Bump Insurance??

[DuckRyder]

A couple of things, I'm assuming that you are trying to insure the truck not establish a value after a loss...

No one can help a whole lot without knowing where you are located and reading the policy that you are considering...but genrally...

A stated value policy may or may not actually pay you the stated amount, all it really does is allow the company to collect premium based on that value, these will probably not require an appraisal and the declarations page will say something like "estimated value $10,000.00 - settle on Actual Cash Value".

An agreed value policy will actually pay you the agreed amount (and no more) in the event of a total loss, these are sometimes refereed to as "collector" policies and will almost always require an appraisal. Keep your appraisal updated (many appraisers will update their existing appraisal for a lesser fee than a new appraisal) and update the value on your policy, it is surprising how often people get a car in drivable condition insure it while they still work on it or it appreciates and they forget to update the value until they have a loss. I've actually had a situation where someone had a $30,000.00 car and a collector policy for $10,000.00 so that was all we could pay him. If he had had a regular policy he would have gotten the full amount. Collector policies also have other conditions in most cases. Usually the declarations page will say something like "limit of physical damage coverage $10,000.00" and "vehicle value $10,000.00".

My truck has a regular policy, I'd probably have a battle at this point if something happened to it...

I encourage you to sit down with your agent, not an office staff person, and have a discussion about your needs and what you want to accomplish, then read the policy when you receive it.

[1971fordcustom]

I have State Farm Classic Insurance! My truck is appraised at 19,000$ I can drive it as many miles as I want a year, It cost only 35$ a month! And if any thing happends to it I will get the 19,000 no ?s asked. I do have the Classic Auto Tags, It was only 25$ 1 time! never have to mess with the tag now!

[69rangerf100]

I have State Farm Classic Insurance! My truck is appraised at 19,000$ I can drive it as many miles as I want a year, It cost only 35$ a month! And if any thing happends to it I will get the 19,000 no ?s asked. I do have the Classic Auto Tags, It was only 25$ 1 time! never have to mess with the tag now!

well that makes me feel good i have state farm and when i get done with my resto that was gonna be my first step was to call them to insure The Rangersaurus and you only paying 35 a month is awesome

[mjhaltom]

Oh, and I have never needed an appraisal (but I have never insured one over about $30000). As long as the value is not ridiculous, they will let it go through on a collectors policy. American modern will insure one while it is being actively restored, too.

[Mancar1]

I spoke with our AAA agent today. Full coverage is a lot less exspensive then I thought it would be. Also there is no limit on use.

[estebanmcgovern]

Trying to convince my insurance company that my bump is worth more than the $300 or that their book say it is. Has anyone had to get an appraisal or supply documentation proving that it is worth more? Thanks

Your best bet is to show them evidence that your car is worth more. Try to get as many proofs as possible of similar cars in your location and what they cost to “BUY”. Use KBB, Nada or other cars evaluation services, but remember nothing beats the local market. If you can show sufficient proof, your car insurance company will go along with you.