Pricing my rig for insurance purposes:

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Jan 8, 2006
I need to price my rig (what I want it insured for if I roll it over or it is stolen) and I am not quite sure where to put it at. More money equals higher payment, less, me: i.e. what would it cost to buy (or rebuild) a similarly built rig? Mine is a 1988 with 127k on the clock...
it has: 4.88's
detroit rear
4" lift (OME and MAF shackles)
sliders, arb bumper, custom rear swingout, 33"bfg's, full length roof rack, cb, cd, optima, high-lift, cust. wheels, hellas, blah, blah blah
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I was thinking I would go with 8k? Not one person has an opinion?
When I first got the insurnace setup I was not thinking right and only did $3,300.

I have full coverage on it so it matches my wifes car and we dont have to do the whole, she's on mine and I am on her insurance thing.. its cheaper.

I am going with 10k on my insurance next week. Not sure what it will cost
mine quoted a rough estimate of +12-15 dollars a month per 1k additional over book value...??? Book shows mine at 6, I believe?
I'd advise checking all of the 62's for sale on ebay, this site, Spector's site, Man-a-fre's site and others to get an idea of the relative value. 8-10K sounds about right to me. Any rust?
yes, some, nothing major, all of the wheelwells were durabak coated...
Well a good condition 62 with 127K miles would probably cost you anywhere from $3000-7000, then add up what it would cost to buy all of the parts you have on it. If you have to pay for any of it to be installed, add that in too. I would say at least $10K.

What insurance company are you using? I have USAA which won't let you specify a stated vehicle value, but I know State Farm will and I since I will be switching soon, I want to know all of my options.

Good luck.
I too couldn't use a stated value. I went for KBB, but the insurance company valued it at 10K. I was shocked. My premium went up about $50 more than I was quoted.
I went with a local company, they are small, and deal with primarily locals, so I think that is why they are allowing it. once it hits 20 yrs. old it will change a bit...

be CAREFUL. make SURE you will get reimbursed for the amount you specify if your rig is stolen, lost or totalled. Some companies, like Geico for instance, will ask you to specify as to what your car is worth, blah blah blah and whether it is restored or modified etc. and they will charge you a higher price on your premium for the added theft risk. So you THINK you are going to get the actual value you stated back if your car is totalled or stolen, right? WRONG.

It is somewhat of a mindf*ck scam because while they have you believing they care about the value of your truck, the only amount they will give you back for it is FAIR CONDITION BLUE BOOK value. Be Warned, other companies are the same. If you want coverage for the value of your car, then you should go get a second separate policy specifically for loss or irrepairable damage from a company that insures vintage vehicles. It is a specific kind of insurance.
it's probably cheaper to buy a second 60 and store it than pay some blood sucking insurance company for a premium policy. you are only required to carry liability in my state. Now if the 60 could get sick or have long stays in the hospital with expensive surgeries I might consider a better insurance policy.

i'm with you beaufort. liability about covers it. insurance companies are vampires.
I only carry liability on my rust free 89 with 120K on it. If you don't have a special policy for a state amount you will only get KKB value for it and the problem is that it doesn't even have to have that much damage for them to total it. If the value is 5K they will probably total it at about 3K damage. The reason is they know there is a value for it at auction plus they take the risk that once the repairs start more damage can be found. Just safer on their part to total it. So at 3K you might just need bolt parts with no major body or frame damage. Of course you can always buy it back from the insurance company but then you will have a salvage title (at least in my state) for some minor damage. 3K does't go very far for a insurance company dealing with a body shop.


PS also all the extras you put on your vehicle are not cover unless they are stated on the policy, So the ARB bumper, roof racks, etc, etc you won't get anything for unless stated up front. I had a friend roll his Nissan 4X4 back in the mid ninties only a year old. They repair it but won't give him a cent for the camper shell that got totaled because it wasn't listed on the policy
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That is the thing, I am listing all the things additional, plus the added value of it over the NADA value...I am checking things out thoroughly to be sure I know what I am doing...
Word Up

Liability Ins. Is The Ticket. Save The Extra $600 A Year For Full Cov. In A Money Market Account, 401k,roth. Anything Than Give It To The Faceless ,all About Profit,insurance Co. Drive Well , Pay Attention To Where You Park, Alarm System?
My insurance is fairly cheap. They have a clause that states if you get in a wreck and are DUI or on drugs, you are not covered, period. This keeps their rates down considerablyover bigger companies. FWIW, I pay 89 and some change for my wife's 99 Land Rover disco, and my 88 62 with full coverage...not too shabby, really, so even if I was to increase it 30 bucks a month, it may be worth it, if they cover all that other schtuff...??? I am really doing my homework on this and weighing pros.cons before I do it though...I certainly don't want to shell out a buttload of money to nothing.

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