Insurance valuation for restored 100

[SL404]

I’ve been restoring my 2000 cruiser for years, to the point where it’s fully restored and has a lot of upgrades and is in excellent condition. My concern is that another driver hits it and totals it and insurance writes me a check for blue book value aka $5000, which would make it very easy to total out, and I have no basis for negotiation. It’s probably prudent for me to get an accurate appraisal and just sit on it in case anything happens down the road.

Is this a sensible thing to do? And does anybody know of a good online appraisal company?

Thanks for your replies

 

[dbleon]

You could try to get an agreed upon value policy.. like collectors insurance.. but they may have numerous limitations and requirements. Having an appraisal might be one way to have some firepower.. but I don’t think it would be a sure thing. They will likely still try to use book value or perhaps comps if you fight them.

If you have a good agent maybe you can have a open discussion

 

[405]

I use Hagerty agreed value policy on my vehicles. They wanted some photos of the vehicles and where they are parked along with the value I wanted them insured at. I would look into them if that's what you're looking for.

 

[jhillms]

I’ve been restoring my 2000 cruiser for years, to the point where it’s fully restored and has a lot of upgrades and is in excellent condition. My concern is that another driver hits it and totals it and insurance writes me a check for blue book value aka $5000, which would make it very easy to total out, and I have no basis for negotiation. It’s probably prudent for me to get an accurate appraisal and just sit on it in case anything happens down the road.

Is this a sensible thing to do? And does anybody know of a good online appraisal company?

Thanks for your replies

As a recent 1st time LC owner, I went with Hagerty Insurance. Instead of the traditional KBB value you reference above, I went with a policy with an "Agreed/ Guaranteed Value" .... basically, the dollar amount I have in the vehicle and would want to get back if the vehicle was unfortunately totaled. I also included (can't remember the name of it) a rider that allows me to keep/ maintain possession of the vehicle in addition to receiving the agreed value payment in full if the LC is totaled. Shoot me a DM if you'd like more specifics-- it was more expensive than "traditional" insurance but is still <$100/ month for lots of peace of mind.

 

[SteveH]

Try JC Taylor insurance, as well. Very inexpensive for my collector trucks.

 

[MongooseGA]

I have a stated value policy for three of our vehicles with Hagerty and the coverage is great. But, those three are the garage queens. I couldn't get a policy for my 100 or one other car with them because they don't live inside. Either way, I don't know if Hagerty is friendly to off-road damage coverage. I'd have to ask.

There are some companies that will do agreed upon value specifically for a vehicle that is used off road. Don't ask me who they are, I just know there was one here in GA doing it called Country something or other.

Getting a policy like this is a good idea, because your insurance company will not give much for a 100. I know.

 

[suprarx7nut]

I think step one here is figuring out exactly how "restored" we're talking. "Well maintained used" and "showroom new restomod" are completely different things.

A "clean" 60 sells for $20k.

A showroom new 60 from Icon, Corsetti, or others can be $100k-250k.

As a [formerly] extreme DIY-restorer, your personal 500 hour-rebuilds don't necessarily translate to an actual restoration shop doing a restoration with a $90k labor bill. Gotta figure out exactly what the $$ value is and then hunt down a policy that you're actually happy to pay the premium on. They'll insure it for $50k all day if you pay them $2k per month for coverage!

Agreed value is becoming more popular so I'm sure you'll have options, just keep it a math decision.

 

[rvk]

I have State Farm. Truck was smushed by a tree during Helene. Totally restored / great condition 2000 LX470, 300k miles, they are willing to give me $6.3k so far - after raising it $500 (HA!) after I supplied comps. Their initial comps were rust buckets selling at third party dealerships. I'd settle for $9k.
When I signed up for comprehensive insurance last fall, they asked me the value and I said $12k. I need to mention that to them.
All that to say - I wouldn't use State Farm.
Also - truck was smashed but is drivable. Absolute testament to Toyota build quality.

 

[SeventhDurandal]

I have State Farm. Truck was smushed by a tree during Helene. Totally restored / great condition 2000 LX470, 300k miles, they are willing to give me $6.3k so far - after raising it $500 (HA!) after I supplied comps. Their initial comps were rust buckets selling at third party dealerships. I'd settle for $9k.
When I signed up for comprehensive insurance last fall, they asked me the value and I said $12k. I need to mention that to them.
All that to say - I wouldn't use State Farm.
Also - truck was smashed but is drivable. Absolute testament to Toyota build quality.

Any chance you could start a new thread with some pics? Would be cool to see what these trucks can survive.