i was talking with my insurance company trying to get coverage on my unfinished truck. she i suggesting i get an aprizal. what do you guys think... the truck is without an engine but ive got around 30 k into.
No clue. I just have liability on mine. Hopefully someone else here has already gone down that road. I would guess that what you have spent so far would be the upper limit. Most high dollar street rods that I see for sale usually list how much they have invested in it and then an asking price lower than that. Good luck. BTW, I checked out your link. Great looking truck you have there.
Most ins. companies can send out an appraiser. They will look at what you have done, then do comps for similar vehicles, and do an agreed upon value. Mine is insured for $15,000 through Erie ins.
Asessing Value You need to find a professional Automotive Appraiser~ they're around and will charge you $ to come out and write up an apraisal your Ins. Co. will then use , you'll need to get it re-appraised nce it's driveable... Ask at various Ins. Co.'s and high end body shops , Mercedes dealers etc. until you find one you like when you talk to them .
Hope these help, enjoy. www.hotrodders.com/directory/hot_rod_services_hot_rod_insurance.shtmlww w.hagerty.com , www.classicins.com , www.grundy.com , www.americancollectors.com , www.classicsandcustoms.com, HotRod.AutoInsure.org , ,
My insurance co. would only give me public liability and property damage till the truck was complete. That way, if I wrecked it going back and forth to the shop it would pay for the other guy but I was sunk. After the truck was done they insured me for $20K but that is because I asked for $20K. There was not appraisal. Good luck and be careful out there. Gater
Having been in the ins biz for 45 years (& and having no affiliation but that of having been a customer) I can tell you that ERIE INS. is a great company. If you are interested in hearing more call me @ 406-721-3000. Glenn
check with your existing insurance agent first For anyone reading this later for research, if you are like me and will end up with a daily driver worth much less than mentioned here, then I would suggest that you discuss this with your existing auto insurance agent. If i recall, you can insure it for a FLAT value and of course your premium will be accordingly and you do not need an appraisal - because you are agreeing to the max limit of the coverage. If something happens to the truck and the repair costs are more than what you had coverage, then you will only get your coverage max and not the repair costs above that amount. Staying with your existing agent will also most likely get you a multi vehicle discount - but you will have to ask and you should still do some comparison shopping and find out for sure. Not sure if all insurance companies do this, but seems like they would have little reason not to. Me, I plan to add coverage to my existing policy to include my truck (when finally ready for the road) for $5k or maybe $7k - we will have to see how much I can afford at the time.
Just some food for thought, when or if the truck is totalled its gone, so's your emotional attachment to it. The question then becomes will they give me cash or replace it with a like kind and quality vehicle. I insured my 47' for $25,000 because I have that in it. But I just bought a 53' Chevy truck, better in some ways then my 47'. For $12,600. The Insurance company will do the same. You are paying for $30,000 replacement coverage that you probably don't need. Check the prices on these trucks, they are way down. I'm lowering my declared value on both to $12,500, hopefully I will insure both for just a little more then the 47' alone. Don't make yourself insurance poor. Flashlight
Antique Auto Ins While I was building my '54 years ago, I had it on my regular car policy with liability coverage only. This way I could drive it, license it, etc. After I got the truck on the road, i bought an antique auto policy for roughly $150 bucks a year which allows me to drive up to 2500 miles per year, but just to functions. Like parades, shows, and other events. It is a bit restrictive in text, but you can make trips to the shop, and justify tune-up runs, and "short side trips". I "show" my truck eveywhere I go. This policy gives me $18,000 in coverage, and liability, etc. If my garage burns down, my truck is covered up to that amount. I see insurance underwriters advertising in a number of magazines like Vintage Truck. Jim
