Hunter Nelson explains stated value insurance for trucks: the insurer pays whichever is lower, the amount you list or what the truck is actually worth. If you insure a truck for $50,000 but it's worth $40,000, you get $40,000. If it's worth $60,000, you get $50,000.
Trucking insurance for physical damage is called stated value. Stated value is I'm going to list out a number, and it's kind of, it's kind of, uh, not ideal to say the least, for lack of better words. So it's what it is. You are going to get the lesser of what that number is that you have it insured for or the market value. So if you insure your truck for $50,000 and it's worth $40,000, you're going to get $40,000. If you insure for $50,000 and it's worth $60,000, you're going to get $50,000. You're going to get the lesser Vetukh.
