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Old 10-20-2019, 11:19 AM #16
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Originally Posted by lockedlex View Post
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.
I see what you are saying. You are willing to pay a small premium increase to have your runner insured for actual replacement cost as currently equipped as opposed to the KBB resale value. Not a bad idea if your insurance company offers it.
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Old 10-20-2019, 11:54 AM #17
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Quote:
Originally Posted by MaineRunna View Post
I see what you are saying. You are willing to pay a small premium increase to have your runner insured for actual replacement cost as currently equipped as opposed to the KBB resale value. Not a bad idea if your insurance company offers it.
Yeah certainly makes total sense. Good luck finding 3rd gen 4runners that don't need a lot of work at this point. I imagine loads of them are running around with a good bit of rust, body damage, leaking seals and etc.
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Old 10-20-2019, 01:28 PM #18
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Glad you found a price that works for you. My Insurance companies will probably let me declare a value if I choose to with my Runners but that Isn't necessary in my particular case. However, it seems everyone's case can differently be different.
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Old 10-20-2019, 01:59 PM #19
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Maybe it's just me but I feel like I could easily do everything listed for 10k pretty much any day of the week, not the biggest deal since your truck is worth what you think it is. Keep in mind though, the bigger the payout is, the more your premiums go up if something happens. You'll end up paying it all back over about a 3 year period basically.

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Old 10-20-2019, 02:59 PM #20
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Quote:
Originally Posted by MaineRunna View Post
I see what you are saying. You are willing to pay a small premium increase to have your runner insured for actual replacement cost as currently equipped as opposed to the KBB resale value. Not a bad idea if your insurance company offers it.
Exactly. I've had this on all my modified cars forever and usually just "blindly" rerate the "declared value" every renewal, but this year, esp. as these trucks are getting more beat up and older and harder to find mint ones at a decent price, I wanted to be sure I'd be covered for full replacement cost. Not replacement "value" but what it would "cost" to get a replacement to this level.
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Old 10-20-2019, 03:00 PM #21
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Originally Posted by APhelps View Post
Yeah certainly makes total sense. Good luck finding 3rd gen 4runners that don't need a lot of work at this point. I imagine loads of them are running around with a good bit of rust, body damage, leaking seals and etc.
Yep, even these 10-12k "lower mileage" ones I'm seeing have some issues that have to be addressed. I think lower mileage can also be a curse, as many people haven't changed out things yet (like seals) so they are just waiting to blow.
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Old 10-20-2019, 03:05 PM #22
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Quote:
Originally Posted by UnderFire View Post
Maybe it's just me but I feel like I could easily do everything listed for 10k pretty much any day of the week, not the biggest deal since your truck is worth what you think it is. Keep in mind though, the bigger the payout is, the more your premiums go up if something happens. You'll end up paying it all back over about a 3 year period basically.

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Thankfully, I don't get charged a higher rate for not-at-fault incidents. So if it's stolen, or someone slams into me (and they are at fault), my rates don't increase. Also, even with this rerate, I'm only paying about 500/yr and that's for 250/250/500k, full comprehensive/collision, uninsured motorist liability AND property damage, etc. So I think if you have a modified truck, esp. if you've put a lot of work (personal labor counts) into it, it doesn't make sense to go for KBB (which is the default value, basically).

Like I said, w/o a declared value, I'd only get barely 5k for this truck. I'm now paying an extra 96/yr for 16,500. I think those are good returns
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Old 10-20-2019, 03:05 PM #23
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Declared value is only in a total loss scenario, right?


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Old 10-20-2019, 03:07 PM #24
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Originally Posted by UnderFire View Post
Maybe it's just me but I feel like I could easily do everything listed for 10k pretty much any day of the week, not the biggest deal since your truck is worth what you think it is. Keep in mind though, the bigger the payout is, the more your premiums go up if something happens. You'll end up paying it all back over about a 3 year period basically.

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Originally Posted by brillo_76 View Post
Glad you found a price that works for you. My Insurance companies will probably let me declare a value if I choose to with my Runners but that Isn't necessary in my particular case. However, it seems everyone's case can differently be different.
Yeah, if I'm not modified, I'd just keep it as is (KBB value only). Or sometimes, if the car isn't worth much, I wouldn't even bother putting comprehensive/Collision on it, just stick with Liability only. But I've put enough time and money into modifying this... I'd want a decent payout.
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Old 10-20-2019, 03:10 PM #25
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Originally Posted by eddielasvegas View Post
Declared value is only in a total loss scenario, right?


