MScruiser
obsessive-compulsive oppositional-defiant wise-ass
No modifications on mine. All stock.
Who Insures your Modified Rig?
- Thread starter SickInTheTread
- Start date
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My mostly stock, in good condition '97 LX450 with 204k miles was the victim in a hit and run at the beginning of this year. I only had her for a month when it happened. GEICO ruled it a total loss and despite my best efforts to convince them otherwise, they offered me only $6500, which was less than what I had just paid for it a month prior! They're valuation was largely on KBB which is way out of touch with what they go for on the West Coast or in Hawaii. And since GEICO will never collect from the scumbag who did it, I'll never get reimbursed the $500 deductible either, and I also had to pay to buy my LX back, so my net loss is even worse!
I filed a complaint with my state insurance division which is in process and have also reserved my right to go into arbitration with GEICO, but it's a total pain in the butt. I agree with the other poster who noted that the insurance companies' primary mission is to pay out as little as possible. I will probably switch carriers once this is all worked out and will pursue the agreed upon valuation ahead of time. My only saving grace was finding a parted out LC that had most of what I needed so I was able to resurrect her. Otherwise I would have been even more screwed! But as far as my insurance battle, I'm not backing down. Sometimes you just gotta take a stand!
I filed a complaint with my state insurance division which is in process and have also reserved my right to go into arbitration with GEICO, but it's a total pain in the butt. I agree with the other poster who noted that the insurance companies' primary mission is to pay out as little as possible. I will probably switch carriers once this is all worked out and will pursue the agreed upon valuation ahead of time. My only saving grace was finding a parted out LC that had most of what I needed so I was able to resurrect her. Otherwise I would have been even more screwed! But as far as my insurance battle, I'm not backing down. Sometimes you just gotta take a stand!
ppc
M Go Blue
Rather than using the passive method letting the insurance company dictate the value either when determining agreed upon value or the reimbursement costs from an accident, you need to be proactive and find replacement prices of similar vehicles for sale, the current prices for accessories including installation labor costs. It takes time to do that but it puts the insurance company on the defensive instead of the other way around.
SmokingRocks
hopelessly addicted to Cruisers
My friends have a youtube channel called lite brite. They also started off in an 80 (how we met), Kevin was in the insurance game and they made a great video regarding how to insure your rigs.
This is a real concern, as evidenced by the poster that lost his Lexus. I also lost a '97-40th recently in an accident. Mine was well used and had 325K. I am still waiting to hear what the insurance company proposes as settlement value. In my case the truck was well used, so the difference between street value and settlement value can only be so much.
However, KBB on an excellent conditioned '97 with 150K miles is only up to $7k. $7K is not going to buy much of an FZJ80, now. So, unless one has some agreed replacement value, there is a large gap in achievable coverage in any low mileage/good condition FZJ80 .
This gap is giving me pause regarding buying another 80.
The difference between KBB and actual sales of 200 series is a much smaller gap, but KBB is still under actual value.
If you have big money aftermarket items, they are likely not covered, unless you specified that you have them and possibly pay a rider to cover them.
Stated value policy is the answer
You will likely be fighting an uphill battle. I started by copying and printing links to Craigslist comps. Since there are almost no LX450 or LC's for sale in Hawaii, I went to the West Coast too. GEICO has been dismissive of those comps saying "that's just the asking price". Also know there is a wide range of valuation depending on appraisal companies used by your insurere. GEICO used a company called CCC and they came in low..like $5800. Another appraiser put it at $9200. That was through my work's insurance but I couldn't get that payout because my work insurance did an about face and decided they wouldn't cover me. So since the scumbag who hit me has no insurance, I am stuck with using my own. My battle is ongoing and I think I'll squeeze more out of GEICO, but it's gonna take time. I will definitely look into stated value and also coverage for offroading as suggested by others once I'm done with this GEICO saga! Definitely not a fan of the gecko!
Don't roll over with Geico, I went through the same thing with progressive and my 91 only they said it was only worth $2000, and the repair was one headlight and a fender for $2300. I kept turning down there offers and sent them many adds of 91's for sale for much more than $2000. Progressive came back with some add's for 91's at the $2000 mark. I kept fighting them and told them to show me an add for a rust free 91 that didn't have any problems and ran..... Then they paid the $2300 to get it repaired. I was so mad that they tried to total my rig. It was a perfectly good running truck that drove straight and had no issues other than a busted headlight and a bent fender. Them trying to say it was only worth $2000 was total BS. After this I got a stated value policy with Safeco.
I recently called State Farm asking about insuring the Troopy for agreed value. They seemed ok with insuring this gray market farm truck, pretty cool. I threw out a value of $75k and they said 'sure' just send some pics and we'll get it done.
I currently have Gieco since they're dirt cheap, I'll pay a bit more for State Farm just to make sure if the Troopy or BMWs get wrecked I'll be compensated correctly.
I currently have Gieco since they're dirt cheap, I'll pay a bit more for State Farm just to make sure if the Troopy or BMWs get wrecked I'll be compensated correctly.
Does the stated value policy cost significantly more?
I have a stated value of $9000 on my rig and it went from $55 a month to $96 a month so it is a little more but worth it if you ask me.
Thanks! Are you covered for off-roading as well?
MScruiser
obsessive-compulsive oppositional-defiant wise-ass
What insurance company are you using?
Yes it is insured offroad, it is my understanding that even normal insurance still covers vehicles off-road. As long as the road is on a map, my last wreck was offroad (even a blm or national Forest map) and I have Safeco.
