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Thread: Insurance?

  1. #1
    Junior Member Rookie
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    Default Insurance?

    I'd like to insure my C-350, but I have 3 problems......

    1)I hate and distrust insurance companies, I've been ripped off by every insurer I've ever had, and don't understand why anyone would want to pay someone for the pleasure of arguing with them later to get your own money back. That said the law says I have to have at least liability so I HAVE to deal with someone so I might as well look into finding someone to insure my rig fully. But....

    2) Every company that I've spoken with so far that will insure a daily driver, will not insure it for it's actual value. They tell me they will insure it for the average replacement value of what it's titled as. Nor will they agree to set a current "agreed value" prior to an incident or payment for coverage. So, if I needed to use the coverage I'd end up arguing a losing battle saying it's not just another F350 with 200K miles.

    3) Companies that will do "agreed value" policies will not insure it for anything more then occasional use for shows, to mechanic, etc.

    I've found no way to insure it for what it's actually worth and as my daily. I can't be the only one in this situation, anyone else? Any solutions?

    I only see 2 options...

    1) Just keep basic liability so I'm covered legally. But if the rig was stolen, a tree fell on it, I'd be on my own.

    2) Get the collectors coverage and if anything happens, woops I was on my way to some made up place they allow.
    1989 F/C-350 4WD 7.3IDI "biodiesel - celebrity owned" lol
    1989 F350 Crew-Cab 4WD 7.3IDI

  2. #2
    Member Excited ShadeTreeBronco's Avatar
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    Default Re: Insurance?

    I just have liability on mine but I know people who do option #2. Insurance is a scam for sure. One time I got rear ended in an '89 F150 and the person that hit me didn't have insurance. Luckily I had uninsured motorist protection but my insurance company wouldn't even start to process the claim. They told me that I would have to take them to court. I had to hire a lawyer to sue my own insurance. I also have a lot of vehicles and I am required to insure all of them even though I can only drive one at a time. I would rather have personal driving insurance. LOL
    I love all things Ford !
    91 C350 4x4 460 35" tires no lift
    91 F350 4x4 crew cab (Sold)
    93 F350 4x4 stake body dump 8' Meyers Plow
    87 F450 Superduty stake body (needs bed)
    79 Bronco 2 door 6" lift 35" tires ( needs main brgs.)
    92 Ranger extended cab 3.0 5spd
    2000 Ranger extended cab 4cyl 5spd
    2001 Lincoln Navigator
    76 Granada 351W Edelbrock heads intake cam 650 dbl pumper
    76 Granada 302 (parts car)
    69 Mustang 200 I6 (next project)
    86 CJ-7 (302 swap in progress)

  3. #3
    Senior Member Committed natterre's Avatar
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    Default Re: Insurance?

    What I did, was insure my bronco and then go down and get an independent vehicle appraisal done (at the request of my insurance company). I have been told that I can pay cheap rates (1992 F350) but the appraisal comes in if I ever get in a wreck to prove what the vehicle is "really worth". I don't know if it will work to my benefit or not, but it is worth a try.

  4. #4
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    Default Re: Insurance?

    Quote Originally Posted by natterre View Post
    What I did, was insure my bronco and then go down and get an independent vehicle appraisal done (at the request of my insurance company). I have been told that I can pay cheap rates (1992 F350) but the appraisal comes in if I ever get in a wreck to prove what the vehicle is "really worth". I don't know if it will work to my benefit or not, but it is worth a try.
    How did the appraisal go? Do you think you got a reasonable appraised value?
    1989 F/C-350 4WD 7.3IDI "biodiesel - celebrity owned" lol
    1989 F350 Crew-Cab 4WD 7.3IDI

  5. #5
    Senior Member Committed natterre's Avatar
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    Default Re: Insurance?

    Appraisal came in around $18,500. Now I just hope I don't need to use it.

  6. #6
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    Default Re: Insurance?

