What are you guys doing for insurance – do any of you have an agreed-upon value for your rig? (2 Viewers)

[tone33]

SF is still coming back low. I have an appraisal option I can exercise though where SF hires and appraiser and so do I. The appraisers compare their appraisals and come to some kind of agreement on vehicle value. Anyone on here ever done this? Any appraiser recommendations?

 

[leonard_nemoy]

I had to fight for about a month with state farm to get them up to $10,000 on my high mileage 91.

I sent them photos of everything aftermarket with either receipts for the items or a web link to purchase the item showing the price.

After a month of saying no and telling state farm that I wanted my truck fixed they finally made me an offer that I thought was fair.

They will play their stupid comparables game and they will come up with comparables that are rusted out, need repairs, and located on the other side of the country. But whenever you submit a comparable they will have an excuse to shoot it down.

Just keep telling them that their comparables don't compare to your vehicle and demand to get your vehicle fixed or replacemed with something that is a true comparison. Something that is in the same mechanical condition and has the same level of modifications.

Goodluck, patience is your friend for this stuff.

 

[98 SNAKE EATER]

SF is still coming back low. I have an appraisal option I can exercise though where SF hires and appraiser and so do I. The appraisers compare their appraisals and come to some kind of agreement on vehicle value. Anyone on here ever done this? Any appraiser recommendations?

Last year when I picked up another 70 Trans Am, I wasn't able to make a trip out to Nebraska to eyeball it myself, so I sent a well known certified classic car appraiser to inspect it for me

He usually travels out to all the Barret Jackson and Mecum auctions just to do appraisals

Did his thing and sent me a full 3 page report documenting the entire history of the vehicle, photos, video, test drive, paint meter checks on all panels, etc., etc.

In the end, he did a certified appraisal for $20k more than what I was paying for it, so went ahead with the deal

Forwarded the documents to Hagerty and they gave me an agreed policy for $80k before it even left the seller's showroom

 

[jaymar]

Last year when I picked up another 70 Trans Am, I wasn't able to make a trip out to Nebraska to eyeball it myself, so I sent a well known certified classic car appraiser to inspect it for me

He usually travels out to all the Barret Jackson and Mecum auctions just to do appraisals

Did his thing and sent me a full 3 page report documenting the entire history of the vehicle, photos, video, test drive, paint meter checks on all panels, etc., etc.

In the end, he did a certified appraisal for $20k more than what I was paying for it, so went ahead with the deal

Forwarded the documents to Hagerty and they gave me an agreed policy for $80k before it even left the seller's showroom

Given the money we pour into these things and the gear that goes in and on them, I'm not sure it's possible to get an actual real-value insurance policy. And even if you could, they'd disown you for being offroad or making some unapproved modification etc. And even if they didn't, the monthly premium would be insane.

Make it as theft-proof as humanly possible, make it trackable if stolen, and set aside the extra few hundred a slightly better policy would cost you each month. That's your new-truck kitty. Meantime you're not forking it over to an insurance company...

 

[98 SNAKE EATER]

Given the money we pour into these things and the gear that goes in and on them, I'm not sure it's possible to get an actual real-value insurance policy. And even if you could, they'd disown you for being offroad or making some unapproved modification etc. And even if they didn't, the monthly premium would be insane.

Make it as theft-proof as humanly possible, make it trackable if stolen, and set aside the extra few hundred a slightly better policy would cost you each month. That's your new-truck kitty. Meantime you're not forking it over to an insurance company...

That's what I don't understand about insurance companies

I've got an old hot rod that's nothing more than heavily modified fire breathing death trap and they have no issues giving me an agreed policy for way more than I can possibly sell it for (at a very reasonble yearly cost to boot)








Yet they won't even touch my Cruiser without bending me over

 

[Broski]

The issue is you guys are DD antiques and insuring then as a DD. It's just numbers plugged into a computer and The computer see this

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And the comp & collision part of your premium is reflective of that, you can rest assured that if it was 2020 Land Cruiser that premium would be much higher.
If you want full value for you antique collectible you need to insure it as such.
Don't get me wrong, I hate insurance companies but they are a necessary evil.
JMHO

 

[EricG]

So to complicate things more - how do you handle major mods like an LS swap? You're not likely to find many comparables to even give you a starting point.

