Insuring a Classic Toyota

[Manhattan]

As the value of my '84 slowly (damn bodyshop) increases, I need to make sure the insurance keeps pace. The truck has regular full coverage (collision/comprehensive, etc). That's better than nothing. But, I'm assuming I'd collect a fraction of the value of a fully restored, low-mile Pickup. So, I'm researching specialty insurers.

Geico (all my cars and the Pickup) insures classic/antique vehicles through Assurant but they must be 40+ years old. So, 1979 and older right now. The rep suggested American Modern - Home Page - American Modern Insurance Group - and I'm getting a quote now. Well, confirmation of a quote. Their online tool spit out $259/yr which seems really low. I put the truck's value at $15,000. Hagerty quoted it at $342/yr.

What are you guys doing for your "worth more than the average" trucks?

 

[joseywales]

I’m hoping the Toyota sales guy at our local dealer that has the exact same 4Runner as me (owned since new with 750,000 on it!) will provide a valuation in the event that mine gets stolen or totalled. You can’t do declared value on cars with our insurance company as far as I know.

 

[Manhattan]

As I understand it - from talking with the Geico agent - with a regular (not a stated/guaranteed value) policy, they would give you the value of that truck based on NADA or similar. For my '84 Pickup, they'd use this:

That's the NADA valuation. So, my fully restored, 58,000 mile Pick would be valued at $3,225... about the cost of the paint job.

I assume you could fight - show recent sales, e.g. Ebay, BAT, etc. and show that "High Retail" is actually north of $12,000... maybe?

 

[gnob]

Tt @CreeperSleeper.
He sold me a "custom vehicle" type policy for my built '89. Basically covers add ons over and beyond kbb types of values.
I don't want to stuck my foot in mouth too much here, but another option to look at. So hit him for details.

 

[yotadude520]

As I understand it - from talking with the Geico agent - with a regular (not a stated/guaranteed value) policy, they would give you the value of that truck based on NADA or similar. For my '84 Pickup, they'd use this:
View attachment 2121718

That's the NADA valuation. So, my fully restored, 58,000 mile Pick would be valued at $3,225... about the cost of the paint job.

I assume you could fight - show recent sales, e.g. Ebay, BAT, etc. and show that "High Retail" is actually north of $12,000... maybe?

Yes it does depend, but obviously we have the right to show most recent sales and give some insight into what our trucks are really worth with recent sales - so there is some negotiating power there.

I went through this whole ordeal when I was buying my 1987 that KLF restored a couple years ago. Most of the problems I ran into is that I'm 24 and it was going to be a daily driver. So as of right now, it is currently insured with Geico like all my other vehicles and has comp/coll. In the event of a claim I'd have to negotiate with the adjuster and I would happily show them BaT ads and eBay sales of pickups like mine. Some insurance companies have been known to overcompensate total losses, as they would rather pay more now than potentially be sued by a claimant who feels their vehicle was undervalued.

There are a couple threads on the forum about insuring vehicles like ours, and Chad actually gave me some advice when I was looking for quotes myself. Second tag for @CreeperSleeper.

But just a heads up, be wary of some stated value insurance policies - From google - The stated value determines how the insurance company rates your vehicle, it does not necessarily determine how much the insurance company will pay you in a total loss. Insurance carriers word the coverage so that they are able to pay out the stated value amount or the actual cash value whichever is lower.

 

[Manhattan]

@yotadude520 that's great intel. I'll actually read the policies before I sign... Which admittedly will be a first for any insurance policy

A few years ago, I built a Jeep Scrambler (don't worry, the 12-step program cured me... only Toyotas now) and insured it through a company owned by Travelers - who had our other car policies at the time. The process was pretty extensive...
- Detailed build sheet
- Estimate from 3rd party shop
- Lots of pics - including a pic of the Jeep in the garage AND with the door closed. I guess to prove it wasn't a carport. Crazy.

 

[yotadude520]

@yotadude520 that's great intel. I'll actually read the policies before I sign... Which admittedly will be a first for any insurance policy

A few years ago, I built a Jeep Scrambler (don't worry, the 12-step program cured me... only Toyotas now) and insured it through a company owned by Travelers - who had our other car policies at the time. The process was pretty extensive...
- Detailed build sheet
- Estimate from 3rd party shop
- Lots of pics - including a pic of the Jeep in the garage AND with the door closed. I guess to prove it wasn't a carport. Crazy.

View attachment 2121730

I too am a reformed Jeeper, and I'm not ashamed one bit! @joseywales was just giving me s*** about how I still bring it up the other day.

I've always loved my Toyotas, my first car was one and I've owned more of them than anything else. I've had two Jeeps and while my CJ was terribly unreliable, I absolutely loved my YJ. I took it all over the place and it was always stupid reliable and ran extremely cool. I think a lot of people underestimate the fun factor of driving and owning one (when it's reliable)

Nice Scrambler though! You definitely did a lot of good work to that thing. I'm sure you got good money for that after your 12 step program.

