insurance question

[amaurer]

I need to change my insurance, which is usually a bit of a chore for my grey market BJ42. Anyway, I'm finding its a lot easier to get liability-only coverage than to get comprehensive and I'm wondering if this is actually a better idea for a vehicle this old.

The point being - I think if I got in a bad accident that the insurance company would almost certainly value the truck very low and I might not be able to convince them what a stateside BJ42 is actually worth. In that case, then, I'm almost certain to get a "total loss" ruling for all but the simplest repairs, right?

So maybe I want liability only so that my vehicle doesn't wind up with a salvage title for a couple thousand bucks of damage?

I don't know much about how insurance works, school me please...

 

[jerbear]

Hi
Depending on the year of the vehicle, take a look at Hagerty Insurance. I have always insured my classics with them. Their rates are reasonable and if you have the car appraised by an approved appraiser, which should be no problem in California, the vehicle will be insured for the appraised value. I believe they only insure "classic" vehicles, but if I remember correctly the definition of that is a vehicle that is twenty years or older. Hope that gives you one option at least. I am sure others will name their favorites as well. Good Luck

 

[singletrackjunkie]

Didn't you tell me to get an "agreed value" policy when I asked a similar question a few weeks ago. Currently I just have liability on my dd BJ42 but am considering getting an apraisal and looking into an ageed value policy. I think no matter what we will get screwed by the insurance either in premiums or in lack of payment if we wreck.

 

[amaurer]

This is a DD so classic insurance doesn't cut it - there is a mileage and "occasional use" limit.

But, really, I know where to find comprehensive if I want it. I just was wondering if its really worth it.

 

[ocdbeetle]

I use hagerty for my vdub....I had the fj40 covered on my Hagerty policy while it was under construction....had to put my signature on a "no off roading" paper while it was under coverage....
They also demand a locked garage with a low yearly mileage...And no off roading....
The good part is that while it was being built it was insured at an agreed value with a great company.....

Now that its roadworthy, Allstate covers it again at an agreed value.....meaning if its totalled I get the agreed insured amount...I could have kept it with Hagerty but I could only drive it to what amounts to a parade or car show here or there....maybe a club meeting but definitely no off roading...

If you have a good relationship with an ins. agent they'll generally not hesitate adding whatever you have....oddballs included....

If not you might just have to shop around....I would go full coverage with an agreed value however....

 

[amaurer]

Didn't you tell me to get an "agreed value" policy when I asked a similar question a few weeks ago. Currently I just have liability on my dd BJ42 but am considering getting an apraisal and looking into an ageed value policy. I think no matter what we will get screwed by the insurance either in premiums or in lack of payment if we wreck.

Yeah, I did, and thats the right way to go compared to Stated or Actual value policies. It also avoids this problem all together. My BJ42 isn't show-quality though, its probably a $7500 truck tops, so I was operating under the assumption that it would be worth it to pay for an agreed value policy. Maybe I'm wrong. Hmmm

I use hagerty for my vdub....I had the fj40 covered on my Hagerty policy while it was under construction....had to put my signature on a "no off roading" paper while it was under coverage....
They also demand a locked garage with a low yearly mileage...And no off roading....
The good part is that while it was being built it was insured at an agreed value with a great company.....

Now that its roadworthy, Allstate covers it again at an agreed value.....meaning if its totalled I get the agreed insured amount...I could have kept it with Hagerty but I could only drive it to what amounts to a parade or car show here or there....maybe a club meeting but definitely no off roading...

If you have a good relationship with an ins. agent they'll generally not hesitate adding whatever you have....oddballs included....

If not you might just have to shop around....I would go full coverage with an agreed value however....

Hmm, I actually assumed it would be tough to find an agreed value policy, and I'm lazy, but Allstate you say? What are your premiums like?

 

[pb4ugo]

I only carry Liabilty on my 2 fj40's. I figure I need to me covered if I hit or hurt someone(my fault). If I get into an accident and it's there fault(if they have insurance which is require in OH) thier ins should cover it.
My 40's are in decent shape but by no means heavily restored. my .02cts.

 

[ocdbeetle]

just read your last post....yeah its worth it....but it has to be worth it to you so weigh it out for yourself....Its always better to have it and never need it than not have it and something happen...especially if its your DD.....

 

[yuurei]

Hagarty Insurance

Sort of off topic, but relevant:

Hagarty Insurance won't allow an off-road vehicle to be used off-road. It's mainly for classic "show" vehicles that don't go anywhere.

That being said, my rig is insured with Hagarty while in the process of being rebuilt/restored (it's not going anywhere under its own power for a while).

If, and when, it gets finished, I'll be switching insurance.

Sorry for the highjack.

 

[amaurer]

Now that its roadworthy, Allstate covers it again at an agreed value.....meaning if its totalled I get the agreed insured amount...I could have kept it with Hagerty but I could only drive it to what amounts to a parade or car show here or there....maybe a club meeting but definitely no off roading...

just read your last post....yeah its worth it....but it has to be worth it to you so weigh it out for yourself....Its always better to have it and never need it than not have it and something happen...especially if its your DD.....

