Deciding value

[XtechX]

How is everyone deciding on how much their trucks are worth? I am trying to figure out what to insure mine for. Is it safe to say "for instance" a person has $10,000 into a build, with no out sourced labor, how do you value your time? Would it be like a construction job where, if you have $5000 into materials, then it would be safe to say $5000 in labor for a total of $10,000?
I know that I could more than likely never get the money out of my truck that went into it, and I don't know if that is how insurance companies look at a proposed value.

[markeb01]

I imagine everyone has their own formula. Mine was to pick a number I could live with if the truck was destroyed to give me a head start on a replacement. The number I picked was $7500. What it’s actually worth to me is at least $25,000. What I could sell it for is probably half that amount. The reality is the higher the “agreed value” the higher the cost of the premiums. And my insurance company wanted professional confirmation of the value, so I just went to a local rod shop and asked for an estimate on their letterhead. They gladly provided an official note, and that was that.

If the truck was rarely driven, I’d probably check into classic vehicle insurance, but since it is used as regular transportation, it actually helps with the overall cost because we get a multi-car discount for having 3 vehicles. Anyhow that’s how I do it.

[Clyde65]

I have agreed value of 10k, like you said I have more labor in it than I can count but if it was destroyed, I could get close to what I have now.
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[scottofksu]

I'll just reiterate essentially what everyone else is saying; value it based on replacement cost. That is, what would it cost for you to buy a replacement truck that is as close to the same condition as your truck? A quick review of Ebay shows that you can buy a whole lot of truck for around $12,500...

[fasteddie1964]

I insured mine for $15000

[Surfdaddy]

The insurance companies have an idea of what the cars are worth. They use the NADA listing as a guide. I have an agreed value of 7900.00 for my Squareback, and 7500.00 for my rusty GMC. I do have limits on the mileage I drive (5k per year on each). We have an agreement that each year as I progress with the build /restoration of the GMC the truck will be appraised and with documentation showing progress the agreed value will go up.

[LostMy65]

When I first brought home my 66, I requested an insurance value of $500.

I think it's time I up its insured value.
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[LT1 Burb]

My appraisal is for 40K and that is what the agreed value is through Hagerty's. I have recepits for more than that and that does not include labor.

[GMR-PERFORMANCE]

Grundy will be the company i use. I am going to to go with 60K. I have seen many a 15-30K truck and some are nice but when you really start to look close there are many short cuts that where taken, in my opinion.. I know for 60 I can go buy another truck and build it like the one I have.. I did a complete frame off ..so that is how I came up with the figure..

Talk to a few body shops and tell them how you want the work done bet you will be surprised at the figure you get...

Thats the great thing about a few company's is that you get to name the price. My cost is 952 a year.. for the 60K value.. Thats cheap, at least I think so.. If my truck gets totaled by some azz hat that is texting and playing with the radio at the same time. I get to go pick out my next project and go from there.

[XtechX]

I think I'm gonna try Hagerty insurance. I have decided that 15000 outta do it, that will cover my materials, parts, and time. I have a quote for 470 a year, does that sound about right to you guys? I'm hoping to plate and insure it on monday and I'm really excited to drive it. I know there will be alot of bugs to work out, but excited none the less.

[LT1 Burb]

I think I pay 6 or 7 hundred for mine, it is more because of the motor, if it was stock it would be around 400.

[Surfdaddy]

I pay 200 a year for the truck and 200 for the VW through AAA, though I have 5 cars and a scooter on the policy. They make up for it by charging more for the other cars. 3500 a year for insurance is a big expense, add California’s high registration costs and you almost need a second job to pay for the cars.