1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

Restored fj40 insurance

Discussion in '40- & 55-Series Tech' started by 1978 Bessy, Sep 13, 2017.

  1. 1978 Bessy

    1978 Bessy

    Messages:
    11
    Likes Received:
    0
    Joined:
    Sep 4, 2014
    Location:
    Texas
    I recently restored an fj40 and the requirement is FULLY enclosed garage. Must sell unless anyone knows of classic or other insurance that will cover my fj.
     
  2. SOAZtim

    SOAZtim Car Camper Extraordinaire!

    Messages:
    363
    Likes Received:
    436
    Joined:
    Aug 4, 2006
    Location:
    AZ
    Ask to see a copy of the forms and read them or ask a friend in insurance to read them. I got CHUBB insurance initially, but again the requirement to have a garage killed it. (I have a carport)
    So, I got the USAA forms and it says market value. I switched to them. You may have to fight with an adjuster a bit on what you think market value is vs what they think it is, but I keep a doc file with current similar sales and auctions to show what the value is. Mines not restored, but I work in Insurance so I went with a carrier known for paying out fairly easily and "usually" willing to accept data from the claimant regarding what the value is.
     
  3. x463

    x463

    Messages:
    264
    Media:
    1
    Likes Received:
    106
    Joined:
    Oct 29, 2015
    Location:
    Chicago, IL
    State Farm has excellent antique coverage w/o all the exclusions that Haggerty has.
     
  4. Living in the Past

    Living in the Past SILVER Star

    Messages:
    13,560
    Likes Received:
    1,467
    Joined:
    Apr 21, 2005
    If it is restored would want to have a declared value policy. Prices are over the place to risk it. My 70 is a non restored 40 but went with a declared value since its so original including original paint in good condition. But also have it in a garage. Wouldn't have bought if I would have to park it outside. Freshly restored would keep it in a garage to protect my investment from the elements. Five years from now the fresh restore won't look so fresh if it's been park outside.
     
  5. powthief19

    powthief19

    Messages:
    159
    Media:
    4
    Albums:
    1
    Likes Received:
    75
    Joined:
    Jul 1, 2014
    Location:
    Gardnerville, NV
    Check with your local insurance agent and ask them to quote your FJ40 with American Modern through RIC Insurance General Agency.
     
  6. ColoradoFJ40

    ColoradoFJ40

    Messages:
    547
    Likes Received:
    132
    Joined:
    Sep 18, 2010
    Location:
    Urbandale, Iowa
    I just paid my Hagerty policy today. I carry agreed value at 40k and it runs right at 600 per year.
     
  7. David1947

    David1947 SILVER Star

    Messages:
    1,446
    Media:
    1
    Albums:
    1
    Likes Received:
    1,400
    Joined:
    Oct 9, 2014
    Location:
    High Point, NC
    I have Haggerty. The covered my 40 with $45k agreed coverage in a car port open on two sides. Yearly cost is less than $400. I had it towed twice from the shop I use for paint and body and they were extra helpful in getting someone out immediately.
     
    TractorDoc likes this.
  8. Downey

    Downey

    Messages:
    3,668
    Likes Received:
    732
    Joined:
    Jun 5, 2007
    Location:
    Brea, Calif.
    Most collector car policies have a milage limit, i.e. driving to car shows only- - -check out that aspect when buying collector insurance.
     
  9. 120mm

    120mm SILVER Star

    Messages:
    2,187
    Media:
    487
    Albums:
    14
    Likes Received:
    2,896
    Joined:
    Jan 12, 2015
    Location:
    Erewhon
    American Collector's does not; though your rate is based on mileage. Drive a lot, pay a lot. Drive a little, pay a little.
     
  10. David1947

    David1947 SILVER Star

    Messages:
    1,446
    Media:
    1
    Albums:
    1
    Likes Received:
    1,400
    Joined:
    Oct 9, 2014
    Location:
    High Point, NC
    Haggerty didn't give me a mileage limit.
     
  11. Living in the Past

    Living in the Past SILVER Star

    Messages:
    13,560
    Likes Received:
    1,467
    Joined:
    Apr 21, 2005
    Interesting believe I have one which I would never reach. Besides the garage also have to prove every licensed driver in the household had another DD.
     
