Business Plan/ Mentor Needed

You can claim anything and everything that is covered by your policy. It can include such things as loss of revenue, vehicle rental, etc., but you'll have to read your policy and/or talk to your insurance agent.

And yes, you still owe your driver his full wages regardless of fault or responsibility. Welcome to trucking.

 

That is a good rate. Your cargo is high, reduce to 150. Otherwise you are in the ballpark. Your insurance will change year to year based on what you are hauling, value of equipment, and us exposure as a % of distance driven.

 

Ya they always agree you on totaled trucks. It's a joke. That's why i only insure mine for wholesale value, cause that's all the insurance is gonna give ya anyway. You could spend 30 grand on a brand new create engine, total it the next day and wouldn't get a penny more than if it had a 2 million mile worn out engine.

If it's a good truck, always consider buying it back from the ins and fixing it.

 

Yea
The adjuster will look at it and research similar vehicles for sale in your home area, and that's the amount you get. You can insure it for 250,000 and they will pay you what it would have sold for before the accident. You can fight with them on the settlement amount, if you feel they are way off. If you think they are being fair, you might as well accept it. If you really piss them off they can drop your coverage completely. Keep in mind in Canada there are 4 insurance companies to choose from and 2 of those are interested in companies with fewer than 10 trucks. One of those is expensive and the other is the one you want. Old Republic is where it's at for the small operator in ontario.

 

So the carrier has the legal right to sign on your behalf for your asset as to the amount the insurance adjuster will pay for your totaled truck. What a business ....

 

Something smells rotten in...

You must have proof of insurance, i.e., Liability ("pink") Card and Certificate of Insurance. Who is the named insurance company (not the Agent/Broker--actually, who is that also?)?

It sounds like the company is either trying to avoid filing a claim, or is trying to low-ball you and keep the difference. Either way, they're trying to screw you.

As for the valuation, the policy should outline how to determine the value. You should consult an independent adjuster. However, you need to do your homework too to ensure you know what the current value of the truck is. Be aware that unless the vehicle is in very high demand, you will typically only get average wholesale value unless you can adequately articulate why it should be more.