Valuing My Truck and Insurance Reccomendations

[HUSSEY]

So I'm getting close to getting my truck on the street and I want to go ahead and get it insured. I was planning on going with Hagerty which I had used on a previous vehicle. I don't have any issues with them but if any one wants to chime in about antique vehicle insurance providers, please do.

With Hagerty I can purchase an "agreed value" policy. Some of you may have seen my build and what I have in my truck, I would like to get your input on what you would value my truck at (link to build thread in signature).

To date I've have just over $9,000 in it. I've cataloged everything and kept nearly every receipt. But, I believe it's worth more than $9,000. I have a number in mind for the agreed value but I'd like to get some input.

So, what would you value it at?

My cost log to date:
https://drive.google.com/open?id=0B2...U5Lc3pma25EMkU


EDIT -- I was going to say $15,000 which may be a little on the high end. I may have misunderstood "agreed value" insurance. I was under the impression that the agreed value still had to be a reasonable market value.

_

[dwcsr]

Originally Posted by HUSSEY

So I'm getting close to getting my truck on the street and I want to go ahead and get it insured. I was planning on going with Hagerty which I had used on a previous vehicle. I don't have any issues with them but if any one wants to chime in about antique vehicle insurance providers, please do.

With Hagerty I can purchase an "agreed value" policy. Some of you may have seen my build and what I have in my truck, I would like to get your input on what you would value my truck at (link to build thread in signature).

To date I've have just over $9,000 in it. I've cataloged everything and kept nearly every receipt. But, I believe it's worth more than $9,000. I have a number in mind for the agreed value but I'd like to get some input.

So, what would you value it at?

My cost log to date:
https://drive.google.com/open?id=0B2...U5Lc3pma25EMkU

Value on these trucks is less about what you spent and more about the quality of the work and the perceived value and how narrowly the changes you made are focused toward a particular group. If its a school bus yellow color with pink wheels and pom poms dangling from the sun roof that's pointed at a narrow buyer group and no matter how much you have in it its value is determined by what that group will pay.

[_Ogre]

dang, i forgot the pink wheels

insured value is often what you think it's worth, not what you can sell it for
for an agreed value policy you pay for the agreed value, more agreed value, more money

i was with hagerty for 2 yrs, once they found out i put 5000 miles per yr they didn't renew my policy
now i use grundy worldwide, they have no problems with miles
if you go to grundy.com and answer a few questions you are sent to https://www.phly.com/products/CollectorCar.aspx
you must have a garage, a daily driver and no dui's

[HUSSEY]

Originally Posted by _Ogre

dang, i forgot the pink wheels

insured value is often what you think it's worth, not what you can sell it for
for an agreed value policy you pay for the agreed value, more agreed value, more money

i was with hagerty for 2 yrs, once they found out i put 5000 miles per yr they didn't renew my policy
now i use grundy worldwide, they have no problems with miles
if you go to grundy.com and answer a few questions you are sent to https://www.phly.com/products/CollectorCar.aspx
you must have a garage, a daily driver and no dui's

Cool. I'll check out Grundy too. I was under the impression that the agreed value still had to be a reasonable expected market value.

[HUSSEY]

Originally Posted by dwcsr

Value on these trucks is less about what you spent and more about the quality of the work and the perceived value and how narrowly the changes you made are focused toward a particular group. If its a school bus yellow color with pink wheels and pom poms dangling from the sun roof that's pointed at a narrow buyer group and no matter how much you have in it its value is determined by what that group will pay.

I have to say that is is more that stating the obvious. No, don't have truck that is school bus yellow, pink wheels, with a $10,000 custom plush velour interior encrusted with diamonds that only Liberace would himself would find desirable.

What I do have is a truck that I believe is marketable and was built with quality in mind. I was hoping someone who follows whats for sale on CL or eBay may have seen some comps, or have sold a truck of a similar style/build, that they could comment to.

[mr48chev]

I'd hunt down adds for trucks that are very similar in finish, paint, interior, engine, chassis and to some point wheels and tires and print out the adds and then take an average of the asking price.

That gives you some reliable documentation to go with. Then if there are special features you can list them and add to the value accordingly.

I would have a detailed list of what was on the truck and what was done such as a top notch pro paint job or pro interior . Details now save battles later on high cost items like special paint, engine, wheels and other costly pieces.

[sweep]

My truck is valued just south of 40k. Grundy insured me without batting an eyelash. Avoid Haggerty, they wasted my time only to deny me coverage because I said I'd like to drive my truck to work once in a while.

[Jemezcrusher]

I have Hagerty and bought a 50 3100 for 7K. Sent them pics and they had no problem covering me for 10K. Cost me about 125-150 a year I think. Was in a crash in March and the adjuster was out within a few days and they sent me a check within 10 days.

My 55 210 is also insured with them. Valued at 25K (a little light and will likely bump it up)

The pair of them cost me 300 a year. They do not have any restriction about driving for pleasure. I don't depend on them to drive to work, but there are no restrictions I can find in the policy if I do occasionally

The big deal with me is the claims response. In 45 years of driving, This is the first claim I have ever made and I was very satisfied. Was clearly the other guys fault, but the response was excellent.

[mr48chev]

I'd think that most of the big vintage car insurance companies don't have much problem with the agreed or stated value unless you go to insure one for far more than the norm.

One thing that they know is that the majority of us take very few chances in our vintage rigs and usually are very defensive drivers when we are driving them. We allow more room to stop, wait for traffic rather than jumping out in traffic, watch traffic on side roads coming into the road we are on along with knowing what is going on further ahead and further behind us.

[HUSSEY]

All good points. I'll have to check out Grundy as a possible alternative to Hagerty. Hagerty did have one nice add on feature that didn't cost too much in that if your truck is totaled, they'd pay out the agreed value and you keep your truck. I'll also have to start saving some adds of similar trucks as comps for future reference.

Thanks!
HUSSEY