School Me On Insuring My TJ

[WLDRIDE]

Even with pockets as shallow as mine, I can already see that, in a year, what it would cost me to actually replace my TJ will be quite a bit more than what I paid for it. And, if I totaled it, I'm concerned that I would not get anywhere near the replacement cost from the insurance company with just a typical full-coverage policy. Thoughts?

 

[Mrprez]

Ask your agent to give you a quote for “replacement value coverage” with coverage for any add on parts/gear. You’ll need to provide documentation showing your purchase price and receipts for anything you added to it. We have this coverage on our RV.

 

[Plumber1]

Ask your agent to give you a quote for “replacement value coverage” with coverage for any add on parts/gear. You’ll need to provide documentation showing your purchase price and receipts for anything you added to it. We have this coverage on our RV.

Be careful where you keep your receipts, you want to keep them in a safe place and away from the prying eyes of your significant other. You NEVER want her to find them, otherwise you will have a lot of explaining to do on how much money you have REALLY spent on that stupid jeep

 

[Mrprez]

Be careful where you keep your receipts, you want to keep them in a safe place and away from the prying eyes of your significant other. You NEVER want her to find them, otherwise you will have a lot of explaining to do on how much money you have REALLY spent on that stupid jeep

I’d recommend a safe deposit box in a bank in the next town over...

 

[astjp2]

Or at your neighbors house

 

[RaymondT]

In our rip-off country, a new full-load JL could easily run north of 60k. Taxes alone on that - $7200.00. That seems to satisfy the other half.

Got a folder full of receipts to slam down on the insurer's desk.

 

[someguysjeep]

receipts or not, your gonna have to fight for any value above KBB, unless your policy is noted with said improvements.
i insure mine for KBB+10k. no receipts. i total it, i get KBB+10.

 

[Mrprez]

You don’t have to fight for it. You just have to pay for it. People insure vintage vehicles all the time. If your current agent can’t or won’t, there are other companies who will.

 

[someguysjeep]

You don’t have to fight for it. You just have to pay for it. People insure vintage vehicles all the time. If your current agent can’t or won’t, there are other companies who will.

you didn't gather that's where i was pointing? every receipt for every upgrade is moot, if you don't make them aware or cover the value gap.

 

[Mrprez]

I guess not. I thought you were referring to getting the extra coverage. Yes, getting the gap coverage will require constant vigilance as the upgrades never seem to end.

 

[gbirk]

Check out Hagarty. They will easily provide a fixed value quote. They specialize in classic cars and collectables, but I have used them several times for my "toy" car. As long as you have a primary vehicle other than the Jeep and a garage to store the Jeep you should be able to get a quote for whatever amount you want.

 

[Hound Dog]

The above advice is all sound but keep in mind that these options will also drive up the cost of your coverage. I don't know if all of the extra money will help get the other guy's insurance company to cover you when they hit you. You might wish to consider that this is just one of the hazards of the game when you drive an old vehicle. Good thing is that they hold thier value better than most vehicles.

I had a Honda Accord once that I bought off a friend of mine. He handed it down to his daughter but got her a new car when she went off to college. It was in good shape despite the miles. I had it a bit and just had an oil leak fixed and new tires put on it. Some soccer mom rear ended me while arguing with her kid rather than watching the road. I got less than I had in it because in the end it was an old Honda with high miles. That was just tough.

 

[Nimbley]

I’ll second Hagarty. I have mine insured with full coverage and as a non daily driver. Keep receipts for everything and pics. I had a K10 stolen in ‘98 and book value was $3800. They gave me a market value and I walked away with $13500. Still lost about $10k but it could have been much worse.

 

[reddvltj]

I guess not. I thought you were referring to getting the extra coverage. Yes, getting the gap coverage will require constant vigilance as the upgrades never seem to end.

Gap coverage is for insuring a vehicle that you are making payments on, It is what pays the balance of your loan that is left after book value has been met by the standard coverage. It has nothing to do with modifications that have been done to a vehicle. A special-equipment rider (also called an endorsement) that specifically adds terms to your policy covering your modifications is what is needed when you want to cover additional costs from building our jeeps.

A good example of this is, I have an uncle that had a Toyota FJ 40 completely built from the ground up with a 502 big block, 60s front and rear, turbo 400 Trans with a 2 stage stall converter and a custom candy apple paint job... He had a rider on his insurance policy that covered repairs or replacement up to $100,000, I honestly do not know what his premium was but I can guaranty it wasn't cheap. It all boils down to how much you want to pay for the piece of mind that you are covered.

 

[TJ4Jim]

As I just spent 3 K on my jeep with the frame swap and restoration I went down and sat with my State Farm Agent and they set up an agreed upon value and since it is not a DD and it's garaged the bill came to $495 a year with collision.

 

[Rescue6]

I have a claimed value policy. You have to have receipts to prove it and I should probably up my value. It’s currently set at $30k. A friend just got rear ended And shoved off an embankment with the same type policy and agent. He had his for $20k. He got the full value minus the deductible and got to keep the Jeep.

 

[JMT]

receipts or not, your gonna have to fight for any value above KBB, unless your policy is noted with said improvements.
i insure mine for KBB+10k. no receipts. i total it, i get KBB+10.

Can I ask how much more the policy with the $10k+ KBB costs over the normal policy cost?

 

[reddvltj]

Can I ask how much more the policy with the $10k+ KBB costs over the normal policy cost?

That all depends on your insurance carrier and you. Good driver, age, marital status, etc. Some carriers are more critical than others. Specialty insurance carriers like Hagerty are possibly cheaper because they specialize in custom and classic vehicles.

 

[someguysjeep]

Can I ask how much more the policy with the $10k+ KBB costs over the normal policy cost?

i'd have to dig up the paperwork.
i have my car, my jeep and my PU tied into 1 package/1 bill.

when the jeep is in active status my bill is like 112 per month. during the off season/winter the jeeps status is listed as "stored", not driven, and the # drops the total to about 96 per month.
TBH, i never bothered to look at what each is separately, i need to cover them all, and it is what it is.

 

[Mrprez]

We recently purchased a second smaller tractor for helping out around our place. $23k out the door. Paid cash. I wanted it to be insured of course. Contacted my agent and asked him about it. Said he could add it to my homeowners policy as a rider. The tractor is covered no matter where I go with it. To a neighbors, or back to the dealer for service. It covers the tractor, FEL, backhoe and grapple.