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Old 04-02-2020, 12:47 AM #1
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Insurance Questions

How do you guys make sure you have enough coverage incase your rigs are written off in an accident? I spoke to my insurance company and they said in legaleez that basically they will determine the value of the vehicle and that I can submit receipts for any mods I did in the last 12 months. I have had my 3rd gen for more than 3 years and did most of the mods myself (thanks to this forum!!!!)

A 1997 runner with 290k miles on it wont get much in any "book" the insurance company looks in....But when it has a toytec lift, snorkel, big 3 mod, CL44 mod, winch, diff lockers, big tires, custom front and back bumpers, heated onboard shower, onboard air etc......It would take 4x what the insurance company would pay out to total the vehicle to buy a similar rig.

What do you guys do to make sure you get compensated for a similar rig after an accident?
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Old 04-02-2020, 03:33 AM #2
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Self Insure.

Why bother with Full Coverage on any vehicle over 12 yrs old??

Self Insure. Invest the difference and you'll be Far Ahead. :^)
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Old 04-02-2020, 08:11 AM #3
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Quote:
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Why bother with Full Coverage on any vehicle over 12 yrs old??
Because the difference between the minimum I'll accept (liability is a *****, I've seen too many multi-million dollar claims and that was mostly 10~30 years ago when my dad was still selling insurance) to full coverage is maybe $100/year? Most people are spending that much a month of take-out coffee, or a phone bill. I doubt I'll miss the $0.80 I might see from investing (assuming the standard 8% stock market return).

OP, you can use sales pricing for "similar" vehicles as argument for a price adjustment. I tend to save sales info from Craigslist, Ebay, BaT, etc... on vehicles that have value beyond what I'm willing to just absorb (about $5k for me, insurance isn't worth it below that, and is a thinker when right around that price).

There are Also "classic car" insurance options where you can insure to a set price. Some have mileage limits (no more than 3k per year, for example), some have Use limits (can't go to/from work), and they tend to be a little more costly because you're insuring for a higher dollar value than if you just go to a discount business who looks at the blue-book and insures for the $2,500 listed (yes, that's actual KBB for a 4x4 limited).

If you don't have the money, then the last course of action is usually to just plan on parting out any vehicle that's beyond repair. You'll get your money back and then some, but you have to put in your time and effort. That's normally the best bet for people who are short on funds, driving inexpensive vehicles (and these still are) ~ you simply have to have the ability.
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Old 04-02-2020, 11:47 AM #4
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... difference between the minimum ... to full coverage is maybe $100/year?

Which companies have you found offering this deal, I'd like to look more closely at their fine print. I'd take full coverage just for the hail damage potential, that is far more common than an accident that totals. Let us know who offers this, I've looked and cannot find one.
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Oh yeah, GO LONGHORNS!
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Old 04-02-2020, 11:58 AM #5
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I'll tell you why. Insurance companies got smart about 5-6 years ago and started shifting the bulk of the premium away from C&C to Liability.

In my case, across multiple companies, on older cars (1990 Miata, 2001 T4R, 2004 Highlander), the C&C is ~$300 per year and Liability is ~$550 per year. It was just the opposite before they wised up. Cancelling C&C to save that amount is not worth it to me.

I effing hate insurance companies for so many reasons and this is just one more, but they are a necessary evil.

I also might add if I owned an insurance company, I'd do the same thing.


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...Why bother with Full Coverage on any vehicle over 12 yrs old??... :^)
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Last edited by eddielasvegas; 04-02-2020 at 01:29 PM. Reason: Clear up my bad logic
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Old 04-02-2020, 12:10 PM #6
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Even with full coverage, make sure itís in writing that they will reimburse you for aftermarket parts at your cost. Donít go by their word.


2001 SR5 4x4 Premium
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Old 04-02-2020, 01:06 PM #7
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Quote:
Originally Posted by jgue467 View Post
Self Insure.

Why bother with Full Coverage on any vehicle over 12 yrs old??

Self Insure. Invest the difference and you'll be Far Ahead. :^)
I live in SoCal where uninsured motorists and predatory lawyers are far more common than hail damage or any other type of damage.

What I am afraid of is some idiot crashing into my rig and the insurance company only "values" it at $2500 I cant go to craigslist and get a truck like this for less than $10k.

After a crash....the last thing I want to be doing is fighting with the insurance company and dealing with parting out my rigs bits and pieces.

I dont mind spending a few dollars more per month but I want to be able to call them and they cut me a check for the correct amount.
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Old 04-02-2020, 02:56 PM #8
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Quote:
Originally Posted by jgue467 View Post
Which companies have you found offering this deal, I'd like to look more closely at their fine print. I'd take full coverage just for the hail damage potential, that is far more common than an accident that totals. Let us know who offers this, I've looked and cannot find one.