 

[Mark97LC]

SF is still coming back low. I have an appraisal option I can exercise though where SF hires and appraiser and so do I. The appraisers compare their appraisals and come to some kind of agreement on vehicle value. Anyone on here ever done this? Any appraiser recommendations?

Call a couple ones and talk with them over the phone. Most will give you a ballpark without taking your money. Once you choose the appraiser you will have to pay at that point. In my experience you will get what your appraiser says it is worth.

 

[dpeshkin]

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!

View attachment 2423729

Sick rig.
I'm not sure insurance companies follow KBB. The standard for damages is the Fair Market Value (FMV). The FMV is usually, similar to homes, determined by comparable vehicles in your area. Keep your receipts so that you can show upgrades and justify a higher price. If there is a loss, and no comps, you can rely on an opinion from someone in the auto industry to provide an estimate.

 

[Mark97LC]

Sick rig.
I'm not sure insurance companies follow KBB. The standard for damages is the Fair Market Value (FMV). The FMV is usually, similar to homes, determined by comparable vehicles in your area. Keep your receipts so that you can show upgrades and justify a higher price. If there is a loss, and no comps, you can rely on an opinion from someone in the auto industry to provide an estimate.

They do not use KBB. Most companies use CCC One and Audatex. They try and pull comps from cars sold with in 90 days and within a certain radius. The problem is you are not going to find many 80s using those search filters.

 

[dpeshkin]

They do not use KBB. Most companies use CCC One and Audatex. They try and pull comps from cars sold with in 90 days and within a certain radius. The problem is you are not going to find many 80s using those search filters.

What the insurance company is doing is establishing a FMV, most favorable to it's position, by relying on its information. You are entitled to do the same. BAT has that graph with all of the 80s sold over a period of time. Why would that not be reliable?

 

[Mark97LC]

What the insurance company is doing is establishing a FMV, most favorable to it's position, by relying on its information. You are entitled to do the same. BAT has that graph with all of the 80s sold over a period of time. Why would that not be reliable?

Yep, they have all gone to the 3rd party companies to remove themselves from the valuation part of the claim. For an normal vehicle they are usually pretty fair. Although with the spike in used car prices they seem to be off right now ( I look at these just about every day). The companies usually hold pretty firm to their reports and using the appraisal clause with these vehicles will almost be required to get a decent price out of them.

 

[dpeshkin]

Yep, they have all gone to the 3rd party companies to remove themselves from the valuation part of the claim. For an normal vehicle they are usually pretty fair. Although with the spike in used car prices they seem to be off right now ( I look at these just about every day). The companies usually hold pretty firm to their reports and using the appraisal clause with these vehicles will almost be required to get a decent price out of them.

The rule of thumb is the FMV unless the property is unique or specific. In those instances, you're entitled to the cost of replacement (whatever it may be, subject to policy limits). You can always get a letter from a specialty shop stating the value of a vehicle in case of a dispute. (That's what you call an expert's opinion.)

 

[FMC80]

Based on what I've read here, sounds like Safeco has reasonable rates and is easy to deal with regarding the agreed-upon value. I was with USAA who are great to work with but after approximately 17 years with them, I switched to GEICO. I get the same coverage with better deductibles for much less than I used to pay with USAA. GEICO does not have anything in terms of stated or agreed-upon policies. I think I'll give Safeco a call next week. Thanks to @mrq for this thread.

 

[tone33]

Call a couple ones and talk with them over the phone. Most will give you a ballpark without taking your money. Once you choose the appraiser you will have to pay at that point. In my experience you will get what your appraiser says it is worth.

SF ended up agreeing to do a "single sided appraisal" - where they pay for an appraisal from a 3rd party to try and increase the value. This is after I threatened to leave, etc taking all of my policies with me (which I still might), and arguing with them non-stop on the various aspects of their initial appraisals and how they were incorrectly determining a FMV for my vehicle. They agreed to this single sided appraisal so I would not have to exercise my appraisal clause and be at the point of no return. We'll see what they come back with. After talking with the appraiser they hired on Friday I'm expecting a higher number.

