What's new
CK5
Register an account today to become a member! Once signed in, you'll be able to participate on this site by adding your own topics and posts, as well as connect with other members.

Humm i was just thinking ..insurance?

M

mp1472

1/2 ton status
Joined
Mar 26, 2008
Posts
206
Reaction score
0
Location
COLORADO
Im currently sittin here doin the usual surfing the ck5 site .. lookin at parts and such ...

Im in the stage of my build where you just order tons of parts before you actually do anything

so anyways of course im spending 3 times more than i ever thought or planed on ... this is normal im sure;)

Anyway i start thinking humm im going to have a hefty sum of money tied up in a vehicle thats worth maybe what 1500 bucks in the nada book (or kelly blue book)

and this is what the insurance company will probably wnat to give me for this thing if its totaled or stolen ect...

So anyone got their rigs insured for the amount of money dumped in it or are we just screwed if the worst happens :eek1:
 
I'm pretty sure you have to, and I'm planning on, having the truck appraised, but I haven't checked into the details on it...
 
Most of us are in the same boat. Ive got 4-5 Xs more into it than what its worth. You have to have the insurance company come out and look at your truck and show them receipts. Make sure you keep everyone one of them, this is the only way youd get any money for it. Im running full coverage on my 84. It cost me 40bux a month with $250deduct.
 
Whatever company you go with, make sure you have it insured for what's called an "agreed upon" value.. that means that after appraisal, you and the insurance company "agree" that the replacement value of the truck is "X" dollars, and that's what you get if the worst happens.

"stated value" is another term you'll hear - that's where you total up your receipts, ( and / or have it appraised ) and "state" the value of the truck as "x".. the insurance company will of course charge you appropriately for that stated amount of coverage, but the reality is, they are not obligated to give you that stated amount - they'll cite things like depreciation ( lost value over time), relatively low blue book value, limited popularity among collectors, sunspots, etc, in order to make you take less than the "stated value", if the worst happens.

You'll have to sue the insurance company if you want to get your stated value, and they offer less.

Having an "agreed upon value" ( make sure the contract has that specific term) is the way to protect yourself against weasel insurance agents.

don't forget to carry fire / theft coverage as well..

look into hagerty - they do the "agreed value" thing exclusively, and the rates are dirt cheap, if the truck isn't your DD.
 
Hagerty and the like companies won't cover our trucks.





Hagerty does not offer an insurance product for:
  • Inexpensive home-built kits that do not replicate a classic vehicle
  • Replicas of the 1963-67 Shelby Cobra Roadster
  • Any vehicles used for camping, off-road or utility-type driving
  • Pro-street vehicles modified exclusively with racing features such as roll cages, wheelie caster, nitrous systems, parachutes, etc. (Consideration may be given to show-use only vehicles)
  • Regular-use vehicles driven on a daily basis
  • Vehicles used primarily for commercial use
  • Motorcycles with performance modifications
  • Any vehicle modified with nitrous, nitro-methane or blown alcohol systems are ineligible.
  • Dune Buggies
After doing a little research it appears that JC Taylor insurance WILL insure our vehicle type.
 
4X4HIGH said:
Hagerty and the like companies won't cover our trucks.

Hagerty does not offer an insurance product for:
  • Inexpensive home-built kits that do not replicate a classic vehicle
  • Replicas of the 1963-67 Shelby Cobra Roadster
  • Any vehicles used for camping, off-road or utility-type driving
  • Pro-street vehicles modified exclusively with racing features such as roll cages, wheelie caster, nitrous systems, parachutes, etc. (Consideration may be given to show-use only vehicles)
  • Regular-use vehicles driven on a daily basis
  • Vehicles used primarily for commercial use
  • Motorcycles with performance modifications
  • Any vehicle modified with nitrous, nitro-methane or blown alcohol systems are ineligible.
  • Dune Buggies
After doing a little research it appears that JC Taylor insurance WILL insure our vehicle type.
Click to expand...

Gotcha..thanks for the clarification..
 
As stated above you can have them agree on a value with the truck. Since I paid a lot more for Big Ugly than the standard blue book on a diesel 86 K30 pickup I talked to the bank and the insurance company about it and they both had the stealership I got it from send them a "fact sheet" on the truck. Something similar to an appraisal basically that outlined the basics of "why this isn't another rusty old former farm truck". After that neither had any issues with the truck and the amount I was paying for it and would be reimbursed for if anything happened to it.

My insurance company also covers the modifications by simply stating that I am to keep all receipts and in the event of some aftermarket or modified component being damaged they will replace it per the price I can prove I paid for it. There is depreciation of the initial price to contend with but hey, that's life.
 
good question, i'm getting where the nada value isn't near what i have in.

i have liability now, when i added my 80 k5 to my insurance...my insurance went down $80....the multi-car discount was more than the cost of liability on the k5! go figure!
 
Chaddy said:
I dont have insurance on the blaze:haha::p:
Click to expand...

Hopefully that means you aren't driving it either. :deal:

Either that or you have liability but nothing to cover all your parts you've installed over the time you've owned it.
 
4X4HIGH said:
Hopefully that means you aren't driving it either. :deal:

Either that or you have liability but nothing to cover all your parts you've installed over the time you've owned it.
Click to expand...
:haha::haha: The blaze is registered as OHV, which does not require insurance.
 
Hagerty does insure Blazers, I just got a policy....but as somebody said it cannot be your daily driver and it pretty much has to be stock. $200 a year for $12000 agreed value with $0 deductible. That covers liability, collision, fire and theft...even in the process of rebuild...

Something I learned in this process...most all Homeowners does NOT cover your vehicles...period.:eek1:

I should add that Hagerty will take each vehicle on a case by case basis...they have you send pictures and ask you questions, so it's not a given that they won't insure you...I am sure that they will insure modified Blazers but not if they are used to rock crawl...oh...and the policy also covers your tools.
 
It may depend on the year as well. With a '91 Blazer and a '95 DD, I was denied by Haggerty. If my DD was newer and/or my Blazer older, it may have worked.
 
Does anyone use Grundy? I remember seeing things about them on Speed channel when I lived at my parents and had cable... Not sure if vehicles used off road would qualify for their coverage or not:dunno:
 
I argued with an insurance compamy several years back when they offered $500 for a car that was hit and totalled. I told them what I had recently done to the car, and how much I put into it to get in it's reliable driver condition that it was in and that there was NO WAY, I was going to be able to find another vehicle for $500 that would be as reliable.

They told me to send them copies of all the receipts for the work and parts I put into the car and I ended up getting $1500 for it, then bought the whole car back for $175.

I figured they were probably trying to call my bluff on the parts and money put into it, but I kept all that stuff :D

Used that money for a down payment for the '94 pick-up mother is driving now :D
 
4xcrazy said:
I argued with an insurance compamy several years back when they offered $500 for a car that was hit and totalled. I told them what I had recently done to the car, and how much I put into it to get in it's reliable driver condition that it was in and that there was NO WAY, I was going to be able to find another vehicle for $500 that would be as reliable.

They told me to send them copies of all the receipts for the work and parts I put into the car and I ended up getting $1500 for it
Click to expand...

State Farm told me "we would talk" if I would bring in my receipts AFTER it was restored...so they might insure it later, but currently it wasn't covered at all...it has become a substantial investment...one I can't just take a chance on...especially with crime through the roof...
 
You must log in or register to reply here.

Latest Posts

Top Bottom