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#1 |
Registered User
Join Date: Jun 2009
Location: Arlington Texas
Posts: 602
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Agreed upon value. Need help deciding
I am going back and forth with my insurance company on the value of my truck. Its a 70 GMC with a flat bed. 350 bored 60 over. Vintage air ac, 700r4, blazer tank under the bed, added power brakes, swaybar and all body work has been completed. Just needs paint and interior finished.
I paid 1000 for the truck, 1800 for the engine, 1000 for the transmission, plus at least another 1000 for body work and other stuff I have done to it. Insurance is saying its only worth 1500. I know Ill never get what I have in it but I want to be able to replace it if its ever totalled.
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1970 GMC truck ![]() 1988 Harley 1200 Sportster ![]() |
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#2 |
Registered User
Join Date: Jun 2011
Location: Monroe, WI
Posts: 1,415
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Re: Agreed upon value. Need help deciding
Show them receipts... and bluebook values, that way there is legal justification and not just your word. They should adjust the value real quick after that.
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Adam My 1967 C10 - Turbo 250 Build Thread http://67-72chevytrucks.com/vboard/s...d.php?t=485843 (608) 214-8706 |
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#3 |
Senior Member
Join Date: Nov 2003
Location: Brookings, SD
Posts: 10,497
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Re: Agreed upon value. Need help deciding
What would you sell it for today and be happy with? $3,500? $5,000? Whatever that numbers is, or whatever you feel it's worth, tell your insurance person that's what you want for it should it be totalled. Let them figure out the best policy for you. Of course the more it's worth, the more it will cost to insure, but $1,500 vs $5,000 won't cost much extra at all. A lot of insurance cost is in liability, and a $1,500 1970 GMC can cause just as much damage as a $5,000 1970 GMC.
If that was my truck I would probably want $4,500 from the insurance company if it was totalled.
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Some people are like slinkies, they aren't good for anything, but you can't help but smile when you see one tumble down the stairs. |
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#4 |
I am a Referee of life.
Join Date: Jun 2000
Location: Greensboro N.C.
Posts: 13,993
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Re: Agreed upon value. Need help deciding
Agreed upon value is the value you agree to.They will charge you for what they agree to.If they don't want to write the policy for that,you may need to reveiw all your insurance needs.
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The 47-present Chevrolet and GMC Truck Message Board Network,it's owners,moderators,members,and associates of any type should not be held responsible for my opinion. You can't fix stupid,not even with duct tape. "My appearance is due to the fact that "GOD" does punish you for having too much fun!" Barrett-Jackson has perfected alchemy,they make rust into gold! "You can lead a horse to water but you can't saddle a duck" "Cleverly disguised as a 'Responsible Adult' "Sometimes your Knight in shining armor is just a retard in tinfoil" |
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#5 |
Senior Member
![]() Join Date: Oct 2009
Location: Godley, TX
Posts: 17,961
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Re: Agreed upon value. Need help deciding
Keep in mind, if your insurance company is telling you what it's worth, they are talking "bluebook" and you all are NOT discussing an agreed value policy. Most insurance companies won't just say "ok" because you show them receipts.
If you want an agreed value policy, you'll probably need to work with a collector car insurance company - and they will not cover you on a daily driver or a truck that isn't garaged. So, you're in an awkward spot, you've sunk a bunch of money in a truck you love that most insurance companies will only cover for bluebook value on a normal policy. If your truck isn't a daily driver, then you'll be good to go with a collector car insureance company - unless they think your claim is outrageous. Receipts mean nothing - just tells them what you spent - and if they don't have some level of agreement as to what YOU think it is worth - they won't insure it. I agree with PanelDeland - you may need to review your needs. Everyone WANTS to make sure they don't lose their investment in case their prized possession is stolen/wrecked, however, in some cases, it's tough to insure. A daily driver, in any condition, is difficult to insure for an "agreed value". I'm in a similar situation. Recently had a pretty nice 66 - insured it with Grundy and was very happy with them on an agreed value policy. I sold it and now have a "rough" 71 Cheyenne Super that has a long way to go before I'd even bother trying to insure with Grundy - because I sincerely doubt that we'd agree on the value. I see it's potential, they will see its market value. Can't insure potential. So, for now, I just have a normal comprehensive policy with the same company that insures my dd. And I just live with the fact that, for now, if it gets stolen or is totaled in a wreck, I'll lose some money, ok, a good bit of money, and it will suck. Once it's a little more down the road toward restoration, I'll switch over to an agreed policy with Grundy - at a time when we can come together more closely on what the agreed value actually is. Last edited by jocko; 11-04-2012 at 02:03 PM. |
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#6 |
Registered User
Join Date: Aug 2010
Location: Edwards, CA
Posts: 7,503
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Re: Agreed upon value. Need help deciding
Jocko, Well Spoke!
