Purchasing commercial truck insurance can be confusing for those who have not done it before. However, if you are well prepared before you start shopping around, you’ll find that the process goes a lot more smoothly. Here’s some basic information that will help make it easier to get the coverage you need.
There are a few things you’ll need to have on hand when getting quotes for commercial truck insurance. You’ll need the driver’s license numbers and basic driving histories of all your drivers (this even includes speeding tickets). It’s very important those histories are accurate, however, because if they aren’t there is a chance your quote could rise substantially. You’ll also want to have the vehicle identification numbers (VINs) of all your vehicles.
Different Types of Commercial Truck Insurance
There are basically four different kinds of coverage. The most basic one is liability, which is mandatory coverage that will pay for any damage caused by your vehicle. If you don’t have it, you could incur extremely stiff penalties. Bobtail coverage is also known as “non-trucking liability.” It will provide coverage when your vehicles need to be serviced whilst on the road. Cargo coverage, as you would imagine, covers the loads that your rigs carry. While this isn’t mandatory, many of your customers may demand that you have it. Finally, there is physical damage coverage that will protect you against flood or fire damage as well as theft.
There are several dos and don’ts when it comes to purchasing coverage for your fleet. However, one of the things most experts recommend is to be as honest as possible regarding the value of your vehicles as well as driver histories. Talk to several companies first before you commit to one, but don’t make your final decision on price alone. Do a little research and make sure you have the exact amount of coverage you need so that there are no surprises should something go wrong.
In addition, try to increase your deductible as much as you can. The higher the deductible, the lower your monthly payments will be. Just have the best possible idea of how much you’d be able to pay should an accident occur. If possible, pay for your commercial truck insurance all at once rather than in installments, because that could result in substantial savings – as much as 15 percent in some instances. You can also avoid potentially costly checking fees by paying via electronic money transfer.
Finding commercial truck insurance doesn’t have to be difficult, but you do have to put forth a little effort in order to get the best deal possible. Just remember that if you receive a quote that is a great deal lower than others, that could be a sign that you’ll be getting what you pay for.