Insuring a CUCV (protecting an Investment)

[dstang97]

I know some of you guys have a lot more money into a vehicle than what the Blue book value is. But how can you determine the value of a military (rare) truck?

I'm sure the replacement value is less than a 1000, but they go anywhere on GL from 2.5k to 10K. So right now i have 10k into 2 vehicles and if something were to happen to them I would never get anything near that. So how do you protect your investment. They will probably say it is the same a a regular k30. >$1000.

Also are you guys insuring them as "antiques" or everyday drivers (regular car insurance)?

 

[GM72K10]

What you can do is take it and get a certified"appraisal" which is what you need to do with antique vehicles that are restored. My CUCV(s) are insured as regular work trucks. They are functional working rigs for me. Liability only.

 

[hilber]

Mine is liaiblity only also. I only apid 1500.00 and it runs great, handles great, rides good and I have no desire to do anything but maintenance to it. I'll paint it sooner or alter as it was repainted as a security truck at an AF Base. I know many people are putting thousands of dollars in them. Its theri money so i say nothing to them, but it really don't make sense to me to put los of money in them. Just my 2 cents worth.

 

[papercu]

If you plan on insuring it that way, the insurance company will most likely limit your use of it. You will need to ask your insurance for complete details but just google " Insuring Classic Cars" will get you some info. Wayne

 

[ralbelt]

Liability only. Yes I have put money into it. Yes I enjoy reading on here how to fix it, and what I should look for to prevent breakdowns. But most of all I enjoy taking my grandsons for ice cream in it.

 

[niferous]

Mine is insured with full coverage.

 

[dstang97]

Mine is insured with full coverage.

They will still give you blue book value of a 30 year old k5 or 30. If it was e er damaged or stolen you would be out some money. I called geico and that is what they told me. I could get antique but my driving does not fall into that catagory.

 

[Tanner]

Insurers will never see it as anything more than a '84-'85 Chevrolet pickup truck. As such, this is not an investment vehicle.

Unfortunately, the most it will ever be worth is no more than the highest bidder will offer you for it at time of sale.

'Tanner'

 

[Mohawk Dave]

Guys,

As a claims adjuster, I happen to know a little bit on the subject. One: get insurance with a namebrand company, i.e. AAA, Farmers,etc. Two: Tell them what you have going on. Classic/Antique usually has a mileage limit per year - which I overdue big time, so Three: You get "Endorsements", as with mine, I have endorsements on "Electronics" and "Custom work". All in all, mines insured to about $15k. I don't have the break down in front of me of what it costs, as all my policies are paid as one invoice. But the endorsements are not that much. Maybe 1-200 a year more. Check it out with your agent, but be prepared, b/c a lot of agents don't know how to do custom policies.

Happy Trails,

Dave

 

[Iceman3005]

My agent told me too get an appraisal then he would insure it for that amount, I asked him if it would be worth 10,000 how much would that be per month, he said about an extra 5 dollars per month for full coverage verses just PL-PD (personal liability and property damage).

 

[OL AG '89]

Full coverage with USAA.
One less item to deal with son or daughter gets into a fender smasher. Not worried about the CUCV, just whatever gets smashed....
If we ever have to total one of them I'll have a parts truck for all the "new" trucks I will buy.....

 

[SGT Estum]

Liability only coverage and "just don't get into an accident" are my plans. I think that runs me about $118 twice a year.

 

[Dave Kay]

Thanks to all--- great info here! For me, I only carry liability and un-insured motorist on my 1008 because I don't drive like an idiot. (over 40 yrs driving - never been at fault - no moving violations) And I figure that whoever causes the accident is either going to pay or I sue them into oblivion. However, after someone here pointed out; won't get much more than so-called blue book, I will be looking at adding an endorsement as suggested.

What I am concerned with mostly, is theft. Recently saw a magazine article about a guy who did a build on an M1008 and after a few write-ups it was suddenly stolen. It was posted here and I don't believe it was ever recovered either. Check this out: LINK

Darned shame for that guy and I have nightmares of the same thing happening to my truck. They guessed that it was snatched pretty quickly by a tow vehicle and probably stripped before the rooster crowed. So anymore, I keep my steering wheel chained/locked even if I'm just going inside the grocery for a few things. Also my neighbor, who is a tow truck driver, suggested that when you park turn your steering wheel a couple turns before you take the key out to lock. That way, your truck is not a straight pull onto a flatbed and this will force the thief to reconsider whether they want to mess with trying to unlock your steering wheel. This may slow a snatch-n-grab type theft to where they may not want to bother.

 

[dstang97]

Yeah 2 years ago. There was a tow truck outside my parents house. I left my red truck there while on vacation with them. I came home one day early and got the truck out of there. The next day there was a tow truck out side and thought no one was home, my dad ran out and they took off mach 1. Good for them otherwise they would have been shot.

 

[Iceman3005]

I am only paying 40 a month for PL/PD, my insurance agent said what ever I insure it for when I get full coverage, that is what the insurance company pays if it is stolen or totaled out due to an accident, so if it is insured for say 5000 than that is what they will pay me.

 

[319]

Good topic. I have full coverage on my contact maintenance truck because it's in real nice shape and I keep tools and equipment in it. I'll have to check to on the special endorsements to see if I need any.

 

[cucv1833]

I'm paying $32 a month for full coverage with State Farm. I have it insured for $5k.
For 3 months I was paying $8 a month as a antique vehicle. But after further reveiw they changed it saying it didn't qualify.
My M1008 I was paying $30 a month for liability. Now I'm paying $32 full coverage for my M1009. I think that's a little strange.

 

[kenz5380]

I have Progressive Ins. They just asked me what the value of the vehicle is and they gave me a full coverage quote based on what I told them. I pay about $150/month for 4 vehicles, 2 on full coverage, one is 30 years old and I valued it at $10k. I asked what would happen if I wrecked it and they said that they would take into account all aftermarket stuff I had on it plus paint and body work and any receipts I keep, but it is based mostly on the fact that I pay for $10k worth of coverage so that is what they plan on paying me if I total the vehicle.

 

[BigRix]

I just wanted to add what my experiance has been so far. I too have Progressive but I already have 4 cars on my policy, which is the max. I tried to get a quote for a new policy with just the M1009 and they said that the GVW was too high and I would need to get a comercial policy. I have my agent looking into a classic car policy and that process continues. They have very reasonable rates, if I can get them to cover it. Sometimes I think its better to play dumb. As soon as I told Progressive that it was an ex military vehicle, he started back pedaling.

 

[ODFever]

Try looking into Gulfway Insurers Gulfway Insurers - A Leader in the Specialty Insurance Industry. Great company. There's no yearly mileage limit, no inside storage requirement, and best of all when you call them you are talking to a real live human being They underwrite for Travelers Insurance. You provide them a vehicle value, and they base the rates off of that value. The yearly cost is very reasonable.