing machinery built in the past decade is selling on the used market for MORE than brand new machines which is often 50% more than they cost to buy a decade ago.

The monetary value of physical things has shifted dramatically.

Good point but I don't know if auto policies have an endorsement that ups for inflation. My homeowners policy does (eg. if my house burns down, they will replace with equivalent products regardless of price)