 

[dpeshkin]

SF ended up agreeing to do a "single sided appraisal" - where they pay for an appraisal from a 3rd party to try and increase the value. This is after I threatened to leave, etc taking all of my policies with me (which I still might), and arguing with them non-stop on the various aspects of their initial appraisals and how they were incorrectly determining a FMV for my vehicle. They agreed to this single sided appraisal so I would not have to exercise my appraisal clause and be at the point of no return. We'll see what they come back with. After talking with the appraiser they hired on Friday I'm expecting a higher number.

That sounds like a step in the right direction. We're still talking about a LC here and not an oil painting correct? I don't know where you live, but most states have "bad faith" laws that are very consumer favorable. Those laws basically say that if an insurance company fails to pay on a claim when it should the insuree is able to recover damages, beyond the amount of the loss.
In Ca, I think you're entitled 3x the damages, interest and your attorney's fees. Most states also have an insurance appeals process so youre not left out in the cold in the case of a dispute. Remember, insurance companies are businesses, and they make money by taking in more than they pay out. Sounds like you're making progress. Keep up the good fight!!

 

[mrq]

OP here...

So I was able to obtain a stated value policy for my Cruiser. It was SUPER-duper easy. All I did was call Progressive and ask if they would be able to do this – they said "yes" - and then the agent asked me what I wanted to value my Cruiser at. I said "$20,000", and she said "okay". Simple as that! I've been keeping a close eye on the 80's series market over the past 2yrs (I have a DropBox folder of over three hundred comparable 80's series listings – can provide link to folder if anyone wants it), and with my ARB and Dobinsons bumpers, lights, and with how good of shape my truck is in I thought that $20,000 was a good price to set the value at.

There was no need for Progressive to get someone to do an independent appraisal, I didn't have to submit receipts, and I didn't have to provide comps.

It ended up being like $260 more per 6-months. And NO mileage restrictions.

Anyways, I just wanted to let you all know how easy it was and that it IS indeed possible.

Do note that stated value is different than agreed upon value. Agreed-upon value policies ensure 100% that you get the entire amount you and your agent agree upon. Stated value is your reporting of what your vehicle is worth. From what I've read if you make a claim you will have to provide evidence of what you say your vehicle's worth. And I was reading that often times your insurance will pay less than your SV – and pay ATL (actual total loss).

But I figured this would be a good thing to do just in case if it helps me get more for my Cruiser should she be totaled or stolen. I tried to get a quote from Hagerty but they said they wouldn't cover me because I drive too many miles per year. (I only drive a measly 5000 miles per year).

Hope this is helpful to you all!

 

[FMC80]

Wow, that’s fantastic, thanks for sharing your experience.

 

[jaymar]

Find vehicle security threads here; hopefully you'll never need that insurance...

Vehicle Security: Master Thread (Index Thread)

Looking to create a one-stop link page for security threads--starting with the bunch below (in no particular order; maybe I'll organize them later). Find a good security thread? Post it up and I'll add it to the list. IF YOUR CRUISER WAS JUST STOLEN, GO HERE...

forum.ih8mud.com

 

[EPIC Cruisers]

I had a 25k agreed value policy with Safeco for the last 5 months on my LX450 (great condition, triple locked, tons of maintenance, 220k, ARB bumper, other accessories, etc). However out of the blue they recently cancelled my policy because "1997 Lexus isn’t eligible for agreed value coverage in our antique/classic program since it is not a vehicle that is collective, exhibited in car shows/parades, rare, or unique". My local agent tried to fight back citing Hagerty's evaluation tool, but ultimately they weren't having it.

Those that have their 80s insured with Safeco, what was your agreed value policy amount? Vehicle condition/mileage? Garaged? etc. (@Red Merle and @Jormungandr I saw you guys responded earlier in the thread and could maybe provide some guidance). I'm trying to figure out why they would cancel it out of the blue and how I can have them possibly reconsider. I liked Safeco because their mileage limits still allowed me to drive my vehicle plenty with no issues.