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| | | | Joined: Mar 2001 Posts: 629 'Bolter | | 'Bolter Joined: Mar 2001 Posts: 629 | I "finished" my restoration a couple years ago and have insured the truck with an agreed value with Hagerty ever since. At the time that I first insured it, I just guessed at the value. This past year there have been several auctions of similar trucks (same year and model) that have sold for considerably more than I have my truck insurred at. Example of 1946 Chevy 1/2 auction results This is the high side of what has sold this year but there are three that sold and all of them are considerably higher than what I have mine insurred for. I am curious as to how most of you value your vehicles and ultimalely insure them. Thoughts? Tim
Tim Sheridan 1947 First Series Chevy 1/2-Ton"Liberty Series" - "Art Deco" - Whatever you'd like to call it. In the Gallery | | | | | Joined: Oct 2002 Posts: 4,066 Bolter | | Bolter Joined: Oct 2002 Posts: 4,066 | one could go by the book
or what would you pay for your own vehicle if you were buying it..
you can pretty well put what ever value you want on it,
all they want is for you to pay for it..
if you were to sell it what would you want for it, that might be your answer..
Last edited by joker; 08/01/2011 4:07 AM.
Redryder pixMy HotrodA veteran - whether active duty, retired, national guard, or reserve - is someone who, at one point in his or her life, wrote a blank check made payable to The 'United States of America', for an amount of "up to and including my life."I am fighting cancer and I am winning the fight | Pain is part of life; misery is an option. | | | | | Joined: Apr 2009 Posts: 252 Shop Shark | | Shop Shark Joined: Apr 2009 Posts: 252 | Or what would it cost to replace it? | | | | | Joined: Nov 2006 Posts: 2,544 Shop Shark | | Shop Shark Joined: Nov 2006 Posts: 2,544 | The value can be adjusted to whatever you are comfortable with. The higher the value the higher the premium. Another thing to consider, the amount of risk you put your truck in. How much do you drive it? Is the storage location safe and secure? If you were to pay a higher premium how much would it cost you over 5 years for the added value? Its might surprise you how much you would have in the bank after 5 years if you just put the extra premium cost in the bank. I have a great insurance agent and he is always cautious of over insuring anything and goes through the process with me to make sure we have things covered. Don | | | | | Joined: Mar 2007 Posts: 66 Wrench Fetcher | | Wrench Fetcher Joined: Mar 2007 Posts: 66 | A high deductible saves you plenty. I keep mine at $1000.00. I figure that I can cover anything less, but want to cover the bigger loss. | | | | | Joined: Feb 2000 Posts: 5,193 'Bolter | | 'Bolter Joined: Feb 2000 Posts: 5,193 | I know how much I put in mine when building it, and I have a pretty good idea of its value, so my stated value is more then its actual cost, and not so much they will fight me over it.
If it was totaled, I would be happy with the amount. The extra in premium is not that much for piece of mind. Besides, the actual value is probably more then you think.
Joe | | | | | Joined: Jun 2005 Posts: 1,756 Shop Shark | | Shop Shark Joined: Jun 2005 Posts: 1,756 | I just put a fair price on it and pay the premiums. Then lay it up for 6 months and just pay comp. | | | | | Joined: Feb 2007 Posts: 435 'Bolter | | 'Bolter Joined: Feb 2007 Posts: 435 | I showed my agent what I had put into it getting it the point it is now, and also showed them what similar trucks are selling for. Then told them I wanted it insured for $18,000. Years worth of premiums are $153 with $500 deductible and I can drive it any time and anywhere I want without any restrictions. I sleep easy at night and don't worry about someone crashing it when I'm out playing with it. After all, isn't that what we build them for, to play with?
Last edited by Tramp; 08/04/2011 1:01 AM.
| | | | | Joined: Aug 2005 Posts: 6,377 Ex Hall Monitor | | Ex Hall Monitor Joined: Aug 2005 Posts: 6,377 | Or what would it cost to replace it? Cha-ching!! We have a winner. Insure it for what it would cost to replace it. By that I don't mean just buying another truck but buying or building one equivalent in mileage, quality, equipment, etc..
Last edited by Tiny; 08/04/2011 2:19 PM.
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| | | | | Joined: Mar 2001 Posts: 629 'Bolter | | 'Bolter Joined: Mar 2001 Posts: 629 | Thanks for the input. I have not decided what to do but the input is good. I just hope none of us every have to use the insurance!
Tim Sheridan 1947 First Series Chevy 1/2-Ton"Liberty Series" - "Art Deco" - Whatever you'd like to call it. In the Gallery | | | | | Joined: Oct 2002 Posts: 4,066 Bolter | | Bolter Joined: Oct 2002 Posts: 4,066 | Tramp, you can't get that deal in Tx
Redryder pixMy HotrodA veteran - whether active duty, retired, national guard, or reserve - is someone who, at one point in his or her life, wrote a blank check made payable to The 'United States of America', for an amount of "up to and including my life."I am fighting cancer and I am winning the fight | Pain is part of life; misery is an option. | | | | | Joined: Feb 2002 Posts: 2,893 Socket Breaker | | Socket Breaker Joined: Feb 2002 Posts: 2,893 | | | |
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