Insurance Value 53 3100

[robertsjm711]

I am close, very close, to driving my 1953 3100 for the first time. I realized this morning that I didn't have insurance and started the search and am not sure what to value it at.

I know there are many factors involved, but does anyone have an opinion of a value range? It is a 53 3100, S10 frame, 5.3 LS, 12 bolt passenger rear w/ M20 Muncie. As you can see by the photos it is definitely not even closes to show quality, and the interior is non-existent/"only a face a mother could love" status.

I am a realist and understand I will never get what I put into it out in the case of a claim. I have looked at Hagerty and J.C. Taylor as options, but am still looking around.

Thoughts?

[mr48chev]

Ideally you would have to have it appraised by a qualified appraiser. Other than that it is what it realistically would cost to replace it with a similar truck. If you have the receipts and parts list for what you have in it that is a good start. Grab one of those 1.98 three ring binders at Walmart and a pack of page savers and organize the receipts and then make a detailed list on your computer of what you have in each item starting with the original purchase of the truck as it sat, the S-10 frame the kit to install it if you used one, the engine, trans, rear if swapped and on down the line. Labor cost is up to you but replacement cost would include labor.

It comes clear real quick that what it would cost to replace it is more than what it would sell for most of the time unless you got some serious bargains on the parts. The guys who make money at building these trucks usually have a serious master plan with a budget to stick to.

[robertsjm711]

I do have a Cheerios box that I have stuffed all my receipts into. Ill have to get the calculator out and see what that comes out to be, honestly I'm not sure I am mentally prepared to see that number. I was just curious if someone had a similar truck and what they valued it at to get an idea of a realistic range. I am going to guess what my receipts add up to is higher than a realistic value, not even including any labor.

[mr48chev]

Knowing what you actually have tied up in one is a scary thought at times. Just the receipts from the hardware store for small bags of bolts and nuts adds up.

[robertsjm711]

$8500!!!!

And this is all I have record of... No labor, travel, supplies, tools... and I'm sure I have missed something. I must have done some bad math. I don't feel so well.

[rgunlock]

I know what I've put into my project, but I tell myself to divide the sum out over the time I've been spending money on the project. That is the cost of my hobby, but at the end of the project you have a truck that has both personal and monetary value. You wouldn't have this much with most hobbies. Keeps me sane about it anyway

[robertsjm711]

Very true. 2 years into it, guess it is cheaper than therapy. And good experience.

[CountofMonteCarlo84]

Originally Posted by robertsjm711

$8500!!!!

And this is all I have record of... No labor, travel, supplies, tools... and I'm sure I have missed something. I must have done some bad math. I don't feel so well.

Honestly, that doesn't really seem bad at all.

[mongocanfly]

I passed that 8500 mark at top speed on my truck....ill probably have 2-3× that in it when done.....but I've seen the same as my truck sell for well in the 5 figures... (thanks Barrett Jackson)

[jweb]

I have been thinking about insurance also, since my paint is done and I'm putting my truck back together. When my truck was primered I had it insured for $15000 but I wondered what I would actually get if something happens. You could be paying a high cost policy for years but when something happens you get very little pay out.

Also I think $8500 is low if you look at local ads. I would think your truck is worth around $12,000.

Let me know when you get it on the road and we can meet up. I should have mine together early June.

[vintovka]

Hoping to stay under 35k

[Driver_WT]

Originally Posted by jweb

I have been thinking about insurance also, since my paint is done and I'm putting my truck back together. When my truck was primered I had it insured for $15000 but I wondered what I would actually get if something happens. You could be paying a high cost policy for years but when something happens you get very little pay out.

Also I think $8500 is low if you look at local ads. I would think your truck is worth around $12,000.

Let me know when you get it on the road and we can meet up. I should have mine together early June.

If you insure with Hagerty, you will get the value that the vehicle was appraised for at the time you purchased the insurance. $8500 is too low. Insure for at least $12,000 - it will not cost much more for annual insurance premium (looks like Hagerty premium for rural location would be less than $300 per year for guaranteed value of $12,000)

[_Ogre]

Originally Posted by robertsjm711

Very true. 2 years into it, guess it is cheaper than therapy. And good experience.

