Insurance replacement value...what's your guess?

[ETsC10]

A friend of mine got his truck pasted HARD in the rear
and I'm trying to help him determine what a fair payoff
from the insurance company should be.
The truck is in Seattle, WA.

Here are the only specs I've got so far...

1979 K10, SWB, black on black, 350/350, 373/open, PS, PB,
converted to Part-time 4WD, factory sliding rear window,
rust-free body, 4" lift, 35" tires on alloys, no tow package.
Truck frame and body were straight before the wreck.
What's your guess on fair insurance value?

...If I should be getting more info,let me know.
(yes, as soon as I can, I'll get pics)

...I only know the older trucks so help me out here fellas...
Thanks...ET

........and before you ask...he will be buying it back,
will not be parting but will be repairing the frame & body.

[Eyegore]

I would start checking your area for comparable trucks, ie. auti trader, craigs list, newspaper classified, this helps justify a bench mark from them to work from.

[draggin86]

I got 5500 for my 86 when i totalled it. it was i good condition

[Srubydo1986]

id go 5-6 id say bought a jimmy for 5500 in perfect condition like kmk454 wis but mine had 145000 miles but same condition. so i think that a good guess if he kept all the recises that he has from parts he can get more.

[87 STEPPER]

First thing i find it hard to belive that a 1979 anything much less a K10 is "rust free" in Seattle.

Unless he just got it from Arizona or some other rust free state.

I'd like to see pics of that one.

I assume he had full coverage even then i don't think he'll get all that much for it i'd say 3 to 4 k.

Sorry your buddy lost his truck.

[streetstar]

I am an insurance adjuster --- i would guess his carrier would try to stick him with $2500 first because of the age, regardless of condition.

Thats why if anyone has anything special, they should purchase stated value vehicle insurance rather than a standard comp/coll 20-50-20 policy, or whatever (policy liability limits vary by state)

[boatpuller]

Originally Posted by streetstar

I am an insurance adjuster --- i would guess his carrier would try to stick him with $2500 first because of the age, regardless of condition.

Thats why if anyone has anything special, they should purchase stated value vehicle insurance rather than a standard comp/coll 20-50-20 policy, or whatever (policy liability limits vary by state)

yup,been down that road.........stated value is a better way........sounds like about a 4 k truck.condition being everything.its hard to say with out pics.

[ETsC10]

Here's the truck; I'll try to get more pics tomorrow...
It normally wears nice alloys but they're in the bed; getting new rubber.
So far they have offered him 1,500.

[Pyrotechnic]

How much can you gather up in receipts ? I'd say $8000-$10,000 if you got about half that in receipts. Remember, this is a bargaining war. You gotta start high because they are only gonna want to give you a little less than half.

Was he injured in any way? Feeling any pains ? Make sure he gets to HIS OWN doctor to be evaluated, and soon. Do not let him go to one of those bogus law firm doctors that go to the police stations and pick up accident reports. Have him see his own doctor.

When my 78 got destroyed, the offending driver's insurance company offered to write me a check for $300 right when they showed up. I told them it wasn't going to be that easy.

[streetstar]

Ouch ! 1500 ? Thats even less than i guessed. If it really gets sticky and if your friend has collision insurance, he can go through his company (if its a no-fault accident) and they may square it and then they will send collection papers to the other parties ins. co. 8 - 10,000 might be high unless the truck is more extraordinary than the photos suggest, but they should at least go 5. Then you can go the truck back with a salv. title and use your motor, trans. and diffs in something else (if they are worth it, that is -- stock stuff is generally easy to find and not worth the hassle tho)

[82c10]

Originally Posted by Pyrotechnic

How much can you gather up in receipts ? I'd say $8000-$10,000 if you got about half that in receipts. Remember, this is a bargaining war. You gotta start high because they are only gonna want to give you a little less than half.

Was he injured in any way? Feeling any pains ? Make sure he gets to HIS OWN doctor to be evaluated, and soon. Do not let him go to one of those bogus law firm doctors that go to the police stations and pick up accident reports. Have him see his own doctor.

When my 78 got destroyed, the offending driver's insurance company offered to write me a check for $300 right when they showed up. I told them it wasn't going to be that easy.

hah, $8-10k, that is funny, never would they do that, unless that is the insured value(must be stated in the policy), i suspect at most $2500

[Pyrotechnic]

Originally Posted by 82c10

hah, $8-10k, that is funny, never would they do that, unless that is the insured value(must be stated in the policy), i suspect at most $2500

When my 78 was destroyed, the offending drivers insurance company could not put a blue book value on the truck, because it does not have one. It has a market value at this point.

