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Are You Over Insuring Your Truck or Equipment? |
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Tips for Truckers & Contractors
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By Berrier Insurance on
1/29/2010
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We all know that this economy has negatively affected the values of our homes, trucks, trailers & commercial equipment. But have you adjusted the values on your insurance policies? We are seeing too many of our clients keeping outdated stated values on their truck insurance policies. Then when there is a big loss, they are shocked to find out that their truck or trailer is not worth what it used to be worth.
Recently one of our sand & gravel truckers had an accident involving a dump trailer. It was damaged but not totalled. They had the trailer insured for $20,000, which was accurate in 2006 but not today. It turned out that the current market value of the trailer was only about $7,500 due to a glut of dump trailers on the market today. What a shock! But that's the economy we're in, especially in areas like California that were booming earlier in the decade but are now seeing little or no new construction.
So when your insurance agent asks you to r ...
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