Agreed upon value. Need help deciding

[kevmic28]

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.

[longbed67]

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.

[71swb4x4]

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.

[PanelDeland]

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.

[jocko]

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.

[SS Tim]

Jocko, Well Spoke!

[davepl]

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.

[kevmic28]

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.
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[LockDoc]

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I had to have my trucks appraised and supply 2 photos to insure them for stated value...

LockDoc

[weever82]

Originally Posted by davepl

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.

I also use hagerty and have nothing but good things to say about them. You do need to send them pics of the vehicle, where you park it and a copy of your decelerations page from your DD.

Weev-
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[PanelDeland]

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.

[Tinkermc]

State Farm was very fair with their aprasials and policy was almost cheap

[BuiltwithIvy]

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.