Whats It Worth

[PeterHall]

So our lovely neighbor took out our truck as it was parked outside. After fighting with the insurance and revising the settlement 15 times, they said thats all you'll get. Our biggest beef is that the gave the 396 a value of $150 over 350's they compared the truck too. Also the trucks they compared ours to were typical Craigslist junkers, leaky radiator house, non op AC, reccomend towing home, etc.

Camper Special
Balanced and ported 396 Cubic inch High torque low compression engine
4 speed 400 HP automatic transmissions
400 HP balanced drive shaft
Payload capacity upgraded with 1 ton coil spring in front and added leaf springs in back
Electronic ignition distributer
Upgraded 9 MM coil wires
4 core copper radiator
Dual cross flow exhaust, New Headers Heater Core
New Tires
Recent full brake service
Headlight upgrade additional relays
New wire harness in front engine area.
Headlight trim and mounting hardware
Upgraded 100 Amp alternator
Custom rear bumper
High capacity battery
Twin external gas tanks 2 @ 250 each


Dad has owned this truck for 20-25 years. I dont remember it ever breaking down. We always planned on fixing her up and I've traveled across the state picking up clean parts.

The lovely neighbor promised to make things right but hasnt been heard since. To go out and buy a similiar truck is near impossible. So we started building a 72 K20.

My main question is what value would you accept or what value would you fight for?













Enjoy the carnage!

[treveiger]

The truck does not look in bad shape, are you keeping it? What insurance company? Do you have the receipts for the work done to it? First off your going to see if you can find one like this for sale somewhere and use that as leverage. The thing about insurance companies is they are a take as much as we can with giving out as little as possible company, that's how they make there money. Your going to have to do your homework on this one, there just trying to make you accept the price they offer but in most cases once you show you know what you're talking about and have proof they'll start getting better. How much they offering?

[LockDoc]

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Unfortunately you can't ask what something you own is worth unless you are a "Premium" member.(name in Blue) If you are buying a truck and need to know what it is worth that is a different story. That is just the board rules.... I don't know if it would make a difference since you are asking for insurance purposes or not. That would be up to the moderators for this forum. Just a heads up....

LockDoc

[68350]

I would book it out on Nada and give insurance value. I did a rough estimate on their for your truck and you should be able to get 10k if your neighbors insurance will accept it. I would fight for every dollar I could. What did insurance offer you?

[DeadheadNM]

Try these for basis of comparison:

https://spokane.craigslist.org/cto/4953898178.html

https://spokane.craigslist.org/cto/4996070136.html

http://wenatchee.craigslist.org/cto/4941893088.html

http://twinfalls.craigslist.org/cto/4988539476.html

[PeterHall]

If this isn't in line for forum rules, moderators please close/lock it up. I forgot to check the rules and didn't see an issue with asking.

We're keeping the truck. Mercury insurance pretty much forced us to take ownership after it sat at a body shop for 2 weeks. We tried to find similar trucks but most were either not a 1971 or had a paint job. I loved the patina so we never put paint on it to make it a 10 footer.

Right now insurance stopped the negotiations at $7800.

[leddzepp]

Originally Posted by PeterHall

If this isn't in line for forum rules, moderators please close/lock it up. I forgot to check the rules and didn't see an issue with asking.

We're keeping the truck. Mercury insurance pretty much forced us to take ownership after it sat at a body shop for 2 weeks. We tried to find similar trucks but most were either not a 1971 or had a paint job. I loved the patina so we never put paint on it to make it a 10 footer.

Right now insurance stopped the negotiations at $7800.

You are keeping the truck and not asking "what it is worth" for selling purposes. I do not see a problem with it. Good luck.

[too much stuff]

Are you saying they offered $7800 and you keep the truck? Or am i misunderstanding it? If that is so, i would take it.

[PeterHall]

Originally Posted by too much stuff

Are you saying they offered $7800 and you keep the truck? Or am i misunderstanding it? If that is so, i would take it.

They wrote us a check for $7800 and we keep the truck yes. But as a salvage title. It is only good for parts as almost every panel has been bent and the frame is most likely been bent.

[COBob'70 K-10]

I recently had a similar incident with my '70. I ended up with about $6400 from the insurance company...with no salvage title.

Sounds like a fair deal to me on yours!

Sorry for your troubles. I hope you get it fixed.

[Coley]

Originally Posted by PeterHall

They wrote us a check for $7800 and we keep the truck yes. But as a salvage title. It is only good for parts as almost every panel has been bent and the frame is most likely been bent.

Yep...take it, that's a good deal in my opinion ($7800 + you keep the truck)...then get busy with finding a new front end. You should be able to dial it back into shape + a complete paint job for that money I think. So long as you put a little elbow grease into it. You might even come out ahead.
The truck looks to be pretty solid overall.
My two bits.
Coley

[71swb4x4]

$7,800 and you keep the truck is very fair for you IMO.

[leddzepp]

Originally Posted by 71swb4x4

$7,800 and you keep the truck is very fair for you IMO.

I agree.

[HeloCrewChief]

I'm with everyone else. I think $7800 is more than fair. I was expecting them to offer something like $3500.

[PeterHall]

Thanks everyone. To us the truck is worth 14-22. But I know that value is always dependent on what someone will buy it for. The body shop quoted us around 12k to fix the truck so we were hoping the settlement would be closer to that value as all we really want is for our truck to be fixed.

