Quote:
Originally Posted by sick472
Places like Hagerty, American Modern, etc that insure classics use the agreed upon value and do not require an appraisal. Your everyday companies like American family will likely require the appraisal for their standard insurances. I ended up going through my AmFam agent to get the American Modern policy as the nearest licensed appraiser was over an hour away.
My truck build had about $30K invested and I did 95% of the work, so I asked for $40K policy. Probably $10-20K low for shear replacement costs if I had to have someone else build it for me, but I was comfortable with the yearly fees and the policy seemed very inclusive. They did want several photos of the truck AND photos of the garage (inside and out). One of the few stipulations is that it is kept in a building that can be locked.
The big thing is to make sure the policy is "Agreed Upon" and not "Stated Value". "Agreed Upon" is a guaranteed payment in case of total loss. Best I can tell, "Stated value" can (read - WILL) be negotiated upon the need for reimbursement. They may try to depreciate the value due to time lapsed, mileage and such.
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Thank you. I am a lot like you. I did everything except for the actual paint work and I basically paid just material cost to have my truck painted. Basically some friends from my dad's 40+ year in auto body did some favors for us. It's awesome to know people. I'm sure my costs would be considerably higher if I had to pay someone to do everything else.