So I just called Allstate. Nearly verbatim this is what happened:

Me: "Do you offer Agreed Value policies?"

Allstate: "Uhh, whats and agreed value policy?"

Me: "It would be where Allstate and I agree on the value of the vehicle on the policy"

Allstate: "Oh, yeah, we call that Stated Value"

Me: "Well actually there is a difference between Stated and Agreed value policies"

Allstate: "Oh, well, all we offer is Stated Value then"

::click::

ocdbeetle, I think you should check with your agent exactly what you're getting. Stated value is useful only if you want to lowball your vehicle's value so that you can pay lower premiums and don't care about getting the full amount in a loss. If you've chosen a Stated Value in excess of the "Actual Cash Value" then you're paying higher premiums for nothing and they're still only going to pay you the ACV in a loss.

 

[ocdbeetle]

So I just called Allstate. Nearly verbatim this is what happened:

Me: "Do you offer Agreed Value policies?"

Allstate: "Uhh, whats and agreed value policy?"

Me: "It would be where Allstate and I agree on the value of the vehicle on the policy"

Allstate: "Oh, yeah, we call that Stated Value"

Me: "Well actually there is a difference between Stated and Agreed value policies"

Allstate: "Oh, well, all we offer is Stated Value then"

::click::

I promise you some ins. reps don't have a clue....sad but true....check around....I've paid insurance on collector cars and daily drivers for 25 years...just because they work at an ins. company doesnt mean they know it all....

 

[amaurer]

I promise you some ins. reps don't have a clue....sad but true....check around....I've paid insurance on collector cars and daily drivers for 25 years...just because they work at an ins. company doesnt mean they know it all....

alright man, if you're confident.

to get back to my original question, though:

if you have liability-only coverage, can you avoid winding up with a totaled vehicle?

 

[Michael Hanson]

Do not use Farmers Ins. for anything they are terrible! Mike

 

[ocdbeetle]

alright man, if you're confident.

to get back to my original question, though:

if you have liability-only coverage, can you avoid winding up with a totaled vehicle?

IDK....you're in Cali...I'm in SC....the laws for underwriting, ins. etc are different from state to state....I can only be confident in what I have not confident in what you can get....

As far as ending up with a totalled vehicle, It doesnt matter what insurance you have when it comes time for the individual adjuster to appraise damage....it is what it is.....

or maybe i'm not understanding what you're asking.....just get comp and collision on your DD if you can....

Google - California insurance agreed value

 

[singletrackjunkie]

alright man, if you're confident.

to get back to my original question, though:

if you have liability-only coverage, can you avoid winding up with a totaled vehicle?

Not sure, I've never totalled a vehicle that had liability only. Back in the day I had a 65 mustang with comp and when a little old lady fell asleep at the wheel and rearended me they totaled it and I was stuck with a salvaged vehicle title. Currently I just have liability on my bj42 which sounds to be in similar condition to yours but if it is totalled I doubly screwed, once because it is my daily driver and I don't have a second vehicle and twice because I would get the salvaged title which totally devalues the vehicle. Let me know what you decide as I havent made a decision yet myself.

 

[inkpot]

Do not use Farmers Ins. for anything they are terrible! Mike

Howdy! I think it varies by agent/area. I have been happy with my farmers agent/service on over 2 dozen cars in a 24 year period. Insurance companies luve to unsure old Classic Cars that see little or no road time. The risk factor is about the same as house insurance;fire, theft, and vandalism. Old DD rigs are a hassle for comprehensive. They have passed their expected lifespan and the mechanical integrity is questionable. There are no more OEM parts to repair them with, and after market is a nightmare ( I am buying a fender patch from Pakistan!). There is no solid market value table to base value on. Can't really go by the asking prices on Auto Traders! If my rig is severely damaged in a wreck, then I will rebuild/replace it on my own. If you document the damage and repair, then a salvage tittle is less of a problem in our little Landcuiser World than it would be for the non-believers out there. John

 

[BinaryDude]

Also, some states (like alabama) allow a rebuilt title to be issued on a salvaged car/truck. you just have to take the vehicle to Montgomery to be inspected by the DOT.

Being that these Cruisers are mostly steel, and most cars are plastic i just went with liability on mine. If i cause the wreck i am covered, and damage should be limited. If i'm hit and they want to total it out, i'll just show them the trucks that are selling for 40k-82k

 

[amaurer]

As far as ending up with a totalled vehicle, It doesnt matter what insurance you have when it comes time for the individual adjuster to appraise damage....it is what it is.....

The blue book for an 82 FJ40 is about $650. Given that a typical deducible is $500, insurance is only going to pay for $150 of repairs before they decide to total the vehicle, right? So does everyone who has a fender bender end up with a salvage title?!?!

 

[ocdbeetle]

I don't know.. but i doubt it.....good luck

 

[fieldsken1]

you guys are something else. i had a 79 toyota pu 2 wheel drive and i got 3200 for it plus i got to keep it they called it a total so i laughed as i drove it away with a check that was about 3