What would an experienced o/o buy?

And if it is financed, make sure that you have GAP. I didn’t know that you could get this on used trucks but it added less than $200/year to my policy.

 

You guys need to get new insurance agents... I have ALWAYS had an agreed value insurance policy.

When my Pete was damaged in 2009 it had $29,000.00 worth of damage. I had it insured for $15,000.00. My insurance companies adjuster flew in, looked at my truck and wrote me a check for $15,000.00... he told be if I had the coverage he would have written it for up to $27,000.00...but I didn't.

Truck insurance should NEVER cost more from one make to another...NEVER. Every policy I have had from my FL, KW's or Pete's cost the same per $1,000.00 of coverage.

 

The stated value is merely what you think the equipment is worth. The insurance company will never pay more than the amount you have it insured for when the time comes to pay a claim. Even if you have it insured for more than it is worth, they will not pay more than it is worth at the time the claim occurs. I don't recall any insurance agent that I have had to mention to me that the rate factor is reliant on the make of the truck. You could pay more for a Peterbilt over a Freightliner, but it is only due to the higher value of the Pete. I believe the rate factor would be the same for both trucks. For instance, lets assume the rate factor is 3 1/2% of the stated value. If the Pete has a stated value of $40,000 and the Freightliner has a stated value of $25,000 you will pay a higher premium for collision insurance on the Peterbilt because of the stated value, but the rate factor is the same for both trucks. If you file a claim on the Peterbilt and the value at the time of the claim is $30,000, then that is all they will pay, even though you have it insured for $40,000.

 

Gap insurance can help in some circumstances. I have never purchased gap insurance. I always find trucks that I can buy cheap enough where it isn't a factor. The last two trucks I bought were at or below wholesale pricing. It is more important for those who buy newer trucks, stretch the payments out and pay retail. It can also help when the economy is very soft or there is a glut of trucks on the market. I have heard of some who have had gap insurance and it helped prevent them from having to pay money out of their pocket on a truck that was worth less than they owed at the time of the claim.

 

Wow, insurance agent working on the 4th. Who knew.

Great West gave me different rates on the w900 and Columbia based on the same declared value. $730 more per year on the 900. Another companies qoute was different but because they provided values (would not take stated) and the 900 was near $35K and the Columbia they rated at $24k. Bigger difference but almost 1/3 more than Great West.

Best rate we got was thru our farm insurance, much less in terms of bells and wistles, and they could careless about make, model, color, sexual preference - and would pay based on insured value, not replacement. But we have millions of equipment insured, several millions in liability, 1,000's of acres of land and more buildings than I even know of insured with them. Bummer is I can't get my truck insured with them as it is a general commercial policy and would have to title in farm owners name.

My "GAP" cost me $98/year and covers the difference from replacement and declared with a $15k maximum. Little different than tradditional gap but well worth the couple bucks a month for the additional coverage. Problem is that I have to make sure that I don't change policy that much that it gets re-written as they have stopped offering this.

 

Just get a good truck for the money. It really doesnt matter what brand it is.

2000 FLD120 Condo 3406E 2WS 475/1650 / 10 Speed OD / 3.55 - 680,000 miles - $18,500 in January 2006.
700,000 miles later the head has still never been off the engine and its still got the same turbo and injectors it had when bought.

Is it a W9? No, but it also cost 40,000 dollars less in fuel (Over Twice the purchase price) and almost all the parts that have had to be replaced are generic components (the same on any truck) not Freightliner Specific parts.

The first truck needs to make you money. Its all about spending the least per dollar earned.

 

When I look to buy another truck I look for value. Brand means little to me, although I do have my preferences. The last truck I bought was a T600. There were two reasons that I bought the truck: Price and a newly rebuilt engine. Fuel economy was another factor. It gets good fuel mileage. This truck averages 6.91 mpg. Were it not for the purchase price and new engine I would have kept on looking. I suppose that we all have our preferences. It is nice to own a hood, but I am in this for the money. I want to maximize the profits that I can make. One way to maximize my profit is to buy a truck that will likely need less maintenance (new overhaul), is priced right and gets good fuel mileage. I won't give up 1 mpg to own a hood. Nor will I pay $20,000+ more to buy a hood at this point in my life. Perhaps I will buy another hood at some point, but not in the foreseeable future. We all make decisions based upon our own wants and desires. If I found a hood that got good mpg and was priced right then I might buy another hood.

 

Agreed value and stated value are very different.... with an agreed value policy if the insurance company agrees that your 1990 Thingamajig is worth $1,000,000 at the origination of the policy, and you make the payments, then you will get the $1,000,000 if it's totaled... a stated value policy will not do that.

 

I don't remember ever being offered an "agreed value" policy on a commercial vehicle. That sounds more like something that would be sold to someone who has an antique car or truck.

 

My understanding is that an agreed policy is now replacement value plus you can add additional insurance for stated items like chrome, lights, etc. I had the option to add $2500 for additional items without listing them. If I wanted more then I would have to list them with the understanding that I needed receipts if I made a claim. But it was pricey for the amount of coverage.