  12. mrboatman

    mrboatman GOLD Star

    Messages:
    247
    Likes Received:
    413
    Joined:
    Oct 21, 2016
    Location:
    Southern Nevada
    @Downey is right State Farm limited me to 2500 miles a year for collector car / car shows but only 300 a year for 40 grand coverage
     
  13. JeffD

    JeffD

    Messages:
    281
    Likes Received:
    8
    Joined:
    May 3, 2011
    Location:
    New York
  14. 82fj45troop

    82fj45troop

    Messages:
    7
    Likes Received:
    10
    Joined:
    Aug 6, 2017
    Location:
    Chicago, IL
    Interesting how different the quotes are. I have full coverage with $40K agreed value, car sits outside (for now until I find a tall enough garage LOL), through State Farm at $220/year!
     
  15. Living in the Past

    Living in the Past SILVER Star

    Messages:
    13,560
    Likes Received:
    1,467
    Joined:
    Apr 21, 2005
    Good information. Did you have a appraisal? Hagerty just wanted a bunch of pictures partly because it not restored but original. Wanted pictures to show what shape it was in. Next time around need to shop around as I'm sure the value has gone up since I bought it six years ago. I'm more than covered my investment and since not restoring it my investment in repairing a few things is almost nothing.
     
  16. Xpnsv72fj

    Xpnsv72fj SILVER Star

    Messages:
    439
    Likes Received:
    303
    Joined:
    Aug 26, 2014
    Location:
    Hanover VA
    I have haggerty and carry 40k on mine as well, however all my other autos are though state farm and they have pretty good classic car coverage. All classic car policy's that I know of have mileage limits. As stated above see if state farm has a declared value policy.
     
  17. Xpnsv72fj

    Xpnsv72fj SILVER Star

    Messages:
    439
    Likes Received:
    303
    Joined:
    Aug 26, 2014
    Location:
    Hanover VA
    One thing to remember with harrerty, if you are currently restoring your 40 you can let them know and it will be a huge savings with the same coverage.
     
  18. mrboatman

    mrboatman GOLD Star

    Messages:
    247
    Likes Received:
    413
    Joined:
    Oct 21, 2016
    Location:
    Southern Nevada
    I had asked state farm to up the insurance a year ago and the denied me because it was not painted!! So a year later It is painted and I went back up to state farm and asked to increase my value so the rep took all the same pic`s (front, Rear, Both sides, Engine and Inside) this time they said okay no problem. Go Figure they don`t understand unless it just looks good !!
    JP
     
  19. Bones

    Bones

    Messages:
    256
    Likes Received:
    65
    Joined:
    Apr 29, 2012
    Location:
    Bend, OR
    i have two unrestored 40's, rust free, that i like to use as daily drivers here in the dry desert of central oregon. i wanted an agreed value policy only that would allow me me to drive daily, AND not have to be garaged. hagerty, state farm all required proof of vehicle being garaged. state farm would not even issue an agreed value policy so i am surprised to hear other have it. my question, on their declaration page, does it clearly state "agreed value." two company offer policies that would do that. Grundy out of maryland (underwritten by AIG) that can insure in all 50 states under their MVP program, and safeco (Liberty Mutual). i shop yearly for policies, and am willing to switch when prices with one company get to high. i am currently with safeco. my declaration pages clearly state "agreed value in result of total loss." i previously had grundy, and their declaration pages stated the same. i had lengthy discussions with many agents about what i wanted. most would say that stated value policies will cover you. not true. they will look at blue book value, and then you have to prove stated value through receipts, market value, etc. both grundy and safeco, when i talked to local agents, and people at corporate stated that an agreed value policy would be paid out at agreed value, no questions asked. neither one did i have to provide pictures of any kind. that said, i have never had a claim, so i cant say for sure they won't try and screw me. the amount i have them insured for is $25k. there was no questioned asked on that amount. i figure i am paying a premium on that value, so they have no need to question it.

    andy

    insurance market change all the time, to keep competitive. so companies like state farm and all state, etc might have agreed value policies now.
     
    Last edited: Sep 15, 2017
  20. David1947

    David1947 SILVER Star

    Messages:
    1,446
    Media:
    1
    Albums:
    1
    Likes Received:
    1,400
    Joined:
    Oct 9, 2014
    Location:
    High Point, NC
    One of the reasons I keep each and every receipt for work done and parts purchased is if I have to prove something there is sufficient written proof.
     
    mrboatman likes this.