2 years of therapy would have cost more and you wouldn't have anything to show for it except more therapy
agreed value policies charge per grand of value, pick a number between cost and absurd and go for it

haggerty won't insure anything that's driven, they dropped me after 2 years because i chose to go on hotrod power tours
even though haggerty is a sponsor of the tour, they don't insure driven cars

i've used grundy worldwide for the past 6 years, they don't care that i drive it everywhere
they just want it garage kept

[robertsjm711]

Well, this gives me a good idea of a value for insurance. Also makes me feel better about what I have put into it so far...

Ill look into the other insurance options, and jweb, we will have to go on a cruise once I get the kinks worked out of my rig.

Thanks everyone for your input.

[Driver_WT]

Originally Posted by _Ogre

haggerty won't insure anything that's driven, they dropped me after 2 years because i chose to go on hotrod power tours
even though haggerty is a sponsor of the tour, they don't insure driven cars

I have had three vehicles with Hagerty over the last three years. No issue with driving the vehicles (including on the race track - but they don't cover that LOL)

[xaircav]

My experience with Hagerty was positive. I sent in a proposed agreed value and a bunch of pictures. They agreed to $12,500 for an annual premium of $360. The limitations were off street parking, no racing and 3K miles per year. The annual mileage is on the honor system since they never ask for odometer readings.

[robertsjm711]

I checked Grundy, and for $10k it is $170 annually

[Root2812]

Originally Posted by xaircav

My experience with Hagerty was positive. I sent in a proposed agreed value and a bunch of pictures. They agreed to $12,500 for an annual premium of $360. The limitations were off street parking, no racing and 3K miles per year. The annual mileage is on the honor system since they never ask for odometer readings.

I also have had nothing but good experience with Hagerty. My pricing is much different than yours is with them. Last I renewed I had two cars with them both with me stateing the value I put on them and they just agreeing because I was in their range. I had my 1950 chevy at $10000 but listed as inoperable (aka work in progress) for $100 per year and my 1959 Corvette (fully functional) with a value of $50,000 and it was $300 per year. Same limitations though.

[jweb]

Originally Posted by Root2812

I also have had nothing but good experience with Hagerty. My pricing is much different than yours is with them. Last I renewed I had two cars with them both with me stateing the value I put on them and they just agreeing because I was in their range. I had my 1950 chevy at $10000 but listed as inoperable (aka work in progress) for $100 per year and my 1959 Corvette (fully functional) with a value of $50,000 and it was $300 per year. Same limitations though.

After seeing these prices I got a quote from Hagerty with the same limitations. It shows $572 a year for my '51 with a $30,000 value. I wonder why a more valuable Corvette would be less? Probably more than my truck is worth anyway.

[_Ogre]

Originally Posted by xaircav

The limitations were off street parking, no racing and 3K miles per year.

3k miles per year is not driven, truk's maiden voyage was a 3500 mile power tour in 10 days
i average 5000 miles per year, grundy didn't flinch when i said that

[Root2812]

Originally Posted by jweb

After seeing these prices I got a quote from Hagerty with the same limitations. It shows $572 a year for my '51 with a $30,000 value. I wonder why a more valuable Corvette would be less? Probably more than my truck is worth anyway.

So I dug into my paperwork and the vette was actually $390 per year. I was close and the truck was $112. My best guess why our quotes are different is the same as any insurance. I live in rural Minnesota. Rural so very little traffic and in MN we only use our classics 5 months a year. I think where you are may be a little different than here. Its possible age and/or driving history plays a part too but I don't know.

As for what your truck is worth.. I say if they will insure it for a higher amount then insure it for what it cost you to build it or more that way you can actually replace it.

[Jemezcrusher]

Originally Posted by robertsjm711

i checked grundy, and for $10k it is $170 annually

x2