Insurance Coverage on older vehicles

Hello fellow 1st Gen Owners!

I'm sure this question has been asked before, or perhaps it hasn't.

What insurance coverage do you carry on your 16+ year old truck? This is hard because we all know our trucks street value is way more than anything the insurance company comes up with. My truck is 22 years old. Is it time to let go and roll with liability and bank the savings?

 

Talk to your agent about replacement coverage. Then decide if it is worth it to you.

 

Everyone's reasoning will differ.

I pay about $60/month full coverage, $500 deduct on collision and $0 on comprehensive.

I do so because I've had to make 3-4 different claims over the last 15 years for everything from a break in, cracked glass I found on an extra car while on vacation, and even a total loss.

Anyway, I do so because I have several aftermarket items installed that I will get cashed out for based on my comprehensive coverage, even if I have a total loss on my vehicle.

 

I pay about $320 per year for liability and comprehensive on my '96 as I don't drive it that much anymore since I got my 2018 TRD Sport which I carry full coverage.

 

some insurance companies will not write comp and collision for vehicle over a certain age and others will. There is coverage called stated value but I have never inquired about it.

 

My insurance costs $200.00 a month I have 4 vehicles on the plan

Everything but Collision all 4 vehicles have the same coverage No deductible !

 

I’ve got full coverage on my ‘03 for peace of mind. We have 3 vehicles with full coverage and it comes out to $84 a month. One of them is a 2019.

 

Shop around and ask about state value coverage. You tell the insurance company what you want them to pay for the truck in the event that it is a total loss and they'll set the rate accordingly. I have comp and collision on my 02 just because if the worst does happen I won't have to write a large check with my own money to replace it. Some people like to save the $ and get liability only and roll the dice. Nothing wrong with that, I just know that I am a horrible gambler and I'll probably crap out sooner rather than later.

 

I pay about $90 a month for full coverage with glass. I daily mine about 60miles a day though, so it’s my main transportation, gotta protect it as much as I can.

I look at it like this, if your truck is your only mode of transportation I would err on the side of caution and keep as much coverage as you can afford. If it’s a weekend vehicle or trail rig, go as low as your comfortable.

Once I get a new daily, the tacoma is getting retired to trails only and getting minimum coverage.

 

When I moved to Philly from FL, I switched to geico because it was so much cheaper than Allstate that I had in FL. I decided to do $500 collision and $0 comprehensive since I would be parking on the street. I'm glad I did because someone smashed the side window of my topper and stole some tools from the bed. I didn't have to pay anything and geico ended up giving me the cost of a new topper plus 10% because ARE no longer made the window anymore. No glass shop would touch it.

I replaced the window with a piece of tinted polycarbonate for about $50...

Now I'm in TX still with geico, but I lowered by collision deductible to $250. I pay around $80 a month at this point.

 

I've had liability only since '06. Oh that's not true, I had liability only on another truck 10 years before that. I haven't paid for the real thing since '95. I do carry a LOT of liability though to make it less likely to be sued personally should I cause an accident.

 

I have stated value on my C7 Corvette. Basically, you state the vehicle's value and the insurance company agrees to pay that amount if total loss. And of course, charge accordingly.

 

would a professional appraisal suffice?

 

Yes, it could if you need assistance as to what the vehicle is worth.

Stated value is typically used for older/collectible/investment grade vehicles. For example, I may feel the below 66 Corvette is worth $120,000 and it may or may not be worth that. Or may only be worth that to me.

Stated value just identifies out front what the insurer is obligated to pay if there's a total loss.