Insurance for old truck

lol, You underwriters just look at your Profit margins......You guys aint in it to benefit us as a group- Trust me, If your profits begin to dwindle- Even us seasoned guys will see increases- I Know, My Last agent in 2010 increased my premium 10%- I said "No way Jose" Go increase Johnny Banana's Premium for taking out that Schoolbus.....She said "Its an increase across the Board" Needless to say My Loyalty to them ended right there....My New Agent with Same Insurance co Has me Where im Confortable.$4972.00 For the Year-

 

Gotta pay to ride the hammer lane ride. Although as far as the super trucker mentality i didnt write a book about why only i can run pre emission cat powered hoods because im old as dirt.

Js...

 

CAT powered hoods? A few months back you were saying I knew nothing about running s business because I ran a hood. Glad to see you came around. Another thing you will learn with experience is how to ride the hammer lane and not get busted ehh for the most part lmao. Just knocked on wood just in case.

I'm not bustin your chops I'm just sayin

 

Very true. Go to an insurance broker who specializes in trucks. They have the answers you need.

 

Some of them older trucks are still worth something.

 

Interesting @calnca. My annual premium is $1300 for liability + $200 for collision. I figure if I had to replace the '86 Pete it would cost around $40k. It's likely that my insurance company and I differ on the trucks value. I plan to get it appraised but here's the question....... What happens if I don't tell them i got it appraised?

 

You don't get squat. You have a value set and that is the most it will pay. I've got my '87 valued at 80k and that is what the premium is based upon. My dad wrecked his '94 and it cast about 35k to fix. He had is at 20k and the rest came out of pocket.

 

I didn't have any say in setting the value. I think my ins co sets the value.
A few years ago my father had his diesel dually pickup totaled in a not at fault accident. The ins company made a low ball offer based on the value of a gas, non dually. I had it appraised after the accident with the understanding that the appraiser tell me the value of the vehicle before the accident. the appraised value was way higher than the ins co offer. They moved their offer. So I guess I have to read my policy because i don't know how they determine value.

 

With the discrepancy between the ACV (Actual Cash Value) and what you have got in it, your best best would be to have your insurance broker seek out a "Agreed Amount" policy.....probably from Lloyd's....where your appraised valued is considered in pricing and providing coverage. In the absence of a "Agreed Amount" form your loss would be adjusted on a ACV basis.......which establishes the value at what works out to market value.....what would you have to pay to replace with "like kind and quality". Most "normal" physical damage coverage forms are ACV based........know and beware if your insurance broker tries to convince you a ACV policy form will cover you properly