USAA ~ and yes, you can use them. The whole "military" thing is just marketing, by law they can't exclude based on that. As usual, YMMV... we have about 10 different insurance policies with them, IRAs, 401K's etc... plus, my wife and I are in the top tier of credit, have lived in the same place with the same jobs for a long time (strange thing to be important, but it's considered "stability" and weighs a good bit), etc...

Insurance is there to protect your current and Future assets. Doesn't take much to run out of insurance coverage if you cause 1 vehicle to have an incident where 4 people are in a hospital for 3 days. Takes even less for a lawyer/judge to find you at fault. If you have any thoughts about Retiring, owning a home outright, having money in the bank... at Some point in your life, that's what insurance is there to protect because a judge can saddle you with wage garnishment. If you like the idea of the "American Dream" , you may want to look into a liability umbrella policy, I think ours runs about $100/year for each $1m in coverage (coverage based on salary till retirement, social security value, home valve, investments, etc... not what you have today, unless you Really want to liquidate and go through bankruptcy). Basically, what Can't you afford to lose? A few hundred bucks a year is cheap peace of mind.

Also, it's Very uncommon for insurance companies to try and weasel out of things. There's a state insurance commissioner in every state who is Your advocate and has the authority to refuse an insurance company from doing business in that state. One settlement is nothing against the loss of doing business in a state.
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Old 04-02-2020, 03:25 PM #9
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USAA ~ and yes, you can use them. ...
Thanks - guess that includes home insurance too - I'll give them a shout, time for a periodic price comparison check anyhow. : ^ ))
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Oh yeah, GO LONGHORNS!
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Old 04-02-2020, 08:33 PM #10
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If you like the idea of the "American Dream" , you may want to look into a liability umbrella policy, I think ours runs about $100/year for each $1m in coverage
This. When we shopped around for insurance, pretty much every company was pissed that we knew of and mentioned an umbrella policy.
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Old 04-02-2020, 08:54 PM #11
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The PUP (Personal Umbrella Policy) is a great idea but I have a couple comments.

1) I will be shocked if you can get $1M policy for $100 a year. More like $250-$500, but I could be wrong. 20 years ago I paid that, but rates are much higher now and I'm in the low risk pool for just about every category.

2) You cannot have just a PUP if you have auto coverage. There is a minimum (rather high, $250k, IIRC) liability coverage for your auto before they will underwrite a PUP.

Good luck,

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Old 04-02-2020, 09:06 PM #12
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Read thru Roadbull's rollover loss of his vehicle and insurance payout;

Road Bull's 2002 SR-5 timeline.

Update on my totalled build and insurance resolution.
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Old 04-02-2020, 11:15 PM #13
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I have 2 1970 muscles cars. One is original just with needed over time upkeep stuff done to keep it car show nice.

Other is 20 year old every bolt and nut remove restoration, built to make your girlfriend wet and babies cry when it drives by. For 20 year old resto still looks dam good. It has racing engine that will run any ways, but upside down.

They not convertible hemi cuda value or shelby league, but nice, fairly rare cars and hard find repair parts.

My friend is in to true old hemi cars and big block full race mustangs. I ask him how he insures his if total lost would happen and how does that work.

Couple of his cars are hand built from pieces not number matching, but all right oem parts to make car right. he drives them all. Drag races some of them still.

You built your truck, added parts, and have record of parts and work done. If you go thru normal insurance it will be treated like a 10 or 20 year old truck. If it ever meets its sudden unexpected final stop. They pay you out a lot less then you wanted and total your truck .

If you buy a hobbyist/special type insurance. They appraise your truck for as is value and work done and extra parts added and you can kind of negotiate your insurance coverage plan. It cost more, but that way if something really bad happens you get your value for your truck/car.

Racing and off road loss or damage is also insurable but, need to be prearrange for what you will be doing to your truck/car.

He has his expensive babies that he beats up on weekend fully insured for loss and replacement, but he pays for it.

My one car is insured for full replacement, even under racing loss (must be on a legit closed course race track) or just a random normal crash on street. I get any remains of my car back, a suitable replacement body/shell and any other parts need, but no labor to replace or rebuild it.

Anything is insurable to your value if you need it to be and can afford it.
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Old 04-02-2020, 11:18 PM #14
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I only keep liability, and even though Iím just building up my rig, Iíll keep it that way. Worst case scenario, I can buy it back from the insurance company if they total it out, and reuse what I can if I get another 3rd Gen, or part it out if not. Iím kind of jonesing for a Diesel Landcruiser.
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Old 04-03-2020, 06:16 AM #15
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Anything is insurable to your value if you need it to be and can afford it.
^^^This!

OP, you could find a company that'll insure your 4Runner for a million dollars -- your premiums will reflect it though.

And if someone else hits you, their insurance company isn't going to pay that -- they're only going to pay book value. Anything over that will be a claim against your policy. Or you settle it in court.
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