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Thanks, Tim * VIN/Model Decoders * Power Team Charts (engine/transmission/gear ratio) * Post Your Pickup SPID ** Blazer SPID ** Suburban/Panel SPID * RTFM ... Read The Factory Manuals... download 'em here Highlanders ** Do you have a 1972 Plaid Pickup? ** Plaid Blazer ** Plaid Suburban |
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#7 |
Registered User
Join Date: Aug 2006
Location: Redmond, WA
Posts: 6,332
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Re: Agreed upon value. Need help deciding
I've never had a problem with Hagerty, I have vehicles with agreed values ranging from 6K to 250K. And the two claims I've had in 10 or so years (comprehensive, not collisions) were painless.
That said, I don't know that you can just add up your receipts and insure it for that. It has to bear some semblance to actual market values. If you spent $20K and could buy one like it for $5K, they might balk.
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1970 GMC Sierra Grande Custom Camper - Built, not Bought 1969 Pontiac 2+2 427/390 4-speed Coupe 1969 Pontiac 2+2 427/390 4-speed Convertible |
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#8 |
Registered User
Join Date: Jun 2009
Location: Arlington Texas
Posts: 602
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Re: Agreed upon value. Need help deciding
Thanks for the advice. I'll call Grundy on Monday. I'm not looking to make money off of it, I just want to be protected just in case.
Posted via Mobile Device
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1970 GMC truck ![]() 1988 Harley 1200 Sportster ![]() |
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#9 |
The Older Generation
![]() ![]() ![]() Join Date: Aug 2006
Location: Montezuma, Iowa
Posts: 25,516
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Re: Agreed upon value. Need help deciding
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I had to have my trucks appraised and supply 2 photos to insure them for stated value... LockDoc
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Leon Locksmith, Specializing In Antique Trucks, Automobiles, & Motorcycles (My Dually Pickup Project Thread) http://67-72chevytrucks.com/vboard/s...d.php?t=829820 - |
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#10 | |
Registered User
Join Date: Sep 2012
Location: Queen Creek, AZ
Posts: 551
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Re: Agreed upon value. Need help deciding
Quote:
Weev- Posted via Mobile Device
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Weev- Life's tough...... It's even tougher when your stupid - John Wayne |
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#11 |
I am a Referee of life.
Join Date: Jun 2000
Location: Greensboro N.C.
Posts: 13,993
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Re: Agreed upon value. Need help deciding
Stated and Agreed Upon are two different birds.Stated is an appraised and proved value.Agreed upon could be a 1/4 million for a rust bucket as long as both parties agree.
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The 47-present Chevrolet and GMC Truck Message Board Network,it's owners,moderators,members,and associates of any type should not be held responsible for my opinion. You can't fix stupid,not even with duct tape. "My appearance is due to the fact that "GOD" does punish you for having too much fun!" Barrett-Jackson has perfected alchemy,they make rust into gold! "You can lead a horse to water but you can't saddle a duck" "Cleverly disguised as a 'Responsible Adult' "Sometimes your Knight in shining armor is just a retard in tinfoil" |
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#12 |
Registered User
Join Date: Jul 2011
Location: Farmville, Va
Posts: 3,026
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Re: Agreed upon value. Need help deciding
State Farm was very fair with their aprasials and policy was almost cheap
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#13 |
Registered User
Join Date: Oct 2011
Location: Ithaca NY
Posts: 251
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Re: Agreed upon value. Need help deciding
I would suggest asking them for their list of approved appraisers of modified vehicles. Every major company has one, and they will appraise vehicle based on current market value and the estimated cost of repairs based on the products you have currently purchased. While this won't be as high as sum total of your investment, it will be much higher than the insurance company originally offered.
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"To speak of the art of one loom, the art of one river, the art of one tractor, or the art of one automobile is not preposterous; it is to point to the size and importance of the gap between general knowledge and situated knowledge" - James C. Scott 1969 C10 - http://67-72chevytrucks.com/vboard/s...d.php?t=492064 1930 Tudor Sedan |
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