By Andy Engardio for AssuredPartners
With an 18-24 month back log on new tractors and trailers, the used equipment market has never been this hot. According to Transportation Topics, the prices for used equipment are seeing a 66% increase in prices for a standard class 8 vehicle. This is good data when you’re looking to purchase new equipment, however it could point to insufficient equipment values in the event of a claim.
Depending on how your physical damage (comp and collision) insurance is valued, you may not have enough limits to replace your unit with like kind and quality.
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