What are you guys doing for insurance – do any of you have an agreed-upon value for your rig? (1 Viewer)

[mrq]

Hi, all!

I just switched insurance companies to Progressive. I am curious and am interested in getting an agreed-upon-value for my rig – since the blue book value is way too low and doesn’t take into account the desirability, exceptional cosmetic and mechanical condition, & cult-icon status of my rig. The Kelly Blue Book value is an offensive $4,300...

My rig is easily worth $10k PPV.
I’ve done a few mods – $1k ARB, lights, rack & cargo box, & coil spacers.

As you all know the prices for 80’s have skyrocketed over the past 2-3yrs. People are paying insane prices for clean rigs.

Anyways, my question is:
What do you guys do for insurance? I tried looking for a way to get an agreed-upon-value for my rig w/ Progressive. But it sounds like you have to get classic car insurance – which has mileage limits. (My rig is a daily – I drive it ≈ 7500 miles a year.)

It would suck if I or someone totaled my car and I only got a measly $4,300 for it.

Thanks in advance!

 

[musthave]

It's hard to get agreed upon values, if you do, they usually come with heavy restrictions on usage. YMMV. If you find something really good post it for others.

 

[polloelastico]

This is on my short list of things to look into as well. I would be ok with reasonable mileage restrictions.

 

[mrq]

It's hard to get agreed upon values, if you do, they usually come with heavy restrictions on usage. YMMV. If you find something really good post it for others.

That’s what I’m starting to think... And will do!

 

[mrq]

This is on my short list of things to look into as well. I would be ok with reasonable mileage restrictions.

Me too! I daily drive my rig but I do only short trips (usually). I’ve only put 20k miles on my 80 in the 4yrs that I’ve had it. So about 5000 miles a year.

 

[ItsBavid]

I've got classic car insurance with a max allowed value of $15k through liberty mutual. $25 a month and gotta keep it under 5k a year. If I decided to put it under their normal insurance I could put any value on it. I'll do that once I finish building it up. I'm about $15k in already on it. I'd call liberty mutual and do standard insurance since it's your DD. They were great to work with.

 

[LTrain]

My insurance guy pointed me to Hagerty when I brought this up. I haven’t made the jump yet. If you find a unicorn policy where you can drive unlimited miles and have it insured for what you think it’s worth let us know.

 

[iptman]

Not on my 80 but got Safeco on my 40. 25k agreed value for $210/year. No restrictions as fast as I know.

 

[mrq]

My insurance guy pointed me to Hagerty when I brought this up. I haven’t made the jump yet. If you find a unicorn policy where you can drive unlimited miles and have it insured for what you think it’s worth let us know.

I just tried to get a quote on their site but they were “unable to get me a quote”. One of their requirements for their classic car insurance is that you can’t drive your classic car ”every day”. Which won’t work for me because I DD my 80. It’s seeming like it's impossible to find this unicorn policy, as you described it. I’m planning on buying my mother’s ‘06 100 series from her when she upgrades to a newer LC. So maybe then when my 80 is a weekend-driver I’ll look into the Hagerty classic car insurance.

 

[musthave]

Haggerty won't write it if you DD your vehicle, and/or if it isn't garaged, and they have a mileage limit.

 

[MDarius]

I paid $9500 for my 95 in 2005-ish, with 120k miles. My son totalled it in 2016 with 220k miles. It was trashed inside, missing fender flares, had some rust spots, and they gave me $8,700 for it. I felt blessed! It's the replacement value, not book value, and they don't count aftermarket add-ons unless you specify them, but they WOULD cover them. As long as I was being reasonable they didn't argue with me. They did ask for pictures of it and told me to keep receipts for upgrades. This was through Geico. I didn't have to fight for this number.

