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Unread 01-07-2010, 04:22 PM   #1
JDurkin1234
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CJ Insurance

How do you guys insure your Jeeps? I talked to my agent and he only wants to cover (full coverage) up to the blue book quote ($1200). Receipts and things make no difference. He suggested getting it appraised by a 4x4 shop and only then will they insure what the vehicle is valued at currently.

Everyone has more than a few grand in their rig..many have more than 6 or 7 tied up in suspension and engine (not including everything you've broken )

Has anyone had these issues? I'll have to get it appraised (sux) and they want $150 just for the inspection.

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Unread 01-07-2010, 04:43 PM   #2
little_Jeep
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Typically, the value of the vehicle is it's "Fair Market Value" one minute before loss.. The Blue Book or other publications are only a guide. Basically, the "Fair Market Value" is the SELLING price, not the asking price, or what you wish you could sell it for. It is what would it actually **sell** for.

In the Jeep world, some modifications could actually REDUCE the Fair Market Value. Example, build the rig to point it is no longer street legal, or remove the heat & air systems. Other modifications could have little to ZERO effect (good or bad) on what the vehicle would sell for.

Usually, for repair purposes, the insurance company is only going to pay for repairs as if OEM type were being installed. As far as the price of the parts go, some OEM parts are very expensive compared to what you actually get, so there maybe situations where the OEM price for a part is higher than what you could buy an after market item for. However, labor is the big issue as body shops are OEM style part based.... if you want them to install non OEM parts, because they don't normally do so, it will require more time. Time is money, so you can expect to sell out additional $$$.

If all this is a concern to you, your insurance company probably has coverage for customize vehiles available at an additional cost..
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Unread 01-07-2010, 04:46 PM   #3
theducksguts
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Or try to get an "agreed value" policy.
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Unread 01-07-2010, 04:48 PM   #4
JDurkin1234
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I understand that ^^^^ for sure. I asked about custom vehicle insurance at an extra cost and they said not without an appraisal. (lame)

I'm not worried about accident damage...I'm more worried about theft.
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Unread 01-07-2010, 05:12 PM   #5
little_Jeep
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Quote:
Originally Posted by JDurkin1234 View Post
I understand that ^^^^ for sure. I asked about custom vehicle insurance at an extra cost and they said not without an appraisal. (lame)

I'm not worried about accident damage...I'm more worried about theft.
The appraisal is the starting point. How are you going to know what the vehicle's value is without having an appraisal? The key is to get a real world appraisal otherwise you will be spending money for a coverage limit you will never see. Just because it is a stated value policy doesn't mean the insurance company has to pay this amount if there are other vehicles with like customized equipment for less available. Some appraisals are worthless. For example, client pays $500 for new ring and seller provides appraisal showing value of $1,500 because he wants his buyer to think he got some special deal......... when in the real world, same ring sells for $500 all day, every day.
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Unread 01-07-2010, 05:13 PM   #6
_Kyle_
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Quote:
Originally Posted by JDurkin1234 View Post
I understand that ^^^^ for sure. I asked about custom vehicle insurance at an extra cost and they said not without an appraisal. (lame)

I'm not worried about accident damage...I'm more worried about theft.
I would say it is definitely worth having it appraised if anything were to happen - IF you have money into your rig.

I don't have mine done for two reasons - ONE - MI is No Fault, so it's pointless anyways, and TWO - I have VERY LITTLE into my CJ so it's not even worth the extra insurance money to have it covered beyond fair market value. I'd be throwing money away.

Ideally, someone from OH will plow into me if I ever get in an accident and then they get to foot both mine and their bills.
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Unread 01-07-2010, 05:18 PM   #7
little_Jeep
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Quote:
Originally Posted by _Kyle_ View Post
I would say it is definitely worth having it appraised if anything were to happen - IF you have money into your rig.

I don't have mine done for two reasons - ONE - MI is No Fault, so it's pointless anyways, and TWO - I have VERY LITTLE into my CJ so it's not even worth the extra insurance money to have it covered beyond fair market value. I'd be throwing money away.

Ideally, someone from OH will plow into me if I ever get in an accident and then they get to foot both mine and their bills.

You do realize that the term "No Fault" can have a different definition from one State to another.
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Unread 01-07-2010, 06:00 PM   #8
_Kyle_
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Originally Posted by little_Jeep View Post
You do realize that the term "No Fault" can have a different definition from one State to another.
Well in MI, you are on your own if you get into an accident. Everything is done between you and your agent.

Now if someone from OH hits me, then it's all on them and their agent unless i caused it. But pretty much by law, if you hit someone, it's your fault no matter what.
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Unread 01-07-2010, 06:09 PM   #9
little_Jeep
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Quote:
Originally Posted by _Kyle_ View Post
Well in MI, you are on your own if you get into an accident. Everything is done between you and your agent.

Now if someone from OH hits me, then it's all on them and their agent unless i caused it. But pretty much by law, if you hit someone, it's your fault no matter what.
My point was, based upon what little I know about MI, your description of how "No Fault" works is correct in MI. However, in Kentucky and some other "No Fault" States, "No Fault" has nothing to do with damage to any vehicle.
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Unread 01-08-2010, 06:28 AM   #10
twoleos617
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Originally Posted by little_Jeep View Post
My point was, based upon what little I know about MI, your description of how "No Fault" works is correct in MI. However, in Kentucky and some other "No Fault" States, "No Fault" has nothing to do with damage to any vehicle.
So what does this mean for Ky residents? would it not be wise to get an appraisal and seek additional coverage?
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Unread 01-08-2010, 07:39 AM   #11
little_Jeep
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Quote:
Originally Posted by twoleos617 View Post
So what does this mean for Ky residents? would it not be wise to get an appraisal and seek additional coverage?
In Kentucky, "No Fault" relates to medical payments and lost wages. Unfortunately, our laws have so many loopholes, there really isn't anything to prevent a person from collecting under the "No Fault" coverage AND suing the other driver.

Getting a Real World appraisal is a must. Once you have an understanding of the situation, you can determine what coverage you need.
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Unread 01-08-2010, 09:34 AM   #12
atomicflatulenc
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In jersey you can only sue if you carry full coverage...I think....
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Unread 01-09-2010, 08:31 AM   #13
GP_Pete
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you didnt say how old your jeep is. If it's 20 or 25 years old you can insure it as a 'collectable' or a classic car. there are mileage restrictions, but you can get way more coverage.
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Unread 01-09-2010, 12:37 PM   #14
little_Jeep
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Quote:
Originally Posted by GP_Pete View Post
you didnt say how old your jeep is. If it's 20 or 25 years old you can insure it as a 'collectable' or a classic car. there are mileage restrictions, but you can get way more coverage.
There are usally restrictions on use of vehicle as well such as garage kept, no driving to work, etc.,. Usually, vehicle must be restored to original OEM specs. No perfermance modification, and maybe not any appearance modifications such as after market (non OEM) wheels. Also, you will need to establish a value for the vehicle either by appraisal or by sending detailed photos in with the application.
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