Conversion Appraisals, Insurance, etc...

[DPinkston]

Being the doom and gloom kinda guy I am, I have been giving a lot of thought recently to what would happen if my conversion was in an accident, my fault or not. As the VIN number on my truck shows it with a 460 and booking at about $4500 I would be at a real disadvantage trying to get insurance to pay for what it's worth. I talked to my insurance this morning and they said I needed an appraisal or some documentation on what similar trucks are selling for. I know of no business in my area (central KY) that does these conversions or who would have the knowledge to appraise it. I have seen them sell on Ebay in excess of $10,000. The insurance lady said it may help to print out completed Ebay auctions and the info from the FordCummins website. Anyone have any other ideas or leads?

Danny

 

[DKarvwnaris]

Being the doom and gloom kinda guy I am, I have been giving a lot of thought recently to what would happen if my conversion was in an accident, my fault or not. As the VIN number on my truck shows it with a 460 and booking at about $4500 I would be at a real disadvantage trying to get insurance to pay for what it's worth. I talked to my insurance this morning and they said I needed an appraisal or some documentation on what similar trucks are selling for. I know of no business in my area (central KY) that does these conversions or who would have the knowledge to appraise it. I have seen them sell on Ebay in excess of $10,000. The insurance lady said it may help to print out completed Ebay auctions and the info from the FordCummins website. Anyone have any other ideas or leads?

Danny

Contact a few shops who are repowering the trucks and have them give you an appraisal list of their completed trucks.

This also depends on your driving habits, do you cause accidents or are you worried about those who do? If you are looking for your insurance to pay you back for an accident of your own fault, you had best have all your ducks in a row. Get all the appraisals you can, list of estimates to do the repower, mileage on the truck when you repowered it to prove it was a recent job. If you are dealing with the opposing drivers ins. and they were at fault, you just need to stick to your guns and tell them to replace the vehicle with the same equipped truck. They HAVE to return you to pre accident condition. Pay off is your choice, not theirs. Find the same truck you have and arrange for a conversion shop to estimate the purhcase and repower cost into the sale price. Not hard at all that way. Make sure if you are planning to get ins. to cover the repower costs that you have an engine that is emissions legal by its placard to the year truck you have it in. An insurance company can deny to equip a vehicle with aftermarket alterations if it violates federal emissions (or state), found that out from a friend who was hit by an uninsured motorist and had his own insurance adjuster tell him that they would not replace to like condition as he had violated the emissions on the truck after replacing his 454 with a 5. 9 out of a farm tractor. He lost after fighting for 4 months. Like I said, get your ducks in a row first.

 

[mgoncalves]

I would say a fair way to go is to consider it as if it had the 7. 3 turbo option. Seems like a used 7. 3 turbo would bring similar money as a used cummins??? That would be the best way in my eyes. Having a cummins instead of a 7. 3 might make it worth more to you or any of us on here, but in reality it probably drops the value vs a factory 7. 3 turbo, mainly because it's to unique.



Just my thoughts

Matt

 

[DPinkston]

From a book value standpoint the 12 valve second gen and the powerstroke options are close dollar wise in what you "add" to the base price of the truck. The 7. 3 IDI turbo is a distant second or maybe third behind the first gen Cummins.

No, I'm not accident prone. Haven't had an accident in over 20 years. Having said that, I have just sealed my fate.

I did recently have a parked truck get hit. It was worth about half what it booked for but they made good on book price anyway. Naturally I didn't volunteer to take less. I want my cake and to eat it too!

Danny

 

[DKarvwnaris]

From a book value standpoint the 12 valve second gen and the powerstroke options are close dollar wise in what you "add" to the base price of the truck. The 7. 3 IDI turbo is a distant second or maybe third behind the first gen Cummins. People installing different engines in trucks such as 5. 9's or smallblocks in Jeeps etc. are rarely doing it for the the money, they're doing it for the reliability and economy of use. Most would do things differently if given a second chance, like use a different bracket, maybe a newer truck. etc.





No, I'm not accident prone. Haven't had an accident in over 20 years. Having said that, I have just sealed my fate. tell me about it, I just finished ranting over dinner a few weeks ago about how careless drivers in our town are in the winter, that friday, I totalled a subura wagon with my dodge, didn't do much to the dodge, just bumper etc. First accident I have ever been in that I was at fault/ icy roads yada yada.

Naturally I didn't volunteer to take less. I want my cake and to eat it too!

Danny

Doesn't matter what its worth, matters how much it is to replace it to pre accident or claim status. Just because my Ram is used for construction does not lessen its value to me, dents or no dents, tailgate working or not. Pay Up Sucker, or find me another one, those are me feelings on it.

 

[DPinkston]

Things might be different in Montana, but generally speaking here in Kentucky you get whatever it books for. If you have a vehicle in really good shape for it's age you've got a battle on your hands. My Dad was in that situation several years ago. The other driver was at fault and her insurance was only willing to pay what the truck booked for and being a 15 year old truck it didn't book for much. Wasn't a rust spot on it and the interior was like new. Finally had to get a lawyer and they finally coughed up an extra $1000 and let him keep the truck.

I would like to be prepared in the event something does happen, that's why I want to do my homework now.

Increasing the value of my truck was a secondary consideration when doing the conversion. Primary reason was for fuel economy and to just be different :--) . I've never been one to swim in the same direction as everyone else :-laf .

Since I installed a new overflow valve a week ago my mileage has increased from 17 to 19 mpg. I am elated Oo. That's twice what I was getting with the old 460.

Danny