Most insurance is a scam. Just about every time I have had to make a claim I have got screwed one way or another. I quit making claims on small stuff and raised my deductibles way up.
Sounds like a raw deal. I would not have got full coverage on that truck. You could just get liability and put the money you save into an account to self-insure in the case it was stolen or wrecked. In just a few years your full coverage premiums will be more than you paid for the truck.