Insurance

Rick J

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Jan 12, 2010
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On equipment, How do insurance people value something like an older truckmount that you may have gotten. Used, but working. With a truck.
Do the just look at the truck, and take a guess at the installed equipment

Or do they just ask what you purchased it for? But we all know it is worth a lot more than that LOL since we only buy deals.
And of course it may be good stuff but finding comprable would be darn near impossible
 

Travis Teague

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Oct 5, 2016
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On equipment, How do insurance people value something like an older truckmount that you may have gotten. Used, but working. With a truck.
Do the just look at the truck, and take a guess at the installed equipment

Or do they just ask what you purchased it for? But we all know it is worth a lot more than that LOL since we only buy deals.
And of course it may be good stuff but finding comprable would be darn near impossible
My guy had me state a value of the truck separately from the equipment. Either way I'm sure I will be screwed if I ever had to make a claim.
 

mrotto

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Sep 1, 2009
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first and foremost, the TM is attached to the van so it will be part of the Vehicle Insurance, NOT the Equipment Rider. I don't think they will cover it for more than you paid for it though.
 

mrotto

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My guy had me state a value of the truck separately from the equipment. Either way I'm sure I will be screwed if I ever had to make a claim.
actually this saved me about 12 years ago. Slid through an intersection after a sleet storm and got sideswiped. If it was the van alone, it would have been totaled, but they had to take into consideration the value of the TM AND the van and they ended up fixing it. I could have never found a similar van and TM for what it was valued at that time.
 
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Scott W

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There are two types of insurance coverage - Actual cash value (ACV) considers the price you paid for it and the depreciation since you purchased it. Replacement cost, is based on what it would cost to replace with a similar unit.

Replacement cost insurance is going to be more expensive but IMO a better value. If comparing insurance costs be sure to compare the type of coverage as well. If you are always looking for the best deal, you could get burned.
 

wandwizard

Randy Dockins
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Nov 12, 2008
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Replacement value is what I was told last time. You also have to factor in other things besides just the machine if you carry other equipment. Every single thing in there could be lost in an accident. You could just try and cover the machine itself, but you would have to start over from scratch replacing all the other stuff like a water tank, shelving, reels, rotary extractor, portable, and the list goes on and on and on. I'd probably be out 6 or 7 thousand over and above the machine in a bad accident.