 

[onemanarmy]

I use Hagerty. I tell them how much i want to cover it for and they price the premium accordingly after I show it parked in my garage

 

[Manhattan]

Nice Scrambler though! You definitely did a lot of good work to that thing. I'm sure you got good money for that after your 12 step program.

Thanks. Yeah, nothing wrong with the old CJs/YJs - they're so simple... not much "jeep" to complain about. That Scrambler was a product of "Careful what you wish for... you might get it" - too big, too fast, too nice (to wheel)... I broke even on the sale - which, is killing it when you build any car or truck from scratch.

My current project - the '84 - is much simpler, milder, etc. Hopefully, I hang on to this one longer.

@onemanarmy - thanks for + on Hagerty. They have the rep... probably worth the extra bucks.

 

[CreeperSleeper]

Quick warning about Hagerty, if they know that you take the truck on anything that might need 4wd, they will cancel the policy! They even shy away from forest roads. (I'm appointed with Hagerty and that is one of the biggest issues I have with them.)

Farmers Insurance has a customization endorsement that they can add to an auto policy. That is what @gnob is talking about. I am only licensed in Oregon and Washington, but I would be more than happy to give advise. My work email is cholznagel@farmersagent.com

 

[c2dfj45]

I use Classic Auto Insurance for all of my old stuff. It's easy, great prices and you will not find better customer service.....give Kenzie a call. She knew what my Trekker was....she's cool.

Kenzie McCune Email kenzie@classicins.com Direct 317-806-2911 ext 225 Toll Free 800-397-0765 Fax 317-576-1899

 

[onemanarmy]

Quick warning about Hagerty, if they know that you take the truck on anything that might need 4wd, they will cancel the policy! They even shy away from forest roads. (I'm appointed with Hagerty and that is one of the biggest issues I have with them.)

Farmers Insurance has a customization endorsement that they can add to an auto policy. That is what @gnob is talking about. I am only licensed in Oregon and Washington, but I would be more than happy to give advise. My work email is cholznagel@farmersagent.com

So, I have hagerty stated value coverage so if my garage Burns down or a tree falls on it, or it gets destroyed by an hit and run. Total loss type claims. The fact that I may take it on a dirt road every once in a while would raise flags?

 

[joseywales]

I too am a reformed Jeeper, and I'm not ashamed one bit! @joseywales was just giving me s*** about how I still bring it up the other day.

I’ve lived on the dark side too, but I’ve owned close to 60 different 4x4s in my life. At least 40% if not more have been Toyotas, and about 25% Cummins diesels.

 

[yotadude520]

I’ve lived on the dark side too, but I’ve owned close to 60 different 4x4s in my life. At least 40% if not more have been Toyotas, and about 25% Cummins diesels.

View attachment 2122329

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I can accept the TJ and CJ, but the JK?? I don’t know if I can let that slide

 

[joseywales]

The JK was the wife’s choice. I had nothing to do with that! At least it was a Rubicon with OME suspension...

 

[JeffD]

JC Taylor- I insure 3 classic vehicles, very reasonable pricing.

 

[1911]

I’ve lived on the dark side too, but I’ve owned close to 60 different 4x4s in my life. At least 40% if not more have been Toyotas, and about 25% Cummins diesels.

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"Don't ask, don't tell."

 

[Manhattan]

Thanks for all the info - JC Taylor, Kenzie's info, Hagerty heads-up, Farmers, etc. Looks like I have a bit of research to do.

I won't be 'wheeling the '84 much and never anything hardcore. But... I hate the idea of dragging the truck off the trail to the street and claiming "really... this is where I slid into a tree" "Okay, sure... there aren't any skid marks... or trees"

 

[Gumby]

I have haggertys on my 45. Agreed upon value. Prolly a lot for how much I drive it, but probably couldn’t replace it for what I’m paying for. They did me right when there was a crash. They found parts for it and paid pretty dearly for them.

My skinner isn’t worth enough for them to touch. Less than $10k, I think. It’s full coverage through my regular car insurance, but they would prolly give me about $1500 for it, about a third of real replacement value.

 

[Jeremy9A]

You may want to check out state farm. I had geico for years and eventually switched to state farm once a claim was old enough to not matter.
Long story short- Saved a decent amount of money. Same full coverage/collision 100/300 bodily. Even dropped the comprehensive to $0. I insured my 87 Supra with their antique classic coverage with a pretty high agreed value for what it is. The supra policy is about $200 per year with no restrictions on driving. If you look into all the times you are not covered driving with hagerty or grundy it is alarming. May not be the best choice for all, but it is for us. No kids to **** up the policy either.