Tractor Insurance value

Discussion in 'Ask An Owner Operator' started by Dino soar, Nov 13, 2019.

  1. Dino soar

    Dino soar Road Train Member

    Dec 8, 2017
    I'm getting my insurance set up and my agent and I had a discussion about the value of my tractor.

    I told him that I've heard people have insured their trucks for a certain amount but the insurance company only gives them what they basically feel like giving them.

    He said that it's about market value. He said that he can put any number in there you can insure your truck for a million dollars if you want but they're only going to pay you market value.

    I told him that makes sense, but with trucks so much is dependent on how much recent work has been done to it and the condition of it that the same truck can vary greatly on what the value actually is.

    So I have a 1995 Freightliner fld120 it is an owner operator spec truck, not a classic. I don't have time to list all of the repairs and money that's been spent on that truck but let's just say I've had my hands on every part of that truck and it's 100% the way you want a truck to be when you get into it including having the engine worked over.

    The only thing that's not done is paint.

    What would you value that truck at, and God forbid something happened, what do you think they would pay on it?

    How can you figure market value on something like that? How would they figure it?
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  3. Tx Countryboy

    Tx Countryboy Road Train Member

    Sep 18, 2019
    @starmac could probably answer this. He is going through this.
    Rideandrepair and Dino soar Thank this.
  4. fishonron

    fishonron Light Load Member

    Jul 25, 2017
    North Central Kansas
    Market value is what someone is willing to pay you for it.
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  5. Rubber duck kw

    Rubber duck kw Road Train Member

    Dec 9, 2017
    Market value for a 90s fld 120 is not much. If you rebuilt the motor, trans, and rears, it's worth maybe 35, I'm assuming its either an n14 or 12.7.
    Rideandrepair Thanks this.
  6. Ridgeline

    Ridgeline Road Train Member

    Dec 18, 2011
    Think about it this way

    How much would it cost to replace the truck?
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  7. pavrom

    pavrom Road Train Member

    Apr 29, 2012
    NE illinois
    Overhaul counted only if done within a year ...
    Rideandrepair Thanks this.
  8. Rideandrepair

    Rideandrepair Road Train Member

    Aug 8, 2015
    You’ll have to decide a dollar amount. My guess is $25 k is about the most you’d get. And proof of the major work,( receipts) at that. Worst case scenario, you can buy it back, if totaled, and fix it yourself. Or part it out, for a new Truck to build. They search for a comparable Truck for sale.Only guarantee replacement cost. Good Luck, with that. Definitely will have to fight them, with proof, receipts, My 99, 11 yrs ago was valued at $17-$21, I got $21k with OH papers. Barely purchased a similar Truck. Best to buy it back, fix yourself if possible. In a case like yours,( or mine)
    Dino soar, Frontman and Coffey Thank this.
  9. mover man

    mover man Road Train Member

    Feb 21, 2010
    For a 24 year old 1995 freightliner? To say if totaled you might get as much as $10,000 is a stretch. You hit a deer and do $6000 damage there gonna total it.
    They dont care how much you spent, or parts you put on. Its goes by book value period. Exception is if it's an antique or something super special. But then it has to be appraised by there inspector. And rates for that are gonna be HIGH.
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  10. Long FLD

    Long FLD Road Train Member

    Mar 4, 2015
    Fairmont NE
    I had my 95 KW valued at $50k and it cost me more to insure that 3 years ago than what I’m currently paying for my 17 Pete. I raised the value simply to make sure they wouldn’t be so quick to total it if I hit a deer or some other minor thing. If I would’ve laid it over or something I would’ve been lucky to get $25k.
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  11. Siinman

    Siinman Light Load Member

    Mar 5, 2017
    I kind of wondered about this to. My truck is insured for 50k but just did a rebuild that cost 29K. So wonder if I need to raise the insurance to say 70k. Figure I will get screwed no matter what as insurance always wins.
    Rideandrepair and Dino soar Thank this.
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