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KJL LAW, Lawyer
Category: Legal
Satisfied Customers: 1452
Experience:  Attorney at law Office of KJLLAW
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If on the declaration page of an insurance policy it states

Customer Question

If on the declaration page of an insurance policy it states as of today the value of this truck is $68,000. and the insurance company declares the truck a total loss doesn't the company owe the insured $68,000. less the stated deductible amount?
Submitted: 9 months ago.
Category: Legal
Expert:  KJL LAW replied 9 months ago.
except they go by the book value at the time and the 68,000 is the limit on the loss.
Customer: replied 9 months ago.
I told the agent that this truck is worth a minimum of 68,000. I explained the value of pre emmision trucks. They are worth more now and the value is going to increase because of the problems with the new motors. I told them I don't care what the premium is I will pay it. They agreed.
I can not replace this truck and the equipment on this truck for what they want to pay me.
I have looked at thousands of used trucks trying to find one to replace it.
If my truck that they declared a total loss was for sale anyplace in the US or Canada it would sell for 70,000 to 80,000 dollars minimum. They know this. Everyone in this business knows this.
It is simply the reality of the truck market.
I just traveled over 1500 miles shopping for a replacement for this eguipment.
It can't be done on what they paid me.
I was lied to by the agent.
The bot***** *****ne is the declaration page at the time of loss stated it is worth 68,000.
In reality it is worth more.
What the hell have I been paying for?
The truck market has changed from the time that the federal government through the EPA has tried to save the planet from Comercial highway truck exhaust. Trucking companies, small fleet owners, and owner operators will hold on pre emmision trucks with good motors and repair and restore them. The other option is to build or buy glider kit trucks (google it).
When I explain to the insurance company my position and they agree with it and it states the value is 68,000 dollars as of this date (current)
and they rate the premium to that value then am I not to assume I am getting what I paid for?
How do you insure a 1957 Chevrolet in pristine condition? Is it not worth more than it was when purchased new in 1957?
I have been taken advantage of.
I have lost my personal vehicle, my boat my Peterbilt truck (source of income) and part of my home in a historic flood in Louisiana.
This is shameful!
Expert:  KJL LAW replied 9 months ago.

I understand and I wish I could give you different advise. I will let another attorney try and help you further