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-   -   What's mine worth? Insurance Declared Value (https://www.toyota-4runner.org/3rd-gen-t4rs/278812-whats-mine-worth-insurance-declared-value.html)

lockedlex 10-19-2019 06:01 PM

What's mine worth? Insurance Declared Value
 
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Hi, I need to assign a declared value to my truck, for insurance coverage purposes. I can pick any number, but have to be reasonable and have to be able to back it up. In other words, I can't just say it's worth 30k as of today, because then I'll be paying more in premiums (of course) and if something happens to it, they're going to want paperwork to back it up.

I could use the Community's help on this. On KBB, it's probably worth 5k on a good day, but my Ins Co will allow me to value it as I feel fair.

Your input is appreciated, Thanks!

Basic Specs:
2000 Limited, 4wd, locker. 2nd Gen Supercharger (installed 10k ago), 200k miles.

It's had a full maint history, all replacements have been Toyota OEM (not OE or aftermarket or equivalent). I bought it used at 150k, but prior to that, it did have all regular maintenance performed. During my ownership, I did those maint and a lot more. LBJs have been replaced, Rear Axle Seals and a whole bunch of other preventative stuff. Southern Cali Car, ZERO rust. Paint and all panels in mint condition. No Dings, no body damage. Never been repainted. No Leaks.

Maintenance:
Flush Rear Diff 152200
Flush Transfer Case 152200
Flush Front Diff 152200
Replace Air Filter 152000
Flush Transmission Fluid and Filter 152000
Lubricate Chassis/Driveline 152000
Replace Fuel Filter 153450
Flush Brakes 153xxx
Replace Spark Plugs 159656
Clean Throttle Body 159656
Replace Windshield Wipers (F), RainX 160162
Oil Change 161950
Oil Change 170673
Air Filter 172800
Drive Belts (all three, previous alt and AC belt had slight cracking) 172078
Wiper Blades 178000
Oil Change 178500
Air Filter 178500
Radiator Cap 178500
Lubricate Chassis at all Ujoints/driveshaft points 179000
Wiper Blades 183700
Timing Belt, Coolant Flush, Semi Trans flush, Drive Belts (PM), Radiator (PM):
Timing Belt 185800
Crankshaft Pulley Bolt 185800
Idler Roller 185800
Tensioner Roller 185800
Water-Pump (w/gasket) 185800
Thermostat 185800
Thermostat Gasket 185800
AC Compressor Belt 185800
Alternator Belt 185800
Power Steering Belt 185800
Radiator Hose Upper 185800
Radiator Hose Lower 185800
Toyota Red Coolant 185800
Dipstick Tube O-ring 185800
Radiator 185800
Crankshaft Oil Seal 185800
Transmission Fluid 185800
R134 Refridgerant 186208
Oil Change 187200
Wiper Blades 187838
Rear Diff Fluid 189173
Flush Brake Fluid 189173
Transfer Case Fluid 189173
Ignition Coils 189190
Spark Plug Wire set 189190
Spark Plugs 189190
Trans Fluid 189263
Air Filter 189270
Lubricate Driveshafts 189xxx
Lubricate Brake Pedal 190800
Replaced all exhaust nuts and bolts as needed 1908xx
Wiper Blades 196500

Repairs:
Replace Climate Control Lights
Replace Ashtray Lights 152000
Replace cig light with old CC light 152000
Replace Lumbar support (aftermarket instead of OEM) 152000
Replace Rear Drums 153xxx
Replace Rear drums and Shoes 153900
Replace Throttle Cable 159656
Replace Battery with 700cc Super Start Kragen 160162
pre-cat 02 Sensor xxxxxx
Windshield 172000
Tightened Rear Hatch Latch 178000
MAF 179920
Replace Battery Duralast 7xx CC Gold 178950
Rear o2 Sensor 184890
Front Fog Lamps 184950
Front Brake Pads and Discs (Toyota OEM). 185075
GPS antenna 185000
Airlift Pump 185500
Airlift Pump
3rd Brake Light 186208
Driver Heated Seat 187838
Driver Lumbar Support 187838
Rear Brakes Shoes 188116
Rear Axle Seals 189173
Rear Axle O Ring 189173
Rear Brake Shoes 189173
Front Driver Lower Ball Joint 189173
Front Passenger Lower Ball Joint 189173
Valve Cover 189190
Front Grill Clips
PCV and Grommet
PCV hose from engine to PCV 190890
Remote Control Batttery 190900
Liftgate Hatch Struts 190900
Front CV Shafts 191xxx
Front CV Seals 191323
Front Diff Fluid Mobil 1 Syn 75-90 191323
LBJ Flange Bolts 191633
Rear Axle Seals 193024
Pass Axle Seal 193638
Cigarette ring light 193638
AC Controller 196156
AC Backlight 196156
Sunroof 196490
Windshield 198750
Driver/Passenger Seat controls 198850
Driver Side Front Turn Signal Bulb 198875
Starter Contacts 200500

