Stated value insurance

[MikeB]

Got my truck back from my son a few years ago. His insurance through American Modern has my address listed as where the truck is garaged, and I am listed as a driver.

Fast forward: Earlier this year I transferred the title and registration to Texas, so now I need to contact American Modern and give them whatever information they need.

The policy currently has the truck valued at $25K. I think it's probably worth more, but don't really know how much. Maybe $30K-35K?

You can see how nice it looks. Major specs are: Mild 350, TH350, Vintage Air A/C, AAW wiring harness, front disc brakes.

Any ideas what it's worth?

[PbFut]

Very nice truck. I would up the limit. Look into Hagarty and Grundy as well. I can share Hagarty was above and way beyond my expectations with an engine fire I had. They were exceptionally good with my claim.

[Stocker]

State Farm went over my K20 a couple years ago, took a lot of pics and looked up recent sales figures for similar trucks. I was thinking *maybe* $35K and the agent came up with $40K. Mine has very nice paint and a decent interior, but under the hood and under the truck is not nearly as clean as yours. I agree with PbFut, raise that limit. You have an extremely nice truck there.

[57taskforce]

Agreed on Hagerty, I had to file a claim when my Camaro SS got hit(not my fault) and it was an easy process, they paid me to fix it, and my rates didn’t change. I’ve got 2 Camaros and my K20 on my policy with combined agreed value coverage well over 50K and it’s $109 a month.

[streetstar]

Originally Posted by MikeB

Any ideas what it's worth?

Thats a 50k truck. (insured value)

Take detailed photos of things like the new wiring and fuse block, plus chassis pics showing how clean it is

Granted, it might not sell for that much in the soft market we have right now, and LWB's are always down in value compared to SWB's tons of pictures saved on a removable hard drive and in the cloud will help you if theres ever a problem (The cloud helps if you have a fire and everything is destroyed, including your removable hard drive )

same goes for any other unique/ nicer things in your home --- pics or it didnt happen -- especially if a fire or tornado takes everything out

[LS short box]

Since it's a LWB I think 50K is a bit strong. IMO.
Big difference between stated value and agreed value.
Agreed value is the price the insurance will pay you if your vehicle is totaled.
Stated value is what you think your vehicle worth but not agreed value from the insurance company. If your vehicle is totaled you may be into a fight to get your stated value. Keep every receipt of the build to prove the stated value.

[MySons68C20]

State Farm Insurance on mine with no mileage limit. I insure for 6 months of driving and 6 months stored in the garage. Cost per year $200.00 with a stated value of $40k.
Hagerty was $800.00 per year same coverage. YMMV

[howzzzit]

Hagerty
50K That truck is worth every penny. I'm quoted my paint and mild body work at 24K.
State Farm wouldn't insure mine in Kalifornia so I dropped them totally after many years.

[weq92f]

.

Stick with an agreed value/price policy. You choose how much it would cost to replace. In this case, I've got to agree. If the pictures are accurate and it looks like that everywhere else not pictured, the estimates are pretty spot on I'd say, long bed or no.

Nice truck.

Get a quote from Hagerty through an agent, then use the details of that to get a similar quote from Grundy.

-Kevin

[howzzzit]

Hagerty only wanted to know if mine was garaged. I raised the value 20K and they didn't even ask for pictures.

[72c20customcamper]

Originally Posted by MikeB

Got my truck back from my son a few years ago. His insurance through American Modern has my address listed as where the truck is garaged, and I am listed as a driver.

This is a little confusing. Is the truck titled and registered in your name or your sons? If it’s in your name and you have it insured under his that in of itself is a problem .

Go with an agreed value policy as stated prior to. And 50k would be a reasonable number for that truck

[MikeB]

I stayed with American Modern, the company my son was using. How about $295/year? That's with 1,000 miles/yr max, garaged, and $35K value.

Here's the agent I used:

LaRue Carey Classic Insurance
Hodgenville, KY 42748
Alex LaRue
270) 358-3101

Turns out Alex is insuring several old cars and trucks in the Dallas/Fort Worth area, and I know at least two of the owners. Small world.

One of the guys did a lot of damage to the front suspension on his 33 Ford highboy. He said American Modern was extremely good to work with.

[samkost]

[QUOTE=MikeB;9405546]I stayed with American Modern, the company my son was using. How about $295/year? That's with 1,000 miles/yr max, garaged, and $35K value.

Beautiful Truck MikeB!
I think you have an excellent policy assuming you are living in a large metropolitan area.
Your valuation is good but could be higher
That can always be raised and updated.
My C10 is insured with Haggerty @ $520 per year, garage kept with a similar mileage clause as yours in the high rate Seattle/Tacoma area.
Washington State is well known for high insurance rates and taxes.
I think I may need to update my current $30,000 valuation.
I believe you did well MikeB!

[MikeB]

Originally Posted by samkost

Beautiful Truck MikeB!
I think you have an excellent policy assuming you are living in a large metropolitan area. My C10 is insured with Haggerty @ $520 per year, garage kept with a similar mileage clause as yours in the high rate Seattle/Tacoma area.
Washington State is well known for high insurance rates and taxes.
I think I may need to update my current $30,000 valuation.
I believe you did well MikeB!

Thanks! The Dallas/Fort Worth area isn't exactly cheap due to our high population and potential for hail damage. For example, my brother who's in a nursing/rehab facility has a 10-year old car that's worth maybe $7,000, but the insurance cost through State Farm is $1,600/year. However, it's just sitting in a driveway rarely being driven. And that rate is for less than 1,000/miles/year and bundled with our multi-car and home insurance plan! We're keeping the car for him because there's a chance he may get out early next year. However, I'm in the process of getting a quote from American Modern on his car, too. Heck, I may even do the same for our two daily drivers, which are garaged and run up 3,000-15,000 miles per year.

[Rick Bollinger]

I did mine with Hagerty through State farm. I gave them a value of 50K and they wanted pics. So I sent them some and they didn't even blink, gave me the policy of 50K agreed value. Mine is also a long bed.

[71CHEVYSHORTBED402]

Originally Posted by MikeB

Got my truck back from my son a few years ago. His insurance through American Modern has my address listed as where the truck is garaged, and I am listed as a driver.

Fast forward: Earlier this year I transferred the title and registration to Texas, so now I need to contact American Modern and give them whatever information they need.

The policy currently has the truck valued at $25K. I think it's probably worth more, but don't really know how much. Maybe $30K-35K?

You can see how nice it looks. Major specs are: Mild 350, TH350, Vintage Air A/C, AAW wiring harness, front disc brakes.

Any ideas what it's worth?

I know a guy who knows a guy☺ who insures his C10 for 125 at Hagerty. It probably helped to provide a punch list and images of original documentation. Your truck is beautiful, 25K isn't close IMO, at least double, triple, quadruple? Looks especially clean, and if most of the goods are OEM then bonus points.