What's mine worth? Insurance Declared Value

[lockedlex]

Yeah certainly makes total sense. Good luck finding 3rd gen 4runners that don't need a lot of work at this point. I imagine loads of them are running around with a good bit of rust, body damage, leaking seals and etc.

Yep, even these 10-12k "lower mileage" ones I'm seeing have some issues that have to be addressed. I think lower mileage can also be a curse, as many people haven't changed out things yet (like seals) so they are just waiting to blow.

 

[lockedlex]

Maybe it's just me but I feel like I could easily do everything listed for 10k pretty much any day of the week, not the biggest deal since your truck is worth what you think it is. Keep in mind though, the bigger the payout is, the more your premiums go up if something happens. You'll end up paying it all back over about a 3 year period basically.

Sent from my JSN-L23 using Tapatalk

Thankfully, I don't get charged a higher rate for not-at-fault incidents. So if it's stolen, or someone slams into me (and they are at fault), my rates don't increase. Also, even with this rerate, I'm only paying about 500/yr and that's for 250/250/500k, full comprehensive/collision, uninsured motorist liability AND property damage, etc. So I think if you have a modified truck, esp. if you've put a lot of work (personal labor counts) into it, it doesn't make sense to go for KBB (which is the default value, basically).

Like I said, w/o a declared value, I'd only get barely 5k for this truck. I'm now paying an extra 96/yr for 16,500. I think those are good returns

 

[eddielasvegas]

Declared value is only in a total loss scenario, right?


Eddie

 

[lockedlex]

Maybe it's just me but I feel like I could easily do everything listed for 10k pretty much any day of the week, not the biggest deal since your truck is worth what you think it is. Keep in mind though, the bigger the payout is, the more your premiums go up if something happens. You'll end up paying it all back over about a 3 year period basically.

Sent from my JSN-L23 using Tapatalk

Glad you found a price that works for you. My Insurance companies will probably let me declare a value if I choose to with my Runners but that Isn't necessary in my particular case. However, it seems everyone's case can differently be different.

Yeah, if I'm not modified, I'd just keep it as is (KBB value only). Or sometimes, if the car isn't worth much, I wouldn't even bother putting comprehensive/Collision on it, just stick with Liability only. But I've put enough time and money into modifying this... I'd want a decent payout.

 

[lockedlex]

Declared value is only in a total loss scenario, right?


Eddie

Correct, BUT it also helps in accidents. For instance, if I don't have declared value and they value my truck at 5... if it gets into an accident and needs 4k in work, they will just cut me a check for 5k, mark the car as a Salvage and nothing gets repaired (they don't repair when the repair costs are more than 60% of the cars value). And good luck for me to replace this for 5k.

However, if I do a declared value of 16.5, then they MUST repair it, even if it's like 10k in damages. So that way, it doesn't get a salvage tag to it and I still have a working, modified truck.

 

[eddielasvegas]

Thanks lockedlex.

My T4R is probably worth in the $9-12k range and I know I would not get that from my Ins. company using Stated Value so you've given me a good idea to ask about it. :thumb:

Does this higher value raise the amount at which it would be totaled? In your case, if it can be repaired for 7 large, then they would do that?

Eddie

Correct, BUT it also helps in accidents. For instance, if I don't have declared value and they value my truck at 5... if it gets into an accident and needs 4k in work, they will just cut me a check for 5k, mark the car as a Salvage and nothing gets repaired (they don't repair when the repair costs are more than 60% of the cars value). And good luck for me to replace this for 5k.

However, if I do a declared value of 16.5, then they MUST repair it, even if it's like 10k in damages. So that way, it doesn't get a salvage tag to it and I still have a working, modified truck.

 

[lockedlex]

Thanks lockedlex.

My T4R is probably worth in the $9-12k range and I know I would not get that from my Ins. company using Stated Value so you've given me a good idea to ask about it. :thumb:

Does this higher value raise the amount at which it would be totaled? In your case, if it can be repaired for 7 large, then they would do that?

Eddie

Yes, if it can be repaired for 7k, they'll repair whatever needs to be done for that amount. Vs totaling it, cutting me a check for 5k (say the repair is 4k, they'll just total it. Oh, but usually the lower the KBB value, the less that threshold is. So actually, if the truck's worth 5k, they'll total it at 2k worth in repairs. But at 16.5k, they usually will pay out up to that 60-70% threshold).

Another thing to consider: How much would it cost to replace the mods you have now. For instance, when I put in my S/C, it cost about 2800 NEW (2nd gen, all new parts, got it on sale). Today, that SAME kit from Magnussion is 3500! (at year later). Same goes for my lift kit. It's probably 50% more today than it was 7 years ago. The price of the truck goes DOWN, true, BUT the price of mods (radios, lift kits, etc) tend to go UP over time as it's a commodity and rises with inflation.