But, preparation aside, after the accident you find 5 rigs within 200 miles that are a similar match for your vehicle and fight with the adjuster. "I want to replace my vehicle with a near identical one. These are my options. Clearly I can't do that with $4k." You can also get an independent valuation of your vehicle and submit that. You don't ever accept the first offer. Most of the work happens after the accident.

I just did this for my daughter on her husband's POC 2003 Infiniti QX4 in Missoula, MT. They offered her $2,700. After following this process she got $4k.

 

[Red Merle]

I have an agreed value policy with Safeco for $22k.

 

[BILT4ME]

I am with State Farm and I check my insurance company's valuation every year to make sure mine is within range.
My 80 is on standard insurance, my DD (15-20K/yr) and as of Dec. 2019 was valued by them about $12k.

I also have agreed upon values for my Studebaker and our 1970 GMC K2500. There is no limit to number of miles driven, garaged or not, as long as I pay my premium. The cost of the insurance is based upon my annual mileage on THAT vehicle last year. My 80 is the highest insurance of all my vehicles because it is the most driven. I have also been with SF for more than 40 years.
The value of the 70 GMC is higher than my current value on the 80, but my premium is less because we only put on about 5K miles/yr in the GMC.
I have also confirmed that any add-ons I have on my 80 will be over and above the stock valuation as long as I can produce receipts. As OCD as I am about receipts and tracking costs that won't be a problem unless my house burns down at the same time.

 

[lazy]

So....you only declare a value if you're "fully insured"? Otherwise, if you get hit it is the other person's insurance who is paying (Assuming they stop and have insurance).

I guess I've always thought of it as I would "buy the vehicle back", get the money for a "new" 80 and move all the useable parts over. We only carry liability insurance. I drive pretty grandma-y.

 

[spazzyfry123]

So....you only declare a value if you're "fully insured"? Otherwise, if you get hit it is the other person's insurance who is paying (Assuming they stop and have insurance).

I guess I've always thought of it as I would "buy the vehicle back", get the money for a "new" 80 and move all the useable parts over. We only carry liability insurance. I drive pretty grandma-y.

Do you have uninsured motorist in your policy? It's a lot to rely on the at-fault to have adequate insurance.

 

[ajax1]

I have farmers, my house and two other vehicles, my agent agreed on 15k value. I don’t pay that much for that. Was pretty easy to do, told me go with hagerty if I want higher.
I have no restrictions on mileage either

 

[ZackR]

Do you have uninsured motorist in your policy? It's a lot to rely on the at-fault to have adequate insurance.

Its the law to have $25k uninsured motorist coverage here in Oregon, is that optional in FL?

 

[Rifleman]

Just as a word of caution, i had a customer that owned 10 classic muscle cars that were all insured for "stated value" This customer got into a car wreck with his 1973 Z28, and when he went to collect on his stated value policy he had to fight the insurance company tooth, and nail.

It seems that the insurance company wanted him to provide all types of proof after the accident that his Z was really worth the 30 thousand dollar amount he had it insured for, and not the 18 thousand dollars the insurance adjuster said it was worth. Long story short, he had to get an attorney to fight his insurance company, and it still took him over a year before he saw a dime.

So a word to the wise, Just make sure that you keep all your invoices, and receipts for all the work, and extra equipment you add to your truck. Because if you get into a wreck with stated insurance you just may need it to get paid.

 

[iptman]

I just went through this redoing insurance with my insurance agent. Progressive was cheapest but put the following caveat to the stated value policy on my 40.

* In the event of a total loss of this vehicle, the maximum amount payable is the lesser of the actual cash value or the stated amount of $25,000.

I questioned my agent on this and sure enough Progressive isn't really a stated value policy as much as that's the most they'll pay out so long as you can prove its value is that high. Safeco, on the other hand, doesn't have this statement on their policy so I kept my 40 on Safeco by itself and moved everything else to Progressive.

 

[wpns4l]

On my 80 no but my 40 does for 15k. No restrictions that I know of. I think it was like 40 a month. With State farm