Grit dog
Full Access Member
- Joined
- May 18, 2020
- Posts
- 5,996
- Reaction score
- 9,954
- Location
- Washington
- First Name
- Todd
- Truck Year
- 1986
- Truck Model
- K20
- Engine Size
- 454
Well not just squarebodys , but probably other old/classic cars as well.
Spent the afternoon keeping our insurance company honest. Seems to be required about every 5 years. Except this time didn’t have to switch companies to get the rates good again….
Speaking for the 86 GMC and also my 74 CJ5, I had the wife put full coverage on the old GMC since it’s been finished and on the road since it’s worth a decent amount of $ now. And the ins said of course need to get an appraisal if you want it to be insured for actual (high) value, as they will only insure comp and collision to NADA value.
So I looked up NADA on the 86 GMC. C2500 + 4wd + 454 engine. NADA shows low retail at $7k, avg at $24k and high at $34k!
We all know this is largely wrong and totally subjective. It’s worth what someone will pay.
But the point is, nada has these trucks valued extremely high. And our insurance anyway American Family will use that value scale in the event of a loss.
So for normal cheap insurance rates, the 86 GMC is covered for every penny that it’s worth and then some. No appraisal, no classic car insurance needed.
It was $500 for 6mo but should be dropping some since we dropped one teenager off our policy and the other one is assigned to the beater Tahoe.
Similar for the 74 Jeep, which is also imo over valued unless the prices around here are cheap. But same deal, plan on covering the Jeep for comp coverage and AmFam treats it the same way. nADA says it’s like $9k avg value. Which is more than its worth on the street by 20-30%.
And fwiw, AmFam would also insure basing value off of $ invested (with receipts)without an appraisal. But that method won’t work for me because I don’t have enough actual $ in them to even come close to market value.
Something worth looking into for those of you with valuable old trucks.
Spent the afternoon keeping our insurance company honest. Seems to be required about every 5 years. Except this time didn’t have to switch companies to get the rates good again….
Speaking for the 86 GMC and also my 74 CJ5, I had the wife put full coverage on the old GMC since it’s been finished and on the road since it’s worth a decent amount of $ now. And the ins said of course need to get an appraisal if you want it to be insured for actual (high) value, as they will only insure comp and collision to NADA value.
So I looked up NADA on the 86 GMC. C2500 + 4wd + 454 engine. NADA shows low retail at $7k, avg at $24k and high at $34k!
We all know this is largely wrong and totally subjective. It’s worth what someone will pay.
But the point is, nada has these trucks valued extremely high. And our insurance anyway American Family will use that value scale in the event of a loss.
So for normal cheap insurance rates, the 86 GMC is covered for every penny that it’s worth and then some. No appraisal, no classic car insurance needed.
It was $500 for 6mo but should be dropping some since we dropped one teenager off our policy and the other one is assigned to the beater Tahoe.
Similar for the 74 Jeep, which is also imo over valued unless the prices around here are cheap. But same deal, plan on covering the Jeep for comp coverage and AmFam treats it the same way. nADA says it’s like $9k avg value. Which is more than its worth on the street by 20-30%.
And fwiw, AmFam would also insure basing value off of $ invested (with receipts)without an appraisal. But that method won’t work for me because I don’t have enough actual $ in them to even come close to market value.
Something worth looking into for those of you with valuable old trucks.
