Insurance Question

[m3driver]

Just curious what most of you are doing for insurance. I'm with USAA - bought he 77 FJ for $9K and have dumped $16K into it (new TH350 tranny and a RAMJET 350 motor). USAA won't insure it for more than blue book - I called Hagerty but they don't do off road vehicles ( I should have said I just drive it in parades). Plus PO had installed disks all around, nice warn winch, bead locks.



thanks in advance

 

[Green Bean]

This is not an endorsement of any insurance company (in fact I don't like any of them) but Chubb at least allowed for us to set the Replacement Value for our 40. (Looking at my spreadsheet of costs incurred for parts alone I believe that we should increase the value.) By the way: "Market Value" is usually defined as "what a willing buyer would pay a willing seller for a specific item." This definition doesn't really hold up very well with Land Cruisers because a lot of us would not willing sell our vehicles for what we have invested in them. It is much wiser, in my opinion, to insure your vehicle for an agreed Replacement Value.
Just my $0.02.

 

[GA Architect]

Just swapped my entire insurance coverage to a friend of mine a few weeks ago. For better pricing and better coverage, my insurance guy switched the FJ40's insurance to Hagerty. They let me set the 'Guaranteed Value' of my 1977.

 

[SteveH]

JC Taylor. Doesn't cover offroad use, but does do 'stated value' and 1/2 the price of Hagerty when I checked.

 

[73FJ40]

Does any insurance company offer off-road coverage? Even for a brand new 4WD?

 

[JAG666]

Just curious what most of you are doing for insurance. I'm with USAA - bought he 77 FJ for $9K and have dumped $16K into it (new TH350 tranny and a RAMJET 350 motor). USAA won't insure it for more than blue book - I called Hagerty but they don't do off road vehicles ( I should have said I just drive it in parades). Plus PO had installed disks all around, nice warn winch, bead locks.



thanks in advance

M3;
I, also, have USAA.. have since they "opened-up" their service to "Dependents of Officers"..
(back in the '70's)
ALL of my vehicles were (are) "technically" either classic cars or pleasure vehicles. Plus, nothing
is newer than (bought new) 1974 (the Landcruiser).. In '78, I pulled the trashed-out Toyota Six
(that I had done FOUR Valve Jobs on #4 Exhaust in the FIRST eighteen months of ownership!!) In 1978, I
fitted a "bullet proof" 1967 Cadillac 429cid V-8 and a "built" TH400 to handle hauling a 6000lb Travel Trailer..
When it comes to (most) car insurance, one MUST put-up with undercoverage OR "No Coverage"!!
I have some of my cars insured as "Classics" with USAA (like my 1953 Jaguar XK120 DHC at "100 miles
per year) and the rest are listed as "Pleasure Vehicles" like my 1962 Volvo 122S 4dr Sedan (I actually drive it
once a week....maybe!)
Given that I'm "retired", NONE of my cars (about ten) are "to/from work/school! As noted, each are
"pleasure vehicle".. You are "allowed" to drive it them, just NOT "Daily".
These cars are covered with as much or little insurance you are willing to pay for! (liability only, full
coverage, etc.
I have found, you have to talk to the "right person" at USAA.. not the average "phone droid" (being
an "almost fifty-year USAA member" is a HUGE advantage, as well).. ask outright, what the cheapest
"classification" is and see if you can insure one or more of your cars under that.
Hope this helps.
Charles 1974 FJ40

 

[Gun Runner 5]

JC Taylor. Doesn't cover offroad use, but does do 'stated value' and 1/2 the price of Hagerty when I checked.

I would approach “stated value” with caution. My understanding is that unlike “agreed upon value” stated value is still subject to the insurance companies “interpretation” of value.

 

[SteveH]

I should have clarified when I said 'stated value' that is is actually 'agreed upon value' - so if you insure it for $25K, and it's totaled, you get $25K.

 

[73FJ40]

From the Hagerty website:

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

Partial quote:

Stated Value is coverage that reflects an amount that is “stated” at the onset of the policy. You tell your insurer what your car is worth (with proper documentation) and it is insured for that amount. The caveat here, however, is that the insurance company can choose to pay you either the Stated Value or the Actual Cash Value, whichever is less.

Alternatively, Agreed Value, coverage primarily offered by specialty insurers, is based on the proven value of your car as determined by you and the insurance company, according to appraisals, photos, or other relevant documentation. 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.

 

[fyton2v]

I'm with Hagerty in an agreed value arrangement. Also, they've got this feature for around 60 bucks a year where you get to keep your vehicle if it's "totaled". I suppose that could either be a blessing or a curse, but it'll make me a popular source for OEM parts on Mud, at least for a little while. That's all assuming I survive the wreck.

 

[bhsdriller]

How do you and them come to the agreed value amount?

 

[mrboatman]

I`m with State Farm and have agreed value. I had to submit lots of receipts to show value and they took lots of pics and the agent submitted it all to the under writer which agreed on 45,000. I was surprised on the amount but said okay. It's also insured as a restored classic driven under 2500 miles a year which is not a problem.

 

[Dizzy]

The problem is there is way more receipt than there is Cruiser to show for it, in my case. Everything is a risk.

 

[aging fleet]

I have an agreed value policy with Erie Insurance. I quoted Hagerty, but Erie's coverage was slightly better for a similar price. Not sure if it would've been priced competitively without the multi-policy discount (they cover our other cars, house, umbrella).

Erie simply asked me what it was worth and that was it, no receipts or documentation required. The higher you state the value, the higher your rate will be.

 

[SteveH]

A cool thing about JC Taylor - I was working on an '81 Toyota 4x4 pickup to resell it, and I told them it was worth $5000 (the lowest amount for which they will insure anything) and the nice part was that the premium was super low (like $60 for 6 mo?) and this allowed me to get plates for it and drive it until I sold it. It was much easier dealing with these guys than my regular AAA auto insurance company. You can insure 'in progress' vehicles that a pile of parts, if you choose to.

 

[jbee]

I’m with American modern. Agreed value of about $12k on a survivor 72fj40. Prolly should update it. $200/year.

 

[fyton2v]

With hagerty you just state the value and you’ll pay a relative premium. No questions beyond them wanting to know it’s not modified

 

[Catching Neutral]

American Modern…agreed value 30k… annual premium about $250.
Only problem is NO OFF ROADING
They require vehicle to be stored in a locked garage as well. We had to send them photos

 

[bikersmurf]

Sounds like you have more options. Here private insurance won’t touch anything over 15 years old ICBC won’t let anything be insured for a declared value unless it’s pleasure use only. Even then there’s no guarantee you’ll get the declared amount it’s insured for. They claim they’ll give you replacement value… but all they’ll give willingly is book value ($1500 last time I checked). Getter anything near what it’s worth has always been a battle. They’ve recently changed to a no lawyer process to save money… but that’ll likely mean we’re even more screwed.

Once the body is done I’ll get it appraised… till then, it doesn’t look like it’s worth much. For now I’ve got photos, receipts, and documentation. Which is all they claim I’ll ever need. The appraisal would be nice… but offers no guarantees.

The best for last… about $900 a year with my 30 year accident free discount. I expect it’ll drop next time I ensure it because our ‘97 Ambo dropped about $250 a year when I reinsured it… crappy coverage for too much much money.

 

[fcgadget]

Hagerty has one slight problem. The car must be garaged!