Modifications:
Kenwood DNX5140 152000
Bluetooth
Backup Camera
Sirius
Install Front Heated Seats (extended for driver) 152000
Apex HID H4 4500 Headlights 152000
Husky Liners 151000
Replace Fuel Sender Unit 153450
Sonoran Steel 1.2 Lift 153xxx
BFG KM2 153xxx
Airlift 1000 (25812 with remote pump controller) 60743 bladder
Airlift 1000 (changed bags for better fit) 60763
Replace Rear Diff Label 158800
Install Driver's Assist Handle 158800
Cargo Area LED 158800
Rear Window Switch in Cargo Area 158700
Rear LED Taillights 185xxx
Front HID H4 6000 Headlight BiXenon
BFG All Terrain TA KO2 187890
Airlift Wireless 25870 188116
Wheel Spacers 188xxx
Driver Rear Taillight 188xxx
Diff Breather Rear Extension 188xxx
Washer Fluid Resevoir mod 188xxx
Magnusson TRD Supercharger 189392
IK22 Denso Sparkplugs (x8)
AEM Exhaust Clamp Bung 30-2355-300
Weld Bung onto clamp
AEM 30-4110 AF Guage
AEM 30-4406 Boost Guage
TRD Badge/Blacked Out Emblems
In-Cabin 200w Power Outlet with Inverter
Owners Repair Manual 43155
Tilting Rear Headrests 190900
Warm white LED interior Bulbs 191xxx
Owners Manual 191xxx
6k LED Cougar Motors 196500
Airlift Wireless 25870 196500
Airlift 1000 AirBags 60763 196550
Driver/Passenger Sun Visor with Homelink/Extensions 198900

gamefreakgc 10-19-2019 06:12 PM

Although I commend your list of repairs to keep it ship-shape, that does very little for value. Miles is the main factor for value. Careful on declaring there's a supercharger. Some companies will not cover "performance cars" because of the liability or they will jack up your rates.

A 4Runner like yours in a competitive market would fetch around 9K-10K as a private sale.

lockedlex 10-19-2019 06:29 PM

Quote:

Originally Posted by gamefreakgc (Post 3374565)
Although I commend your list of repairs to keep it ship-shape, that does very little for value. Miles is the main factor for value. Careful on declaring there's a supercharger. Some companies will not cover "performance cars" because of the liability or they will jack up your rates.

A 4Runner like yours in a competitive market would fetch around 9K-10K as a private sale.

That's kind of what I was thinking. I actually don't feel my mods or maint. "adds" value to the car, but they have to insure me for replacement cost. So the idea is could I get all that I've done, on a truck in this condition, for 10k, on the market (assuming you could find one)? If it would take more than 10k to get a truck to this level, then that's what my declared value needs to be.

It's a bit strange since normally these requests are more for what could I "sell" my truck for and we all tend to undervalue those requests. This is more for how much would I get a check for if something happens to it.

The company is cool with performance mods IF they were OEM and offered by the dealer. If they were never offered by the dealer during an original sale (so are clearly aftermarket), then it's a different assessment.

spartacus 10-19-2019 07:30 PM

Depends on the location as well. If you were in Colorado for a well maintained vehicle rust free like that you could get around 7500 to 8k. Ask your insurance agent if you want to insure for more what proof e.g parts receipts alsô maintenance done by you as an owner has monetary value and can it be insured? Also keep in mind modefied vehicles have higher insurance premiums. The insurance should provide the fine print to collect on the policy and the exceptions.

lockedlex 10-19-2019 07:52 PM

Wow, you weren't kidding about location making a diff. I looked it up and yep, about 7-8.5k gets you a Limited with Lockers around the Denver area.

