I was talking to my insurance agent about insurance for my 54 Truck. They suggested that I tag and insure it as an Antique Vehicle. I live in Texas. Also, she said she needed a value. How do you guys insure and tag you trucks? How do you determine a value? Cheers
I valued mine partly by WAG (wild assed guess) Anyway, I figured I had about $20K tied up in it and had the receipts to show for that amount so I covered it for that amount. Also, you could watch ebay for a while and get comparables for your truck. Hope this helps, Gater
Thanks, I bought the truck for $2,500. I think I'll insure it for $5,000. Does that sound reasonable? Ebay is all over the place on "values". I've had little luck searching Google for other sources. Cheers
Vintage Vehicle Value That's about right but remember : That's all you'll get if it gets totalled . And , you'll need to fight them tooth & nail to get the stated value of $5K . Now , got take some pix and post 'em up
My insurance (Hagerty) said i can insure for whatever i want. But i need photos and receipts for the work accomplished. I have plenty of each. My understanding is that $30,000 or so for a total restoration is acceptable. More than that and you may have a real justifiation problem. I've never tried it myself.
Look at what it will cost to replace! If you have a nice truck and get rear ended. Rear bumper $150. Each bed side $310. Tailgate $210. Screwed up bed $300 plus. Rear fenders $300-400 each. Front end collision? $400 replacement grille. Front bumper $150. Radiator $325. Front fenders $400 each. Runningboards $160 each. These are replacement costs for mostly cheap Chinese repops. Insure your truck for replacement value or it will end up in a scrap yard because you can't afford to fix it. Be upfront with the insurer and show them the part costs per the vendors. I may be overstating the obvious, but if I can save 1 guy from the heartache of getting screwed by an insurance co. on a classic, then so be it! It can happen to the best of us!
Forgot to mention~ If it's a GMC, add a whole bunch more to the value. You would do this because they are worth more than the Chevy models.
I could not get Antique Insurance until truck was completly restored. Took full coverage for $15000. Cost is cheap about $35/month. This way I can drive it around. If you take Antique Insurance you only suppose to drive to a show.
I have mine insured as an antique. I added up my receipts plus if I had to pay for labor for another truck to be where mine is. I'm insured at $15,000. My antique status allows my truck to be used as a weekend toy. Not limited to just shows. That works for me as I don't use it as a daily driver. That's waht my other vehicles are for.
All the above are good ideas but take it one step further--Send the company a complete description of the truck with all the completed work itemized (with cost estimates if you don't have receipts)--also send PICTURES-- keep copies of everything you send. Be SURE to notify them of changes that you make (again with cost estimates & pictures)-- this will eliminate a LOT of the questions/hassles if a claim occurs. Hagerty has suggested that a friend of mine insure his vehicle for much more ($100,000 more) than he originally requested. They might look at pictures and a description to help you set a value if you ask. Be aware, they only want garaged, limited milage vehicles so they may not be the right company for your needs even if they do suggest a value. Good luck.
Setting Insurance Values--Voice of Experience-- We had a 51 3 window. It was stolen from the glass company in the final week of a two year build. The glass company is a very reputable company that does most of the old vehicles in our town (Tucson) We gave the insurance company copies of all the bills for the truck $60,000.00+) they hired an appraiser to go over the bills and to look at the carcass (trk was found stripped and demolished in the desert). We live in Arizona, so this is Az law. We have what is called, Fair Market Value (FMV) law. The Insurance companies appraiser puts a value on the truck, the insurance company will make you an offer. It's an up hill fight to increase that offer. In our case $41,000.00. We had 2 miles on the build when it was stolen. Be very careful about your insurance coverage and it may be worth a few dollars for some legal advice.
Just So FWIW ; I am in the middle of a TWO YEAR fight with an insurance co. over the damage to my Vintage 1967 VW DeLuxe Beetle ~ it was sitting still in traffic when it was rear ended , they want to offer a couple thousand dollars (less than it'll take to repair) , I am the 2nd owner of this near cherry low milage car and they've inspected it twice now and still haven't included the undercar damge nor the driver's seat that broke it's frame in the accident... They've spent way more $ in denying my claim than if they'd have just fixed it or given me the correct amount in the first place , now they're on the hook for the damages plus my mounting lawyer's fees that have passed the $3.5K mark... This is L.A. so if it goes to arbitration or court , I'll win hands down , why they won't _save_their_money_ by doing the right thing , I'll never know .
