Insurance value


IHC in the early to mid-fifties.

Yard Art
Yard Art

Posts: 62

Joined: Mon Jul 25, 2016 9:27 am

Location: Logansport, Indiana

Post Wed Aug 22, 2018 7:21 pm

Insurance value

I am talking with my insurance agent about insuring my 51 L110. It's in fair shape, and will be road worthy soon. I was asked what it's value is now. Metal is in good shape but missing side and rear glass and front bumper. Needs painted some time, prolly a long time from now. Anybody want to let me know how much their similar stock trucks are insured for regarding full coverage? Obviously, PLPD is cheaper but we have way too many deer here to risk a loss.

Golden Jubilee
Golden Jubilee

Posts: 8953

Joined: Thu Dec 27, 2012 12:45 pm

Location: Canada's left Coast

Post Wed Aug 22, 2018 7:47 pm

Re: Insurance value

The reality is, your truck is worth little more than scrap value. You may be able to insure it for much more than that and many insurance companies will take your money. If something happens, your truck will be worth what it says in "The Blue Book" and that may be $500. If you think your truck is worth much more than this, it is time for you to pay for an appraisal from a person trusted by the insurance company.
There is the real possibility any insurance company will require a mechanical inspection now and then again when any repairs are done. If your truck fails and was not repaired and inspected, and is the cause of a collision you could be held 100% at liable. This liability to you could break your finances for the rest of your life. I know this to be true. I used to do accident recreation for a living. I have seen persons loose everything when liability % was determined.
I used to buy Old IHC truck like the one you describe from as little as free to the maximum of $400. I bought 14 of these truck from drive-by and several off Craigslist. I bought a large storage locker with an L and an R pickup. there was 9 truck loads of Old IHC parts and the total I paid was $750.

No one would be doing you any favours by lying to you about this.
I would rather have tools I do not need than to need tools I do not have
Artificial intelligence is no match for real stupidity....
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Golden Jubilee
Golden Jubilee

Posts: 1346

Joined: Fri Oct 25, 2013 10:45 am

Location: Central Florida

Post Thu Aug 23, 2018 8:24 am

Re: Insurance value

NNS is right. Not much value to a survivor truck driven around in “as is” condition. If you’re going with your regular insurance company, you’ll probably want to get the minimum coverage to protect you from being wiped out if you’re at fault in an accident. There are no replacement parts available to repair your truck, so it’ll become scrap or reside in your backyard until you part it out and scrap the damaged pieces.
An option is to talk to insurance companies that deal in collector car insurance. I know you may not think your truck is enough to be considered a collectible. They have plans for old vehicles where you and they reach an agreement to how much the vehicle is worth and base the policy on that value. It may not be the policy you’re looking for, but it is out there and is an option for you to consider. These policies exist for collectors because the vehicle isn’t driven as often as regular vehicles and therefore they consider them at less risk. Most collectors, when driving their “pride and joy”, are being extra careful and trying to avoid any chance of accident, so the theory goes.
L110 owner since 1974, finally rebuilt 2014.

Yard Art
Yard Art

Posts: 62

Joined: Mon Jul 25, 2016 9:27 am

Location: Logansport, Indiana

Post Thu Aug 23, 2018 10:55 am

Re: Insurance value

Talked with my agent after reading the replies. My agent has never personally encountered an unfulfilled contract...meaning I pay my premium and the carrier pays according to the contract if a claim should ever be filed. The agent added that my contract could be canceled after a claim, but not until the claim was paid according to the contract.
Once I receive my policy, I'll be reading it thoroughly. Thnx for the input.

Golden Jubilee
Golden Jubilee

Posts: 8953

Joined: Thu Dec 27, 2012 12:45 pm

Location: Canada's left Coast

Post Thu Aug 23, 2018 12:37 pm

Re: Insurance value

My agent has never personally encountered an unfulfilled contract

I don't doubt your agents statement. What that means and nothing more is the agent has never had a different experience. This does not say that something different could and does happen. Insurance companies are not unlike a Los Vegas booking business. They bet against something happening and you pay for the possibility of that something happening.
Make sure you read and understand the "fine print" in your contract. Your contract with and insurer places responsibilities on you to maintain your vehicle in good mechanical condition and operated it in a safe manner. Anything outside of this can and will put you in violation of the contract and your insurer may have the right to drop your coverage in the future. What I have seen happen many times is the insurance pays out on a claim made against you then they chase you for the rest of your life to recover their loss. This happens if and when you have not fulfilled your half of the agreement. Speeding, dangerous driving and impaired driving and failing to maintain the vehicle will put you in a tenuous position. Be careful and understand your responsibilities. Get your vehicle inspected. A component and recognised inspector will reduce your liability, if your truck passes inspection and becomes involved in a collision. Saying that you are familiar with mechanics because you have done it before may not be enough to prove your professional mechanics status.
Replacement of the vehicle is a different part of insurance coverage. No inspection for vehicle value may leave you with scrap value.
Be smart and get to know your policy.
I would rather have tools I do not need than to need tools I do not have
Artificial intelligence is no match for real stupidity....

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