[Frontier719]

Any help from an insurance salesman (or just an adult for that matter) would be greatly appreciated.

Here's my dilemma

I'm swiftly approaching the time when I have to remove myself from my parents' car insurance and get my own policy. I have a '98 4Runner that I plan on keeping until it falls apart, then I'll restore it and drive it until it falls apart again, etc.

I've no doubt invested more money in this truck than its worth as it's not just a daily driver but a hobby, and I know that if someone T-bones me and totals it, the insurance company will not give me what I think it's worth.

That being said, I've been looking into an "agreed value" policy, but most insurance companies only do this for a collectors car, and mine is a daily driver, and not old enough yet to even be considered.

Let's say for example, that I think my 4Runner is worth $10,000 with all the modifications and maintenance I've put into it. I want 10k if I or someone else totals it/steals it. Does anyone have any advice on this? How do you insure your 4Runner?

We have USAA now, and I'd like to stay with USAA if possible. They've been good to us having lost a house and two cars in the past 5 years, but if there's something better for this particular situation, I'm all ears.

Thanks!

[tigger]

Originally Posted by Frontier719

Any help from an insurance salesman (or just an adult for that matter) would be greatly appreciated.

Here's my dilemma

I'm swiftly approaching the time when I have to remove myself from my parents' car insurance and get my own policy. I have a '98 4Runner that I plan on keeping until it falls apart, then I'll restore it and drive it until it falls apart again, etc.

I've no doubt invested more money in this truck than its worth as it's not just a daily driver but a hobby, and I know that if someone T-bones me and totals it, the insurance company will not give me what I think it's worth.

That being said, I've been looking into an "agreed value" policy, but most insurance companies only do this for a collectors car, and mine is a daily driver, and not old enough yet to even be considered.

Let's say for example, that I think my 4Runner is worth $10,000 with all the modifications and maintenance I've put into it. I want 10k if I or someone else totals it/steals it. Does anyone have any advice on this? How do you insure your 4Runner?

We have USAA now, and I'd like to stay with USAA if possible. They've been good to us having lost a house and two cars in the past 5 years, but if there's something better for this particular situation, I'm all ears.

Thanks!

See if they will do a stated value policy or purchase a rider for the mods you have added. (not all ins companies will do this)

[1engineer]

1. Call insurance company. Any reputable one will do.
2. Tell them truthfully what you are doing and what you want from them.
3. Repeat step 1 & 2 a few times.
4. Pick the one that is best for you.

Most insurance companies offer what you want. Just call them and see.

[KidVermicious]

You'll be wasting your money.

Here's the thing with insurance - it's a necessary evil when it's required by law or contract, or when you have something that you must have and you literally cannot afford to lose. You don't have to have that particular 4Runner, so insurance over and above what you have to carry is literally throwing your money away.

Figure out how much you feel like you can afford to pay as a monthly insurance bill, and then instead of lining some *******'s pocket with it, insure it yourself. Put it in the bank, in it's own account. Once you've got enough in that account to cover the loss of the 4Runner, you can stop paying that insurance bill but stay insured for as long as that money sits there (making you interest, by the way). No insurance company is going to give you that deal.

[Ol'Blue]

I have USAA also and this is what they told me. They will cover the truck at market valve. They will also cover up to 5k in mods with proof. That's easy for me since I have over 20k in receipts and then some. I can't remember what they told me about a flat rate insurance policy. Call them and talk to them.

Blue

[nevada]

Originally Posted by KidVermicious

You'll be wasting your money.

Here's the thing with insurance - it's a necessary evil when it's required by law or contract, or when you have something that you must have and you literally cannot afford to lose. You don't have to have that particular 4Runner, so insurance over and above what you have to carry is literally throwing your money away.

