Insurance

[TeamCaffee]

We check the value of our truck with the dealer we bought it from about ever 6 months. We then update our insurance carrier of our new market value. This is one of the hidden ways for us to save money. Our insurance will only pay market value of the truck. You will find if you purchased your truck new in the first 6 month it is amazing how far the value will drop.

 

[greg334]

This subject was brought up before and it is a good idea but I asked then and will ask again what insurance do you have on your equipment and personal belongings and how do you handle the replacment cost records for those items?

I ask because many insurers will not insure laptops, kitchen gear or clothing among a lot of other things as part of the equipment of the truck, and the same goes for your securment gear - straps, load bars and dunage bags.

 

[TeamCaffee]

We have a home inventory program that we use to keep a list of where we purchase items and the purchase cost and date purchased what a picture. Our truck insurance told us they cover all items such as straps, load locks, pallet jack and other items. All personal items are covered by our renters insurance. We had a hard time pinning them down to find out this information and hope it is never put to the test. Our insurance people where a lot more direct on exactly what they would pay on the truck if totaled. They will pay market value or stated value which ever is less. It does not matter what you owe on the truck only value.

 

[Broompilot]

You can thruough your Homeowners Agent (seperate policy) very reasonable about $100 a year insure your personal belongings as to keep your homeowners reasonable should you have a loss. I am not sure if you could put straps and load bars but I guess you can. I insure my laptop, GPS, and other items that I would not want to replace out of pocket.

If you claim this against your homeowners you get a black eye and a few of these you could find yourself hard to insure and thats one policy I find is quite reasonable for the amount of coverage.

 

[bryan]

Hi

Has anyone been able to put GAP insurance on their commercial vehicle?

 

[davekc]

Many commercial places sell it. OOIDA sells a seperate policy as well, or they use to.

Good advice from Broom and Teamcaffee as well. We used our homeowners policy as well when we drove.





Davekc
owner
22 years
PantherII
EO moderator

 

[terryandrene]

Want a great free inventory program similar to that used by Teamcaffee, visit this site and scan photos, receipts and other info into a record you hope you'll never need.

http://www.iii.org

 

[Dynamite 1]

if anyone has greatwest ins. they offer a stated value ins. that is very reasonable. you update the value once a year. they pay the stated value no matter how much you actually owe. this is kinda like insuring a classic car. i currently owe 67,000 or so on my truck but have it insured for 105,000, which is more than enough to cover the truck and all my stuff inside and still have enough left over for a down payment to buy another truck. and my premium for this is only about 31.00 more a month than the standard policy. i have a 05 frtlnr m/2 and my premium is 377.00 a month.

 

[davekc]

You are correct. Greatwest is who Panther uses. We actually had to use their claim dept this year as a SuperService truck backed into one of ours. Easy to deal with and handled the entire claim without a bunch of games.








Davekc
owner
22 years
PantherII
EO moderator

 

[highway star]

Dynamite, I may have misunderstood what you were saying and if so, I apologize up front. But, are you saying they will pay stated value even if actual value is less? I don't think that's the case as that is something that would be abused. Someone buys a 10k POS truck, insures it for 90k and ends up with a bundle. There is Gap insurance available, but that just covers someone being upside down in their loan, it doesn't put money in their pocket. The insurance companies put the responsibility of stated value in the hands of the truck owner so they have one less thing to do. And, in many cases the owner will be a bit lazy about it and the premium will stay high. If a truck is totaled, the value is determined and that's what's paid.

 

[FIS53]

My insurance has the first 2 years vehicle replacement. So if it is totalled in that time frame I get the original value. After that I get market value. Contents are partially covered by auto and rest covered by home insc.
Rob Fis