That got me thinking that it would actually cost me 20-50% more today to replace some of my mods vs. when I originally installed it. So even at 16.5k I might still be a bit undervalued.

Also, that doesn't factor in labor, which has probably gone up too in the past 8 years. (Although I did all the work myself to mod my truck, something to consider is as I get older, I'm busier with other things in my life, I'm also older and the idea of crawling under trucks get less and less appealing over time, lol! So I'd have to factor in some labor for future replacements).

Of course, for stock cars, it's fine to keep it at KBB. But I'm beginning to wonder now... all these modified trucks that have a cumulative $millions in modifications, are probably not being covered for their full replacement cost. For a small bump in premiums, that seems a little crazy to me.

 

[brillo_76]

Reread the original post.



Eddie

Thanks for the clarification it was 4wd not 2wd. My mistake. :] I have never seen a 2wd 4 runner in my area. All the ones well that are left are 4wd here. I noticed the no snow areas have a pile of 2wd. Especially in CA, AZ areas. I do appreciate the catch though as folks reading my post say what the hell. That will tech me not to double verify.

Sent from my SM-J337V using Tapatalk

 

[pluton]

A 4Runner like yours in a competitive market would fetch around 9K-10K as a private sale.

Agree...certainly for insurance purposes.

 

[4gambler]

MODS DO NOT ADD VALUE. HAS TO COME OFF ASSEMBLY LINE TO add value.

Unlezs u pay more insurance premium for said mods upgrades.

 

[4gambler]

Add 8k of mods to a 20 year old geo prizm still not worth more than 1 grand to insurance.

Extreme example.

 

[APhelps]

MODS DO NOT ADD VALUE. HAS TO COME OFF ASSEMBLY LINE TO add value.

Unlezs u pay more insurance premium for said mods upgrades.

Dude. Go back and re-read the original post. Or just don't post.

 

[97Cruiser40th]

I have 3 SUV's 2 of which are Toyotas (3rd Gen and 80 series cruiser) and was informed by my agent that no one will do stated value/agreed value for SUV's.

What company underwrote your policy again so I can doublecheck with my agent?

 

[Chicago3rdgen]

I’d also like to know what insurance company offer this

 

[lockedlex]

This circumstance is a bit unusual since it's true that most companies won't do agreed/declared value policies. Also, not all insurance companies work in all states. That said, they are insuring a high-value vehicle of mine and so have added my 4Runner (and one other car) because of that.

I don't like giving out personal info (or free business) but some companies to look into are: State Farm, Nationwide, Grundy and Hagerty.

Just note, they won't insure only this truck, you'll need a high-value main vehicle with them and/or other policies like an umbrella, house, commercial, etc. And be sure they don't put any restrictions on use (like no offroading, no work/school use, no shopping/errands, etc).

EDIT: Also, all cars are required to be in mint condition when the policy is underwritten. So if there's any rust, damage, paint issues, salvage/accidents, torn leather, etc, I was told they couldn't add it. But that's more because of the main vehicle requirement, which trickles down to all other cars on the policy.

 

[lockedlex]

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

 

[97Cruiser40th]

This circumstance is a bit unusual since it's true that most companies won't do agreed/declared value policies. Also, not all insurance companies work in all states. That said, they are insuring a high-value vehicle of mine and so have added my 4Runner (and one other car) because of that.

I don't like giving out personal info (or free business) but some companies to look into are: State Farm, Nationwide, Grundy and Hagerty.

Just note, they won't insure only this truck, you'll need a high-value main vehicle with them and/or other policies like an umbrella, house, commercial, etc. And be sure they don't put any restrictions on use (like no offroading, no work/school use, no shopping/errands, etc).

EDIT: Also, all cars are required to be in mint condition when the policy is underwritten. So if there's any rust, damage, paint issues, salvage/accidents, torn leather, etc, I was told they couldn't add it. But that's more because of the main vehicle requirement, which trickles down to all other cars on the policy.

Thanks, I have 2 cars already on an agreed value policy so that requirement wasnt an issue plus umbrella and home and a huge collection of other vehicles etc. I reached out to Grundy and Hagerty and no luck and place I did find was ridiculous for the runners.

I too saw that sale on BaT and with a 40k mile example Limited and 70k mile Highlander Im very interested. Looks like Ill have to shop a bit more.

 

[gamefreakgc]

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

Some people prefer a very stock vehicle. The more that is messed with, the more that could break or go wrong I suppose.

If/when I ever do let my 4Runner go, that's where I am going to sell it. But I probably will never sell it lol.

 

[lockedlex]

That's true.

Though there is this one seller that buys 3rd gens, slaps a cheap lift kit and sells them for 15-20k.

No provenance, no history, no other value mods.

It's crazy what people are willing to pay, I think this one was a poor example with the body issues though. I'd never own or buy a 3rd with rust.

 

[gijake1]

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.