    Wow, that sounds high, in a good way. Don't know your rig but is it really worth that?
    1989 F/C-350 4WD 7.3IDI "biodiesel - celebrity owned" lol
    1989 F350 Crew-Cab 4WD 7.3IDI

  7. #7
    Senior Member Committed natterre's Avatar
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    Default Re: Insurance?

    I would hope it is worth it. I just replaced the entire engine and transmission as well as recovered the interior seats. I know I have way more than that in it.

  8. #8
    Senior Member Committed natterre's Avatar
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    Default Re: Insurance?

    At the end of the day, a car is only worth what someone else will pay for it. In the case of insurance, it is worth as much as possible so you can recover some of what you put into it to find another ride.

  9. #9
    Junior Member Curious vintageracer's Avatar
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    Default Re: Insurance?

    There are 2 types of insurance coverage written in the USA for vehicle coverage.

    ACV Actual Cash Value

    Agreed Value Coverage

    Big difference between the 2 and the coverage offered by both.

    Actual Cash Value coverage is provided by your typical daily driver insurance policy if you have comprehensive (act of God coverage) and collision (pays for your vehicle if you are at fault). The responsibility of the insurer is to make you "Whole" as you were before the accident. In this situation the insurer pays the actual cash value of the vehicle on the date of loss. Not what you think it's worth. What the actual market value is for vehicles of that type, condition, mileage and year model. Pretty easily determined for late model vehicles by used vehicle value market reports, auctions results and other widely available market reports. What you owe on the vehicle, what you wish it was worth, what you think it's worth and how much you have spent on the vehicle is not a consideration. The value of the vehicle is the Actual Cash Value of that vehicle as determined by the current market for that vehicle on the date of loss. The insurer also owes you the sales tax value based upon the payoff if you vehicle is a total loss as they are purchasing the vehicle from you if it totaled and you accept the payoff.

    Agreed Value insurance is just that. You and the insurer AGREE on the value of the vehicle when letting the policy and that policy will pay that Agree amount less deductable for your vehicle in the event of a total loss. Think limited use collector car insurance policy. Definitely NOT a daily driver insurance that you have on your daily driver vehicle. Think restrictions such as use of vehicle, yearly mileage restrictions and locked garage storage when not in use. That's why collector car insurance is so cheap because the loss ratio's for this coverage is very low and typically a total loss when there is a rare claim.

    Your not going to get it both ways. Cheap premium and unlimited use. The fact that you have spent $20,000 on a $10,000 vehicle does not matter. That's just plain stupid and is done everyday. What matter's is the Market Value or Agreed Value of the vehicle at the time of loss AND the type of insurance contract you have in place at the time of loss.

    Modified vehicles such as Centurion Vehicles makes this process much more difficult for the insurer and you the insured when it comes to determining "Market Value" and "Agreed Value". There is NO book value on Centurion vehicles. This is where a good agent comes into the picture and understands what type of vehicle you have, your intended use for the vehicle, the type of coverage the agent can offer you and YOUR understanding of the contract terms you sign and agree with meets with your expectations and understanding of the coverage you expect and are purchasing.
    Mike

    "Drive Fast, Turn Heads, Break Hearts"!

    Original Owner 1995 Centurion F350 Extended Crew Cab Pickup
    1993 C150 Black Centurion Bronco (F150 Ext Cab Build)

  10. #10
    Senior Member Sucked In
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    Default Re: Insurance?

    Agree with the above except for this. The fact that you have spent $20,000 on a $10,000 vehicle does not matter. That's just plain stupid and is done everyday.
    1995 C-350 4x4 7.3 Powerstroke 233,000
    1997 F-250 Powerstroke CC short bed 4x4 7.3 w/ dana 60 swap, stage 1 injectors 294,000
    1997 F-250 Powerstroke CC short bed converted to 4x4 & dually PMF RSK & dana 60 swap 355,000 Over 600rwhp
    1994.5 F-350 Powerstroke Centurion CC dually 4x4 7.3 5 speed 389,000
    2017 Mustang GT 5.0 auto 8,500

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