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Establishing a value - for the insurance company?

7

78 GMC Jimmy

1/2 ton status
Joined
Jan 30, 2024
Posts
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Location
Seattle, WA
So how does one value an old rig for insurance purposes?

One company said no problem - 30K replacement coverage.
Another company said they would pay the less of actual value or $5,000 max.
Another company said pick what ever price you want, but make sure to take a bunch of pictures to support the value.

So whats the low down? Pay to get it appraised? or?
 
I had to pay to have one of my cars appraised... Its either that or agree to their value.
 
Every insurance company is different. So, you need to discuss it with the company you plan to use and ask what they require.
 
When we built my kids 72 blazer, and some chick T boned him. The receipts we kept are the only thing that saved us. The adjuster that came initially said like $1500.

Got out the folder and went through it with him and that went up to $10k.

State farm in my town said appraisal was the only way.
Personally if I was having one appraised, I'd take it to a Mekum auction site. Or equivalent. They have appraisers there that will KNOW what it's worth.

Think they have them all over.
 
kennyw said:
Every insurance company is different. So, you need to discuss it with the company you plan to use and ask what they require.
Click to expand...

shady said:
When we built my kids 72 blazer, and some chick T boned him. The receipts we kept are the only thing that saved us. The adjuster that came initially said like $1500.

Got out the folder and went through it with him and that went up to $10k.

State farm in my town said appraisal was the only way.
Personally if I was having one appraised, I'd take it to a Mekum auction site. Or equivalent. They have appraisers there that will KNOW what it's worth.

Think they have them all over.
Click to expand...
Not a bad idea.
 
I wish I could get my 1991 V3500 crew cab square body insured by a classic car company. I have had every classic auto insurance company turn me down because it is a classic 4X4 truck, and they will not insure classic 4X4 trucks. When I call them up for a quote they ask for the VIN number. Every time they tell me they cannot find the VIN in any records so I have to give them a year, make, and model. As soon as I tell them that they say NO! They will not insure a classic 4X4 truck. My truck fits all the criteria for insurance. It is driven less than 5000 miles a year, and it is kept inside in a commercial building, yet they still will not insure it.

full
 
1-ton said:
I have had every classic auto insurance company turn me down because it is a classic 4X4 truck, and they will not insure classic 4X4 trucks. When I call them up for a quote they ask for the VIN number. Every time they tell me they cannot find the VIN in any records so I have to give them a year, make, and model. As soon as I tell them that they say NO! They will not insure a classic 4X4 truck. My truck fits all the criteria for insurance. It is driven less than 5000 miles a year, and it is kept inside in a commercial building, yet they still will not insure it.
Click to expand...

Same for me, nobody will actually cover for collision damage if you admit you've ever driven it off road.

You have 2 basic options and neither is any good for something you wheel, even occasionally.
1) regular insurance like State Farm, Progressive, etc. Read the fine print on the policy. If you have modified the suspension, engine, drivetrain, etc. etc., you will not receive payment.
2) Collector car insurance like Hagerty, etc. This is fine for the car show crowd, but they will not insure anything that may see time off-road.

And lying/incomplete information to get a policy is double-stupid. You pay premiums but still won't get paid if something happens. You have not "outsmarted" the insurance company, but rather quite the opposite.

https://ck5.com/forums/threads/insurance-for-classic-cars-and-value-appraisal.348212/
https://ck5.com/forums/threads/anyone-use-hagerty-collector-car-insurance.334211
 
I have State Farm, I don't own a vehicle that isn't modified and I have never had an issue.
 
I had Grundy for my 69 C10 (collector car insurance company), they really limit you on how many miles you can drive (was basically to/from shows), but offered good coverage with an agreed upon amount (which I basically set), and was only $350 a year. I'm going with Haggerty for the Blazer, they offer more flexibility for mileage, since I plan on driving mine quite a bit. "mainstream" insurance companies will compensate you for what THEY say it's worth, as said before either save your receipts and HOPE they will compensate you for all of it, or go with a specialty company that offers an up front agreed upon value.

As for how much, if you already have receipts for work/parts, calculate that into your overall cost (including original purchase price). Another thing about the specialty companies is you can increase your value as you add parts. When I added a new 5 speed tremec to my C10 I upped the value by $8000 since that's what it cost me.
 
Chubb has been great too me for 35.years.
..... cars have stated.value.policies, house.has. a Master Piece - historic replication clause....

Vintage homes , cars , boats need specific policies to cover them adequately.

Stated value policies already set the ceiling for the agreed upon value for a total loss, or theft.

An independent appraisal would be prudent for a third party claim & litigation.
 
Some of the body panel parts I have for the K5 are OEM GM. These parts are no longer available from GM. So if I use these on a build the value of the K5 should be higher then if I had used aftermarket parts. The collector car insurance company asked for receipts. Some of these parts I acquired 10+ years ago. So what ever I paid for it is not the current value. When I get the K5 painted on the invoice I'm going to have the body shop indicate which parts are OEM GM.
 
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