I've got liability insurance on the truck in my sig right now but am thinking about going with full coverage. I looked the truck up on Edmunds and it has a value of $2900-$6900. NADA quotes $9000-$12000. The truck is in very good condition with 180K miles on it. What are most of you doing with these older trucks on your insurance policy? How does the ins companies arrive at a value for older vehicles if totaled? My ins co. quoted me $300 more per year for full coverage with a $500 deductible.

 

Well only being $300 more a year I'd say go ahead and do it. Atleast if something does happen and it gets totalled or whatever.......atleast they will give you what bluebook is. With only having liability your truck isn't covered for squat and you'll be walking away with nothing.

I'd say the $300 more a year would be well worth it!



~Nick

 

I got a lot more for my truck when it was stolen. Total settlement of just over $19k. I would not be without full coverage, or uninsured motrist. (I have been rear ended by people with no insurance.)

 

How does an insurance company put a dollar value on an older truck like mine? If they use Edmunds I wouldn't be getting very much for it and wouldn't even think about selling my truck for that lowball figure.

 

Replacement value. Using whatever data they can acquire, whatever it would cost to replace yours is usually how they do it.

 

They use "Fair Market Value". They don't use KBB or Edmunds on there own. They combine that with prices for comparable trucks and develop a price from there. Of course they are in business to give the least amount possible. Our 4x4 00 with 93K was worth 18K according to the insurance co. . And they did not want to GAP with the GAP coverage I was paying for. After I got done they covered the 26K loan.

I would not go without full coverage. I can't afford to lose the value of the truck. If you do have a loss make sure you fight for what is right. If they offer less then what you can buy an equal vehicle for, fight them for it! Read the laws and know what your entitled to.

Randy

 

I have my 93 CTD insured for $20k replacement value. I pay about $800 per year for the full coverage on that truck. These 1st gens are getting harder to find. I looked for a year before buying this one. I picked it up for $3900 but it needed alot of work. Almost everything mechanical was worn out except for the engine. I figure to replace this truck with a mechanically sound truck would cost a minimum of $6000. ( if you could find one with low milage..... mine has 117k )My replacement value also includes my tools.

 

Banks, car dealers, insurance all use NADA! You can try Rick's Blue Book if you want!