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Long Distance Moves: How Much is Valuation?

18

Jul
Posted by Bill Quinn
Bill Quinn

Topics: Moving, Residential

Moving can be one of the most stressful events in your life especially when moving long distance. Most people opt-in for Valuation. Valuation for your home move will give you added protection for your home goods and peace of mind during your home move just in case  there's an accident. But, valuation coverage can be a confusing subject, even more so when your plate is full organizing a cross country move. That’s why Victory Van is here to be of service to you. Read our article that explains valuation. 

Let's start with the basics: By law, the Federal Motor Carrier Safety Administration requires moving companies to offer two types of Valuation coverage:

  • Released value protection (Basic Liability Coverage)
  • Full value protection. ( we call it 'Extra Care Protection')

 

Basic Liability Coverage

Released value protection is built into your residential move quote.  All licensed moving companies must include it free of charge. And it is truly basic coverage. Here's how released value protection covers you and your home belongings.

For long distance moves whether intrastate or interstate, Allied Van and Victory Van cover your shipment at $0.60 per pound, per item. This coverage of your possessions is based on the weight and not their actual value.

Valuation

 

This means that if your $800, 100-pound, 60” flat screen television breaks, the moving company would compensate you $60. Obviously, you should think carefully before agreeing to such an arrangement. If you choose this basic valuation coverage option, you must sign your bill of lading to indicate that decision.

Make sure you understand all of the fine print. Ask questions if there are any confusing items.

 

Full Value Protection

Full value protection (Allied Van Lines calls it 'Extra Care Protection') covers your shipment based on the value you assign it.  That's where the term 'valuation' comes from. If the mover breaks or damages something, the moving company has three options:

1. Repair the item

2. Replace the item

3. Offer a cash settlement for the item

According to DOT (Department of Transportation) requirements, Full Value Protection (FVP) must be included in every long distance moving estimate. This is because of the distance to be covered. Everyone wants to be sure that you are covered if any accidents or damages or occur.

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Let's make this more relatable:

If your three-year old washing machine is damaged, the mover will choose to either repair the washing machine-1current washing machine, replace it with a comparable three-year old washing machine, or pay you a cash settlement for the current market value of a three-year old washing machine.

The interstate moves valuation is at $6 per pound minimum.

You can't declare your shipments lower than that level.

That being said, if you have some high value items and your shipment is 10,000 pounds but it is actually worth $100,000 you have to get the valuation for a $100,000.

You must  go above the minimum of $6 per pound. Otherwise you have a co-insurance issue. 

On interstate moves we also have to take into consideration high value inventory.

The Van Line wants to know if you have anything in your home move that exceeds $100 per pound or $4,000.

Typically, that's art. You want to make sure those items are packed very well.

A lot of home movers don't include the valuation in their home moving quotes because without it, the price looks better. The price will appear to be less expensive.

Because the quote seems to be less expensive,  customers will choose that cheaper company. BUT... the customer doesn't have valuation and if something happens to their belongings, they always ask: "What do you mean I don't have valuation?"

When moving companies don't include valuation in the estimate, customers can feel uneasy. They may think the movers "got over on them".

So, to avoid problems, Victory Van Lines is transparent and includes full valuation in every estimate.

The cost of valuation decreases if you choose a onetime $250 deductible and the cost is even less with a one-time $500 deductible.

Thus, the three levels of deductible for interstate moves with Victory Van are:

  • $0(no deductibles)
  • $250 deductible
  • $500 deductible

Your relocation consultant with work with you to determine what is best for you situation.

Additional valuation is affordable. The costs is $5 per thousand dollars of coverage.

A $20,000 coverage policy on valuations is going to cost you $100 dollars. That is with a onetime $250 deductible.

 

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Filing Valuation Claims

In the rare instances that accidents happen, you will need to file a claim. It's important to remember the following deadlines:

  • For intrastate moves, you have 30 days after the delivery date to file a claim
  • For interstate moves, you have 9 months after the delivery date to file a claim

Contact Victory Van for more information. We are here Monday through Friday, 8 a.m. to 5 p.m. to answer all of your questions about valuation and all things about moving and storage.

You can request more information or a free quote online by clicking here.

Or, call 1-800-572-3131 and you'll be connected immediately with a Victory Van employee-owner.

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