Figure out how much you feel like you can afford to pay as a monthly insurance bill, and then instead of lining some *******'s pocket with it, insure it yourself. Put it in the bank, in it's own account. Once you've got enough in that account to cover the loss of the 4Runner, you can stop paying that insurance bill but stay insured for as long as that money sits there (making you interest, by the way). No insurance company is going to give you that deal.

this. all the way this.
insurance IS a scam.

to avoid the fines you get for not abiding by that scam, purchase the cheapest insurance that you can. then pour all extra money into a "truck account". once you have FULL replacement value in the bank, you can stop adding to it.

[HerT4R]

Originally Posted by KidVermicious

You'll be wasting your money.

Here's the thing with insurance - it's a necessary evil when it's required by law or contract, or when you have something that you must have and you literally cannot afford to lose. You don't have to have that particular 4Runner, so insurance over and above what you have to carry is literally throwing your money away.

Figure out how much you feel like you can afford to pay as a monthly insurance bill, and then instead of lining some *******'s pocket with it, insure it yourself. Put it in the bank, in it's own account. Once you've got enough in that account to cover the loss of the 4Runner, you can stop paying that insurance bill but stay insured for as long as that money sits there (making you interest, by the way). No insurance company is going to give you that deal.

Originally Posted by nevada

this. all the way this.
insurance IS a scam.

to avoid the fines you get for not abiding by that scam, purchase the cheapest insurance that you can. then pour all extra money into a "truck account". once you have FULL replacement value in the bank, you can stop adding to it.

OP, this is the best advice you are like to get on this subject. save your money and that's your own personal insurance policy.

there is also the liability vs collision vs comprehensive. this you need to decide on. If you vehicle is paid off you can carry any of the above. for some easy reading see here (i am not advocating a quote from the link i sent, just for information only):

Liability vs. Collision vs. Comprehensive Insurance

the decision is yours.

[simple]

I think there's an important distinction between having your car insured and having insurance that covers shit you do. If its your fault, and people get hurt, or it's an uninsured driver, things can get out of hand real fast when it comes to money.

As far as insuring his vehicle, saving is a good idea in general. But let's be real, if you total your car and have been putting 50 bucks for 5months in a savings account making a 10th of a percent of interest, you're stuck with a ****ed up car and 250bucks.

Originally Posted by KidVermicious

You'll be wasting your money.

Here's the thing with insurance - it's a necessary evil when it's required by law or contract, or when you have something that you must have and you literally cannot afford to lose. You don't have to have that particular 4Runner, so insurance over and above what you have to carry is literally throwing your money away.

Figure out how much you feel like you can afford to pay as a monthly insurance bill, and then instead of lining some *******'s pocket with it, insure it yourself. Put it in the bank, in it's own account. Once you've got enough in that account to cover the loss of the 4Runner, you can stop paying that insurance bill but stay insured for as long as that money sits there (making you interest, by the way). No insurance company is going to give you that deal.

[nevada]

Originally Posted by simple

I think there's an important distinction between having your car insured and having insurance that covers shit you do. If its your fault, and people get hurt, or it's an uninsured driver, things can get out of hand real fast when it comes to money.

As far as insuring his vehicle, saving is a good idea in general. But let's be real, if you total your car and have been putting 50 bucks for 5months in a savings account making a 10th of a percent of interest, you're stuck with a ****ed up car and 250bucks.

that's where the scam comes into play. you could be paying $50/month or $250. whatever. for YEARS. never get into an accident, never need to use it. then you have paid out all that money with NOTHING to show for it.

[KidVermicious]

Originally Posted by simple

I think there's an important distinction between having your car insured and having insurance that covers shit you do. If its your fault, and people get hurt, or it's an uninsured driver, things can get out of hand real fast when it comes to money.

That's the insurance he's required by law to carry. Nobody should be driving without good liability insurance (or a bond, in some states).

[simple]

Originally Posted by nevada

that's where the scam comes into play. you could be paying $50/month or $250. whatever. for YEARS. never get into an accident, never need to use it. then you have paid out all that money with NOTHING to show for it.

