Insurance for Defender 110 Daily Driver?

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

Attachment 8135

Here in Quebec they give you a list of approved evaluators and you get your vehicule appraised (usually insultingly low) you tell them your annual mileage and they give you a quote. Thing is you have to pay for the appraisal wether you like his evaluation or not. My guy looked at my restored truck and compared it to the price of fresh off the boat beaters on Ebay. 12 grand for a truck I have spent 17 on.

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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

Attachment 8135

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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.

Here is mine - picking it up from the port of Houston on the 7th of May. It has already been scheduled to my insurance policy. I have sent all the pictures as well as the invoice to my insurance carrier. It took effort to get it on my policy because the VIN did not register in the database they use to check if VIN's are valid. So you will have to call them and tell them it is being imported from overseas.

It is not a difficult process and the representative from Liberty Mutual was somewhat excited when he saw the photos. My agent even called the next day asking about the car and wanting to see it when it arrived.

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Red Hot D90!

Thanks for sharing your experience. Haven't found a company yet that will do Agreed Value insurance as a daily driver. I usually insure with USAA (grandpa was a Navy doc) and they have great rates but their system values her at less than $6,000 and the "classic car insurance" they offer has all the restrictions (<1000 mi/yr, garage kept, 2nd vehicle, etc.). Got an appraisal on her that said her fair market value is $27,000 which is more than we're paying for her so would be happy if an insurance company would recognize the appraisal.

Anyone else have advice for getting insurance for a daily driver?

Thanks,
Lauren

Attachment 8183

All policies provide for actual cash value. Afaik.

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Originally Posted by Boston

All policies provide for actual cash value. Afaik.

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Well afraid of that. The other option would be to just allow them to keep it at ACV and be prepared to make your case to the adjuster in a loss relating to the value of the vehicle. There is a good argument to make if you have the documentation related to the purchase etc.

I have asked around and you may want to contact Chubb Insurance (AM Best A++XV - highest rating). I know on the personal lines side they do provide on their standard Personal Auto program an Agreed Value option. Now Chubb is more expensive than most other carriers but their coverage is "gold standard". They also have Classic Car Insurance as well but as I remember that has the same limitation related to no daily driving. I would at least check out the Chubb website - speak with an agent and get a quotation, or speak with your current agent if they represent Chubb.

I am surprised that USAA does not provide Agreed Amount valuation. Right now I am sticking with Liberty Mutual however when my policy does come up in October I may pull my Landy off the policy and check out Chubb. Problem I have is I have pre-paid the insurance and the addition of my vehicle so there is no point in changing and this point.

Good luck and let me know what you hear from Chubb.

Well, I just called up Liberty Mutual, talked to the agent, sent over all the info and they were so good that I am moving ALL my stuff over to them. Their definition is "stated" which is:

Stated amount- This endorsement provides important documentation of value in “antique, unique, or unusual” private passenger vehicles that tend to increase in value rather than depreciate. Stated amount pays the amount necessary to repair or replace the vehicle as stated.” This verbiage also states that it recommends the owner obtain an appraisal of the vehicle every 2-3 years through qualified appraisers and to notify Liberty Mutual f any changes in value so adequate values can be maintained.