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Physical damage insurance question

Discussion in 'Ask An Owner Operator' started by amrogers3, Oct 5, 2020.

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  1. Oct 5, 2020 #1
    amrogers3

    amrogers3 Bobtail Member

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    Sep 19, 2020
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    I am looking for physical damage insurance for 2015 Volvo with about 560,000 miles. Couple questions, what is a good company to use or get a quote? and what should I expect to pay per year? Four years driving experience but first time I will be driving for myself and getting insurance.

    Any helpful advice you could give for someone looking for insurance to cover physical damage?
     
    amrogers3, Oct 5, 2020
    amrogers3, Oct 5, 2020
    #1
    truckdriver31 Thanks this.
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  3. Oct 5, 2020 #2
    Spyro2112

    Spyro2112 Medium Load Member

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    Mar 17, 2018
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    What state
    Don't matter
    How much is the truck worth
     
    Spyro2112, Oct 5, 2020
    Spyro2112, Oct 5, 2020
    #2
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  4. Oct 5, 2020 #3
    truckdriver31

    truckdriver31 Road Train Member

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    how much doesnt really matter. they are going to pay the market value at the time of total loss. he can get $65,000 and they may only pay $15.00
     
    truckdriver31, Oct 5, 2020
    truckdriver31, Oct 5, 2020
    #3
  5. Oct 5, 2020 #4
    amrogers3

    amrogers3 Bobtail Member

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    Sep 19, 2020
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    value is approx $30K

    The guy I am trying to get insurance through is going to get quotes from these insurance carriers:

    Progressive
    Lloyds of London
    Pro Republic
    Hitchcock
    Great Lakes
     
    Last edited: Oct 5, 2020
    amrogers3, Oct 5, 2020
    amrogers3, Oct 5, 2020
    #4
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  7. Oct 6, 2020 #5
    WREN

    WREN Medium Load Member

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    Jul 17, 2017
    Florida panhandle
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    I have 1st gaurd. 225 month on 50k
     
    WREN, Oct 6, 2020
    WREN, Oct 6, 2020
    #5
  8. Oct 6, 2020 #6
    amrogers3

    amrogers3 Bobtail Member

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    Thanks Wren, I'll give em a call.
     
    amrogers3, Oct 6, 2020
    amrogers3, Oct 6, 2020
    #6
    tideerc and WREN Thank this.
  9. Oct 6, 2020 #7
    wis bang

    wis bang Road Train Member

    3,067
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    Jan 12, 2011
    Levittown, PA
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    A tidbit about having Physical Damage Insurance.is the need to adjust the amount insured.

    Buy a new truck for $140,000.00 and the lienholder insists on you covering that number to protect their investment.

    Each year you need to look at the actual value of the truck and adjust the value insured in line with the declining value.

    Why?

    They are only going to pay ACV [actual cash value or book price] should there be a loss BUT they won't tell you to make these adjustments so you keep paying the insurance for a $140.00.00 truck for the length of the loan and total it on the day before the last payment and they only pay you $10.000.00 ACV after you paid possibly twice that by not tailoring the coverage to mirror the book value.

    All you are doing is making the insurance man's commissions go up year after year.....
     
    wis bang, Oct 6, 2020
    wis bang, Oct 6, 2020
    #7
  10. Oct 6, 2020 #8
    amrogers3

    amrogers3 Bobtail Member

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    Sep 19, 2020
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    Very helpful. What is the best way to determine your truck's value? Online classifieds dont seem the best way because trucks and how they are outfitted are so different. Plus, I have found values vary from 5K to 10K depending on where you buy it.
     
    amrogers3, Oct 6, 2020
    amrogers3, Oct 6, 2020
    #8
  11. Oct 6, 2020 #9
    WREN

    WREN Medium Load Member

    378
    238
    Jul 17, 2017
    Florida panhandle
    0
    Depends on insurance company. Mine is a stated value not acv
     
    WREN, Oct 6, 2020
    WREN, Oct 6, 2020
    #9
  12. Oct 7, 2020 #10
    wis bang

    wis bang Road Train Member

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    Jan 12, 2011
    Levittown, PA
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    Your accountant should be amortizing the cost of the purchase. average the remaining depreciable value and compare to the average of a few prices for similar equipment....
     
    wis bang, Oct 7, 2020
    wis bang, Oct 7, 2020
    #10
    truckdriver31 Thanks this.
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