What value should I insure my truck for?
Enter what the truck would sell for today. See the value to insure it for, and whether your loan is covered.
One truck or trailer
Use what the truck would actually sell for, not what you paid. Nothing you enter is saved or sent anywhere.
Your result
- Value to insure it for$0
- Your stated value—
- Difference—
- Left owing the lender on a total loss—
Enter what the truck would sell for above.
Most truck physical damage policies pay the lowest of the stated amount, the actual cash value or the cost to repair. Check your own policy's wording; this is a guide, not a policy review.
Questions people ask5 short answers
What is stated value on truck insurance?
The value you put on a truck or trailer for physical damage coverage. Your premium is based on it, and on a total loss most policies pay the lowest of the stated amount, the actual cash value, or the cost to repair.
Should I insure my truck for what I paid for it?
No. Insure it for what it would sell for today. If you insure above market value you pay premium on money the policy most likely won't pay out.
What happens if I insure my truck for less than it's worth?
You pay less premium, but a total loss pays at most the stated amount. The difference between that and what a replacement truck costs comes out of your pocket.
What if I owe more on my truck than it's worth?
Then even a full payout leaves a balance on the loan. Ask your agent whether gap or loan payoff coverage is available on your physical damage, or plan to cover the difference.
How often should I update my truck's stated value?
Every renewal. Trucks lose value every year, and a stated value that never changes means paying for value the truck no longer has.
Who built this
I'm Alex Kuchkarov, an independent trucking insurance broker. Stated values are one of the most common things I fix at renewal: trucks insured for what they cost three years ago, or for less than the loan. Both cost owners money.
This page is educational. It is not a quote, a policy or an underwriting decision. Help from a person is always here if you want it; it isn't required.