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Generation 4 1961-1966 F100, F250, F350

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  #1  
Old 08-10-2017, 11:06 PM
rtcapo rtcapo is offline
 
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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
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  #2  
Old 08-11-2017, 09:41 AM
LEB Ben's Avatar
LEB Ben LEB Ben is offline
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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.
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Old 08-11-2017, 09:43 AM
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Oh...and it's 'Flareside' when referring to Fords, not 'stepside', that's the GM vernacular.
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'77 250 400 Boggers (show)__'96 350 CC 460 SSR's (work)__'79 Bronco 400 35's (play)

Quote:
Inspired by Ian
We live in a society that keeps finding answers to problems people never knew they had.
I bow my head to Jesus, stand for my family, love only one woman, and am always proud of what I have.

Standing by my gun and Bible since 1986.

Ben
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Old 08-12-2017, 12:58 PM
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Quote:
Originally Posted by rtcapo View Post
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.
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Useful Ford Vehicle Resources:

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