Agree, this has some a lot to do with it.
True but, the C15 came as 600hp from CAT, the C15NZ is the later model and comes with less HP
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99 Peterbilt 379 worth (Insurance)
- Thread starter AllDodge
- Start date
Agree, this has some a lot to do with it.
True but, the C15 came as 600hp from CAT, the C15NZ is the later model and comes with less HP
old-iron-habit
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His best bargaining chip may be to go after the "at fault" insurance for loss of income. The self admitted guilty party caused his loss of income and may come to the plate. When my BIL wrecked his extra long wheelbase truck (built for hauling long girders) hitting a bull at night that was documented being on the road 9 times previous in sheriffs reports, they had to pay him loss of revenue until the truck got repaired plus the truck repair.
Truck Shop
Senior Member
Unfortunately the insurance company isn't going to look at it as rare because of 600 hp. That engine is probably a 6TS series nothing unusual about it just a hp rating.
Truck Shop
Truck Shop
Not a problem at all if you have, say, a '00 KW with a '99 2WS that you are looking to sell soon. Heh.
A guy would probably have to get an Agreed Value policy and pay ridiculous premiums, if you can even do that with commercial vehicles.
crane operator
Senior Member
Better sell it quick before they change the rules again!
DoyleX
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In the future get it appraised and insure it for the stated value. You might have a 25yo truck that has been taken take of and treated right with all the "rare" stuff. Its just another 25yo truck for the insurance co.
You can and worth it looking at what your options are to replace it with. Glad some of us took really good care of our simple built mechanical iron.
crane operator
Senior Member
My policy has a listed value for each crane, forklift, and vehicle (trucks) I own. I set the value. I also cross that list to my banker, so the #'s have to agree with each other, i.e. I can't tell the banker that I have a $100,000 crane and the insurance company that its only a $60,000 crane, to lower my premiums.
It might not be that way if you only have one truck and policy. And if its not listed as "extra" value, its not going to get paid to him, they don't care about all the extra fancy, unless you tell them and pay the extra premium.
Loss of revenue and the recent inframe paperwork are going to be his best route's, and if he has extra paperwork for the $ he spent making the truck fancy, that would help. I've found with ins. company's, the more paper you shove at the adjuster, the more $ he can justify giving you. If you can't generate paper for them, you're out of luck.
Do all offers in writing, nothing said over the phone matters.
It might not be that way if you only have one truck and policy. And if its not listed as "extra" value, its not going to get paid to him, they don't care about all the extra fancy, unless you tell them and pay the extra premium.
Loss of revenue and the recent inframe paperwork are going to be his best route's, and if he has extra paperwork for the $ he spent making the truck fancy, that would help. I've found with ins. company's, the more paper you shove at the adjuster, the more $ he can justify giving you. If you can't generate paper for them, you're out of luck.
Do all offers in writing, nothing said over the phone matters.
Truck Shop
Senior Member
Thanks for looking but Looks about the same but doesn't have same features
475HP and 13 speed, 280 wheel base, standard sleeper, mileage about the same no rebuild
600HP and 18 speed, 290 wheel base, stand up sleeper, fresh rebuild
475HP and 13 speed, 280 wheel base, standard sleeper, mileage about the same no rebuild
600HP and 18 speed, 290 wheel base, stand up sleeper, fresh rebuild
Truck Shop
Senior Member
A feller only needs a 63" flat Top, And if your OTR you don't need an 18sp. If I couldn't get down the road with 475 Hp there's something wrong. JMHO
Truck Shop
Truck Shop
I'm the wrong guy to answer the question (not a trucker) but Bo hauls in state only in Indiana. His 18 speed is low geared and as I remember, says he doesn't use the first 5 gears unless loaded heavy. Also says the only time he can put it in 18 is when on the interstate doing 70 mph at about 1000 rpm. Has always told me the truck was setup to haul some heavy loads, mentioned springs axle and other things that I didn't pay a lot of attention to.
He has been using a rental truck to do business and says it takes him 30 to 40 minutes long to make a run, also uses more fuel. The rental is a Penske with an automatic
In any case, he was meeting with the adjuster today and will probably hear more in a few days.
He has been using a rental truck to do business and says it takes him 30 to 40 minutes long to make a run, also uses more fuel. The rental is a Penske with an automatic
In any case, he was meeting with the adjuster today and will probably hear more in a few days.
John C.
Senior Member
There are a few intangibles here that have not been stated. The first concerns dealing with the at fault driver's insurance. The issue is the limits of that person's insurance. One would think there would be a required minimum for liability but depending on the total amount of the loss, damages to truck, cargo, lost time, potential injury and on and on it might be better to let your own insurance company fight that battle. Your insurance company is usually required to fight your battle for you at their cost anyway.
