Owner Operator Trucks may be UnderInsured if they haven’t run fresh quotes with the brand new trucking insurance company in town.
When it comes to claims time the insurance company looks at your vehicle’s Stated Amount.
You chose the Stated Amount, or value of your commercial truck when you started your insurance policy.
If your policy started months ago, the figure you chose THEN could result in an Under Insured truck NOW.
How your Owner Operator Commercial Truck can be under insured
DAT Freight & Analytics reports that along with an 82% drop in auction inventory, some used big trucks are actually selling at twice their values of last year. Lots of chatter out there as to why, but Price Digests Blogs support the estimate that up to 65% of all commercial vehicles may be underinsured now.
So if prices of used trucks have gone UP, and the Stated Amount on your current insurance is LOWER than the Actual Value of your unit, then your now undervalued vehicle may not cover a full replacement if you experience a total loss.
To see what your commercial truck is worth today, a number of insurance companies suggest using Price Digests for Stated Amount on Truck
Truck Paper for Commercial Truck Values is another source, and if your truck is financed check in with your lender for advisement.
What to do if you think your commercial truck is underinsured
Competition brings better rates for everything including trucking insurance.
You may not be aware that there is a brand new trucking insurance provider rolling out a new program for Owner Operators and small Motor Carriers.
Take the time to do the homework on the Stated Value of your commercial truck, then run some competitive quotes between your current insurance provider and this new green giant in town.
15 Minutes can Save you BIG $$$ on your truck insurance!
Call us at CIS today – 330-864-1511