Insurance Question

[Cooper197]

I have a 1966 C10 that's been modified that I am working on switching insurance with. Currently it's on StateFarm and I'm switching over to Hagerty, but have the sticking question of value.

Now, I know what's it worth threads are only allowed by supporting members, so without this turning into that, if anybody could give me some information on how to value my truck I would greatly appreciate it.
The engine has been swapped over to a mildly built 350 backed by a brand new TKO-500 transmission and a 10-bolt rear end. 5-Lug, drop spindle, disk brakes and lowered 2.5/3 inches. In addition the interior has been done up and the truck has minimal rust.

Again, trying not to turn this into a what is it worth, but more trying to figure out how to value the truck. I've been looking around on Craigslist but I'm not finding very many trucks that are in similar condition to mine that are V8 trucks and not fully restored.

Any help or guidance would be greatly appreciated.

[Clyde65]

I have a similar truck, although I have an LSX and 4speed, they are close.
I insure mine tgriugh State Farm for $20k, that's what I think it would take to replicate it.

[jayoldschool]

Just call Hagerty, they will tell you the approximate value of the vehicle, and insure it for that. I have all my classics with them.

[dodgiesdad]

When I first insured mine after I redid it. My insurance company asked for the year, make, model and modifications along with a group of pictures. They then determined what they believed my truck was worth. Then we discussed what I believed it was worth, (I have a very good idea what I have in it). Then we came to an agreed value and they are insuring it for that. Their number was a little higher than mine and we are now in between the two.

[Cooper197]

Thanks guys! I know to the dollar what I have in my truck and just want to make sure I'm well protected should anything ever happen. They told me that I'd need to send pictures to prove value, but I figured I'm in for the usual insurance evaluation of the vehicle in which I receive some lowball number from them.

Sounds like that's not quite the case, which would be a refreshing change!

[vince1]

I think with Hagerty they expect that it be driven a limited number of kilometers or miles per year but could be wrong on that.

I have both my old vehicles with them and recently upped the value because before that just a fender bender would have written them off.

[Clyde65]

An independent appraisal would be money well spent

[The Rocknrod]

Have you checked with Grundy Insurance?
And I agree with 65franintruck below on the costs.

[forestb]

I think they also expect it to be kept in a locked garage. They have a hole list of rules that you might want to look at or maybe you already have.

[Shady Rascal]

Haggerty website is very easy to use. When I took out coverage on my latest truck, I entered my info and they calculated a value, which I was pleased with. Then you enter your payment info and email the pictures. If you're not satisfied with the value that they show, just submit pictures with what you want the value to be. They will respond. Haggerty insures stuff way more valuable than any of these old trucks will ever be. They aren't clowns who don't know an LS from an inline.

I have used Haggerty for about 15 years now on all kinds of different vehicles. Never had a single complaint.

[oem4me]

Hagerty has a value database compiled from actual selling prices of collector vehicles. They will have a ballpark idea on what it's worth. If you don't agree with their number, high OR low, just tell them why. They might require some additional photos and/or evidence of money spent if you think it's worth a lot more, but ultimately YOU will be paying more monthly for a vehicle with a higher value.
In other words, it all evens up.

[63frankintruck]

I highly recommend Grundy.
Best deal out there and you can drive as many miles as you want as long as its for pleasure driving.

[Cooper197]

Thanks again guys.
I ended up with Hagerty because I'm 21 and they were willing to take somebody under the age of 25 if I joined my father's plan (after a lot of convincing).
They did want the truck locked up in a garage and whatnot, but it is so none of that part is an issue.
I was told to decide on a value and provide pictures to prove it and that we'd go from there. I think I have a good idea of what it's worth, I just need to make sure they agree.

Even if we can't quite agree, I'm sure it'll be better than State Farm's ludicrous $400 evaluation

I'm quite limited on mileage with Hagerty, but again, being able to get classic insurance at my age is big enough, I'll take what I can get. I don't drive the truck all that much anyway.

[Kenfuzed]

Just to chime in, I recently moved my truck to Hagerty and was very pleased with both the quote and coverage. For the value I figured out my investment and compared to what it would cost me to replace the truck with all the same features and condition. I also looked at the valuation tool that Hagerty has which came very close as well.

For many years I have been with Nationwide, including all my cars, motorcycles, and home. Then out of the blue I received a letter that this past November they would no longer be insuring older or classic vehicles and dropped my truck. Probably a blessing because now I have much better coverage for the same amount.

[luvbowties]

Originally Posted by Clyde65

An independent appraisal would be money well spent

I totally agree with Clyde65. Adding a bit to his info, I recently--2-3 years ago--insured 3 collectible cars with another company. The agent gave me the name & contact info for a guy they used a lot to determine value. When I got this written estimate, I had been correct in my thinking--they asked for just that one appraisal. Saved a bunch of time & the appraiser valued it high enough to cover all my parts plus extra. (Being cynical now, that extra would probably cover all my labor IF I valued my labor somewhere around 14 cents per hour!)

Back to serious, I was very pleased at the value he compiled. He had a really exhaustive appraisal form which credited all work doable from A-to-Z!
Sam

[LT1 Burb]

I just insured my truck through Grundy's at a 50,000.00 valuation and it was 355, my suburban was insured through Hagertys with a 40000.00 valuation and it was 700.00, because it was heavily modified.

[TopFuel1966]

If you live in Calif and are an Auto Club member, their Collector Car insurance is an excellent valve, and even better if you insure your DD's and home with them. I've had one claim experience so far and the service was outstanding.

[LostMy65]

Are there any experiences with claims ones can post here?
An accident where the insurance had to pay out?
Was there a hassle or lengthy investigation to determine if you followed the agreement regarding use and storage?

[The Rocknrod]

Years ago I had a claim on my Chopped Channeled and Shaved Panel. They couldn't wait to pay off the damage, no issues at all. My wife just told me it was Grundy insurance at the time.

[flashed]

I have had 2 claims on 2 different cars with Hagerty and they were easy to deal with ,hassle free .

[rvrfoot]

I have aaa on my 66 c10 and on my highly modified ruckus.

[68jewel]

Originally Posted by 63frankintruck

I highly recommend Grundy.
Best deal out there and you can drive as many miles as you want as long as its for pleasure driving.

I agree with you^^^. I have Grundy for my 72 Chevelle, my 68 C10 and my recently bought 62 C10. From others I've talked to, Grundy is cheaper than Hagerty.

[64shortbox]

I have Hagerty on my three vehicles, 0 deductible. The windshield got broken on my 71 M&M Hearse on the way back from Hot August Nights. Hearses & Ambulances take Commercial glass it's very expensive. My windshield was in the neighborhood of $1,500.00 and the glass company said they were one of the easiest insurance company's they've ever had to deal with. They paid the claim 100% no squabbling just wanted to know how it happened.

[corvettejim1968]

I pay $103 per year on my 1965 c10. I told them its value was $6,000.

[slamgears]

To you guys that insure everything (like $15-20K), what do you pay for Grundy or Haggerty?
I've always just threw my cars on my liability policy and enjoyed paying next to nothing for insurance when they're this old, but wondering if Grundy would be better if the price isn't killer.