Categories:

When you’re coming up on your yearly commercial auto renewal, a good insurance broker is going to ask you to review your Power Units and determine whether the stated value for each power unit is accurate?

In a total loss/wrecked truck situation, the insurance company will look at your stated amount and the actual cash value of your vehicle and pay whichever is less. There is no benefit to your company to list the stated amount of your vehicle at a higher cost than its actually worth.

I recommend being as accurate as possible when putting a stated amount on your power unit. Take the time to check out websites like commercialtrucktrader.com or truckpaper.com to compare similar trucks. Consider the year, mileage, condition, and any upgrades you’ve made to the vehicle that year. Remember, if your stated amount was $50,000 last year, chances are the vehicle has depreciated and is worth a little less the following year. Don’t be afraid to reach out to manufacturers or truck dealerships to get their opinion of what they would value your truck at.

Don't Forget to Share This FAQ

Have questions?
Give us a call and we’ll walk you through it.

How We Can Help You

Let our knowledgeable staff help you quote, cover, and service all of your commercial insurance needs.

Quote

We can quote all your commercial insurance coverage.

Compare

Receive a side by side comparison and a complete explanation of your current coverage.

Bind

Use online e-signatures and payments when you purchase your new coverage.

Certificates

We provide FREE online access to issue, email, or download certificates for your company 24 hours a day.

Changes

We provide estimates for changes to your current coverage so you know how they could affect your premiums.

Support

Contact us directly for support. We have experts on staff to help you with all of your insurance needs.

Ready to Get Started?

Our online application allows you to give us all the initial information we need to start shopping your coverage with multiple insurance companies.

Start A Quote