Insurance for old truck

It is if you don't owe for your truck. Most banks require full coverage to protect their investment if you owe money against the truck.

As far as the law goes, all they require is that you carry liability insurance. People you ship to probably require you to carry cargo insurance but that's all you are required to have.

 

Maybe he did a 24k gold air disc conversion on the front axle.

 

If it's stolen you should have that covered under your comprehensive policy right?

 

Unless you have replacement cost coverage.....which most carriers won't offer on older units, the coverage form will be either Agreed Amount (expensive), Stated Amount or ACV (Actual Cash Value).....so be careful what you buy, and/or what your insurance guy offers you......IF you can get a Agreed Amount form (typically a Lloyds of London type deal) it would be in your best interest as you CAN get what you put into it in the event of a total loss......Stated Amount is not the same as Agreed Amount in that a Stated Amount form generally includes a ACV cap......so carrier won't pay more than the ACV at time of loss.......and the ACV form is as it sounds, Actual Cash Value (at time of loss)

 

Trucking underwriter for 45+ years......just here to give you guys the straight scoop

 

That's the problem, they would probably give you a total loss of about 10k on a 45k investment.

I would imagine book value on any 1998 will be less than $10k.