Insuring older vehicles

[88B2EB]

Well the Bronco II project is almost finished so now comes the really hard part: getting it insured. My current insurer has given me problems in the past when I've asked to put full coverage on a vehicle more than 20 years old. I have another vehicle on historic insurance through Hagerty but they have strict limitations on what the vehicle is used for that don't work in this case (daily driver). What do you guys do?

Second question, Would it be a good idea to get the B2 appraised before seeking out insurance? Who could do an insurance appraisal like that? A Ford dealer?

 

[alwaysFlOoReD]

Up here, older vehicles have to go through an inspection process before they will put on full coverage or you pay more. Ask the insurance broker for a recommended appraiser. The insurance companies use independent appraisers, and I assume that one that is known to the company would carry more weight with the company.

Richard

 

[97RangerXLT]

my thoughts on an older vehicle... Find out what it is worth in the condition yours is in. my guess is that for a regular b2, maybe 3k max depending on the mods/ add ons that you have in it. If you saved all of your receipts, that will help. If the value is 3k or less, I would try to set aside that much money in savings (just in case) and just put liability on it. because you are not going to get any more than what it is worth anyways, and the cost of paying the insurance premiums will go beyond that value after a few years anyways.

And if you are a good driver, Collision might be a waste of money for you. If you are in Deer country, keep the comprehensive. but I think for a daily driver stock B2, I would just put liability and comprehensive on it.

for what its worth, I think insurance is great, but you need to look at what you are paying in premiums vs. the return you will get if something does happen. you can spend a huge chunk of your money betting something will happen when it never does.

AJ

 

[adsm08]

This is a question for Armadillion. He is an insurance agent.

 

[88B2EB]

Thanks guys. I guess liability is another option. I do have enough in savings to cover the losses no problem if something happened. To me the question has been "Is it more than I'd want to loose" and that's a hard number to quantify. Truthfully I've always done liability in the past just because, like you said AJ, I've driven older vehicles that haven't been worth much. I've just never had anything as nice as the B2 (hey no laughing) and would hate to see it get wrecked after doing all that work. Guess that could happen with or without insurance though huh? I need some thoughts guys!

Richard, Thanks man. I hadn't thought to ask the insurance agency for an appraiser referral.

Hopefully Armadillion will chime in with some good advice.

Josh

 

[adsm08]

I do remember him saying that you can get extra riders on a standard auto policy to cover the value of upgrades or restoration work done. So if I had the receipts still I could get almost an extra $2000 of coverage on my truck from the trans and axle upgrades I've done to it.

 

[88B2EB]

I do remember him saying that you can get extra riders on a standard auto policy to cover the value of upgrades or restoration work done. So if I had the receipts still I could get almost an extra $2000 of coverage on my truck from the trans and axle upgrades I've done to it.

Hey that would be helpful I did keep the receipts. Must be a nice drivetrain you've got in that truck!

 

[adsm08]

Must be a nice drivetrain you've got in that truck!

Cammed up rebuilt 2.9 with WC heads, 4.0 clutch, 4.0 version M5OD, 1354M (that seems to have some internal issues now), 1-piece drive shaft, D-35 and 31-spline LS 8.8 with rear disc.

I have a 4.0 OHV on the stand waiting to be rebuilt right now. I basically got it for free. I replaced a 4.0 SOHC (over a blown head gasket) in a customer car that had no core on the replacement. Took the old one home, sat on it for a year, and then sold it to my foreman for $100. 3 months later I bought this OHV from him for $100, just needs lifters and rod really, but I might as well do a total rebuild while it is out.

A lot of that $2000 is in misc parts and hardware. I think I paid about $100 for the rear axle, $200 for the front, $500 for the trans/t-case, and $900 for the engine.

 

[88_Eddie]

i'm an insurance adjuster. i total old ass cars almost daily. the thing about b2's is that they are so old, parts are getting hard to come by. add to the that, the fact they do not retain their value unless they're in near factory condition.

most insurance companies total vehicles at 75% of their value as well. if you've got a run of the mill b2, you're probably looking at a value of $1500, 75% of that is $1125. it's rare that i see a deer claim for that amount. most are in the $2k-$3k range. same thing with collisions.

like adsm was saying, you can get extra endorsements for vehicles that have aftermarket stuff on them. it will depend on your state and what type of policies they allow insurance companies to sell. in NC, the endorsement is more geared towards electronic stuff like sound systems.

ask your agent if there is some sort of policy he could write where they insure the vehicle for a set amount. say like $3k, then if it's damaged, you could at most get $3k back from it, less your deductible.

otherwise, just put liability on it and hope nobody hits you and you dont hit a deer.

if you want, PM me your VIN and the mileage and i'll let you know what value we would give your truck.

