The 1947 - Present Chevrolet & GMC Truck Message Board Network - View Single Post

tucsonjwt · 12-05-2010, 08:12 AM

In my experience in AZ, insurance companies only are obligated to pay you the market value of the vehicle of the vehicle if it is totaled. This means they can use KBB or local vehicles sold price (not for sale price) to value your vehicle. The only thing that counts is what your insurance policy states. Even if you produce documentation of the extra value in your vehicle, they are entitled to depreciate any repairs or modifications, or find the value of those items as used parts. My hat it off to those of you who were able to get full compensation for your restored vehicles using a standard policy.
As mentioned above, agreed value is the way to go for vehicles that are not daily drivers with a lot of money invested in them. I have never had comprehensive or collision on my old trucks because although I keep them mechanically in top shape, the additional cost for that coverage does not make sense on a $2500 purchase price truck (even though I put another $5000+ in repairs and mods in the truck over 8 years of ownership I still could not sell it for more than $2500 -so that is the current value of the truck.)

12-05-2010, 08:12 AM	#50
tucsonjwt Registered User Join Date: Jul 2007 Location: Tucson, AZ Posts: 3,198	Re: Insurance is totaling my truck. In my experience in AZ, insurance companies only are obligated to pay you the market value of the vehicle of the vehicle if it is totaled. This means they can use KBB or local vehicles sold price (not for sale price) to value your vehicle. The only thing that counts is what your insurance policy states. Even if you produce documentation of the extra value in your vehicle, they are entitled to depreciate any repairs or modifications, or find the value of those items as used parts. My hat it off to those of you who were able to get full compensation for your restored vehicles using a standard policy. As mentioned above, agreed value is the way to go for vehicles that are not daily drivers with a lot of money invested in them. I have never had comprehensive or collision on my old trucks because although I keep them mechanically in top shape, the additional cost for that coverage does not make sense on a $2500 purchase price truck (even though I put another $5000+ in repairs and mods in the truck over 8 years of ownership I still could not sell it for more than $2500 -so that is the current value of the truck.)