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Our 86 K-5 was stolen, insurance doesn't understand value

Discussion in '1973-1991 K5 Blazer | Truck | Suburban' started by LisaJim, Apr 5, 2002.

  1. LisaJim

    LisaJim Newbie

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    Our 86 K-5 was stolen, insurance doesn\'t understand value

    We need help! Our 86 K-5 was stolen. We had put $1,500 into it just this past year: new tires, exhaust, a/c, etc. It was in excellent shape, little rust, 129,000 miles. We bought it in 96 for $7,900, and we can't convince the insurance company that it is worth more than $2,000!! Does anyone have any recommendations on how to handle this, or examples of prices of similar blazers?
     
  2. K10ANDYKHAMNIC

    K10ANDYKHAMNIC 1/2 ton status

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    Re: Our 86 K-5 was stolen, insurance doesn\'t understand value

    go to autorader .com, and i hope u kept the recipts ?
     
  3. Hossbaby50

    Hossbaby50 3/4 ton status

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    Re: Our 86 K-5 was stolen, insurance doesn\'t understand value

    You can go to Kelly Blue Book online kbb.com and find out what the book value for your truck is. 129K on an 86 should be considered low miles. My 85 had 115K when I wrecked it in '99 and was considered low mile. I was told that they would give me $4800, but I sent in receipts for my lift kit, tires, motor, tranny, etc. They upped the value to $5400. I would send them as many receipts as possible, and try and find a book value for your truck. My truck was an AZ truck to, so it had no rust and was in great shape, so that helped too. If your truck was in good shape, and was well kept then it should be worth well more then $2000.
     
  4. tRustyK5

    tRustyK5 Big meanie Staff Member Super Moderator GMOTM Winner Author

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    Re: Our 86 K-5 was stolen, insurance doesn\'t understand value

    I recently went through something similar and was told things such as exhaust, tires, brakes and all is 'just maintenance'.../forums/images/icons/mad.gif

    My opinion is if all this maintenance has been done then it proves how well the truck was looked after. I'd try the kbb.com site. I've found they are reasonably accurate when guestimating vehicle values...

    Good luck...$2000 is a joke!

    Rene
     
  5. Bigmeats

    Bigmeats 1/2 ton status

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    Re: Our 86 K-5 was stolen, insurance doesn\'t understand value

    When I was 18 I bought a 69 Camero and had it insured for the apraised value, something like $7,000. Well as luck would have it, it was stolen. The insurence co. only wanted to give me like 4,200 bucks, what a crock that was, paying insurance rates on a $7,000 car and them trying to screw me !! Took getting a lawyer involved to get it setteled for what it was worth. Sucked paying for the lawyer but in my case it payed off in the end.
     
  6. Bigmeats

    Bigmeats 1/2 ton status

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    Re: Our 86 K-5 was stolen, insurance doesn\'t understand value

    When I was 18 I bought a 69 Camero and had it insured for the apraised value, something like $7,000. Well as luck would have it, it was stolen. The insurence co. only wanted to give me like 4,200 bucks, what a crock that was, paying insurance rates on a $7,000 car and them trying to screw me !! Took getting a lawyer involved to get it setteled for what it was worth. Sucked paying for the lawyer but in my case it payed off in the end.
     
  7. gokartergo

    gokartergo 3/4 ton status Staff Member Moderator

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    Re: Our 86 K-5 was stolen, insurance doesn\'t understand value

    Go to autotrader.com and look in your local paper.. Find Blazers that are close in years and miles and show them what they are going for..I think Tori89K5 had to do that when his was stolen. Please feel out your profile...........Dan
     
  8. B75k5

    B75k5 Registered Member

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    Re: Our 86 K-5 was stolen, insurance doesn\'t understand value

    I had the same problem when my 75 K5 was hit..they wanted to give me $500.00 because of the year. I have a friend who is an insurance rep and he told me this (They have two books, one for value due to age/miles/type/etc and one for vehicle that is considered specialty type vehicle that are hard to find/replace/and in high demand.) The next time a talked to my ins person I asked and yes they did have 2nd type book, it isn't called a blue book but its the same, I think it is red or purple, not sure. Once my agent heard me, everything changed.....they spent over $3800.00 in fixing it up and still wouldn't write it off....so that tells me there is a LOT OF MONEY they can play with...but they try to get you to except the bottom amount. I also had printed adds from the internet showing the price of Blazers and told them if they could find one for $500.00 in the shapew mine was and is now again I would buy 5 of them....They backed off and was very friendly after that. Hope this helps...my insurance was with GMAC.
    Harry Escondido, Ca
     
  9. Grim-Reaper

    Grim-Reaper 3/4 ton status Author

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    Re: Our 86 K-5 was stolen, insurance doesn\'t understand value

    Tell them to find one just like yours and buy it for you since they seem to be able to buy them for a 1/4 of the going open market rate. Make sure it has new tires of the same size. Same miles. Paint in same condition ect.
     
