What's mine worth? Insurance Declared Value

[lockedlex]

My 97 limited was totaled recently and the insurance company gave me $5800 for it. I tried to submit craigslist adds for similar vehicles in the area where they were asking $7000 up to $16000. The insurance company could care less. They told me they use a 3rd party that goes of recent sale prices at auction and that was all they could do.

That's terrible. I was with Mercury and they based it on asking prices within 500 miles when my last 3rd got totaled. My current one will do 16k however, but that's not too common.

I paid 10500 for it, and it got totaled 1.5 years later and they cut me a check for 10250, based on ads I submitted.

 

[liljoedafishho]

unlike

 

[zxing]

Well, I sure am glad I updated my truck's value. This one just sold for $17.5k!

It has half the miles, HOWEVER, its frame is rusted, has no lift/mods, has various dings, touchup paint and NO RR Locker!? So it's only got the S/C and blah aftermarket single DIN radio.

If this wasn't my forever SUV, I'd be VERY tempted to list mine on BAT!

That said, I think the buyer would have been better off finding one w/o rust, a locking rear diff and just install the S/C himself. He'd have been close to 10k ahead if he did!

Supercharged 2000 Toyota 4Runner SR5 4WD Limited for sale on BaT Auctions - sold for $17,500 on November 14, 2019 (Lot #25,151) | Bring a Trailer

Crack pipe for sure. Car is nice but no idea why someone paid this much.


Sent from my iPad using Tapatalk

 

[lockedlex]

I thought it was timely to reply to this thread, a year and half later, lol.

I'm so glad I got the agreed upon value. My agent reached out to me during a recent rerate and suggested we insure it for even more, based on the prices he's seeing these go for.

This 97 with 170k miles sold for 20k a couple of months ago! That's 3 years OLDER, 70k MORE miles and a year LATER than the original BaT example we discussed here.

Supercharged 1997 Toyota 4Runner SR5 4x4 for sale on BaT Auctions - sold for $20,000 on January 11, 2021 (Lot #41,624) | Bring a Trailer

This 98, pretty much stock and 115k miles sold for 14K?!?!

No Reserve: 1998 Toyota 4Runner SR5 4WD for sale on BaT Auctions - sold for $14,000 on February 3, 2021 (Lot #42,657) | Bring a Trailer

And I'm sure we've all been following BaT and other places on the pricing for these. Used to be that mileage played a strong part, but that doesn't seem to be the case as of last year. People are just swiping up rust-free, well modded examples and paying a crazy premium for it. It seems the ones in mint condition do command the higher prices (original paint, no damage, etc).

I've also been approached twice in the past year with some crazy offers, one guy was a broker and said even with the price he's offering to me, he knows someone that would pay HIM 4k more than his offer to me.

I have no clue what's going on?!?!

I agreed with zxing in 11/2019 that it seems like someone was smoking something back then, but 15 months later I'm seeing so many "high" mileage Automatic 4runners with minimal mods selling for even HIGHER prices???

 

[Endlessblockades]

I think we need better security/killswitch technology on these rigs. Especially homeless ones like mine...sleeping on the city streets.

 

[lockedlex]

I think we need better security/killswitch technology on these rigs. Especially homeless ones like mine...sleeping on the city streets.

I'm sort of inclined to just never drive mine again at this point.

I had the inclination a little over a year ago about these prices and now... we're seeing it everywhere and even worse than it was back then.

Something is very strange.

 

[Endlessblockades]

I'm sort of inclined to just never drive mine again at this point.

I had the inclination a little over a year ago about these prices and now... we're seeing it everywhere and even worse than it was back then.

Something is very strange.

Haha - I don't blame you. Mine is a full-time daily driver/weekend warrior, so I have no choice.

 

[lockedlex]

Haha - I don't blame you. Mine is a full-time daily driver/weekend warrior, so I have no choice.

Truth is, these aren't meant to be garage queens. Really, they should be driven. And as we're seeing, others are getting that... that whether they have 50k or 150k... it's pretty much the same thing. What an amazing feat of engineering.

 

[cl4Rk]

What an amazing feat of engineering.

I love this. I think about this all the time. Incredible.

 

[cahaight]

Price of 3rd Gen 4Runners

Doug Demuro UTube car reviewer just did a story on 3 Generations being one of the best SUVs ever and apparently has a bunch of viewers,people want something different...

 

[eddielasvegas]

Good reminder and thanks for these recent posts.

KBB says my T4R is worth 6k. That's high end so I am sure SF would just send me a check for $4 grand and be done with it and then I have to jump through all the hoops to prove its value/

I'm fairly certain I could get 11-12 grand w/o a lot of effort so I just sent my agent an email asking how I can ensure I'll get its true value.


Eddie

 

[cl4Rk]

State Farm (KS) told me they only do agreed-upon value for so-called antiques.

Their definition of antique:

- Age: 25 or more years old

- Use: Not used regularly for personal, pleasure, or business purposes. Driven or used on a very limited basis, such as infrequent pleasure driving, exhibitions, parades, club activities, or similar functions of public interest.

- Condition: Restored with exceptional workmanship, or maintained and preserved in its original condition or undergoing a restoration by an antique automobile hobbyist.

- Other: Vehicle is of historic interest and is kept inside an enclosed building when not in use.

 

[lockedlex]

State Farm (KS) told me they only do agreed-upon value for so-called antiques.

Their definition of antique:

- Age: 25 or more years old

- Use: Not used regularly for personal, pleasure, or business purposes. Driven or used on a very limited basis, such as infrequent pleasure driving, exhibitions, parades, club activities, or similar functions of public interest.

- Condition: Restored with exceptional workmanship, or maintained and preserved in its original condition or undergoing a restoration by an antique automobile hobbyist.

- Other: Vehicle is of historic interest and is kept inside an enclosed building when not in use.

I'd definitely avoid this policy. You don't want any limitations just to get an agreed upon value. Just keep in mind, you might not be eligible for an agreed upon value policy with your current insurer or with the current cars you have. Might be good to shop around. I was only able to get that policy since they're insuring other higher value cars.