Insurance question

[TheShowtime]

Do most of you guys do full coverage or liability on your 3rd gens? I own a 01 that’s basically stock with 160k and I run liability for now. Is it worth changing to full coverage?

 

[cashflow50]

I wish my runner had that kind of mileage on her right now. But yah why not a full coverage if you love her. I myself have liability.


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[St Runner]

Liability only on all my vehicles. If you pay full attention at all times while driving you won't need anything else. The exception is if your 4runner has an extremely high value, which really only happens in your dreams

 

[Kanoe]

Liability only for me but dang these things are getting expensive to replace.

 

[UnderFire]

Can you afford to take the hit if something unfortunate happens? That's what it boils down to. The difference in payment per month should be relatively minute, and your rates will go up if something does happen to cover the payout, but that check is nice to have.

I can tell you when my brother totalled one of my Tacomas I was a lot happier getting the nearly $6,000 payout and paying a little more each month than I would've been just being out the money and time I'd already invested.

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[Dieselchessy]

I run full coverage. I think it’s like $10 a month more than just liability.

 

[thezentree]

I run full coverage. I think it’s like $10 a month more than just liability.

This. And uninsured driver insurance too. I’ve dumped way more money than is likely prudent into mine and would like to recoup at least some of it in the event of a collision.

 

[Bad Luck]

I run liability only on mine. $25 cheaper per month than full coverage w/$1000 deductible.

 

[Js'00imited4runner]

I run full coverage on everything. Better to get something if it gets totaled out than walk away with absolutely nothing to put towards another vehicle. I paid $2200 for mine and last I checked the KBB value was $3k so why not come out ahead to pay a little more a month. But this is kind of a broad question because insurance premiums fluctuate for everybody. Driving history, age, zip code, higher rate of accidents based on where you live. So I get the question but you gotta base it off of your personal situation. But overall doesn't hurt to ask! Cheers.

 

[TheShowtime]

Called my insurance company and they told me it’ll be 24 dollars extra a month, only reason I was thinking to switch over was because we have so many deers at night where I live. Could of easily hit two last night on the drive home from work. These things should be worth a lot more then what kbb values say tho.

 

[Gongshow]

Your individual state laws will likely govern how your coverage works in the event of a loss. I'm a licensed insurance producer in WA State and what's described as "Full coverage" really isn't. It's comprehensive/collision and there is usually a deductible involved. When you have a loss, coverage kicks in less any deductible that is required. the coverage certainly comes with a higher cost for monthly/annual premium. Most insurance adjusters calculate the value based on NADA guidelines according to your vehicle's condition and mileage. Our 3rd Gen 4Runners, while amazing as they are, are either approaching or surpassing the 20 year age mark. Insurance adjusters are like car dealerships offering you trade-in value. From a professional standpoint, it doesn't sound like paying the additional premiums will be worth it. It's probably better to stash the extra $$$ into some sort of account that will pay you, at minimum, 5% annually on your money. If you end up in some form of collision, you can have yourself a project 4Runner and look at buying a different 4Runner.

For the folks who has a metric shit-ton of aftermarket products, upgrades and customizations, those will need to be independently insured on your policy; like Ron White said in his stand-up special, you're not goign to get away with claiming that you had a Rolex stereo in your rig.

Another option to consider is looking into a company that offers coverage based on 'Agreed Value'; this is what custom/restored/classic vehicles are often covered under. I'm not appointed with or affiliated by any insurance company, but I believe that Hagerty and Grundy are the two most commonly advertised companies, but do check with your agent/producer to see if such coverage is offered.

The law firm that I work at recently had a client who had his car totaled and we fought the insurance adjuster to get a little bit more compensation for the vehicle but we had to show that locally (within 100 miles) that there were comparable vehicles in similar condition available that were higher value. It was a complete pain in the ass.

 

[3bears]

not all companies the same, not all drivers and locations the same.

But what is mentioned above about comparable value can work with some insurance companies. I used that tactic. but that was maybe 8-9 years ago. It did help me get more money...but I really had to argue for it..

 

[3bears]

there is a balance point however...if your driving record is ??? if you have an accident that you are at fault for...then your rates will be higher.. if your difficult to work with...miss payments a few times.and if an insurance company drops you as high risk and that is on your record. The next agency/company will look at you as a high risk and jack the rates. Some agencies/companies like state farm will drop you fast.... some wont even talk to you if you have been dropped by another....or will talk to you but the rates will be sky high. Some will work with you.
I worked for a state farm agency years back...thats what I would see...im sure it has not changed for the better

 

[pdspen]

I don't run collision but I do run comprehensive. I figure that if I screw up and cause an accident, then the replacement cost is my punishment and liability will take care of the other person. On the other hand, if a tree falls on it, I'm covered.

Plus, being able to work on it, I could still likely get a bit of value out of my wreck.

 

[shadow247]

not all companies the same, not all drivers and locations the same.

But what is mentioned above about comparable value can work with some insurance companies. I used that tactic. but that was maybe 8-9 years ago. It did help me get more money...but I really had to argue for it..

This still works in 2020. I have seen many values adjusted upward based on comparable vehicle quotes from local dealers and ads. After all, if you can't find one for what they are offering, then it's not a fair price. One thing I often see is that the comps they use, especially on older vehicles, may not be optioned exactly like yours. SR5 vs Limited. Leather vs Cloth. This can make a dramatic difference in the actual value. If you have a Limited with Leather, and 3 of 4 comps are SR5's with Cloth, well those aren't really comparable now are they? You have the right to see the list of vehicles they are claiming to be "comparable". In fact it's in the Valuation report that I order when I am figuring out if a vehicle is a total loss.

Some states like Oklahoma require a Total Loss at 60% of the Value, so your 3k truck is totalled at 1900 bucks! An increase in even 500 dollars of value could be the difference between fixing your vehicle, and having it totalled out and a branded title if you decide to keep and fix it.