Agreed. But that's why it's insurance. In a day in age where every clown is texting and driving, you could be doing everything right, and some ******* runs a red light or plows into the back of your car and takes off. You can take the chance and be lucky or you could get royally ****ed. By the flip side, you could pay for some shit insurance and still get ****ed because you're paying 24.99 a month or something stupid.
For a 98 4Runner, sure, don't pay for insurance over what the car is worth. That's absolutely solid advice, but I have to play Devils advocate.

Im not saying you're wrong. I'm saying you better be prepared to cover your loss from day 1 if you choose that option.

[Frontier719]

Thanks for the replies! I guess I'm kind of already doing a combination of what you all have suggested. I have comprehensive coverage on it right now as it would be burdensome to pay out of my savings to replace it if it were totaled.

But since it is an older car, I take $200 per paycheck and put it in my "4runner maintenance account" which is less than I would have to pay for a new car payment, and it's more than enough to cover the unexpected repairs, and splurge every once in a while on mods.

With the risk of uninsured drivers, idiots, etc, I think I'm uncomfortable having anything but comprehensive coverage on anything I drive. However, it definitely makes sense to put what I would otherwise be spending on an expensive insurance policy into a separate savings account should the need arise.

thanks all for the great suggestions

[Beer.runner3]

Originally Posted by Frontier719

Any help from an insurance salesman (or just an adult for that matter) would be greatly appreciated.

Here's my dilemma

I'm swiftly approaching the time when I have to remove myself from my parents' car insurance and get my own policy. I have a '98 4Runner that I plan on keeping until it falls apart, then I'll restore it and drive it until it falls apart again, etc.

I've no doubt invested more money in this truck than its worth as it's not just a daily driver but a hobby, and I know that if someone T-bones me and totals it, the insurance company will not give me what I think it's worth.

That being said, I've been looking into an "agreed value" policy, but most insurance companies only do this for a collectors car, and mine is a daily driver, and not old enough yet to even be considered.

Let's say for example, that I think my 4Runner is worth $10,000 with all the modifications and maintenance I've put into it. I want 10k if I or someone else totals it/steals it. Does anyone have any advice on this? How do you insure your 4Runner?

We have USAA now, and I'd like to stay with USAA if possible. They've been good to us having lost a house and two cars in the past 5 years, but if there's something better for this particular situation, I'm all ears.

Thanks!

I'm 24 and my dad just keeps my car(s) "registered" to him and has insurance for whoever is driving/using the car at the time(insured borrower or something like that)because I'm not ready to pay 2k a year for a 98 4runner and 2013 Jetta . I pay him a couple hundred every 6 months and I'm golden, so does my brother and both sisters and cousin.

[Frontier719]

Originally Posted by Beer.runner3

I'm 24 and my dad just keeps my car(s) "registered" to him and has insurance for whoever is driving/using the car at the time(insured borrower or something like that)because I'm not ready to pay 2k a year for a 98 4runner and 2013 Jetta . I pay him a couple hundred every 6 months and I'm golden, so does my brother and both sisters and cousin.

That would work I suppose, but I dont want to be involved in my parents' finances and I dont really want them involved in mine haha

[Beer.runner3]

Originally Posted by Frontier719

That would work I suppose, but I dont want to be involved in my parents' finances and I dont really want them involved in mine haha

Same here but the catch is he pays 140 for the two of my cars and I pay him 250 twice a year, he just made about 220-250 a year doing nothing and I saved thousands. The key is pay them and they'll be happy or even make up a contract with them if they roll like that. They'll love if they see you saving tons of cash for the future (saving for a home, using it to pay student loans or debt, etc. and MORE MODS) instead of paying to insure a dumb car. I'm not saying do it if your not comfortable but I know that parents love their "frugal" kids. P.S.-I just bought my new 98 limited 4wd for the price of 1 year of insurance if I paid my own, thats the difference.