  10. chris672

    chris672 1/2 ton status

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    Re: Our 86 K-5 was stolen, insurance doesn\'t understand value

    I have State Farm insurance and they were great when my previous truck got stolen, a Yota. I showed them pictures of the truck and all of the things that I added to it. I got ads for trucks of the same year and then got estimates for all of the things that I had done to mine and they gave me about 75% of the new price. Luckily for me they never found the truck and I now have my K5.
     
  11. Seventy4Blazer

    Seventy4Blazer 3/4 ton status

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    Re: Our 86 K-5 was stolen, insurance doesn\'t understand value

    value of your rig depends on area, options and condition. all of these factors are of stock and some aftermarket items. not of repairs and upgrades. the insurance company does not look at it as to how much you have in it. unless you get certian insurace then they wont do anything about it. some insurance companies ask how much you want it insured for. worth that or not they will insure it for that much.
    grant
     
  12. Nonesuch

    Nonesuch 1/2 ton status

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    Re: Our 86 K-5 was stolen, insurance doesn\'t understand value

    im with state farm. as i mod my blazer i give them a list of parts with reciepts and estimated labor and its covered by my policy. they will insure anything you add to the vehicle if you tell them about it, and pay for it!
    Justin
     
  13. MudNurI

    MudNurI 1/2 ton status

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    Re: Our 86 K-5 was stolen, insurance doesn\'t understand value

    Insuring a car is the SAME as insuring a house- if I insure the K5 as a 'stock' rig, they are going to reimburse me for a stock figure. I have to tell you that Kelly blue book for an 86 K5 is just under 2K-- the reason I know that is when you register a vehicle in Vermont, you pay sales tax on the KBB value, and I just registered mine. I was told that I could have it appraised if I thought it was more/less etc.. well I knew mine would appraise at higher- and I didnt want to pay more taxes. That being said

    if you insure your vehicle over and above that condition. meaning, anything something is added of value to your truck, ie. a stereo system, lift kit, $$ rims/tires etc.. they will replace them as well- with depreciation of course. I'm not saying its "fair" but they are not going to pay for something you can not prove was on the vehicle when it was stolen, or what you paid for it if you don't have receipts.

    House insurance case in point- if your house burns down, and you carry only the minimum house insurance, the rebuild cost, thats all you get, it doesnt matter what else is in your house, unless you have a rider for coverage, we have all of our guns, my jewlery, stereo equipment, etc. covered extra, as well as our furniture. That way if our house burns, we will not only be able to rebuild the structure, but I will be able to replace what is inside of it. Of course, EVERYTHING had to be appraised in order to be added, but hey its a small price to pay.

    I doubt that your insurance agent is going to budge, and technically, they don't have to. Doing exhaust work, or A/C work, is maitnence. Tires, same thing. All I can say is that I sure do hope that those of you with big bucks in your rigs are properly insured. Its going to cost you more montly or yearly, but in the end, it will be worth it should anything happen.

    Brandy
     
  14. jcg

    jcg 1/2 ton status

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    Re: Our 86 K-5 was stolen, insurance doesn\'t understand value

    Wow, I think I need to call my agent again. I've got State Farm too and I just talked to them a couple weeks ago about this. Since I bought my rig 3 years ago I've put over $12000 into it, not counting the $6000 I paid for it. I asked them what it was insured for and she just looked up the Kelley Blue Book site for the value. Turns out they'll only give me $2000 minus a $500 deductible if it's stolen or totalled. I told her about all the upgrades I put on it, and that I have reciepts for EVERYTHING. She told me they didn't take that into consideration at all, that I'd have to get it appraised if I want it insured for more money. That pretty much pissed me off. Have you ever tried to find an appraisal service that knows the value of a trail rig?? That's not gonna happen in this lifetime. Even if I take pictures and give them the reciepts, she said they will usually only honor 50% of the total value, and thats only for stuff purchased within the last two years. I think I need to talk directly to the agent, not one of his secretaries. I also need to go through about 4 rolls of film and take them to my agent everytime I put something new on.
     
