Quote:
Originally Posted by APhelps
He's not looking at resale value, he's looking at insurance value.
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Exactly. I know that's why this thread is a bit confusing since I think most people don't consider "insurance value" just what "it's worth."
Basically, I'm asking for what it would cost to replace my truck with the exact same specs and modifications, "today."
Spartacus gave me some good pointers, to look at used pricing in different areas and then that gave me the idea to figure out what a "base" truck would cost in my area plus then add the mods for it. So I'd have to buy a similar truck (which in LA is about 9.5-11), then add to it the cost to install my mods.
The idea is that I want to insure it so that if it gets stolen, I get a check to replace it, not only the basic truck but as optioned/modified. So in that sense, Brillo is right, "Well the insurance value should be close to what it cost to replace the ride right?"
That's what they called "Declared Value," but note that most insurance companies don't do declared value premiums, they only insure for what it sells for at the moment and they don't factor any mods. I don't want to fall into that trap.
I submitted it this afternoon for $16.5k. Only increased my rates $8/mo, LOL.
PS: If anyone can find THIS kind of truck on the market for 10k, rust free, all these mods, showroom condition, etc. PLEASE let me know! I'll buy it tomorrow, lol.