Boring but necessary: Insurance question

[60Dan]

Hey Guys and gals!

About to step into the world of a domestic full size vehicle for the first time.

Coming from the world of Landcruiser's I'm both nervous and excited!

Anyway ... my old cruisers have always been insured for their "declared" value through Liberty Mutual using a combination of the value of the actual vehicle, plus the modifications. Ive provided a spreadsheet with receipts/replacement value in the past and that's always sufficed.

This new vehicle is significantly newer (2015), plus it is a heavily modified high dollar build.
Im waiting on my LM agent to get back to me.

In the meantime, wondering who you are all have had good luck with insuring your vehicle through? Rates are obviously important but coverage of the replacement value/purchase price is too

Thanks
Dan

 

[Tex68w]

Well for starters, what specifically is this vehicle?

 

[60Dan]

Well for starters, what specifically is this vehicle?

Its a Ram 3500 SRW with AEV components on it and a custom rear bed. Basically an AEV Ram without the badging

 

[4000lbsOfGoat]

I've used State Farm for many years and have had good experiences with them. My Tacoma is also heavily modified. I was told that anything that is permanently mounted to the vehicle is covered by my policy - I just have to keep receipts in case anything is damaged\stolen.

 

[vintageracer]

Just because you bolt something on your truck does not mean that item adds any value to your vehicle. Maybe it does most likely it does NOT add any value in the eyes of an insurance adjuster and his company. Your not going to git an "Agreed Value" policy on a 2015 vehicle. You will git an "Actual Cash Value" policy. In the event of a total loss it's on you to prove your vehicle is worth more than "Book Value" on the date of loss.

Most vehicle dealers will pay little if anything for all the extra CRAP people bolt on their vehicle and an insurer is no different. Keep receipts, have a serious discussion with your agent and have the agent git their underwriter on the phone when you meet to attempt come to an agreement on the proper amount of insurance you purchase for your vehicle, what the insurer might pay for a total loss and how the insurer will calculate the depreciation over time on your vehicle. After all your vehicle is a 2015 model and it going down in value (depreciating) every month as you drive it and the market changes for late model vehicles.

If you have delusions of adding $20,000 worth of CRAP on your truck and expect the insurer to cover your truck at full value and all the CRAP added to your vehicle at retail price you will be sadly disappointed!

 

[60Dan]

Just because you bolt something on your truck does not mean that item adds any value to your vehicle. Maybe it does most likely it does NOT any value in the eyes of an insurance adjuster and his company. Your not going to git an "Agreed Value" policy on a 2015 vehicle. You will git an "Actual Cash Value" policy. In the event of a total loss it's on you to prove your vehicle is worth more than "Book Value" on the date of loss.

Most vehicle dealers will pay little if anything for all the extra CRAP people bolt on their vehicle and an insurer is no different. Keep receipts, have a serious discussion with your agent and have the agent git their underwriter on the phone when you meet to attempt come to an agreement on the proper amount of insurance you purchase for your vehicle, what the insurer might pay for a total loss and how the insurer will calculate the depreciation over time on your vehicle. After all your vehicle is a 2015 model and it going down in value (depreciating) every month as you drive it and the market changes for late model vehicles.

If you have delusions of adding $20,000 worth of CRAP on your truck and expect the insurer to cover your truck at full value and all the CRAP added to your vehicle at retail price you will be sadly disappointed!

Good info.

My previous vehicle was a 1985 FJ60 with a bunch of "crap" bolted on and it was insured for the actual value because it was also seen as a classic. It was insured for $40k and that was the agreed upon value should it become a write off hence the question

 

[DirtWhiskey]

I use Auto Owners. They insure my heavily modified 2001 Super Duty to full replacement. All I had to do was provide my receipts. Also insured my flatbed camper. Extra $250 per year for both.

 

[billiebob]

Every insurer is different, you are on the right route listing the mods, keeping the receipts.
Shop all the local brokers, find the best deal, research like you are doing here to find which insurers actually follow thru.
Tha basics are pretty simple, agreed value, full replacement or depreciated value.
The premiums might be the deciding factor. Your history with LM should help.

Sometimes being affiliated, networking with a group like Expedition Portal can have a positive influence on the premium as opposed to just being a redneck getting out of dodge. Let them know yer not just a redneck. You actually have resources to help plan yer trips....... and help if required.

 

[DirtWhiskey]

Just because you bolt something on your truck does not mean that item adds any value to your vehicle. Maybe it does most likely it does NOT add any value in the eyes of an insurance adjuster and his company. Your not going to git an "Agreed Value" policy on a 2015 vehicle. You will git an "Actual Cash Value" policy. In the event of a total loss it's on you to prove your vehicle is worth more than "Book Value" on the date of loss.

Most vehicle dealers will pay little if anything for all the extra CRAP people bolt on their vehicle and an insurer is no different. Keep receipts, have a serious discussion with your agent and have the agent git their underwriter on the phone when you meet to attempt come to an agreement on the proper amount of insurance you purchase for your vehicle, what the insurer might pay for a total loss and how the insurer will calculate the depreciation over time on your vehicle. After all your vehicle is a 2015 model and it going down in value (depreciating) every month as you drive it and the market changes for late model vehicles.

If you have delusions of adding $20,000 worth of CRAP on your truck and expect the insurer to cover your truck at full value and all the CRAP added to your vehicle at retail price you will be sadly disappointed!

It's not really that hard. You BUY the policy. You can buy a policy for your CRAP. All of it. I can insure my shoes if I want to. Any good insurance company wants to SELL you insurance. I literally have millions in policies on all sorts of equipment, goods, stock, booze, guitars. All insured to full replacement. Cars are no different. Prove your cost, buy the policy. Don't save receipts and hope for the best. Send them to your agent and have them quote you a policy extension. Not rocket science. Any company that won't insure you to cost should be fired. Auto Owners. Usually brokered by your agent of choice.

 

[Dances with Wolves]

As an agent, I get the Insured to get me all the receipts and then get them Additional Equipment coverage based on that amount. Certain items are not "additional" equipment. Tires, shocks and the like are not additional, they're replacement or upgraded. I don't include them.

 

[clydeps]

Depending on what quotes you get it might be worth asking yourself if you need insurance. I've made the choice to self-insure my rather high value overland vehicle (other than for third party liability, which is dirt cheap) since I don't see the value in paying out around 2.5% of the vehicle's value every year. Obviously I don't owe any money on it, and while a total loss would be painful, it wouldn't ruin me. YMMV.

 

[Dances with Wolves]

Agreed. Also, some items, not permanently attached could be considered Personal Property. You have 10% of your Personal Property Homeowners policy limit for personal property away from home. This coverage extends worldwide.

My dad, who was also an insurance agent shared my belief that you should only insure what you couldn't comfortably write a check to replace. He called it not insuring the grocery bill.