Insurance...do any of you insure your XJ for more than it's blue book value? - JeepForum.com
Search  
Sign Up   Today's Posts
User: Pass: Remember?
Advertise Here
Jeep Home Jeep Forum Jeep Classifieds Jeep Registry JeepSpace Jeep Reviews Jeep Gallery Jeep Clubs Jeep Groups Jeep Videos Jeep Events Jeep Articles
Go Back JeepForum.com > Models > Jeep Cherokee & Comanche Forums > XJ Cherokee Non-Technical Forum > Insurance...do any of you insure your XJ for more than it's blue book value?

TeraFlex Now at Rockridge 4WD! BEST DEALS around!Alloy usa heavy duty ball joint kitsENGO QUADLUX 6" to 54" LED AMBER AND WHITE MULTI

Reply
Unread 07-29-2014, 02:51 PM   #1
sweryap
Registered User
1998 XJ Cherokee 
 
Join Date: Sep 2012
Location: Denver, CO
Posts: 41
Insurance...do any of you insure your XJ for more than it's blue book value?

Over the last few weeks I have replaced nearly every worn part on my XJ, upgraded a significant amount of parts, finished the interior back to OEM, and finished removing all rust, dents, dings and scratches.

My XJ is now nearly mint inside and out, and has a pretty significant amount of upgrades that are better than OEM.

In my opinion (though I may be wrong), my ride is worth more than the $3,200 KBB says it's worth in very good condition. Due to it being rust free, clean inside and out, and a significant amount of upgrades I think I could get $5,000 or more, especially if I took it up north to sell (where rust free seems to bring a premium).

And before people call me crazy for carrying comprehensive coverage on my XJ, it's only $27 more every 6 months and includes roadside assistance - only $250 deductible as well. Where I live, I think there is a reasonable chance it could get stolen or receive serious hail damage.



So, my question is, have any of you been able to insure your XJ for more than book value? How did you approach the insurance company with your request?

sweryap is offline   Reply With Quote Quick reply to this message
Unread 07-29-2014, 03:50 PM   #2
wizardPC
Registered User
1998 XJ Cherokee 
 
Join Date: Apr 2006
Location: Nolensville, Tennessee
Posts: 580
My policy is direct replacement or somesuch. It might be a TN thing. Basically I have the right to ask the insurance company to provide me with a vehicle "substantially similar" to the one that's lost in lieu of a cash settlement. Receipts or photo proof required, and it covers not loose in the cab.

Learned all about it after cash for clunkers made used car prices shoot through the roof. My wife totaled a civic with 150,000 miles on it and they gave us $4500--about $500 more than we paid for it two years and 28,000 miles earlier. We were really excited!

When we went to go buy her another civic we discovered that we couldn't get a civic with less than 160,000 miles on it for less than $7500. Thats when we found out that we had the right to ask for a direct replacement and all that. It was too late for us since we'd already accepted the $4500 but it was good to know.
__________________
http://GunsCarsTech.com
If I've never pissed you off, give it time.
wizardPC is online now   Reply With Quote Quick reply to this message
Unread 07-29-2014, 04:44 PM   #3
sweryap
Registered User
1998 XJ Cherokee 
 
Join Date: Sep 2012
Location: Denver, CO
Posts: 41
Quote:
Originally Posted by wizardPC View Post
My policy is direct replacement or somesuch. It might be a TN thing. Basically I have the right to ask the insurance company to provide me with a vehicle "substantially similar" to the one that's lost in lieu of a cash settlement. Receipts or photo proof required, and it covers not loose in the cab.

Learned all about it after cash for clunkers made used car prices shoot through the roof. My wife totaled a civic with 150,000 miles on it and they gave us $4500--about $500 more than we paid for it two years and 28,000 miles earlier. We were really excited!

When we went to go buy her another civic we discovered that we couldn't get a civic with less than 160,000 miles on it for less than $7500. Thats when we found out that we had the right to ask for a direct replacement and all that. It was too late for us since we'd already accepted the $4500 but it was good to know.
That makes sense. It's a little scary though, that the insurance company gets to make such a subjective decision on what the direct replacement value would be. I guess you just have to keep your fingers crossed you get to work with someone that does right by you.
sweryap is offline   Reply With Quote Quick reply to this message
Unread 07-30-2014, 07:52 AM   #4
wizardPC
Registered User
1998 XJ Cherokee 
 
Join Date: Apr 2006
Location: Nolensville, Tennessee
Posts: 580
Quote:
Originally Posted by sweryap View Post
It's a little scary though, that the insurance company gets to make such a subjective decision on what the direct replacement value would be...
They only get to make a subjective decision if you opt for the cash, because they can depreciate all your parts.

Here's the scenario: Let's say you have a 98 XJ with 210,000 miles on it, worth about $3200. And you have an ARB front bumper ($1000 new), a Warn M8000 winch ($600 new), and an OME 3" lift ($900). So to replace everything today, it would cost you $5700.

Your XJ gets stolen 3 years after you built it.

If you take the cash, they can say your ARB Bumper has a 2 year useful life and is worth $0 three years later. Your Warn M8000 has a 5 year useful life and is worth $200. Your OME Lift has a useful life of 8 years and is worth $340. Since you have a $250 deductible, they cut you a check for $3490. You're out of pocket $2210 to get you back to where you were.

If you push for a direct replacement....they find you a 98 XJ with 218,000 miles on it that has no lift. Separately, they find you a used ARB front bumper and an M8000 winch that they ship to your house. Value for the XJ is diminished by $50 for the extra 8,000 miles (making this up). They can't find a suitable replacement used lift. You end up getting a check for $140 and they wish you luck finding a suitable replacement lift. You're out of pocket $760 to get back to where you were.

This works better for stock vehicles because it easier for the insurance company, but call your agent to see if you can get that kind of coverage. We were with Travelers.
__________________
http://GunsCarsTech.com
If I've never pissed you off, give it time.
wizardPC is online now   Reply With Quote Quick reply to this message
Reply

Quick Reply
Message:
Options

Register Now

In order to be able to post messages on the JeepForum.com forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.
User Name:
Password
Please enter a password for your user account. Note that passwords are case-sensitive.
Password:
Confirm Password:
Email Address
Please enter a valid e-mail address for yourself.
Note: All free e-mails have been banned due to mis-use. (Yahoo, Gmail, Hotmail, etc.)
Don't have a non-free e-mail address? Click here for a solution: Manual Account Creation
Email Address:

Log-in

Human Verification

In order to verify that you are a human and not a spam bot, please enter the answer into the following box below based on the instructions contained in the graphic.


Thread Tools






Jeep, Wrangler, Cherokee, Grand Cherokee, and other models are copyrighted and trademarked to Jeep/Chrysler Corporation. JeepForum.com is not in any way associated with Jeep or the Chrysler Corp.