Insurance Questions

[repo]

I got mine ironed out with my agent last month, and my truck is now covered for the full replacement value with the mods. The difference in annual cost going from liability to full coverage at full value was insignificant compared to what I would have lost having it covered inadequately.

It did take some doing, my agent wanted pictures and an appraisal, given my requested coverage amount, but once I said it was my camping vehicle she completely understood and went out of her way to help me.

This was one of the best "peace of mind mods" I've done to the truck, for sure.

How did you go about getting an appraisal? A built 4runner is a kind of niche item to appraise.

 

[PrinceValorum]

How did you go about getting an appraisal? A built 4runner is a kind of niche item to appraise.

Yeah, that's a really good point, and I was scratching my head about that for a while. My buddy is the GM at a high end used dealership and filled out a trade-in appraisal for me. It wasn't any more official than that.

 

[Spriggs53]

I second double-insurance. I think its wise to have your money in various baskets rather than just insurance. I don’t see why you can’t set aside a certain amount of money for good insurance you’re comfortable paying, alongside maybe a broker or however you feel comfortable investing that second half, even if it means just putting some in a dedicated savings account that builds interest, or learning to invest by yourself, or even have another 4R as a backup for spare parts or as a second ride, the point being its good to have your eggs in multiple baskets. It can’t certainly hurt.

 

[DenverAirport]

My T4R is 'experiencing homelessness' and sleeps on the streets. I can envision a 3AM stolen car/hit and run taking it out - I can't think of a way to defend against that other than insurance. I'm not moving out of the warzone for a few more years....

Super important to note that some insurance companies (GEICO in my experience), even with full coverage, will not cover hit and runs for a parked car. You have to buy this coverage separately.

 

[Brian.]

Does anyone here have disability insurance too?

We looked into it but it turned out to be smarter to self-insure. Didn't take long at all to save up a years worth of living expenses, more or less just kept living like we were still in college for a 4th year (first 3 all but wiped out the college debt) after graduation. Decades later we still fund that account, I imagine we could go 5 or 6 years without income at this point... it doubles as retirement savings if it's unused by then, and earns along the way (in a stable ETF).

That said, I'm friends with someone who's benefiting. He was a surgeon, had back pain and opted for surgery to address it and there was an "opps". He now has a drug pump that pushes continuous pain meds, can't stand, certainly can't do the job he trained for and gets 80% of his salary, for life, through his disability insurance.

There's no right choice, like with so many things, just the right choice for you.

 

[shadow247]

Super important to note that some insurance companies (GEICO in my experience), even with full coverage, will not cover hit and runs for a parked car. You have to buy this coverage separately.

Unless a Hit and Run is specifically noted as Excluded, then it would be covered under the Collision Policy.

Geico in TX writes a standard auto policy that matches up to just about every company out there for the Collision and Comp portion of the policy.

A Hit and Run is just a Not at Fault Collision. If you carry collision, it's covered in the State of Texas after you meet the deductible for a collision claim.

 

[wrpsuite]

From Progressive, I have it for my old bikes.

“We do have a stated amount option, which is available if the vehicle has more than $5,000 in custom parts and equipment, not installed by the original automobile manufacturer or dealership at time of purchase.”


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[blairracd]

USAA ~ and yes, you can use them. The whole "military" thing is just marketing, by law they can't exclude based on that.

Did you have a parent or grandparent in the military?

 

[fourwd1]

Moving to General Discussion so others can benefit.

 

[iamatt]

I just have liability. 4K rust bucket [emoji23]

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[TerrellFerrell]

One thing that helped me was documenting everything thoroughly. I took detailed photos of my mods and kept a folder with all receipts and installation details. When I had to file a claim, having that evidence really helped argue for the value of my custom upgrades.

It might also be worth looking into “agreed value” policies if you haven’t already. Some insurance companies offer this option, where you and the insurer agree on the value of your vehicle beforehand, including any modifications.

Also, keep in mind that having a good plan for other types of coverage, like life insurance, can also provide peace of mind and help with overall financial planning. If you need more specific advice, consulting with an insurance expert who understands custom vehicles might be beneficial.

 

[trainman605]

Being a retired Body Shop Mgr. for over 35 years I have seen pretty much it all when it comes to insurance companies trying to settle claims with customers over total losses. This happens mostly with customers that have low mileage vehicles and in very nice condition, most purchase this vehicle new and when it comes to replacement their values are pretty high for their vehicle. I would say most with this type of vehicle are unhappy with their insurance settlement, as they in no way can find a replacement like the vehicle they had. If you feel your vehicle is worth more than the average vehicle of the same type, I would be talking to my insurance agent and see what is available to you to protect your investment.