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#1 |
Registered User
Join Date: Apr 2009
Location: Pflugerville, TX
Posts: 594
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Receipts for insurance value?
What all do you guys include for the receipts you keep when building your trucks? Can you count the cost of tools purchased to restore the truck towards the value of the truck when you insure it through someone like Hagerty?
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#2 |
Slots go on anything!
Join Date: May 2003
Location: Richardson, TX
Posts: 5,957
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Re: Receipts for insurance value?
I have my '74 insured through Hagerty, and they asked for an amount that I thought it was worth. You do have to provide pictures and fill out an questionnaire during the application process to back up your number. The nice thing about them is that they do insure the vehicle while you are working on it. It's worth giving them a call and having them walk you through.
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1974 Jimmy- 5.3/4L80e/NP241 |
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#3 | |
Registered User
![]() Join Date: Jul 2011
Location: Las Vegas, NV
Posts: 329
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Re: Receipts for insurance value?
Quote:
When I sent them the pictures of my truck my interior was still sitting on my garage floor.. they told me to just snap a pic of it all and send it in.. took them about 5 minutes to call me back and tell me I was covered for $30K I can't not speak for how they handle claims.. so far so good I haven't used them. But I did talk to a guy the other day at the part store that filed a claim and said they were great, even helpped him track down a few parts he couldn't find...
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I drive a lowered Chevy, a lifted Ford and I have a 62 VW bug stripped down in the garage.
Which "Piss on" sticker do I buy? |
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#4 |
Registered User
Join Date: Apr 2001
Location: DALLAS,TX
Posts: 21,982
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Re: Receipts for insurance value?
Anything that has 'added value' can help get more on an insurance adjustment but it's not a definite. I added disc brakes to my Beater-68 & since they didn't originally come w/disc brakes it was considered an 'upgrade'. I got more toward the final value based on the receipt documentation showing what I spent.
Rebuilding the motor, trans, front end, & cooling system would be considered 'maintenance' & did not add to the value. I was able to get more w/the receipts from the 5-lug wheel/tire swap, disc swap, & air suspension on my Beater-68. The insurance co's original offer was for $1200 total value (State Farm). After going over the receipts, we settled @ $4700 less a $500 buy back fee for the truck or $4200.
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67SWB-B.B.RetroRod 64SWB-Recycle 89CCDually-Driver/Tow Truck 99CCSWB Driver All Fleetsides @rattlecankustoms in IG Building a small, high rpm engine with the perfect bore, stroke and rod ratio is very impressive. It's like a highly skilled Morrocan sword fighter with a Damascus Steel Scimitar..... Cubic inches is like Indiana Jones with a cheap pistol. |
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#5 |
Registered User
Join Date: Jun 2011
Location: St Robert, Mo
Posts: 730
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Re: Receipts for insurance value?
When you get the truck done or almost done, take the truck to a local vehicle appraiser and have it apprasied. Make sure you tell him/her that you are doing an insurace appraisal. As stated above its good to keep track of your reciepts, but nothing beats a first hand appraisal. After the appraiser is done, take the sheet and give a copy to your insurace company and keep the orgrinal in a safe place. Your insurace agent will readjust your policy for the 'apprasied' value of your ride. IF you don't do this BEFORE you have a claim, say for a total, your insurance company can/will only give you payment for the typical year average truck. The will claim you were only paying 'average' rates and you are then only able to be 'average' price for your ride. This appraisal will be invaluable if you are hit by another person.
We have a old/well known/highly respected body shop that does it here. The owner spent approx 20 minutes with me, asking me what I had done and bought for the truck and in the end, didn't charge me a dime! On you reciepts for maintance items it is a good idea to keep them too. Lets say this: You have an appaisal done and your rides worth $10,000. You do $1000 worth of repairs and 2 weeks afterwards (or XXXX miles ago depend on your diving habits) isome dummy hits you and totals your ride. After talking to their insurance company (showing the adjuster your appaisal), the adjuster gives your $10k, your full value of your ride. THEN, before you sign, you say hey, "2 weeks ago I did $1000 worth of maintance and here's my reciepts". The adjuster will then add the $1000 of the repairs to your check or give you $11,000 for your totaled ride... I have done just excatly that and came home smelling like a rose! Last edited by esbstuff; 04-03-2012 at 12:40 AM. |
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#6 |
Getting Old; Going Broke
Join Date: Apr 2010
Location: Owasso OK
Posts: 2,764
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Re: Receipts for insurance value?
If you've welded the tools to the truck, yes they would increase the value of it I would guess. If they are still in your toolbox however, there is no way they increased the value any at all. You never hear a mechanic say "oh, I had to buy a new end wrench to work on your truck, so the bill went up $40".
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Why is every used 350 sbc out of a corvette? There's only two things that excite a man, expensive toys and real expensive toys. VEGETARIAN: That's an old Indian word meaning "I don't hunt so good." When the going gets tough, switch to power tools. |
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#7 |
Slots go on anything!
Join Date: May 2003
Location: Richardson, TX
Posts: 5,957
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Re: Receipts for insurance value?
Hagerty does cover spare parts, though. It's up to a certain amount, but there is coverage.
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1974 Jimmy- 5.3/4L80e/NP241 |
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#8 |
Robert Olson Transport
![]() Join Date: Oct 2002
Location: recent transplant to NC USA
Posts: 20,294
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Re: Receipts for insurance value?
I keep receipts for everything in its own covered folder just in case .... its kinda like bullets for my gun... i know im not gonna have to shoot 1000 rounds of ammo at any one time but its nice to have in case i need it
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Bob 1951 International running on a squarebody chassis "If a man's worth is judged by the people he associates himself with, then i am the richest man in the world knowing some of the fine people of this board" http://67-72chevytrucks.com/vboard/a...t.php?f=25&a=9 (you can review the site rules here!) PM Me for your vehicle/parts hauling needs in the North East US or see my Facebook page Robert Olson Transport Live each day to the fullest.. you never know when fate is going to pull the rug out from under you... I hate cancer!! |
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