Join Our Ford Truck Forum Today

Document your Ford truck project here and inspire others! Login/Register to view the site with fewer ads.

Question about Insurance by a Super Green Rookie blessed with a Rangoon Red '64 Stepside

I just became the happy new owner of '64.

My first time insuring a classic vehicle, how do you decide the value of the vehicle? NADA high or low number?
Any threads or links addressing this are greatly appreciated.

thanks

rtc
 

LEB Ben

Arrogant A-hole At-Large
34,919
1,124
outside your house
You don't value it, insurance does...unless you go with someone like Hagerty or Grundy. I've used both, currently with Hagerty. You can get as mild or wild as you want, but the more proof you can provide your vehicle is worth what you think it is, and the better care you take of it, the better the coverage/lower the premiums.

You can request coverage from Hagerty, send in pics and they'll tell you what they're comfortable covering for an agreed replacement value. That may or may not be in line with your comfort level. On the whole, most companies will also have restrictions on miles and where you can drive it, and it can not be your primary vehicle. To get the valuation I wanted, I got mine appraised...came in at $25k (remember appraisal values are not market values, doesn't mean that's what it'll sell for), I have $30k in receipts. So I had a pretty strong case to get a replacement value of $25k on my 77. So that covered actual coverage. Then to lower my premiums, I provided proof that it gets driven less than 1,000 miles/yr (pretty sure cap is 6k still) and it was not only kept covered (car port/garage/etc) but it was temp controlled.

From there...I added a $50k rider for all my spare OEM/NOS parts, basically going through the same process (without the appraisal).

All in all...I pay $225/year for $75k worth of coverage. And that's the basic jist of any classic car insurance, the higher the risk the lower/more expensive the coverage. Get coverage and don't follow their restrictions, risk insurance fraud or dropped coverage. Don't like these rules, then you'll end up getting an $800 check from Geico and a 'totaled' truck if you ever hit a deer.

Also note...there is a difference between 'Agreed Value' and 'Replacement Value'. Agreed value means they acknowledge your vehicle has some value, but they're going to do everything they can to lower that price in the event anything happens to the vehicle. Meaning, if the market has tanked on your particular vehicle, your $10k value you agreed on 2 years ago, leaves room to say, well these trucks are only worth $5k today, sorry. Replacement value, you're locked in.
 

LEB Ben

Arrogant A-hole At-Large
34,919
1,124
outside your house
Oh...and it's 'Flareside' when referring to Fords, not 'stepside', that's the GM vernacular.
 

CowboyBilly9Mile

Charter Member
7,118
442
USA
I just became the happy new owner of '64.

My first time insuring a classic vehicle, how do you decide the value of the vehicle? NADA high or low number?
Any threads or links addressing this are greatly appreciated.

thanks

rtc

Smartest thing you can do is to have an appraiser establish value. Your insurance agent should be able to help you find a qualified one.
 

Ford Truck Articles

Top