Think about it. If a mint condition 69 Yenko Camaro had actually blue blook value today, it would be about $250 in scrap metal just because of it's age. We know that is DEFINITELY not the case though and that it's value cannot be determined by standard blue book criteria.

So what happens? They search the used vehicle market to determine what the vehicle in question is selling for. My 78 long bed in perfect condition PLUS the receipts for all the drivetrain and various other upgrades I had done came to a value of about $8000-$10000, or so the insurance company said. That might sound high, but if you look at some of the 73-87's on this board, it's not hard to believe. They really could not argue with the price of my drivetrain being that it only had about 300 miles on it.

Now, I had not done any paint or body work on the truck, so obviously it was not worth that much. I got about half the declared value of the "perfect condition truck"

This is just my personal experience, your mileage may vary.

[streetstar]

Hey Pyro, i hear what your sayin about receipts, but think about this.

Receipts are somewhat negotiable, and can stand at face value when the parts are sitting on a shelf in your home, but once installed in the vehicle, they become part of the vehicle and might not even be considered by some insurance carriers. Which is why i suggested using the salvage "buy back " clause if needed and if there is actually some special stuff in there.

Anyone with a Yenko product(or anything similar, hell any SS product is big $$$ now) likely knows they are sitting on $100 grand or more, so 1) if they even drive it, they are borderline idiots, and 2) if they drive it with a standard insurance policy and not an appraised value one, they have crossed the border.

The wheels are in motion on this one, so hopefully it will be resolved in at least a somewhat satisfactory manner. But i will throw out a couple of more insurance examples i have seen as a warning to keep on your toes.
I am not an auto adjuster, i am a property adjuster (basically, i do houses, not cars, although i have handled a few auto claims) -- you would be shocked at how many people in Katrina lost their babies because they weren't carrying proper insurance for them and mistakenly thought that since it was a non driveable project car in a lockable garage or shop, that it would be covered under their homeowners policy. I only saw a few trucks, but you wouldn't believe how many first gen Mustangs and Camaros, along with some really sweet early Mercedes' and the like i saw --- and i wish that i could have collected some of the salvage myself -- but ------

I am in Oklahoma City, we have tornadoes. In fact every state from Texas up to N. Dakota has them too. East Coast has flooding, hurricanes, roof collapse from snow and ice, etc., West coast has earthquakes, mudslides, fires. I am not trying to lay out doomsday prophecies, but almost every state has issues

This is why i have my frame off '69 GMC project currently insured at $8000 stated comprehensive value - this is for basically, the chassis, cab and 496 big block installed. When it is painted and complete, i will insure it for maybe $20,000 comprehensive value along with collision and liability coverage. My agent advised me to keep him updated as i make progress which changes the value of my truck. That way if a tornado takes my shop away, i will be somewhat compensated (its hard to write a check for a broken heart though)

Drrive safe and be careful out there. In 90% of the auto claims i have seen involving nice older vehicles and adult (over 21) drivers, it has been the other driver's fault. We have too much time invested in some of our vehicles to not pay attention , but as everyone knows, other drivers can do strange and weird things, and sometimes for no apparent reason




.

[jerry moss]

When My 90 Blazer Was Totaled--parked In Front Of My House No Less-i Got 2200 For It And I Got To Keep It. I Pulled The Top With Sliding Tinted Windows, Aluminum American Racing Rims And A Few Other Small Items And Sold The Rest For 1000.

[stepside454]

my 75 GMC C-15 was rear ended a few monthes ago. I got 12,700.00 in damages, no arguements. it had damage both front & rear because I was pushed into the truck in front of me. the back of the cab was damaged from the bed being pushed into it.
They did not total it, thankfully, but they cut the check within days.
here are some pics. the damage doesnt look so bad in the pics, much worse in real life, a long list of parts, & labor due to the custom work & paint envolved. I never had the truck appraised, but I will very soon. The insurance adjuster said that its an easy 22-25K truck based on his experiance in collector vehicles.

[Russell]

That would be a 8 - 10 000 dollar rig around here at the moment

[stepside454]

I was shocked to, till I started comparing prices on E-bay & collecter car trader,& asked a few custom builder/body shops I know. but I'll find out when I have it appraised, really doesnt matter, I have no desire to sell it, & the damages are paid for, so its all fine. heres a few pics from before the wreck, should look real close to the same when finished. John

[Goodie]

damn what kind of insurance do you guys have... I've been looking into some collector car insurance

[stepside454]

Ive got mine through AAA. very reasonable, itll go up after I have it appraised Im sure.