Next item concerns the type of policy. An agreed value policy means you have negotiated the value of the asset and it is specified in the insurance contract. Your asset value is negotiated at $200,000 so the pay out would be $200,000. A stated value policy is usually one where the asset is worth a lot more than market value but allows some coverage without invoking a co-insurance clause. Say your truck is worth $200,000 and is totaled and the stated value is $100,000, the insurance company could pay you the $100,000. With a co-insurance clause found in most all commercial policies a $200,000 asset insured for $100,000 would mean the item is only 50% insured for its market value. In that case since the owner is sharing in the insurance risk. The pay out would only be 50% or in this case $50,000. I am not familiar with the term listed value policy. I'm sure it will be defined in the declarations part of the contract. I would be interested in the definition.
Last item concerns the value of the loss. To start, all comparable sales and asking prices must be in the retail market for that type of asset. You might be able to use an auction market value to explain a reason for a retail market comp but that is an appraiser's job, not the insured's. You should never use the auction markets to assign a value for insurance coverage. Doing so will put you at risk of getting caught by the co-insurance clause if you don't have enough value on the asset. All property and casualty insurance contracts I have seen have an appraisal clause. It may be slightly different in some states but essentially says in the event that the parties cannot agree then each will at their own expense, hire an appraiser to provide an opinion of value. If those appraisers cannot agree on a value a third appraiser known as the umpire will be hired and the cost shared by both parties. Agreement by any two appraisers will settle the dispute.
I always thought the accident was bad enough to have to work through. In my experience though much of the time it is just as painful to work your way through the negotiation process to get back to your condition before the accident.
I wish the claimant good luck!
Next item concerns the type of policy. An agreed value policy means you have negotiated the value of the asset and it is specified in the insurance contract. Your asset value is negotiated at $200,000 so the pay out would be $200,000. A stated value policy is usually one where the asset is worth a lot more than market value but allows some coverage without invoking a co-insurance clause. Say your truck is worth $200,000 and is totaled and the stated value is $100,000, the insurance company could pay you the $100,000. With a co-insurance clause found in most all commercial policies a $200,000 asset insured for $100,000 would mean the item is only 50% insured for its market value. In that case since the owner is sharing in the insurance risk. The pay out would only be 50% or in this case $50,000. I am not familiar with the term listed value policy. I'm sure it will be defined in the declarations part of the contract. I would be interested in the definition.
Last item concerns the value of the loss. To start, all comparable sales and asking prices must be in the retail market for that type of asset. You might be able to use an auction market value to explain a reason for a retail market comp but that is an appraiser's job, not the insured's. You should never use the auction markets to assign a value for insurance coverage. Doing so will put you at risk of getting caught by the co-insurance clause if you don't have enough value on the asset. All property and casualty insurance contracts I have seen have an appraisal clause. It may be slightly different in some states but essentially says in the event that the parties cannot agree then each will at their own expense, hire an appraiser to provide an opinion of value. If those appraisers cannot agree on a value a third appraiser known as the umpire will be hired and the cost shared by both parties. Agreement by any two appraisers will settle the dispute.
I always thought the accident was bad enough to have to work through. In my experience though much of the time it is just as painful to work your way through the negotiation process to get back to your condition before the accident.
I wish the claimant good luck!
Thanks for your thoughts
Bo met with the appraiser and didn't go away any better. his agent indicated the appraiser is know to be an issue with all claims (probably why the Company keeps her). Not knowing the what was all said, all I know now is it is on going
Bo met with the appraiser and didn't go away any better. his agent indicated the appraiser is know to be an issue with all claims (probably why the Company keeps her). Not knowing the what was all said, all I know now is it is on going
John C.
Senior Member
I'm thinking you mean the adjuster and not the appraiser. The first interprets insurance policies and negotiates claims on behalf of the insurer or the insured. The second represents no one, provides facts and makes an opinion of value available to either of both parties.
DMiller
Senior Member
Adjusters tend to lean to the insurers wallets, appraisers do as noted make a value based on evaluation of machine.
crane operator
Senior Member
Thanks for the update, looks like Aziron called the numbers pretty close when he said 30-50,000. He's probably not thrilled with the settlement, but there's not a real great way to get a lot more. Doesn't make a lot of sense to pay a lawyer to get $5,000 more, and pay the lawyer $3,000. And have it drag out another 3 months.
I'm surprised he went up to a 2004 model, instead of pre 2000. Maybe he's close enough to base not to need e-logs, but most guys are trying to avoid it if they can.
I'm surprised he went up to a 2004 model, instead of pre 2000. Maybe he's close enough to base not to need e-logs, but most guys are trying to avoid it if they can.
Haven't talked one on one about why, but do know he tried out several trucks before going with this one. Could be all he was finding in pre 2000 were junk, don't know. Will be up there on Easter and may get some more info