Q: How do I determine the correct stated amount for my commercial vehicle?
A: Determining how much to insure your commercial vehicle for is very important when buying insurance. Under-insuring could mean you don’t have enough money after a loss to replace your vehicle while over-insuring it could mean paying more in premium than necessary. Your commercial vehicle’s stated amount should be the amount you would sell it for, if you were to put it on the market today, the actual cash value. An accurate stated amount takes into account the condition of the vehicle including mileage, engine rebuilds (or other major work), and special equipment or upgrades you’ve added. Sites such as Kelly Blue Book, Truck Blue Book, Truck Paper, and Price Digests can be a valuable resource in determining it. You could also try contacting the vehicle’s dealer or manufacturer.
Call us today at Berrier Insurance for more information on this topic and many more or fill out our quote request form. We can provide the most competitive insurance with the best coverages and service.