Del and I are preparing for semi-retirement, and that means getting clear on ALL of our numbers.
What does it cost us to keep running? What do we own? What is it worth today? And what are we paying for that we need to take another look at?
After years of working to pay for this equipment, we’re looking at what the next chapter can look like. Knowing our numbers is part of making those decisions.
And you know how it goes. One conversation leads to another.
That’s how I ended up asking a question about our truck and trailer insurance: What value do you actually have on file for our equipment?
I thought I knew what those numbers meant.
Well, shoot. Apparently, I had a few more questions to ask.
I’m sharing what I learned because you don’t have to be preparing for semi-retirement to need these answers. If you own the equipment that earns your living, this conversation matters.
Those numbers looked comforting. Until I asked what they meant.
I don’t usually put our personal business numbers out for the world to see. This time, I’m making an exception.
The values on file were $184,250 for our 2022 Volvo VNL 860 and $116,554 for our 2020 Great Dane reefer.
That’s $300,804.
Those were our original purchase prices. But the truck and trailer have been doing their jobs for years. Their values have changed, even though those numbers hadn’t.
Our coverage was based on actual cash value, or ACV. We did not have an agreed-value arrangement.
The part I needed to understand was this: that big number on the paperwork was not a promise that we would receive that amount after a total loss.
Purchase price, today’s value, and a claim settlement are different conversations. I wanted to understand how they connected in our policy.
So I got an independent appraisal.
I wanted something more useful than my opinion of what our equipment was worth. After all, this equipment earns our living. I’m a little attached. LOL.
I paid $695 for an independent appraisal through AppraiseItNow, completed by appraiser Dewayne Cartwright using our photographs and documentation.
The appraisal gave us two sets of figures, effective October 21, 2026:
2022 Volvo VNL 860
Fair market value: $36,000
Replacement value: $52,000
2020 Great Dane reefer
Fair market value: $43,000
Replacement value: $45,000
Combined totals
Fair market value: $79,000
Replacement value: $97,000
Yes, you read that right. The combined fair market value was $79,000, compared with $300,804 on file.
That will get your attention.
The replacement figures in this appraisal estimated the cost of buying comparable used equipment. They did not mean replacing our equipment with a brand-new truck and trailer.
And neither set of figures was a guaranteed insurance check. What they gave me was documentation and a much better starting point for a conversation.
What about everything we’ve added?
Our trailer isn’t just an empty refrigerated box. We have a Palfinger liftgate, a wood floor for the work we do, additional e-track, and other specialized features. The truck has an APU. Our trailer also has TVAL certification.
Those things matter to our operation. I wanted to understand how the insurer accounted for them.
I wasn’t seeing the specialized equipment identified by name in the paperwork I was reviewing. That raised another question: How is it documented, and how would it be handled in a claim?
I didn’t want to assume that an item was excluded just because I couldn’t find its name. I also didn’t want to assume everything was covered exactly as I expected.
So I asked.
TenFour told me the installed equipment would be considered in a total loss. They also explained that damage to the liftgate in a covered accident would be handled under our policy, subject to our $2,000 deductible and the policy terms.
That was a useful conversation. For anyone reviewing their own coverage, I’d ask for the explanation in writing and keep it with the equipment records.
Paid-for equipment. And a lease-gap benefit.
Another item caught my eye: a $20,000 lease-gap benefit on the truck.
Both units are paid for. No loan. No lease.
Naturally, I asked why it was there.
I was told the benefit was built into the package and pricing. It wasn’t a separate charge they could simply take off for me.
Once that was explained, I could make an informed decision. At the price offered, I was comfortable leaving the package in place.
That’s the point of asking. Sometimes something needs changing. Sometimes it needs explaining.
Here’s where we landed.
With the appraisal in hand, I went back to TenFour. Their underwriting team reviewed the information and updated the values on file to $52,000 for the truck and $45,000 for the trailer.
Those figures matched the appraisal’s replacement values: $97,000 combined.
That did not, by itself, change our ACV coverage into replacement-cost coverage or an agreed-value policy. It updated the equipment values on file. How a future covered loss is settled still depends on the policy and the circumstances at that time.
The monthly premium I was given was $270.02 for the coverage we were reviewing. That is our number for our situation, not a quote for anyone else’s operation.
And I want to say this clearly: TenFour worked with me beautifully through this process. They answered my questions, reviewed the appraisal, and helped me understand where we stood.
Walking into that conversation with documentation helped me ask better questions.
Was the $695 appraisal worth it?
For me, yes.
I’m not going to tell you it saved me a certain amount of money. I don’t have a before-and-after premium comparison here to make that claim.
What it gave me was a documented picture of our equipment’s value and more confidence discussing it with our insurer.
That peace of mind mattered to me.
An appraisal may or may not be your first step. Asking your agent to walk through your existing coverage is a good place to start.
A few questions worth asking
You don’t have to become an insurance expert. But you do need to understand what you’re buying.
What value is on file for each unit, and when was it last updated? If it’s an old purchase price, ask whether it still makes sense.
How would a total loss be settled under my policy? Ask what ACV, stated amount, or agreed value means in your actual contract. Don’t stop at the label.
How is my specialized equipment documented? Ask about the liftgate, APU, flooring, and other installed upgrades, including any limits or exclusions.
Are there benefits tied to financing or leasing that I should review? If your equipment is paid for, ask what still applies and whether removing anything would change the price.
Would an independent appraisal help? Ask what documentation the insurer will accept before spending the money.
Can you put that explanation in writing? Keep it with your policy, receipts, equipment photos, and maintenance records.
This is part of owning the business, too.
We spend a lot of time making sure our equipment is ready for the next load. It’s worth setting aside a little time to understand the paperwork protecting it.
I’ve been an owner-operator since 2014, and I’m still learning. Apparently, some lessons begin with a question you thought you already knew the answer to.
I’m sharing our numbers because “you should check your insurance” is easy to scroll past. A real example might give someone a reason to pull out their own paperwork.
If one owner-operator reads this and has a better conversation with their agent before they ever need to file a claim, sharing a little of our business was worth it.
Pull your policy. Ask the questions. Give yourself permission to say, “Explain that again.”
It’s your equipment. Your livelihood. You’re allowed to understand it.
