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Re: Deciding value
I imagine everyone has their own formula. Mine was to pick a number I could live with if the truck was destroyed to give me a head start on a replacement. The number I picked was $7500. What it’s actually worth to me is at least $25,000. What I could sell it for is probably half that amount. The reality is the higher the “agreed value” the higher the cost of the premiums. And my insurance company wanted professional confirmation of the value, so I just went to a local rod shop and asked for an estimate on their letterhead. They gladly provided an official note, and that was that.
If the truck was rarely driven, I’d probably check into classic vehicle insurance, but since it is used as regular transportation, it actually helps with the overall cost because we get a multi-car discount for having 3 vehicles. Anyhow that’s how I do it.
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