Insurance for your over-invested 60? (1 Viewer)

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Joined
Sep 13, 2016
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Location
Manitou Springs, CO
Hey guys, I am tired of this dog of a motor and am thinking of doing the 5.3 LS swap this summer, and having Proffits in Delta, CO do it for me since I do not have the time, patience, tools, or garage to do it myself. Also at this time I'll be swapping in a like-new powdercoated frame and EMU lift. That is if I make the decision to drop this much cash into my old truck!

Question is- in the event of some unfortunate incident significantly reducing it's value, I'd like the peace of mind in knowing my insurance will cover at least most of it. Anyone out there have advice in who to use to insure it, or if I am just gambling with my money? Resale value is another thing entirely!

The other option is to just get a Tacoma like everyone else here. But I already have a good chunk of time and money in my 60, and well I just like it :)
 
There is a thread somewhere (maybe 80's section) where a guy spent an enormous amount of work and tons of money swapping 80 & 100 parts & frame & engine etc (something like that). It was an incredible jaw dropping project. Amazing. Then when he took it on its maiden voyage, or within a day or two of the maiden voyage (or something like that) he got T-boned at an intersection & the rig was totaled. It's here somewhere on mud.
The point is..... sh*t can happen.
If you can't afford to lose it, insure it for what you think it's worth. You may not like the premiums though. Anything can be insured for its replacement value if the details are worked out beforehand.
 
Some insurance companies offer stated-value coverage for "qualifying" vehicles. Check with your insurance agent to see if your current company offers such a policy. Generally speaking stated value coverage would not apply to a daily use vehicle, it would need to be a hobby or collectable vehicle.
 
There is a thread somewhere (maybe 80's section) where a guy spent an enormous amount of work and tons of money swapping 80 & 100 parts & frame & engine etc (something like that). It was an incredible jaw dropping project. Amazing. Then when he took it on its maiden voyage, or within a day or two of the maiden voyage (or something like that) he got T-boned at an intersection & the rig was totaled. It's here somewhere on mud.
The point is..... sh*t can happen.
If you can't afford to lose it, insure it for what you think it's worth. You may not like the premiums though. Anything can be insured for its replacement value if the details are worked out beforehand.

I remember reading that thread. It was a white FJ60 I think. One of the best build threads on this forum... the end of the thread was heartbreaking. Really.
 
That sounds horrible. Exactly what I'm afraid of, even if I'm not doing the swap myself. Lots of people here have modded trucks, Sprinter vans, etc. They must be insuring them, beyond hobby use, I'll have to look into it. The logical part of my brain is saying Tacoma, I'm pretty good at ignoring that guy though.
 
Gary's FJ62 body on an 80 frame with a 2U V8. Knocked upside down in an intersection on it's maiden voyage.
 
If you try to insure for stated value, it must be garage kept and is limited on mileage every year. I have State Farm, and was curious about this very question. I have a 85 FJ60 and was concerned about getting my money back out of it ,if it got wrecked. My agent explained, I should carry full coverage, document money spent on the vehicle and take pictures. In the event of an accident, they use the NADA Guide to come up with a value. Current NADA prices are ,Low=$5,250, Average=$11,650 and High=$29,200. The better you document , the better result you will have in the event of an accident.
 
^^^I have SF and my agent said the exact same thing. All our cars are w SF, full coverage on all.

We had an incident recently in another old semi collector vehicle where a relative was crashed into. SF did exactly like our agent said. Body shop estimates were over $8300 on a vehicle it was agreed was worth $15,000. They paid to fix it!
 
For clarification was this a "stated value" policy or a "full coverage and keep every receipt you ever had" policy?


Do remember NADA is not always your friend when it comes to value on unique vehicles.
 
Ours is a "Full Coverage - Keep the Receipts" type.

All the Stated Value/Coverage policy's had too many restrictions to actually use a 60 off road. Many of the companies will not cover a stated value vehicle off road - ie, Haggerty's!

Only restriction we have is 7500 miles a year, and that's a voluntary limit that keeps the annual policy costs to $280/year with the same coverage as our other vehicles, as part of a multi vehicle discount package. We have photos and documentation in our agents files, with a estimated minimum value of $18000.
 
Cool. That sounds like a decent deal. It sounds like you have turned that into stated value type coverage without the baggage. What you have structured is not "automatic" however and others should not count on a similar result unless and until they follow your due diligence.
 
Go to our local car club, do you know of an antique car club or concours club? Where the
members collect show cars, concours cars. Not Hot Rods/street cars.
Then ask them if they can recommend a vehicle appraiser. This will be a person who has
been a judge at car shows, or is a registered official with car club/affiliates.
Then have him appraise the truck. You must document everything, receipts for everything.
Before and after pics, everything. Nothing is too small.
Then he will probably recommend an insurance company for you, that will respect his opinion
of your truck. That is the best way to protect your investment of money.
Don't worry, it will be less than you think. Find the guy and talk to him before you begin.
That is what I'm going to do with my 60 at the end of the year when I finally get the finishing
touches on mine.
 

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