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- Energy On The Offensive™ #018 - Successful Negotiation Of Truck Value & Loss Of Use
Energy On The Offensive™ #018 - Successful Negotiation Of Truck Value & Loss Of Use
A client’s service truck was struck in the rear by a CMV. The CMV’s insurance had lowballed the valuation of the vehicle and was making it hard to collect loss of use since it is a non-revenue generating unit. Our team found more appropriate comps on Truck Paper. We also had the client obtain a quote to rent a similar truck and added up the cost over 4 months. We put our findings and numbers into a report and went back to the insurance company on our client’s behalf. We were successful in getting both a higher valuation and loss of use.
How we argue equipment values
We first ensure we have all the accurate details on the equipment and research our own comps. Small details like engine or trailer suspension type can make a large difference on the valuation. We then ask our clients to provide any recent large mechanical work or added equipment. As long as you have receipts, we can argue to add new tires and APU’s onto the valuation.
Tip! Ensure you always keep receipts/records on all mechanic work and added equipment.
Loss of use
For most situations, loss of use is only pursued when a third party is at fault for damaging your equipment. If the equipment is revenue generating it is easy to calcualte loss of use. We have an easy to use form, reach out if interested in obtaining it. You still need to ask for it, the third parties insurance will not offer it. If the equipment is non-revenue generating the other option to pursue loss of use varies. In Texas you can get a quote to rent a similar vehicle (you don’t have to rent it) and use this figure to go after your loss of use.
Don’t have time for this?
This should be the role of your insurance agency to help with the leg work and negotiation.