Receipts for insurance value?

[foamypirate]

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?

[Jonboy]

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.

[vegas80step]

Originally Posted by Jonboy

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.

x2

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...

[SCOTI]

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.

[esbstuff]

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!

[RandyP]

Originally Posted by foamypirate

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?

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".

[Jonboy]

Hagerty does cover spare parts, though. It's up to a certain amount, but there is coverage.

[old Rusty C10]

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