Originally Posted by
DanBaileyTribe
Hi, I am about to purchase an '88 110. Is there an insurance company that will insure the vehicle for it's true value and as a primary vehicle/daily driver (will be selling current car)? Most companies I've researched either:
A) Use a computer formula based on year and mileage to calculate the "value" and are unable to account for appreciation.
B) Only offer "antique" or "classic" insurance where it must be a secondary vehicle with very low annual mileage
Who do you insure your Defender with? Any advice?
Thanks!
Lauren
Actually I may be able to assist on this one. I work in Commercial Insurance and I am running into the same issue. What you can do is ask your insurance company for an "agreed amount" valuation on the vehicle. Meaning they will not adjust a loss on the Actual Cash Valuation. Some carriers can and will provide coverage for physical damage on agreed amount basis. Unfortunately mine (Liberty Mutual) won't.
Now the other trick is to keep your records and of course have an appraisal with documentation etc. So if there was an instance where you had a "partial" loss and they wanted to consider it a functional total loss you could argue your point providing documentation. Mine is going to be my daily driver as well - being a restored 1988 D90 - it would give an adjuster fits to determine either the replacement cost or book value. So that is really where the documentation comes in. If an adjuster would look up the book value in NADA of a Land Rover Defender 90 - 2 door station Wagon ( 1997 NAS Version) it falls under classic car values and you can argue that yours is of like kind and quality. According to the NADA guide the value is:
Low Retail: $33,000
Average Retail: $47,700
High Retail: $72,400
Since yours is a 110 you are comparing it to even a more rare US Valuation as 1993 was the only year they were available in the US. The NADA values the 1993 NAS 110 as:
Low Retail: $35,100
Average Retail: $54,700
High Retail: $73,700
Remember insurance valuation and claims adjustment is not a black and white decision. It is a negotiation process and as the policy holder you have your local Department of Insurance on your side as well as other factors in your favor. Keeping the documentation and even sending them pictures and your invoices for their file (before you file a claim) is advised. I did it and I have pretty much put them in a trick bag. Even if you look at older 1994 to 1997 you will see the values are still stout.
One good thing to remember about Landy's. Being built like a tank it would be almost impossible to have one sustain a total loss. Remember they are not a uni-body design. The exterior parts are bolt on and rather inexpensive. The frame is stout - over engineered in my opinion, so your chances for a total loss are less likely than with other vehicles.
Try the agreed amount approach and if that does not work then the more information you give them the better and if "Agreed Amount Value" is acceptable to them you have won the battle. If not get ready to prove up your case if a loss happens.
Nancy Astor: “Sir, if you were my husband, I would give you poison.”
Churchill: “If I were your husband I would take it.”