Insurance on a unique LX470 ... (1 Viewer)

[cwmoser]

There is an interesting thread discussing what an Insurance Company will compensate:
15k$ in body damage

I did not want to hijack that thread - so I post this one.

I recently purchased a 2002 LX470 with only 24K miles. Its like new and pristine in every way.
Paid $23.5K plus shipping and taxes. I simply put it on my Insurance Policy with Nationwide.
Now I am wondering what would happen if my LX470 got severely damaged or totaled
by me or another party. Would I be able to recover my investment or would it be valued
as an average book value LX470????

 

[abuck99]

Only person that can objectively answer that question is your insurance agent. Let us know what you learn.

Nice low mileage find. I am amazed at the luck-patience-investigative skills- that some folks here go through to find these unicorns.

 

[beedo34]

What they would tell you is they are going to compensate you the amount that it would take to go out and buy another one. There aren't any more like that on the market so they're just going to lowball you. That is if they write it off as a total loss. Go put 200k miles on it in the next two years and you'll have some more comparables on the market if that ever happens.

 

[cwmoser]

What they would tell you is they are going to compensate you the amount that it would take to go out and buy another one. There aren't any more like that on the market so they're just going to lowball you. That is if they write it off as a total loss. Go put 200k miles on it in the next two years and you'll have some more comparables on the market if that ever happens.

Well I've been racking up the miles on her -- she has 28K miles now.
Just got back from the Outer Banks of North Carolina.
Pondered about if my LX got vandalized, stolen, wrecked, fall off the Ferry boat, etc.
If something bad happens I doubt that I can readily find a replacement.
Do feel really lucky to have found this gem.

 

[QsLC75]

When I owned a HZ75 Troopy in NC, I searched and searched for an insurance company that would reimburse me for what I had in it. I finally found a local insurance company that required an independent appraisal along with purchase documents to prove value. Thankfully I never had to file a claim. I now own a 2003 100 and live in Ohio. I also own a 2002 F350 7.3 Dually with only 50,000 original miles on the truck (15K of which I have added). Despite the rarity, immaculate condition, and low miles of this truck, no insurance company to my knowledge will pay the value of the truck if it was ever totaled. If I remember correctly, there are several threads on this subject with other rare/unique cruisers. If I remember correctly, other owners suggested keep all documents to prove what you paid for it and its rarity if you ever have to file a claim. If you do file a claim, be ready with those documents and to argue for fair market value. In the meantime, enjoy your cruiser !

 

[bamabrock]

I'd check into gap insurance if you financed it. The added value for low mileage is a small amount and not near the $8k or so premium you paid.

 

[txtortoise]

Some companies, mostly covering vintage and collectibles, will write an agreed-value policy. This is much like how you insure fine arts, high-value jewelry, etc.

Might Google a bit and see what you come up with. The first easy task would be to get an independent appraisal of value on the record with photos, so you can prove current condition, though getting to $20K+ will be a stretch I expect.