Insurance ?
Thread Starter
On The Tree
Joined: Nov 2014
Posts: 102
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From: NW Florida
Insurance ? So I did a search and didn't find anything but I was wondering what everyone does for insurance on their vehicles. Background is I have a 1991 Chevy C1500 with a LS3/TR6060 swapped and was backed into in a parking lot. Yes, I was sitting in the truck, stopped to let someone walk across the parking lot and some idiot backed right into me, with my horn blowing to get his attention. Anyway, my truck is in the body shop but they called today to get a supplemental insurance estimate because my they have to paint more than they would have if my truck was stock. Looked up on Kelly Blue Book and they don't go back to 1991 but looking at a 1992 and my truck would be worth less than 2 grand tops. As you know if you are on this site I've got WAY more than $2K in the engine and tranny alone so I was looking into agreed value insurance policies but not getting a lot of help online and everyplace is closed right now. So what are you all doing to ensure if you get in a wreck that you don't lose everything you have in your vehicles?
Rock
Rock
I'll preface by saying I'm familiar with California and what I know might not apply in Florida. An agreed value policy is what you want, however they are usually sold as collector vehicle policies which may or may not apply to your truck. A few traditional carriers offer them, State Farm being one that comes to mind which might be a better option for you as collector policies carry limitations with regard to how many miles a vehicle is driven or where it's parked. Kelly BB is just a guide and the insurance company will NOT be using them to determine the value. They will be creating a valuation report based on comparable vehicle sales and adjusting for mileage, options and condition. They factor in upgrades, assuming your policy covers them. If your going through the other parties insurance you will have more options in this regard as they owe you for the pre-loss value and you're not limited by a contract. Your own policy likely contains exclusions on modifications, unless you have an endorsement specifically for them. Keep in mind a total loss isn't when the value of the vehicle has been reached, it's when it's more cost effective to pay for the replacement rather than the repair. Your truck has a salvage value, which could be in the 20% range, which means at 80% of the value the vehicle would be deemed a total loss. Again, this is how it's done in California - Florida might be different.
Two companies come to mind, Grundy and Hagerdy. Both are specialist in the agreed value insurance business. Great for the special interest street rod/collector etc but they do have some drawbacks. Some companies only allow the vehicle to be used for limited miles and special events. Can't use the vehicle for work, school or general driving such as running errands. Good news is that a few companies do not have mileage restrictions. More good news is the cost is VERY good. If it's your every day driver this insurance isn't for you.
