What Would Pay?

First off, this truck is not for sale. I'm trying to get a general idea of it's value for insurance purposes. It currently is insured under my classic car insurance for $7000 but I'm wondering if it should be increased or not. I'm ignorant in posting pictures but will describe as best I can. Build date was 11/ 95, It is a manual 4x4 with 110,000 miles. It was purchased new by my ex-son in law in Florida but brought into New York at 73,000 miles and accident free. It has never been driven in the winter and still has the original coating on the frame. Absolutely 100% rust free and as close to 100% original as from factory. Other than normal replacement items, the only things I've changed were the clutch slave valve ( which turned out to be ok) and the clutch master cylinder. Original spare still under truck. Limited options are AC, PS, PB and an after market radio because my son-in-law bought it without a radio. Body wise, original paint( paradise blue metalic, not that it matters) clear coat is turning white on hood and cab top, slight scratches here and there, one 3" long scratch on tailgate causing a slight dent. Rear step bumper has a couple of dents which I believe happened while my son-in -law was loading his boat. I can't think of anything else that would change the price. So what would give if this truck came on the market? Since I've owned this Tacoma, I can't tell you how many people have ask me if it's for sale. I've taken their names and put them in the glove box. Some day I may just have a bidding war!!!!

 

Most classic insurers that I have dealt with require a written appraisal from a qualified appraiser, including at least a modest amount of documentation.

I'm not sure the Tacoma qualifies as a classic. It's desirable, yes, and would easily sell.

What you might look at is a 'declared value' policy. I think that's where you state the value, and they write the policy for that amount. Yea, there's some restrictions around that, but I don't recall what they are. I mean you can't just call it $25k, set it on fire and collect.

What I do remember is that you pay a hefty premium for that declared value. Maybe enough that it's not worth doing.

You seem to have a relationship with a classic insurer now, why not ask them what a good way to proceed would be?

 

If you have an insurance company actually willing to pay 7k on a 5k vehicle, I'd accidentally arrange for it to be stolen.

 

Billy:
I did forget to mention that it had the 2.7 L engine.
I do have 2 other vehicles insured with my classic ins. carrier and when I requested the Tacoma be added the agent checked with the insurer and there was no problem insuring it for the $7000 after supplying them pictures. This was an agreed value payable upon loss, but yes there are restrictions like mileage/year, and not using it as an every day grocery get-er. In a good year it may get a couple of hundred miles put on it. I did have regular insurance and the cost came to well over $800 / year with no collison. Now it costs less than $300/ year and covered for $7000. Is it worth more or am I good at $7000?

 

I like the truck too much to have it stolen.

 

It might sell for more to a number of self proclaimed enthusiast types. Although many of them have more mouth than money.

However, for the unwashed masses, it would hardly get a 2nd look at the $7k. Too old, low tech, not enough airbags, cupholders, blueteeth, etc. etc. And good Lord, no LEDs or HIDs. tsk tsk tsk. Bet you don't have those magic-in-your-pocket keys either do you?

The problem with insurance is what do you want it for? If it's to truly replace what you have, it almost never will. And in your case, even less likely, due to lack of availability. For me it's more about being protected from lawsuits in case I am the one who screws up in an accident.

If your truck was mine, I might not even carry collision/comp on it. But I would drive it a lot more.

 

I went through a similar incident back in 1999. I had an older, 1975 F20 full time 4X4, in immaculate condition, so immaculet it was stolen. Insurance said $1700... I had $9k in her just in parts. She was my stump puller, my tow vehicle etc. It took 6 months of meeting every requirement the insurance company put on me... lets see the receipts, find a comperable, find a comperable in California, find a comperable in southern California, find a comperable in San Diego County. It was one day before the "dealing in bad faith" clause kicked in and we setteled for $9500 less decutable less mileage. So when someone says they have insurance I ask them really? how good do you think it is... you wont know until you file a claim.

 

That's always the way with any insurance co. Just hope I never need to file a claim.

 

I'd insure it at replacement cost of something rare like that.
This is an semi-comparable replacement cost.
https://bringatrailer.com/listing/2004-toyota-tacoma/
IMHO if it is not much more for the insurance, insure it for $14,000 of classic car.

 

A tacoma most assuredly does not qualify as a classic car. I'm surprised you can insure it under that type of policy. I think the minimum is typically 25 years old.

I'm not even sure most classic insurers would insure an esrly 90s pickup that is 25+ years old...

maybe I'm just trying to pretend my truck isn't as old as it actually is, lol...

 

2017-1996=21
In Wisconsin after 20 years you can get a collectors plate for $200 and never have to register it agian, you just can't drive it in January.

 

Can't drive it in January??

 

http://wisconsindot.gov/Documents/formdocs/mv2323.pdf

 

doesn't really explain why, tho. Seems lime a weird rule to legislate.

Do they at least let you drive it at night? lol

 

Snow maybe? Or so that people are not avoiding the registration fee year after year by driving the car year round as a primary?

 

I had no problems insuring a '90 Buick Reatta under my classic insurance once it was 20 years old and no problem with the Tacoma either. Here in New York after 20 years it's considered a classic, at 25 it's considered an antique. Like I mentioned earlier, all I had to do was send them pictures to document it's condition, I thru them a figure that was more than I paid for it and bing bang boom they insured it. Now I'm saving $600/year and can collect something if an accident occurs versus paying a big premium with no collision. I need to get another car of mine appraised because I know it's under insured and I may just have the guy appraise the Tacoma.