  15. DMK

    DMK 1/2 ton status

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    Re: Our 86 K-5 was stolen, insurance doesn\'t understand value

    I just bougt an 87 excellent cond with 150,000. For 1500.00
    Does need a tranny though. Should get a stated value policy next time.
     
  16. 84_Chevy_K10

    84_Chevy_K10 Banned

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    Re: Our 86 K-5 was stolen, insurance doesn\'t understand value

    Exactly. If you've got a show truck, insure it like one.

    If you've got a trail machine, take the $2k, buy it back, buy another junker, and swap in your good parts.
     
  17. 6.2Blazer

    6.2Blazer 1/2 ton status

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    Re: Our 86 K-5 was stolen, insurance doesn\'t understand value

    When my K5 was stolen several years ago, my agent (Grange) specifically asked me to include a list of any accessories and recent maintenance items. The vehicle was recoverd but was stripped. My insurance paid for all of the necessary repairs, minus the deductible, and also paid me for all of the accessorries including brush guard, nerf bars, bug shield, etc... and paid for replacing the BFG mud-terrains and alloy wheels (they did deduct about 25% off the tires for wear). They also paid for all of the missing tools and jackets, etc.. that was in the truck through the home owners policy. All in all a pretty painless process.
     
  18. mnstr_fx

    mnstr_fx Registered Member

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    Re: Our 86 K-5 was stolen, insurance doesn\'t understand value

    Slightly off topic but same subject. I have my trail rig and a 94 Camaro. On CamaroZ28.com they were talking about insurance rates and highly, (read $$$$), modified cars. Turns out that on the Camaros, some insurance companies would not insure it if it had things like a supercharger or nitrous on it. This is considered a non factory modification and makes the car "altered". Anyway, one guy went around and found out that Hagerty Insurance, (sorry, trying not to plug for them but this is was what he listed) would insure your car for whatever amount you wanted it insured for. Hagerty does collector car and street rod insurance. If you just put in that 396 stroker motor, Yup will insure the 95' Camaro for $20,000.

    I am not sure if state farm, GMAC, whoever would do this, but I am needing to do this myself. For both my vehicles! I think that somebody posted back that the guy they talked to at Hagerty said that the vehicle had to be some many years old. From reading that post, I also think that it depends on which state you live in and the laws that apply. The guy on CamaroZ28.com was in Florida. I know it works there.

    Hope this information will help give somebody another idea.
     
  19. HarryH3

    HarryH3 1 ton status Author

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    Re: Our 86 K-5 was stolen, insurance doesn\'t understand value

    Be careful that you know what you're really insuring. Most mainstream insurers don't want to cover a highly modified vehicle because of the liability concerns. It's a statistical fact that vehicles that are modified are involved in a higher percentage of very bad wrecks than are stock vehicles. Insurance companies pay actuaries lots of money to sift through all of the data and determine the risk/reward ratios for various combinations of vehicle, modifications, age of driver, etc. Replacing the vehicle can be the least of the cost in a really bad wreck.

    The liability coverage is what pays for replacing the things that you hit (cars, light poles, houses, etc) and it also pays for medical expenses of the other party if you injure someone. It also provides coverage should you get sued for wrongful death, pain and suffering, etc. If you screw up and really hurt someone and they sue you for more than your liability insurance will cover, then they can come after your personal assets. This can include your house, bank accounts, investments, etc. It's all fair game.
     
  20. dyeager535

    dyeager535 1 ton status Premium Member

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    Re: Our 86 K-5 was stolen, insurance doesn\'t understand value

    As an aside, having your vehicle appraised in case YOU get hit may be a good idea. Now I'm not sure this would work, but I bet it would.

    Say you are insuring a $2000 vehicle according to your insurer. But you put $10,000 into the vehicle. You know (haha) that its not going to get stolen, and you are a good driver, and aren't going to destroy the vehicle yourself.

    You get in an accident, not your fault. Other insurance company is the one that will end up paying, and AFAIK, doesn't share info with your company. You whip out your appraisal, fax it to them, done.

    Of course, that will bite you in the a$$ if it gets stolen, its your fault, or the other driver is uninsured, but thats a risk you are taking if you aren't willing to insure it for the full value. And the only way you are going to guarantee you get what its worth, is to have it appraised beforehand
     

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