The truck has rust in all the usual places and has an aftermarket AC. So now is the time to change up a few things. We bought a painted k20 rolling frame and a clean factory ac cab. Years ago I also bought a super straight bed. Now comes the fun part of taking everything apart and putting it back together.

[GASoline71]

Sorry to rain on your parade, but that is not a $14,000 dollar truck. Insurance companies and buyers don't care about sentimental value. Unfortunately these trucks are not rare. There are so many of them out there that it's easy for the insurance companies to compare yours to others that appear to be the same. Walking away still owning it and $7,800 bucks in your pocket is a blessing. In reality the truck is probably worth about $2,000 dollars. Body shops are going to rake you over the coals no matter what.

If you had a collector car insurance agency such as Grundy or Haggerty all of this would be a non issue as you would have already had a set value you are already insured for. But "regular" insurance looks at it as a greasy hulk not worth more than scrap. I was denied insurance through Haggerty because my truck looks like it is a rusted hulk. So you might have been denied "collector car" insurance anyways.

It sucks... it really does and I'm not trying to be an ass. Just looking at it realistically. But opinions vary... so there ya go.

Gary

[PeterHall]

Originally Posted by GASoline71

Sorry to rain on your parade, but that is not a $14,000 dollar truck. Insurance companies and buyers don't care about sentimental value. Unfortunately these trucks are not rare. There are so many of them out there that it's easy for the insurance companies to compare yours to others that appear to be the same. Walking away still owning it and $7,800 bucks in your pocket is a blessing. In reality the truck is probably worth about $2,000 dollars. Body shops are going to rake you over the coals no matter what.

If you had a collector car insurance agency such as Grundy or Haggerty all of this would be a non issue as you would have already had a set value you are already insured for. But "regular" insurance looks at it as a greasy hulk not worth more than scrap. I was denied insurance through Haggerty because my truck looks like it is a rusted hulk. So you might have been denied "collector car" insurance anyways.

It sucks... it really does and I'm not trying to be an ass. Just looking at it realistically. But opinions vary... so there ya go.

Gary

Oh I know it's not a 14k truck. The only reason the settlement is so high is we have receipts for the new tires, new art Carr trans, and the new exhaust system.

If you insure for a stated value, does the other insurance acknowledge it? We already have plates and title for the new truck but once it's together, how do we insure it? Our agent said just normal insurance but he's pretty useless.

Also is starting a build thread helpful? I have a ton of question and is a build thread easy to ask them together vs multiple posts?

[GASoline71]

Originally Posted by PeterHall

Oh I know it's not a 14k truck. The only reason the settlement is so high is we have receipts for the new tires, new art Carr trans, and the new exhaust system.

If you insure for a stated value, does the other insurance acknowledge it? We already have plates and title for the new truck but once it's together, how do we insure it? Our agent said just normal insurance but he's pretty useless.

Also is starting a build thread helpful? I have a ton of question and is a build thread easy to ask them together vs multiple posts?

What's done is done on the wrecked truck, you won't be able to go back to that now with collector insurance. But if you get the K20 up and going and it's a nice rig you might want to call Grundy's or Haggerty for collector insurance. I had to send pictures in and wanted to insure my truck for $15,000 through Haggerty. The bed of my truck is rusty and there is some rust and dents throughout. Even though the drive train is almost all new. They look at trucks way different then cars when it comes to collector insurance. So I was denied coverage.

The best part about collector car coverage if you can get it, is that the people insuring your rig understand the struggle to find OEM style parts for a 40 year old rig. They understand that body work and paint is different from new cars. So they won't total you out for a fender bender. "Generic" car insurance companies don't want to help you and are looking for a way out at all costs when it comes to an old rig. When I put my truck in a ditch last spring I didn't even turn my truck in for a claim on my insurance. All the would have done was total me out and I would have had to buy it back on a salvage title like you did.

I'd say to start a build thread on your K20 as it always helps to have more eyes looking at your stuff. Sometimes people catch stuff that you are oblivious too. Plus there is a TON of help on this board.

Good luck!

Gary

[EARNHARDT#3]

I can't believe they gave you that much! No offense but I'd look at it as being a $4000-5000 truck. And unfortunately many of the things on your list don't really make it worth any more......


400 HP balanced drive shaft
Payload capacity upgraded with 1 ton coil spring in front and added leaf springs in back
Electronic ignition distributer
Upgraded 9 MM coil wires
4 core copper radiator
Dual cross flow exhaust, New Headers Heater Core
Recent full brake service
Headlight upgrade additional relays
New wire harness in front engine area.
Headlight trim and mounting hardware
Upgraded 100 Amp alternator
Custom rear bumper
High capacity battery
Twin external gas tanks 2

[68350]

I think 7800 is fair. You could keep the drive train and find another body for a couple grand. I think its a fair settlement

[DeadheadNM]

It's a sentimental loss and that's a drag. However, IMO you profited handsomely on the deal. Take what you can for the K20 build and sell the remainder. I'd bury the hatchet with your neighbor.

[leddzepp]

If an insurance company would pay me 22k for my truck I'd set it on fire and push it off a cliff

[GASoline71]

LOL!

Me too...

Gary

[treveiger]

Frames can be straightend and panels fixed. If you love the truck I saw fix it. That's what I would do. Don't look that bad to me.

[SS Tim]

Everything new you put into the truck is worth at best $.50 on the dollar. Your value items like the tires, engine, trans and fuel tanks should all be reusable. Transfering everything over to a typical SoCal $3-4k truck is going to be a lot less than what you were paid as a settlement.