Value of restored truck
 

How are you guys valuing you trucks after a restoration. Are you getting someone to appraise it or just going off your own estimates. My truck will be coming out of restoration very soon and I want to insure it properly. Hagerty said they will insure based on agreed value. I have approx. 25k in the truck but it's is priceless to me due to sentimental reasons. Should I have someone appraise it?

Re: Value of restored truck
 

You should always have a appraisel done for insurance reasons,in case of a total loss,when I get My vehicles appraised tha aprraiser always ask's me what do you want for a valued price,to me it is irrelevant what they think it is worth it is my vehicle and I am paying you $250, so you tell them what it is worth,if he is a good appraiser he will go with that.

Re: Value of restored truck
 

I use National Corvette Museum for my collector car insurance. I sent them pictures and also anything I may have done to it (even receipts if I have them). We agree on the value. They have been in agreement with my evaluation so far.

Re: Value of restored truck
 

Places like Hagerty, American Modern, etc that insure classics use the agreed upon value and do not require an appraisal. Your everyday companies like American family will likely require the appraisal for their standard insurances. I ended up going through my AmFam agent to get the American Modern policy as the nearest licensed appraiser was over an hour away.

My truck build had about $30K invested and I did 95% of the work, so I asked for $40K policy. Probably $10-20K low for shear replacement costs if I had to have someone else build it for me, but I was comfortable with the yearly fees and the policy seemed very inclusive. They did want several photos of the truck AND photos of the garage (inside and out). One of the few stipulations is that it is kept in a building that can be locked.

The big thing is to make sure the policy is "Agreed Upon" and not "Stated Value". "Agreed Upon" is a guaranteed payment in case of total loss. Best I can tell, "Stated value" can (read - WILL) be negotiated upon the need for reimbursement. They may try to depreciate the value due to time lapsed, mileage and such.

Re: Value of restored truck
 

Thank you. I am a lot like you. I did everything except for the actual paint work and I basically paid just material cost to have my truck painted. Basically some friends from my dad's 40+ year in auto body did some favors for us. It's awesome to know people. I'm sure my costs would be considerably higher if I had to pay someone to do everything else.

Re: Value of restored truck
 

"agreed upon value and do not require an appraisal"
But they do require pictures. So one can't purchase a junker and insure it for 50K.
I'm sure someone has already tried that.
I would look at the selling price of similar trucks. They vary a lot in value depending on options and the truck style. Most appraisers seem to have a large amount of latitude on valuation. The trick is to cover the truck, if a replacement is required, and not over pay for the insurance because a high valuation. Because of the sentimental value I bet it is keep inside and driven like an old man. The chances you will need the insurance is low.
I believe the $40K policy is close to what i would recommend knowing nothing else about the truck.

Re: Value of restored truck
 

I see agreed upon value as them basically ensuring against the loss of a certain amount and charging you accordingly. So I would try to get an amount that you would be happy to have to spend if your irreplaceable truck was lost. You're going to be paying the premiums against that amount, so I'd get as much as you reasonably can, as long as you are okay with the premiums. I would take whatever the cost of the parts you've installed is and multiply that by 4 and then add your purchase price of the truck and any work you've had someone else do. I'd probably add 20% to that and see where it comes up. I'm not suggesting that you shoot for the moon, but neither you or they want the truck to be lost or damaged, and you are going to pay what they ask for a premium. So I'd try to set yourself up well if the unthinkable happens.

Re: Value of restored truck
 

You are correct sir. My truck will be a weekend warrior for car shows and special events with an occasional work day drive. It will also be stored inside at all times. I was thinking 40k would be a good number. My truck is a 350, manual steering 3 OTT short bed. I left it like that because this truck has been in my life my entire life and that's how I wanted it to stay. I also learned to drive in this truck. Here is a before and after pic.

Re: Value of restored truck
 

Wow, nice transformation!

Re: Value of restored truck
 

I have Hagerty and what they do is insure up to say 35ish. At this moment they'll go as high as 50K, but they require certain documentation & pictures to do that, which was done.

They'll also insure spare parts, and pay the extra so you have salvage rights should it be totaled God forbid. I can just see someone else licking their chops because a total has 15-20K in legit parts, for example

Re: Value of restored truck
 

You might check with your normal insurance company you insure with on your drivers. Several years ago I spoke with them, and while they did not necessarily do antique or classic, they did a stated value policy. All they required was I get an appraisal for documentation, and I had a local body guy do that. If I recall the cost was minimal, and was simply per $1000 of value. Of course I also had normal liability coverage in addition. Would I have been able to actually got that stated value - had I been involved in an accident? I will never know, and I doubt I do that on the truck I am working on now, I will likely just place liability coverage on it considering it will likely not be driven that much so I will probably just take the risk. I am not a huge fan of insurance of any kind, but I know it is a necessary evil, especially in this day and age. I am old enough to recall the day when you could drive without insurance legally, and even if you were in an accident, it likely would not put you in the "poor house".