Insurance for a valuable, "young" miles but older truck

[Jay11]

Scrolling through the wonders of BaT saw this gem and I couldn't help to wonder how do you ensure you get complete coverage for the price paid because insurance will not value a 2010 at $17k, say they give a value of $8k. Even if you carry comprehensive $8k is all you got insured but you want to protect your total $17k value. How can you achieve that?

 

[85_Ranger4x4]

Agreed value or collector car type stuff.

There are ways around it it getting graded as an average 16yo Ranger, once a vehicle get so old what insurance thinks it is worth often doesn't apply in the real world for nice examples.

 

[djfllmn]

Agreed value or collector car type stuff.

There are ways around it it getting graded as an average 16yo Ranger, once a vehicle get so old what insurance thinks it is worth often doesn't apply in the real world for nice examples.

X2. Hagerty or Grundy classic car insurance

 

[Li'l Work Truck]

That's a really nice example of a good truck! My truck is valued at ~$6,500 in excellent shape, and has very, very few blemishes for an '08. It's got 172k mi on it now, and I don't plan to stop driving it until parts are no longer available. Normally, the work I'm doing to it wouldn't necessarily improve a vehicle's value, but I think going from good to excellent condition would actually do that beyond what a normal insurance company would cover on what is likely to be considered a classic very soon. It's nice to know there are places that would agree, this is no ordinary old truck.

 

[rubydist]

iirc, a 2010 is too new for Hagerty, but many of the mainline auto insurance companies will do 'agreed value' policies on vehicles like this that are worth significantly more than the standard market. Just ask your insurance agent if they can write an agreed value policy on the vehicle.

 

[19Walt93]

I had my Mustang appraised to get an insurable figure. I'd be shocked if any appraiser would put a value that high on the truck.

 

[Jay11]

iirc, a 2010 is too new for Hagerty, but many of the mainline auto insurance companies will do 'agreed value' policies on vehicles like this that are worth significantly more than the standard market. Just ask your insurance agent if they can write an agreed value policy on the vehicle.

That's a great tip.

A bunch of these types of insurance seem to put a limit on miles driven per year. Has anyone got this type of insurance on a daily driver? If so which insurance do you have?

 

[sgtsandman]

When it comes to insurance, everything is a catch 22. I don't have a suggestion for you on one that will give you the agreed upon value and not limit your miles driven. Insurance is a racket designed to make money off of you. You are required to have unsurance, unless you can prove you have the financial means to be self insured (and can prove it), and they know it.

As far as the truck in question, it is a nice truck, but not 17K nice. I wouldn't pay it.

 

[rubydist]

Hagerty does not limit the miles, but they do make you promise that it is not your regular to/from work vehicle. They let you drive it all over the country to car shows and parades though.