Truck values have skyrocketed, is your insurance up to snuff?

[tley]

This is probably not news for most, but it is important information nevertheless. When I had my policy wrote up with Hagerty a couple years ago, I placed the value at a point where if something happened I would be able to replace my truck with relative ease and without having to search for months for a bargain. Today while looking to see what was out there for sale, I looked at what I would be able to replace my truck with if I had to rely on insurance money (normally it's just looking for deals and dreaming). I couldn’t believe how much prices have shot up in such a short time. I just wanted to bring it to the attention of the others that carry full coverage/ agreed value insurance; if you have not checked the market recently, make sure you can get the replacement you expect.

['70_402]

If you don't mind me asking, how much do you pay in insurance, and was it a pain to settle on a value?

[72c20customcamper]

Originally Posted by '70_402

If you don't mind me asking, how much do you pay in insurance, and was it a pain to settle on a value?

Depends on the value of the vehicle. My truck at 12k is about 120$ a year. And I have 250/500 K liability need that for my umbrella policy.

It's not really a problem to settle on value unless you insure it way above the market. IE a 1964 dodge coronet at 100k . Thay may question that.

[Sloonz]

If you have Hagerty you'll have access to vehicle valuation and historical trends. This is what the 5yr trends looks like for a '70 C10, stepside, 350. Stepside and fleetside are both valued the same at $12,700 average.

[IMG][/IMG]

[mikeshome]

They have all gone up a lot.The bigger point is where you live. Here in Ontario Canada you would never find a replacement.I know I get an appraisal done every couple years on my 71 GMC and the agreed value now is around 20.

[tley]

Originally Posted by '70_402

If you don't mind me asking, how much do you pay in insurance, and was it a pain to settle on a value?

It would be hard to tell you exactly how much for one truck as I have a multi-vehicle policy. It was super cheap compared to conventional insurance. For me and what I have heard from others, value was easily agreed upon. Their website is very user friendly and from what I can remember, very easy to get a quick quote.

[tley]

Originally Posted by Sloonz

If you have Hagerty you'll have access to vehicle valuation and historical trends. This is what the 5yr trends looks like for a '70 C10, stepside, 350. Stepside and fleetside are both valued the same at $12,700 average.

[IMG][/IMG]

Wow! That seems to be accurate. That is exactly what I am talking about: Trucks that us common folks would pick up to fix up have nearly doubled in price in three years time (the "fair" to "good" category). Thanks for the graphic by the way

[flashed]

This is a great reminder for me to call Hagerty to up my policy on my current project as It is past due to do so.

[bill3rail]

Not a bad idea. Hopefully, It will not cost a bunch to increase the value.

Bill

[71CHEVYSHORTBED402]

My insurer will cover up to 57K on my truck, on the assumption its top notch. I have a feeling they'll rub 70K before too long. We're going to pass Camaro

[custom10nut]

After seeing this post, I looked at the NADA values. $15k for low retail? Really? That’s insanity. Of course, now the fact that I had a guy (with check book in hand) ready to write a $10k check if I would have accepted his offer, makes sense. 🤔
I respectfully declined his offer. The truck isn’t goin anywhere.😎

[tley]

Originally Posted by 71CHEVYSHORTBED402

We're going to pass Camaro

That is crazy talk! But so true!!!! It is amazing

[tley]

It gives me mixed emotions... I am glad to see others see the value in our trucks that we have always seen, but at the same point it makes the hobby so hard to enjoy

[stsalvage]

I had people for years and years tell me why are you hanging on to all your 1964--72 chevy trucks and 3 door suburbans. I have about 9 of them 4 of them run only 2 are fit to drive on the road. But over the years I've bought extra parts to make sure all my trucks are complete. Only 1 truck is in my yard without a motor or trans But will soon fix that problem. The market for these trucks has gone way up. I have some real jewels in my yard. I do have a lot of people looking into my yard. I tell them On'y one of my trucks has bad cancer on the floor is my 1964-big window fleetside short bed on the passenger side. I did a wonderful job about buying my trucks back in the 1990s did not buy trucks with any cancer in 1964 has cancer in it cus a tree grew up next to it and did not know that old car's and trucks and tree's Do Mix well.

[flykelley]

I have mine insured for 20K stated value. Insurance company didn't even want a appraisal. Suggested I keep all my receipts if it was ever questioned.

Mike

[Coley]

What is more interesting than rising insurance rates....is the amount of guys/people who don't have any insurance at all on their truck.....and they are driving it around, lol.

To me, its almost unbelievable....bordering on insane, lol.

If you watch threads where something has come off the rails for someone in a truck being wrecked, hit, stolen whatever....its amazing how often there is no insurance in the picture.

I get not wanting to insure a 2003 honda, because even if it was insured it arguably isn't worth anything....but an appreciating vehicle like a classic truck or car makes absolutely zero sense....but driving without insurance is out there all day long it seems.

Oh well....not my truck, not my problem...lol.

All Good
Coley