Stated Value Insurance

isd503 · Jun 12, 2024

I have a 1996 GMC Sierra K1500 and have spent a lot of money getting it running again. I am trying to find an insurance company which will cover the truck for at least close to its current value in the event I am involved in an accident which results in a totaled truck.

It is an everyday use truck so it does not qualify for classic car insurance.

USAA referred me to a classic car insurance vendor. Progressive does not offer full coverage and does not cover reman engines or transmissions.

Any suggestions?

RichLo · Jun 12, 2024

Interesting, have you tried an insurance broker? They usually can get the best price and all the coverage you want.

Vanishing Point · Jun 12, 2024

Have you tried this Insurance Company? (www.hagerty.com) let us know what you think.

Komet · Jun 12, 2024

I have Farmer's Insurance and they let me do stated value classic insurance.

Guy asked me how much my truck was worth if I was selling it. Had to figure for a minute if I could get someone to buy it, but settled on 4k.

Sean Buick 76 · Jun 12, 2024

What you want is an “agreed value” on your policy but only specialty coverage will offer that.

89GMCJOHN · Jun 13, 2024

American collectors offers that I believe .......not sure of mileage restriction ....

PlayingWithTBI · Jun 13, 2024

Komet said:
I have Farmer's Insurance and they let me do stated value classic insurance.

Me too but, it's antique limited use so, it doesn't sound like what OP is looking for. I have mine insured for $11,000 since 2020. I keep threatening to raise it but, with insurance costs go up over 51% since 2021, I think I'll hold off.

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0xDEADBEEF · Jun 13, 2024

When my kids turned 16 and got drivers licenses my Corvette insurance went from about 2k per year to 7k per year! I switched to Hagerty and now I pay 1k per year. Suck it, Allstate!

I tried to get Hagerty to cover the Tahoe but I listed one possible use as offroad and they wouldn't do it. I called them and explained I wasn't interesting in bashing it off rocks, but it might occasionally be used off pavement like if I went hunting or just exploring dirt roads, but they wouldn't do it. So don't list that under usage.

johnckhall · Jun 13, 2024

Yeah, I checked into the same thing when I bought my truck. The price I paid and the insured value was quite a gap. I even had an agent friend check for me. As stated, the major drawback was limited mileage with collector car insurance. My truck is my daily, though I don’t have to drive far to work. I’ve only put about 13K miles on it in 3.5 years. I have a comprehensive coverage by my regular insurance and I do a lot of praying and defensive driving.

Komet · Jun 13, 2024

PlayingWithTBI said:
Me too but, it's antique limited use so, it doesn't sound like what OP is looking for. I have mine insured for $11,000 since 2020. I keep threatening to raise it but, with insurance costs go up over 51% since 2021, I think I'll hold off.

I reckon every time I fire up my rig it's an exhibition of freedom in the public interest.

Just last Sunday I was out in farm country lookin for a live edge mantel and a bald eagle was flying right beside me for a good mile or so. I mean, who in their right mind would deny the majesty of a bald eagle?

Woulda taken a picture but my steering is sort of a two hands on the wheel kind of affair.

Stated Value Insurance

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