Toyota Insurance - Stated Value Coverage as a Collectable

Hello Toyota Fans!

I am new to having a very low mileage (28K) 1st Gen Tacoma and am loving it.
It amazes me how many people approach me and ask if I would sell my Tacoma.

Knowing there is quite a cult following for these little trucks and knowing they fetch a premium, got me thinking to check with my insurance agent (State Farm) and ask the question..."What would I be paid if my Tacoma was stolen or totaled?"

Wasn't very pleased with his response. I would be paid for the "Actual Cash Value" of the vehicle. This amounts to about a third of what I paid for it and a fourth of what I have been offered. Watching Ebay and this board, I see what these trucks bring substantial $$ with low mileage and 100% original and being a survivor.

My question is have any of you found insurance that covers your vehicle for "stated value" rather than "actual cash value"?

I found a few companies online, premiums aren't bad, but I thought I would ask the experts on Tacoma World!

Thanks all!
Cp

 

I thought Insurance will use a "replacement cost" value, which is basically the cost of buying identical vehicle in the area. Not only the asking price but also tax, fees and registration cost. If exact vehicle is not available, then they would use an interpolation form similar vehicle with adjustment of condition, mileage, equipment. But my last first hand experience was almost 20 years ago, so it might change.

 

This is my experience too, though results may vary based on location and insurer.

 

Sweet ride! One of my favorite taco colors.

Insurance could give me 20 grand and I’d still feel jipped. I try to better my odds by driving like a grandpa with cat-like reflexes.

 

You could DM a couple folks in this thread: https://www.tacomaworld.com/threads/hagerty-insurance.733664/

 

check out hagerty. see if they can help.

 

What you are trying to insure is the emotional value of the truck, the insurance company does not give a rats rear about how you feel about your truck. If you use your truck as a truck there is no amount of money that can compensate for the freedom it represents.

 

Most will initially offer cash value hoping you’ll take it but will then offer replacement value if you call them out.

my buddy’s truck (not a Tacoma) was just hit and totaled by a high schooler when it was parked on the street. They initially offered him $3k but he said hell no and responded with abunch of Craigslist ads for comparable trucks all running about $7k. Then insurance offered him $10k so he took the money and ran.

 

Most policies are worded for " actual cash value". The problem is the determination of that value. If there is a difference of opinion, most companies will accept estimates from
dealers as to what they would be asking if it was for sale on their lot.

Far more important than the few thousand dollars of value in the vehicle is having proper liability coverage (enough to protect all your assets+ in case you injure a person or persons).

 

I've never run across an insurance policy for vehicles and or equipment that is insured on a replacement cost basis - it is always actual cash value because the item depreciates as time goes on (for other cars, not old Toyotas) If it were insured under replacement cost in the event of a claim they would be forced to give you replacement cost for what the vehicle cost new - which any insurer would quickly be out of business if they offered that coverage.

The best way to insure a vehicle like this is under "agreed value" where you and the insurer agree on the limit if the vehicle were to be totaled. This is how vintage classic cars are insured. Do not settle for stated value, many of them have clauses that say "the insurer will pay either stated value or actual cash value, whichever is less" or to some likeness of that.

If you don't plan to daily drive it or use it as a work truck you could insure it with Hagerty or Condon Skelly classic car insurance. It also has to be kept in a garage.

Hope this helps!

 

You could pay the extra money for a "stated value" insurance, but why?

It's not a "classic" by any stretch (according to the CCCA), the only unique thing about it is it's got unusually low miles for a ~20 year old truck. Otherwise it's a standard run of the mill 5 lug pickup truck. The trucks that fetch a premium are the 4x4s, and even then, it's still not what would amount to "classic" status.

In the end, you have a ~20 year old 5 lug Tacoma. Unless it was owned by a famous person or you're hiding coke in the door panels, it just isn't worth all that much.

 

Even 5 lugs are starting to rise in price considerably, if the mileage is low.

https://bringatrailer.com/listing/1999-toyota-tacoma-6/
https://carsandbids.com/auctions/rMkYapLR/1998-toyota-tacoma-xtracab-sr5-v6
https://bringatrailer.com/listing/1988-toyota-pickup-11/
https://bringatrailer.com/listing/1...ota-pick-up-2wd-deluxe-regular-cab-short-box/

Wouldn't surprise me if this truck could bring $15-20k on BaT.

 

IMO these auction houses are doing to the car market what bay area dot comers and chinese billionaire investors are doing to the housing market. Then when Joe Schmoe goes to buy a house, they're competing with these billionaires who have briefcases full of cash and don't really give a crap how much it costs.

In effect, they are giving people an inflated estimate for what the average guy can get for his 20 year old pickup truck.

When we cherry pick the most exceptional examples of vehicles in the very best condition that are sold to select individuals for the highest prices, that gives the average joe some unrealistic expectations for what their truck is "worth".

It's only worth what the guy in front of you with a wad of cash is willing to pay for it. Just because some guy spent nearly $9k in an online auction for a ~40 year old pickup truck with 200k miles is irrelevant.

 

I was told by my insurance company (USAA) that the "Agreed Value" or whatever policy was only available in certain states when I asked about it. Here in Hawaii Tacomas hold their value extremely well but of course we're not one of the states that offer that. I get it though, insurance companies don't give a shed about what we think our trucks are worth.

 

No, USAA specifically referred me to another company who did agreed value, but for trucks they stipulate that they cannot be used to tow or haul, has to be garaged, and can only be used 2,000 miles a year (or similar). Effectively they want it to be a "collectable" that you take for a few joyrides and shows per year. They also want receipts for everything.

 

What company was that? Not that those stipulations apply to me anyways hah

 

I meant the company they referred you to

 

Ah, American Collectors

 

At 22 years old, certain parts degrade over time and the elements regardless of how low a mileage it has on it. I’ve heard tell a later model with lots of mileage is desirable over a really old model with low milage, not to mention the improvements made.