Yes WB, you're absolutely right, that dollar amount IS based on the price of the truck when new. But that's my point - it's NOT new. Rather than basing the insurable amount on the truck's actual value, it is instead grouped together with all the other such trucks, even if of different models.
When you buy homeowner's insurance, you buy the amount of coverage you want for your home. Granted, that doesn't mean you can buy $500k insurance on a $250k home and expect to get $500k!! But if I wanted to have "my" rates based on the current condition of the truck, how often it will be used, and what is a reasonable value for it, then why can't I?? Most of the other trucks classified along with this one have greater value. This is a former U-haul van with 24' box - nothing special. It's a 454 gas with automatic. They don't sell for as much as the same chassis with a flatbed, a rollback bed, or any other configuration. So my question in all that mess above is, why base it on a higher $ rate, or group it together with other trucks of higher value? Sorry, but I honestly don't understand the way of thinking here.
Insurance companies are in business to make money, as is most every other business. But as with some other companies I've dealt with, some of their methods.....how they rationalize things escapes me. Maybe as a former underwriter you can help us better understand this way of thinking? Not being an adz here; just trying to understand something that I don't understand.
And as I said, I have had mostly good experiences with State Farm. I'm happy with them and plan on staying a customer.
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