Financial protection in older vehicles needed

[015point9]

Week before Thanksgiving my brother in law was going to work at 3:30 in morning.   He gets rear ended by a drunk.  Last week insurance company totals it.  1997 Ford ¾ ton with 165,000 miles on a 7.3  Excellent shape except one small dent.  Received a check for $9,470. 

Now he is trying to replace what he had.  Nothing he has looked even comes close.  He is thinking he has to come up in model years, around 2010 or so.  Which means spending a lot more money than what insurance company gave him. 

One would think that some type of separate insurance would be available to cover older vehicles.  Some type of policy to make up difference when you have to upgrade thru no fault of your own. 

He’s a Ford fan.  He won’t touch a GM product and local RAM dealer not known for far dealing in his opinion. 

So he’s in process of trying to figure out which Fords around 2010 and newer has the least problems. 

I know if my 2001 was totaled.  I would be very upset. Seems to me that we are getting short end of stick.

Edited January 16, 2017 by 015point9

[Me78569]

and old vehicle is an old vehicle.  Best thing you can do is keep your reciepts for things and fight with them to get as much as you can.  

 

 

However if the insurance company gave me $9 for my truck I would be on cloud 9.

[CSM]

The fact is that its an old truck.  If it was worth more, he should have kept it and negotiated with insurance to repair or part out.  In some cases you can buy a totaled vehicle back.  

 

If he wanted more for the truck he should have paid for a declared value insurance, but that is more expensive.  

 

Old trucks just arent valued at replacement value without a declared value insurance like i use on my classic cars.  

[TFaoro]

Since mine was stolen and valued in parts at 49K I've looked into what you're saying. As @CSM said, you have to have a declared value and insurance is more expensive that way. Sad the insurance companies don't pay what the vehicles are actually worth. 

[CSM]

11 minutes ago, TFaoro said:

Since mine was stolen and valued in parts at 49K I've looked into what you're saying. As @CSM said, you have to have a declared value and insurance is more expensive that way. Sad the insurance companies don't pay what the vehicles are actually worth. 

 

 

It is sad that our trucks are worth this much too.  If the EPA, cash for clunkers, and the rest of the government would stop meddling, we would all be retiring our 2nd gens and buying 4th gens at relatively similar cost to an original 2nd gen.   

 

The thing to remember is that insurance isn't replacement insurance.  They are insuring the value of your investment, which is depreciating as you drive it and as years go by.  

Edited January 16, 2017 by CSM

[Me78569]

I would say our trucks have a rare issue that they are worth more in the real world compared what they should be worth on paper.  

 

It's hard for an insurance company to justify that a 16 year old vehicle with 200+k miles is still work 10+k on paper that's nutso.

 

That's why there is agree'd upon value plans.

[CSM]

52 minutes ago, Me78569 said:

I would say our trucks have a rare issue that they are worth more in the real world compared what they should be worth on paper.  

 

It's hard for an insurance company to justify that a 16 year old vehicle with 200+k miles is still work 10+k on paper that's nutso.

 

That's why there is agree'd upon value plans.

 

If we just gauge utility, our trucks are very similar to the new ones.  But then again, my 96 saturn is reliable, clean, and gets great mileage.  Yet it is worth 1200 bucks.

[dripley]

54 minutes ago, CSM said:

 

If we just gauge utility, our trucks are very similar to the new ones.  But then again, my 96 saturn is reliable, clean, and gets great mileage.  Yet it is worth 1200 bucks.

Maybe the wifes 98 SL2 is worth $1400. Hers has 120k and fairly clean till she hold of it. If she got hit and totaled I would be on the smelly end of the stick.

[CSM]

1 hour ago, dripley said:

Maybe the wifes 98 SL2 is worth $1400. Hers has 120k and fairly clean till she hold of it. If she got hit and totaled I would be on the smelly end of the stick.

 

70k on ours, new clutch too.  I hate it, but it won't die.  

[dripley]

3 hours ago, CSM said:

 

70k on ours, new clutch too.  I hate it, but it won't die.  

Hers is an auto 4 cylinder. Not a bad little car around town but I dont think I could take a long trip in it. She might not get another till she learns how to not scratch or bang the corners up. She is only 4-10 so maybe I need to her a smart. Maybe she could see all four corners.