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Offline Wilbur

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Vehicle insurance
« on: August 29, 2015, 06:04:58 PM »
I'm not sure if this should go here or in the financial section but I'm curious what experiences everyone has had insuring an expedition vehicle or highly modified vehicle? I'm thinking of Square D and how much Don has invested in it....it would suck if he got t-boned by some meth head (in more ways than one!) And the insurance company said "okay here ya go....here's your check for a 25 yo truck with 170K miles"!! >:(

So just wondering how it went for other folks and what experiences you had good or bad. And while I cited SD I'm sure it would be the same for any old muscle car etc. Is it simply getting a specific appraisal and insuring to that?  ???

Offline TexasRedNeck

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Re: Vehicle insurance
« Reply #1 on: August 29, 2015, 06:15:47 PM »
Yes. There are speciality insurance companies. Easier for classic cars where there is an accurate market for them. SD would be uninsurable.  At some point you self insure. Add up all you've ever paid in insurance premium. Cheaper to retain the risk in most cases. Kinda like dental insurance. Why pay $50 a month for a $1500 annual benefit?


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Offline wyorunner

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Re: Vehicle insurance
« Reply #2 on: August 29, 2015, 07:18:30 PM »
I just called Our insurance company on Thursday for Hank. Being a 74, they said full coverage would be something like 2k if declared a total loss, I'm already into it for more than that. So I said jut give me liability (11$ a month) and let me talk to the collector car insurance company. Talked to them and it ended up being a waste of time. But each company has different requirements such as only 500miles a month, kept in a garage and other prohibitive measures for what they cover. If you only plan on driving it once or twice a month yea that might be the way to go, but still not cheap. I think the company I spoke with was American classic cars. I'll have to reach out to my insurance friend and get his take.


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Offline nmeyer414

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Re: Vehicle insurance
« Reply #3 on: August 29, 2015, 07:59:36 PM »
great topic Wilbur.  it could stay here but I think it might fit better under the CIEMR area?  your call, let me know if you would like it moved over that way.
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Offline Flyin6

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Re: Vehicle insurance
« Reply #4 on: August 29, 2015, 10:47:16 PM »
I'm not sure if this should go here or in the financial section but I'm curious what experiences everyone has had insuring an expedition vehicle or highly modified vehicle? I'm thinking of Square D and how much Don has invested in it....it would suck if he got t-boned by some meth head (in more ways than one!) And the insurance company said "okay here ya go....here's your check for a 25 yo truck with 170K miles"!! >:(

So just wondering how it went for other folks and what experiences you had good or bad. And while I cited SD I'm sure it would be the same for any old muscle car etc. Is it simply getting a specific appraisal and insuring to that?  ???
USAA, who insures me, will cover the vehicle for options. You simply need to document them. I usually send them a photo and a itemized list of the modifications. That way they know they are insuring a 100K truck, not a 1K one!
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Offline wyorunner

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Re: Vehicle insurance
« Reply #5 on: August 29, 2015, 11:51:17 PM »

I'm not sure if this should go here or in the financial section but I'm curious what experiences everyone has had insuring an expedition vehicle or highly modified vehicle? I'm thinking of Square D and how much Don has invested in it....it would suck if he got t-boned by some meth head (in more ways than one!) And the insurance company said "okay here ya go....here's your check for a 25 yo truck with 170K miles"!! >:(

So just wondering how it went for other folks and what experiences you had good or bad. And while I cited SD I'm sure it would be the same for any old muscle car etc. Is it simply getting a specific appraisal and insuring to that?  ???
USAA, who insures me, will cover the vehicle for options. You simply need to document them. I usually send them a photo and a itemized list of the modifications. That way they know they are insuring a 100K truck, not a 1K one!

Is this something each person we speak with should know, and they should offer? I ask because that was not offered, but at this time I'd be hard pressed to insure the truck for what I have in it. Still curious though, because they seems as though it would be the best way to go about insurance.


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Offline OldKooT

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Re: Vehicle insurance
« Reply #6 on: August 30, 2015, 10:26:36 AM »
Not sure how this applies to most but here is how we did it. My wife's Ramcharger was appraised at $22K by a gentleman who's certified in such things. We now have a policy insuring it at that stated value, no real restrictions. That particular truck is insured by Farmers mutual. Not sure who may actually underwrite the policy.



 
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