Replacement Value vs. Actual Replacement

[RedRoad]

Ive been thinking of changing over to Classic Car insurance and have heard of some horror stories when not going with agreed value policies.

The issue I am faced with is the condition of my vehicles. None of them are restored but are survivors and are in preservation status, to the untrained eye they are rust buckets but to me they are rare specimens with desirable options with well earned patina. Out of the dozen or so vehicles I own there are only three I consider keepers. 1972 K20 Suburban, 1965 C10 Carryall, and a 1963 VW Deluxe Bus.

Because I use them as regular daily drivers I am more concerned with actually being able to replace the vehicle regardless of which insurance I end up with.

For the VW finding a replacement in similar condition is not an issue but the cost would be at around $50K

The K20 is a bit more difficult to find in similar condition but at least Ive seen a few for sale in the last year for $20K or there about

The C10 has some nice options and took me the longest to locate even 20 years ago. I think I can find one for around $10K but the options would be the issue (V8, 4 speed, factory A/C, 3.73 posi, 8 seater) even though its the "ugliest"

Ive been lucky by not being in any accidents or losing one to theft but what bothers me is actually being able to actually find a suitable replacement in the event of loss.

I know replacing my rust free, accident free survivors will be extremely difficult at best unless I insure for double current market value especially if I want the same factory fitted accessories/options.

I would like to hear what others have done in the unfortunate situation of loosing a cherished vehicle and if they were able to get an equivalent replacement or did you just take the cash and move on.

[mrtoni]

I'm not sure they will sell a classic policy on daily drivers. Not only mile restrictions but conditions like parked in garage and only covered when driving to car "event." Maybe thing have changed over the years. Matt

[factorystock]

The unrestored original paint daily driver is an interesting case when it comes to a loss. It may not be "show", but its value is that it is an original survivor. You must find a policy that acknowledges the value of an all "original survivor" vehicle, regardless if it is show or not. If you get into an accident, any type of damage repair will knock it out of the "original survivor" class, unless you can find an excellent fender, hood, bed, door etc. the exact same color and patina. If it got stolen, I would want the replacement cost of a original survivor vehicle, not a moded repainted vehicle. I'm in the same boat, maybe its time to get serious too.

[RedRoad]

Being retired is a bit different as far as daily drivers as I have no "commute", but still have not been able to find a company that understands a survivor vehicle either unless it is an ultra low mile museum piece.

Agreed value seems to be my only hope but is some what based on appraisal which brings me back to replacement. Most appraisals would be low market value as these are not "show" or "museum" vehicles.

The regular companies Ive spoken with (AAA, State Farm) want nothing to do with my "50 year old beat up buckets" even though AAAs classic car insurance brochures state they will insure a vehicle "in process" of restoration. The State Farm guy thought I was joking when I asked about an agreed value of $40K on my old bus. The reality is that original condition non running projects are in the $20K range for an early deluxe and that just doesnt compute to someone not into VWs an it seems the same for old trucks as well.

[flashed]

Check with Hagerty ,they may be able to help .

[mike16]

being active in a club and participating in shows will add credability to your claim. Getting an apprasal every year also helps.

I talked to my insurance co. Cant get classic car insurance on a daily driver. limited milage determines whether its really a classic or another old car.

documenting the market and being able to demonstrate convincingly that they are classics and of equal or greater value than other similar vehicles and not just daily drivers is key. read the small print on how value and use are determined.

document everything

[joeydurango]

I literally just switched from State Farm to Hagarty this week, because State Farm wasn't interested in working out any sort of agreed cash value. They said my truck might be worth $5k or so... Hagarty insured it for $25k - a little more than what it would take to find a similar replacement after all the work I've done to it - with no complaints. They were exceptionally easy to work with, and best of all it was very slightly less cost than my State Farm insurance was!

[Shady Rascal]

To the original poster.

I use Hagerty and am completely pleased. As far as original condition survivors, they cover my truck without question. Original paint and it's gonna stay that way.



The folks at Hagerty get it. They are car people. I found it interesting that you have a split window bus because I know how absolutely bezerk they have gone up in value.

So I went to Hagerty and put in a 63 Deluxe MicroBus.

https://www.hagerty.com/apps/valuati...r_(Van)-Deluxe

They consider the average value of your bus at 26,200 and goes up to 82,300 depending on condition. The exact number that you insure it for is your choice. If they feel that the value you specify is within reason for the range they will write the policy. The reason I selected the bus is split screen buses are appreciating at an absolutely stupid rate. But, Hagerty has their finger on the pulse obviously.

[flashed]

And Hagerty believes in you driving your car or truck ,just not to work .I have all my classics with them .

[tley]

Another +1 for Hagerty. I switched and I am now paying less for full coverage insurance than I was for just liability. They also gave me roadside assistance/ towing with my policy. The only negative was that I had to pay for the entire year upfront.

[tsetsaf]

we insure with State Farm 4 the value of the vehicle. the trick here is the value; when we got the insurance we provided the agent with an accredited professional appraisal. we have acknowledgment of receipt and inclusion of that appraisal with the policy. the appraised value? $65,000. now if the truck gets totaled it will be kind of hard for them to come back and offer us $5k but they would and we would have to fight but we would win.

I had to do this years ago when my Little toyota pickup was totalled. It was fixed up really nice and in A+ condition. They lowballed and I fought hard to get the full value for the vehicle.