Ooida physical damage

Discussion in 'Ask An Owner Operator' started by united972, Jan 9, 2022.

  1. united972

    united972 Light Load Member

    May 26, 2016
    So I had a accident and I’m insured with ooida… I called to ask what my physical damage limits are for my truck and trailer and they said they don’t have limits it’s based on actual value at the time of loss?

    what does this mean has anyone had similar situation with ooida how did they payout?? Based on what is acv?
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  3. kemosabi49

    kemosabi49 Trucker Forum STAFF Staff Member

    Jan 13, 2013
    SW Arkansas
    OOIDA is not any different than any other insurance carrier. You insure you truck for the amount it is worth. If wrecked, they will pay out the ACV, that's Actual Cash Value, up to the limit of your policy. But say you are paying for $100,000 physical damage insurance and your truck is really only worth $50,000, you will only the 50K. That's one reason you should get with your agent annually and adjust the insurance to reflect the value of your truck.
    beastr123 Thanks this.
  4. Siinman

    Siinman Road Train Member

    Mar 5, 2017
    Kansas City, MO.
    So saying what you said. If you insure the truck for 50K and the truck is worth 75K in this market you will only get 50K. You will lose 25K by not insuring it and same with trailers.
  5. kemosabi49

    kemosabi49 Trucker Forum STAFF Staff Member

    Jan 13, 2013
    SW Arkansas
    They are not going to pay more than the coverage you are paying for. That's why keeping your coverage up to date important. When I owned trucks, I would lower the insured value every year, as the truck would lose value. I would have never imagined needing to raise it like could be needed today.
  6. ProfessionalNoticer

    ProfessionalNoticer Road Train Member

    Apr 25, 2021
    Look around for your exact truck (or as close as you can get) and make record of it just in case OOIDA tries to bend you over.
    Rideandrepair and united972 Thank this.
  7. Rideandrepair

    Rideandrepair Road Train Member

    Aug 8, 2015
    They’re going to cover fair market replacement cost. Up to the amount of stated value. So if you had a stated value if 100k, and a similar Truck can be purchased for $50k, that’s all you’ll get. If you had a value on policy if $35k, regardless of replacement cost, you’ll only get $35k. I just renewed my policy. Increased Truck from $30k to $50k. Trailer from $8k to $14k. Base on selling prices, that’s how much I’ll need. Good Luck with Ooida. It took them 8 weeks to settle with me. They listed my Truck on a salvage auction site. Highest bid was $7500. ( 6 mo. old $23k inframed engine) I had a choice to receive $21k, and a option to buy the Truck for the highest bid,$7500. I took the $21k, though I could have repaired it for about $5k myself. It was this time of year, and 700 miles from home. Bought another similar, slightly better Truck for $21k. The long process really put me in a jam back in 2008-2009, since I was already struggling. Good Luck, hope they settle well with you. I kept them for 3 years before switching. The only good thing is they never increased my premiums. I support Ooida, but having their Insurance is not only a problem at times, but IMO a conflict of interest when there’s a claim. It’s hard to fight against an Insurance company who’s goal is to protect all members best interests, when your a member of the same group. Make sense?

    TROOPER to TRUCKER Anything Is Possible

    Dec 15, 2014
    Charlotte, NC
    How bad was the collision? Major damage?
  9. truckdriver31

    truckdriver31 Road Train Member

    Sep 18, 2013
    the loss is only based on the actual loss of the market value at the time. if you have a $50k policy and the truck is worth $40k on 1/09/22. then your only getting $40k.
  10. mrbamcclain

    mrbamcclain Light Load Member

    May 25, 2011
    Hammond, La
    Better watch your 6 with those clowns. I made a claim after last years hurricane on a trailer. They finally sent me a check 4 weeks ago. I got a "courtesy" email this morning stating I would be none renewed because my company has been deemed a "hazard" by their underwriters.

    Insurance companies are worse than snake oil salesmen
  11. GYPSY65

    GYPSY65 Road Train Member

    Nov 16, 2012
    SW FLA
    We just switched to OOIDA
    The last insurance company I was with had me give them an amount and even if I was high they would only pay the market value
    If I was too low then they would pay my max amount

    OOIDA has no stated value but say it replacement value and they went as far as to say that in this current market that the replacement value can be much higher than I’d expect

    The only thing I had to do was itemize any upgrades such as the ARI sleeper on this truck and if it has any other items like aftermarket bumper etc

    I was able to get a better policy for less $$ than what I previously had or so it seems
    Siinman Thanks this.
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