Insurance to Cover Higher Value

[AndroT100]

Hello!

I have an 03 4Runner V8 4x4 Sport Edition. 117,000 miles. Great condition and I work on keeping all in good shape.

My insurance company would only pay a small amount if I am involved in an incident with significant damage. Also, as time goes by, their value for my 4Runner is only getting lessened.

Is there an insurance company/type of insurance that I can get so as to have coverage and potential payment for higher value? KBB states my 4Runner is worth about $7000 whereas if I put it on the market for sale, I likely could get $18000-$20000.

Thank you for considering!

 

[MrSeth]

Hello!

I have an 03 4Runner V8 4x4 Sport Edition. 117,000 miles. Great condition and I work on keeping all in good shape.

My insurance company would only pay a small amount if I am involved in an incident with significant damage. Also, as time goes by, their value for my 4Runner is only getting lessened.

Is there an insurance company/type of insurance that I can get so as to have coverage and potential payment for higher value? KBB states my 4Runner is worth about $7000 whereas if I put it on the market for sale, I likely could get $18000-$20000.

Thank you for considering!

Usually they just cover the base market value of the vehicle at the time of the incident. If it has a lot of upgrades and mods, you can get a CPE "Custom Parts and Equipment" endorsement to possibly give you more $$ if the vehicle is totaled or severely damaged.

 

[Buckaroo]

You are looking for a "Stated Value" insurance policy which may apply to daily drivers but I do not have any recommendations on companies that offer it. Hagerty offers "Agreed Value" insurance for classic cars but it cannot be a daily driver and for SUV's, must be MY 1998 or older.

 

[Hungryhawk]

You will need lots of documentation of parts and labor. Also somehow document selling price of similar condition runners. You can try to sue the other driver for your loss. But that is iffy and the driver might not have insurance. Then there is small claims court if another driver is at fault and has assets to cover your loss.
Lots of time spent on negative energy endeavors to go this direction.
Since we share the roads with everyone perhaps a daily driver vehicle that you can discard if wrecked and save your favorite runner for special outings.

 

[Cezar]

Hello!
if I put it on the market for sale, I likely could get $18000-$20000.

V8s are desirable but not THAT desirable. You'd struggle to get more than 12k unless you had significant suspension upgrades. And that number is assuming flawless paint, interior, etc.

 

[debrucer]

V8s are desirable but not THAT desirable. You'd struggle to get more than 12k unless you had significant suspension upgrades. And that number is assuming flawless paint, interior, etc.

I agree that 12K or less is in the right range. My purchase in southern California for a rust free V8 with over 10K of upgraded suspension was under 11K. Several people have told me I paid too much for a 213K mile SUV. The body isn't perfect and the paint on the hood is very chipped. I looked in the 4K to 9K range and they were awful to below average. The tags only came in the past couple of weeks, so there's still a lot that I don't know. I do know I would not pay 18K to 20K.

I owned a MK 3 Supra Turbo for 20 years before this vehicle. After spending over $35,000 on it, I can attest that mods typically do not increase value. A totally sorted out, completed car may be an exception. I know that I was wiling to pay more because the car was what I wanted and had most of the mods that I wanted.

Let's hope that the OP never needs such coverage.