Insurance? (2 Viewers)

[Richfj60]

Hey guys, I am buying a repowered 62 and want to get agreed value for the vehicle. I intend it to be my daily driver. For those guys that have 60's worth much more than what KBB would give them, or have been modified, what are you doing about insurance? I've only found one carrier and its all my vehicles or nothing and their costs are a bit more. Any suggestions?

 

[MoaByte]

State farm will insure to an agreed upon value. They will want pictures, but that is fair.

 

[Richfj60]

Thanks! I'll give them a call.

 

[Cincodemustache]

Hagerty does an agreed upon value as well with pictures and documentation.

 

[Seth S]

Thanks for the reminder. Need to check in with my insurance to see how they have my 60 valued

 

[prosailortim]

Allstate Insurance here, full coverage valued at high NADA value of $27k. Costs me an additional $160.00 per year on my policy.

 

[erse]

Had Hagerty got rid of it as their prices kept going up and up and up. American mutual now, better coverage and less $$ and less restrictions. Agreed upon value to 25k after that they insist upon an appraisal. Good luck

 

[Shes Mad]

Had Hagerty got rid of it as their prices kept going up and up and up. American mutual now, better coverage and less $$ and less restrictions. Agreed upon value to 25k after that they insist upon an appraisal. Good luck

How do you like your new 88? I have the same in my 87 and I love driving it.

 

[Richfj60]

Thanks. I went with Safeco. They already had the home owners, so the discounts made it palatable. Go to get her tomorrow! whoo hoo!

 

[erse]

How do you like your new 88? I have the same in my 87 and I love driving it.

The Vortec so far is easy to live with and love. Taking mine to valley hybrids in August for lots of finishing touches that the PO never got to. Looking forward to maybe making it my DD after that.
Re-power is the way to go IMO!

 

[Beams37]

Here is a rundown on my experience. Agreed value insurance will limit the amount you can drive. I use State Farm as a primary insurer. I am not limited by mileage, but the "black book" value on it is around $28K. With the right documentation, I think I could get more from them if ever needed.

 

[bluevacruiser]

Speaking of insurance, what is the best way to determine the market value of my FJ60? I've had run-of-the-mill insurance forever, but need to step it up.

 

[prosailortim]

I had an appraisal done on mine. Just had Georg at Valley Hybrids install new transmission. Next I'll be doing some minor body work & paint, then a new headliner & door upholstery. Then I'll have it appraised again. Right now I'm insured for 28k, plus a stereo valued at 3k.

 

[Gretsch]

Timely thread for me. I was just trying to work this out with State Farm. They would not let me in on what my current valuation is on my truck (what they would pay out in the event of it being stolen or wrecked), but did say I could do an agreed upon value if I had the truck appraised. Not sure if the they would only agree on the appraised value putting the valuation in the hands of the appraiser or if you could reach an agreement with them based on the appraised value as a starting point and go from there. My agent is actually trying to talk me out of doing that as they think my truck is insured as needed without an agreed upon value. They claim that if the truck were wrecked or whatever they would take into consideration the selling price of recent FJ60 sales in my area in addition to NADA book when determining a payout amount. So therefore claim I am insured appropriately now without an agreed upon value. Without knowing what the current payout would be I am not sure if I believe that. My truck is not really a museum piece time capsule type of truck, but its all stock and un-molested with no rust and I still think its worth more than what they would pay out with how I had it insured now. So not sure what to do here myself and am anxious to see where this thread goes.

 

[Garrissey]

Mexicans typically don't have insurance. I wish I could help...

 

[prosailortim]

If it helps I have Allstate insurance. I've been with them so long I still have zero deductible on comprehensive & collision. I've looked at switching carriers, it's almost impossible or to expensive to get zero deductibles nowadays.

 

[gregnash]

Timely thread for me. I was just trying to work this out with State Farm. They would not let me in on what my current valuation is on my truck (what they would pay out in the event of it being stolen or wrecked), but did say I could do an agreed upon value if I had the truck appraised. Not sure if the they would only agree on the appraised value putting the valuation in the hands of the appraiser or if you could reach an agreement with them based on the appraised value as a starting point and go from there. My agent is actually trying to talk me out of doing that as they think my truck is insured as needed without an agreed upon value. They claim that if the truck were wrecked or whatever they would take into consideration the selling price of recent FJ60 sales in my area in addition to NADA book when determining a payout amount. So therefore claim I am insured appropriately now without an agreed upon value. Without knowing what the current payout would be I am not sure if I believe that. My truck is not really a museum piece time capsule type of truck, but its all stock and un-molested with no rust and I still think its worth more than what they would pay out with how I had it insured now. So not sure what to do here myself and am anxious to see where this thread goes.

Here is the main problem with that scenario, and not saying that your agent is shady or anything, but Insurance Company's in general are not in the business of paying out money. Most want you "adequately" covered but when push comes to shove, they will take the low road. Want proof, just search some of the "insurance payout" threads here on MUD and you will see the headaches and haggling most have to go through to get the true value of their trucks.

Maybe @powthief19 can add some insight here as to what some of us can do, without increasing our premiums or policies to arm AND leg status, to ensure that IF something happens we have a semi-smooth process.

 

[LCnAZ]

Hey guys, I am buying a repowered 62 and want to get agreed value for the vehicle. I intend it to be my daily driver. For those guys that have 60's worth much more than what KBB would give them, or have been modified, what are you doing about insurance? I've only found one carrier and its all my vehicles or nothing and their costs are a bit more. Any suggestions?

As you can see from the responses, it varies by company. What fit our use of our 62 after 28 years of daily service was to restore it and shift the insurance to collector insurance. The twists to that are that the vehicle can no longer be a daily driver, and you select the tier of annual mileage permitted. The upside is that you establish the agreed value; no appraisal, no deductible, and spare parts coverage amount can be declared.

As a veteran, I've been with USAA for three decades, but they do not insure an agreed value. They have a partner company that does the collector insurance (American Collectors Insurance). FWIW. Good luck.

EDIT PS: Another benefit of collector status in AZ is that once registered as a collector insured vehicle, it no longer has to have emissions tests.

 

[Seth S]

This is a good way to get a real world selling value of 60's and 62's:

Land Cruiser FJ60 & FJ62

See the chart which shows all the auctions and where they sold at or where the bidding got to if the reserve wasnt met. Gives you a good idea on value vs condition and reflects actual auction sales.

 

[LCnAZ]

This is a good way to get a real world selling value of 60's and 62's:

Land Cruiser FJ60 & FJ62

See the chart which shows all the auctions and where they sold at or where the bidding got to if the reserve wasnt met. Gives you a good idea on value vs condition and reflects actual auction sales.

Excellent. Thank you for that.