Commercial trucks, as the name suggests, are vehicles that are used in commercial activities. Companies employ these vehicles to get the right set of equipment and tools to the worksites or transport goods from one place to the other.
When you are traveling on the road or have your vehicle parked; unforeseeable events are most likely to lead to accidents. Thus, it becomes vital to have your truck insured with a special kind of coverage that protects against uncertainties. Now that you realize the importance of having truck insurance for your company needs, you hear of the hassles involved in getting an insurance cover and fear the overwhelming task. However, it is not as difficult as it seems.
You heard that right!
With diverse options, agent plans, and other things to deal with, the rule of thumb talks about choosing the right commercial trucking insurance. Before you randomly invest in an insurance policy, it becomes vital to note certain factors for making the right choice.
These are as follows:
- Consider your Truck Type:
The first aspect to pay attention to while considering truck insurance is the type of truck you possess. Determine if the car qualifies as heavy-duty, light-duty, or medium-duty. With this categorization, you can find suitable insurance for yourself.
Also, determine if your truck needs a suitable kind of coverage or not. Once you know the truck you handle, it’s time to start analyzing the commercial truck insurance for your precise needs. This way, not only does your work get more accessible, but you also have the ease of planning out things better for yourself.
Companies that ensure motor carriers, trucks, and drivers vary considerably. You’d always want to clench the hand of the company that holds specialization in trucking insurance.
For instance, a specialized company will always be knowledgeable about the motor-filing needs of numerous state agencies. An expert will know when your truck is out of service and when you’re about to lose the plenty.
If you’re involved in an accident in the middle of the night, a reputable company will provide you with an experienced adjuster, if needed.
Determine for how long the company has been in business and its experience with trucking insurance. Always go in for background checks for the company you’re eyeing at. Watch over the company’s financial outlook and its overall ratings and if it has reserves to pay the insurer’s claims on time.
Reap the benefits of the information which national rating companies provide. Yes, these companies monitor the customers’ service performance and prepare a report on the insurance company’s strengths.
- Take into Account your Budget:
The truck insurance policy costs vary with the vehicle type, age, and accessories type to be hauled- all through the policy.
If you’re eyeing an expensive insurance company provider, expect to pay costly premiums. A lighter truck may not have the same insurance premium as that a heavy truck. If you have Tractor-trailer trucks, consider taking long haul trucking insurance as it may safeguard you from daunting accident costs. Also, review their coverage span in addition to the providers’ terms and conditions. Although the low prices may seem attractive to you, always inquire about their benefits for saving costs.
A good insurer’s covers are available at standard pricing and ensure checking for hidden costs if any. After all, you never want costs that increase and alter your budget. Involve yourself in a value v/s cost comparison and check if the insurance cover you’re taking is worth it or not.
- Question about their Insurance Coverage:
Not all insurance companies function the same way. Thus, always ask your agent about the kind of insurance policies they have.
Some of the most common types of coverage are:
- Towing and labor costs
- Property damage liability and bodily injury
- Collision and Comprehensive coverage for vehicle damage
- Loading and unloading liability
- Medical payments
- Hired Auto Coverage or Non-Owned coverage, in case you need to rent a vehicle.
The truck insurance experts recommend being open and honest about your general business nature. Evaluate where your business is currently and where you’d like to take it in the future. Let your agent know your requirement in and out to ascertain the insurance company of the coverage you’re looking forward to.
- Insurance Claims:
A great way of differentiating between a legitimate and imposter insurance provider is the insurance claims.
You have several questions triggering your mind, like, “Can I contact a live person at any time, in case I need to report a claim?” “How fast will your representatives respond to the concerns?” Many insurance providers never wish to associate themselves with the claim process.
Agent ignorance often comes as disrespect to customers, especially when they’re handling a claim. Truckers often wish to tell their issues to the agent instead of an adjuster. Negligence by the representative is often perceived as unprofessional and causes hassles at a later time.
- Lay hands- on payment options:
The company finances play a pivotal part in deciding how you wish to pay for the insurance. While many companies opt-in for paying their policy in monthly payments, it is less expensive to pay for the annual premium in a single lump-sum amount. Yes, insurance policy experts are all thumbs up for doing so since they offer discounts on one-time payments.
Some other payment methods can be bi-annually. Once you know the best option for yourself, see the paying option that your agent offers. Speaking of which…
- Determine the Liability Coverage you require:
Liability plays a pivotal role in your insurance policy and your mental peace if you ever need to file a claim.
Again, you must disclose everything to your insurance agent about the company and company operations. Now that you know the liability coverage, you need to compare the costs and coverage details with your ideal insurance company.
Mentioned above are some of the most basic yet crucial considerations that trucking companies must turn a keen eye to, especially when purchasing truck insurance in real-time. While you pay so much for your truck and its maintenance, add another vital aspect to it- your truck’s insurance.
It may sound a little expensive today, but it is always a safer and more intelligent decision to make!