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 |
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. |
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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. |
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.
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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! |
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.
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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. Sent from my SM-J337V using Tapatalk |
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Sent from my SM-J337V using Tapatalk |
Reread the original post.
Eddie Quote:
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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.
Sent from my JSN-L23 using Tapatalk |
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 !! |
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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. |
May as well post a bunch of pics to share then. We wanna see this 16,500 rig
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