HELP!

The big question is what did you buy it for?? That’s the minimum you needed to insure it for.

 

Then why are you on an internet forum talking to a bunch of strangers instead of talking to a lawyer that can actually help you.

like others have said, you under insured your equipment. The insurance company is honoring the policy you bought.

 

Talk to a lawyer, they can answer this question better.

 

I think you can find another truck for the 20 large. Good luck, I hope they pay yall quick.

 

Many lawyers offer free consultations. May be worth giving a few a call. Many work for a cut of the recovered money (working on contingency). If they don't think you'll win they'll decline to take the case (if they are working on contingency).

 

My experience has been that they will not pay more then the stated value. Never hurts to ask I guess!

Even more of a kicker if you overvalue it they also won’t pay the stated amount just because you stated that. Each year do an honest assessment of the trucks value and maybe add 10 to 15% for good measure. Otherwise you’re just wasting money.

 

This may help explain stated value.
What Is Stated Amount Coverage?

 

Yeah this is not a business where you can shoestring it to make big bucks, if you undervalue the truck without proper insurance coverage, then you only screw yourself when something happens.

I wonder what the accident was that caused it to be totaled out and what other liabilities the insurance is dealing with. The adjusters may see this as a whole package situation and the adjustment may be a result of everything else involved.

my advice is the same for everyone else, have the right amount of capital to properly start this venture and be prepared for big bills for things like insurance and breakdowns.