For SoCal, the same mileage, with lockers, Limited, is closer to 9.5-12k.

So I think I'll use about 9.5k as my base, based on the condition of these others (which are horrible compared to mine), then add a few more to cover the replacement cost (not current value, but what it would cost to replace the items I already have).

It's not a DD, so my rates are very low for it anyway, I just needed to adjust the declared value so it's in sync. I guess it'd be about 6k-7k for replace everything I've done, including labor. That would allow me to get one of these used 4runners as a base, then go out and replace what I need to.

Thanks!

MaineRunna 10-19-2019 07:53 PM

It's a car, not a house. Doesn't really matter how much you put into it. Even when you restore a valuable classic car you will not be able to sell it for what it took to restore it unless it is ultra rare/desirable. $7-10k is what you are looking at. Even thought gen 3 runners are quite desirable now they still are not a Plum crazy purple 70 Challenger R/S 440 6 pack, or a 55 Chevy Bel air convertible if you know what I mean.

APhelps 10-19-2019 08:16 PM

Quote:

Originally Posted by MaineRunna (Post 3374645)
It's a car, not a house. Doesn't really matter how much you put into it. Even when you restore a valuable classic car you will not be able to sell it for what it took to restore it unless it is ultra rare/desirable. $7-10k is what you are looking at. Even thought gen 3 runners are quite desirable now they still are not a Plum crazy purple 70 Challenger R/S 440 6 pack, or a 55 Chevy Bel air convertible if you know what I mean.

He's not looking at resale value, he's looking at insurance value.

brillo_76 10-19-2019 08:18 PM

Yup in PA that would be 7 to 8k max. Only because its 2wd. If 4wd would be 1 to 3k higher. Location make a huge difference. Rust Free around here really drives the prices up because of rust belt. For example: mine with rebuilt frames and everything working all body panels good with fresh paint would be 6k max and that's everything stock good maintenance records and everything replaced that should be. While one no rust stock 4wd from the south would be closer to 8k to 10k
With good records and everything replaced that should be.


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brillo_76 10-19-2019 08:23 PM

Quote:

Originally Posted by APhelps (Post 3374652)
He's not looking at resale value, he's looking at insurance value.

Well the insurance value should be close to what it cost to replace the ride right? He dosent want to have it under insured as he would pay less for insurance but loose his shirt. That's how my classic cars are insured. They are fairly close to fair market value in case they are destroyed. However, everyone has different theories on that. :)



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eddielasvegas 10-19-2019 08:59 PM

Reread the original post.

Eddie

Quote:

Originally Posted by brillo_76 (Post 3374654)
...Only because its 2wd. If 4wd would be 1 to 3k higher....


UnderFire 10-19-2019 09:04 PM

I had no declared value on my Tacoma when it was totalled and got very fair coverage. I personally wouldn't both with a value unless you're paying the premium for a guaranteed payout. If that's the case, might as well make it around 10,000. Depe ding on the area you live in though, if you can get comparisons in the 6500-8000 range for your 200k miles truck like I could in the PNW here. I wouldn't worry about it.

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4gambler 10-19-2019 11:01 PM

Look at CAR DEALERSHIPS AND GO OFF OF RETAIL IN YOUR AREA FOR Same 4 runner with similar mileage. Use NADA AS A ROUGH REFERENCE FOR RETAIL VALUE.

IN SAN DIEGO, CA home of the expensive democratic mentality retail about 9800 to 11300 with 200k under its belt.

TRUMP 2020 MOFOS. SCREW YOUR FEELINGS !!

APhelps 10-19-2019 11:48 PM

Quote:

Originally Posted by 4gambler (Post 3374705)

IN SAN DIEGO, CA home of the expensive democratic mentality retail about 9800 to 11300 with 200k under its belt.

TRUMP 2020 MOFOS. SCREW YOUR FEELINGS !!

None of that is necessary, please keep politics off this forum.

lockedlex 10-20-2019 02:19 AM

Quote:

Originally Posted by APhelps (Post 3374652)
He's not looking at resale value, he's looking at insurance value.

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.

TWJLee 10-20-2019 02:43 AM

May as well post a bunch of pics to share then. We wanna see this 16,500 rig


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