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Correct, BUT it also helps in accidents. For instance, if I don't have declared value and they value my truck at 5... if it gets into an accident and needs 4k in work, they will just cut me a check for 5k, mark the car as a Salvage and nothing gets repaired (they don't repair when the repair costs are more than 60% of the cars value). And good luck for me to replace this for 5k.

However, if I do a declared value of 16.5, then they MUST repair it, even if it's like 10k in damages. So that way, it doesn't get a salvage tag to it and I still have a working, modified truck.
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Old 10-20-2019, 04:36 PM #26
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Thanks lockedlex.

My T4R is probably worth in the $9-12k range and I know I would not get that from my Ins. company using Stated Value so you've given me a good idea to ask about it.

Does this higher value raise the amount at which it would be totaled? In your case, if it can be repaired for 7 large, then they would do that?

Eddie

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Correct, BUT it also helps in accidents. For instance, if I don't have declared value and they value my truck at 5... if it gets into an accident and needs 4k in work, they will just cut me a check for 5k, mark the car as a Salvage and nothing gets repaired (they don't repair when the repair costs are more than 60% of the cars value). And good luck for me to replace this for 5k.

However, if I do a declared value of 16.5, then they MUST repair it, even if it's like 10k in damages. So that way, it doesn't get a salvage tag to it and I still have a working, modified truck.
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Old 10-20-2019, 05:34 PM #27
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Originally Posted by eddielasvegas View Post
Thanks lockedlex.

My T4R is probably worth in the $9-12k range and I know I would not get that from my Ins. company using Stated Value so you've given me a good idea to ask about it.

Does this higher value raise the amount at which it would be totaled? In your case, if it can be repaired for 7 large, then they would do that?

Eddie
Yes, if it can be repaired for 7k, they'll repair whatever needs to be done for that amount. Vs totaling it, cutting me a check for 5k (say the repair is 4k, they'll just total it. Oh, but usually the lower the KBB value, the less that threshold is. So actually, if the truck's worth 5k, they'll total it at 2k worth in repairs. But at 16.5k, they usually will pay out up to that 60-70% threshold).

Another thing to consider: How much would it cost to replace the mods you have now. For instance, when I put in my S/C, it cost about 2800 NEW (2nd gen, all new parts, got it on sale). Today, that SAME kit from Magnussion is 3500! (at year later). Same goes for my lift kit. It's probably 50% more today than it was 7 years ago. The price of the truck goes DOWN, true, BUT the price of mods (radios, lift kits, etc) tend to go UP over time as it's a commodity and rises with inflation.

That got me thinking that it would actually cost me 20-50% more today to replace some of my mods vs. when I originally installed it. So even at 16.5k I might still be a bit undervalued.

Also, that doesn't factor in labor, which has probably gone up too in the past 8 years. (Although I did all the work myself to mod my truck, something to consider is as I get older, I'm busier with other things in my life, I'm also older and the idea of crawling under trucks get less and less appealing over time, lol! So I'd have to factor in some labor for future replacements).

Of course, for stock cars, it's fine to keep it at KBB. But I'm beginning to wonder now... all these modified trucks that have a cumulative $millions in modifications, are probably not being covered for their full replacement cost. For a small bump in premiums, that seems a little crazy to me.
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Old 10-20-2019, 05:57 PM #28
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Quote:
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Reread the original post.



Eddie
Thanks for the clarification it was 4wd not 2wd. My mistake. :] I have never seen a 2wd 4 runner in my area. All the ones well that are left are 4wd here. I noticed the no snow areas have a pile of 2wd. Especially in CA, AZ areas. I do appreciate the catch though as folks reading my post say what the hell. That will tech me not to double verify.

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Old 10-20-2019, 11:51 PM #29
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Quote:
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A 4Runner like yours in a competitive market would fetch around 9K-10K as a private sale.
Agree...certainly for insurance purposes.
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Old 10-21-2019, 12:22 AM #30
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MODS DO NOT ADD VALUE. HAS TO COME OFF ASSEMBLY LINE TO add value.

Unlezs u pay more insurance premium for said mods upgrades.
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