Ins. on 45 Yr Old Truck

[68chevy]

Truck not Ruck. lol

My daily driver is a 1968 Chevy C10 pickup truck. It is insured as a normal vehicle with Geico. It is not insured as a classic or agreed value. I paid $7000 for it in 2013. Insurance rates for comp. and coll. is a couple dollars each for 6 months.

This low rate tells me on a total loss, I will be offered only a few dollars for a settlement. But my ins. co. rules state they pay market value for a total loss.
NADA value for a 68 C10 in good shape, as mine is, is $11000 low retail to $19000 average retail.I can't get an agreed value policy because of mileage restrictions.

Do I have a case for actual value if it is totaled? Or is there some hidden "out" for the ins. co. to not pay me what it is worth.

Thanks

 

[Josh]

Re: Ins. on 45 Yr Old Ruck

This is your problem I suspect, "insured as a normal vehicle". Did you have a stated value agreement with them? Contrary to public opinion, usually in a situation like this the company isn't looking for "an out", they're just going by the policy you agreed to. Prior to the loss you were welcome to review offers from many carriers and choose a policy that's best for you. Unfortunately it sounds like you called 1-800-94-AUTO and got more or less what you asked for. If you had talked to a local agent they likely would have brought up the fact that you may want to have a stated value policy and let you make an informed decision. You can do stated value policies even if you drive the vehicle a lot.

If you got an ACV policy on an old truck worth some money, you're only going to get paid ACV. If you want to get paid what "it's really worth", you generally need a stated value policy. If you shop it around the premiums might not be that much different, but you can't cry foul at a claim when you had a policy that's paying out exactly what it agreed to.

Does that make sense?

 

[djs]

Re: Ins. on 45 Yr Old Ruck

The 11-19K range is based on it being a classic car, but you don't have it insured as a classic car. You have an actual cash value policy, which means my guess is you would get something more like $1200 minus your deductible. Actual cash value in general means purchase price minus depreciation. There is almost never a thought about appreciation, since that changes the concept of what you are insuring. Insurance companies do not typically use NADA or KBB, but use fair market value. The truck sold new for $2375, you are probably starting there.

I don't think Geico offers an agreed value policy (or stated value). You really need to find one and it likely won't be much difference in rate than you are currently paying.

Dan

 

[BlockO]

Re: Ins. on 45 Yr Old Ruck

One major problem here.......

68chevy indicated that this vehicle is a "daily driver", which I assume means it's the primary vehicle. That won't qualify for a classic car policy (or at least the classic car companies that I use won't accept it, perhaps there are some that do).

most classic car companies want some sort of proof that the vehicle isn't the owner's primary vehicle. Usually, that means providing them with a copy of a regular auto insurance policy, which lists other vehicles than the classic car.

So you may be stuck with that coverage until you use another vehicle as the primary one.

 

[Josh]

Re: Ins. on 45 Yr Old Ruck

You don't have to have a classic car policy to have stated value policy. When I was at Allstate we could do them on anything. Of course you couldn't take a 10 year old honda and claim it was worth $50k, you have to back it up with appraisals and the like, but it's just a slight variation. Had someone with an old Bronco that booked out at around $3k but was valued at 11k. Allstate took it at face value initially but then wanted annual appraisals or something like that.

 

[BlockO]

Re: Ins. on 45 Yr Old Ruck

You don't have to have a classic car policy to have stated value policy.

True, but that limits your market quite a bit. Allstate is more of the exception rather than the norm. Most regular auto insurance carriers won't cover on agreed value basis once a vehicle exceeds a certain age.

I don't know about Allstate's policy, but most auto insurance policies, even with agreed value coverage, doesn't offer the same value that a classic car policy does.

IMO, a vehicle that qualifies for a classic car should go the classic car insurance route over a regular auto policy, simply because of added coverage options and having a claims adjuster who specializes in classic vehicles.

 

[xrac]

Re: Ins. on 45 Yr Old Ruck

My friend has a 1995 Chevrolet K-3500 dually that looks like it was driven off the show room floor. It has a new engine, new wheels, new tires, custom paint job, new mirrors, tonneau, with almost everything under the hood is new including a new diesel engine. It is absolutely unique. Prior to having it insured they sent someone out to appraise it and came up with an agreed value of $30K. That is what it is insured for and it is a daily driver.

 

[68chevy]

Re: Ins. on 45 Yr Old Ruck

Thanks for the responses.

Josh - The policy I agreed to is to go by the "rules" the ins. co. states. They say they look at like vehicles in my area to get a market value. I do understand now how they could start at initial selling price (around $ 2300) and depreciate from there. But that contradicts market value.

But i think I will look into an agreed value policy without mileage restrictions. I do have another car in my wifes and my name. This is mainly her car and the 68 is mainly mine.

 

[xrac]

Re: Ins. on 45 Yr Old Ruck

My friend has a 1995 Chevrolet K-3500 dually that looks like it was driven off the show room floor. It has a new engine, new wheels, new tires, custom paint job, new mirrors, tonneau, with almost everything under the hood is new including a new diesel engine. It is absolutely unique. Prior to having it insured they sent someone out to appraise it and came up with an agreed value of $30K. That is what it is insured for and it is a daily driver.

By the way this vehicle has 300K plus on the odometer and was in three colors when he bought it. He paid $3,500 when he bought it and over two years it became the absolutely gorgeous truck that it is.

 

[AZDave]

Truck not Ruck. lol

My daily driver is a 1968 Chevy C10 pickup truck. It is insured as a normal vehicle with Geico. It is not insured as a classic or agreed value. I paid $7000 for it in 2013. Insurance rates for comp. and coll. is a couple dollars each for 6 months.

This low rate tells me on a total loss, I will be offered only a few dollars for a settlement. But my ins. co. rules state they pay market value for a total loss.
NADA value for a 68 C10 in good shape, as mine is, is $11000 low retail to $19000 average retail.I can't get an agreed value policy because of mileage restrictions.

Do I have a case for actual value if it is totaled? Or is there some hidden "out" for the ins. co. to not pay me what it is worth.

Thanks

68Chevy;

You may very well be in trouble if there is a total loss. Even a small collision claim could total that truck of yours. I would really suggest you should call your Geiko Agent for an answer on how they will treat a total loss settlement. If they will pay market value and allow you to carry physical damage for ' a couple of dollars' and allow daily usage, then you have the ideal policy, right?

Please let us know your agent response to your specific loss settlement questions.

Thanks, Dave