 

[wildbill23c]

^^^ What blue book do you use for figuring out how much a vehicle is worth? I find it pretty funny what banks, insurance, and dealers say a vehicle is worth depending on who they are talking to, what day it is, if the sky is blue, and where the vehicle is currently sitting. If you look up the actual blue book value depending on what state you are in the vehicle may be worth more or less. Where I live a standard Bronco 2 sells for premium prices because its small, its not much larger than these side by side ATV's now, and will fit on many back roads and atv trails where full size trucks and SUV's will not. It all depends on the buyer, location, and what shape the vehicle is in. As for parts availability, it depends on where you live as well not to mention the vehicle the Bronco 2's parts will for the most part interchange with Ford Rangers there aren't very many vehicles made now that are interchangeable with other models, or in some cases another vehicle exactly the same won't even interchange with the same vehicle. A local salvage yard 30 miles from my house currently has 4 Bronco 2's and a few dozen ford rangers, so parts aren't even something to consider for these trucks. Insurance companies want to total out anything they can because they just don't want to deal with the paperwork the majority of the time. My parents' car was totalled because it was "old" no it was totalled because apparently after 5 wrecks it was in it was too good of a car to be left alone. Sorry but the insurance companies the majority of the time have no clue, its not their vehicle they don't care.

I just picked up an 84 Bronco 2 a couple weeks ago, and called the insurance company (State Farm) for a quote, they told me $27 a month for liability which is all I carry on it anyhow not worth enough to constitute full coverage, but the lady even asked if I wanted full coverage on it, so I think if I were you I'd change insurance companies, if they want to whine and cry about someone wanting full coverage on something that tells me they're not a good company to do business with. They act like its their money you are spending when in fact its far from that. I'm not sure how much full coverage would be on mine, but at least I know I can have it if I ever get it restored and decide that I want it.

 

[Dune Runner]

I have insured older cars. I use AAA and have to take it to them so they can look it over and take pictures. If something happens you will have to get comps anyway. I totaled a Harley a few years ago. The first offer was 11k when I was done with comps they gave me 16k for it.

 

[wildbill23c]

AAA is a good company, and they used to have some good deals on maps but haven't had them since I got rid of my travel trailer.

 

[88_Eddie]

^^^ What blue book do you use for figuring out how much a vehicle is worth? I find it pretty funny what banks, insurance, and dealers say a vehicle is worth depending on who they are talking to, what day it is, if the sky is blue, and where the vehicle is currently sitting. If you look up the actual blue book value depending on what state you are in the vehicle may be worth more or less.

we use something called NADA to run vehicle values. it gives a higher value than blue book.

and yes, different locations in the US have different values for vehicles.

my company is a small state wide company. we only sell in NC. dealing with the larger companies is way worse. i've had people tell me that's it's easier to deal with me than it is their own carrier. and my dad got the same run around when nationwide totalled my sisters b2 back in the late 90s. he argued with them for months and finally got what he wanted for it.

Insurance companies want to total out anything they can because they just don't want to deal with the paperwork the majority of the time. My parents' car was totalled because it was "old" no it was totalled because apparently after 5 wrecks it was in it was too good of a car to be left alone. Sorry but the insurance companies the majority of the time have no clue, its not their vehicle they don't care.

this is just 100% wrong. totaling vehicles is wayyyyy more paperwork. when a vehicle gets totaled, the insurance company pays you for it and it becomes theirs. at my company, we then take that vehicle and sell it at an auction or scrap it. if it sits at the auction, it could be months before it sells and that's a claim that just sits open at your desk that you cant close. if we fix a car, i get an estimate for the damage and write a check and mail it, end of claim. i can do it the same day a claim is filed if i get all the paperwork i need.


you sound a lot like me before i started working in insurance. insurance is there to get you back where you were before you sustained a loss, nothing more, nothing less. if you have a 2005 tahoe, we're not putting brand new parts on it, you had 7 year old parts before the wreck, so that's what we're putting back on.



putting full coverage on it is foolish. the only reason to do it, would be to actually get something for it if you did hit a deer or had a collision. then you'd actually get something for it. but if it's worth $1200 and you have a $500 deductible, you're only getting $700 for it. better than nothing, but after 2-3 years, you'll have paid more than that in premiums.

 

[88B2EB]

Cammed up rebuilt 2.9 with WC heads, 4.0 clutch, 4.0 version M5OD, 1354M (that seems to have some internal issues now), 1-piece drive shaft, D-35 and 31-spline LS 8.8 with rear disc.

Thoroughly jealous man! Hope to see you post up some pics when you decide to rebuild the 4.0.

 

[88B2EB]

they do not retain their value unless they're in near factory condition.

Hoping this one will be come Spring. The body has been completely restored, same with the interior. New engine by PO. Just finishing up the details now.

I know what I have into it, a lot more than 3K, but truly no idea what it's worth. NADA lists excellent at 9K but that sounds completely unrealistic. Really if it's worth close to what I have into it I'm happy. If not, I still get to drive my favorite truck in the condition I wanted so that's worth it to me, don't plan to sell anyway. But I think that definately puts me in the category of appraisal beforehand if that's even possible. I'd hate to be arguing over what it's worth after a crash. That's what I really liked about Hagerty. You tell them the value up front along with some pictures and they set your rates based on that.

I might just hit you up on that offer when it's finished. Thanks.