Commercial truck insurance

10 Commercial truck insurance mistakes to avoid making from today

A truck business should operate without any speed breaks. A trucking industry owner juggles oodles of responsibilities each day.  From ensuring the safety of goods in the transit to circumventing likely accidents that can hinder its day-to-day operations. Navigating all sorts of risks can get nerve-wracking at times. Here commercial truck insurance acts as a  shield that protects your vehicles from all potential events that can cause direct damage to your business.

Due to a hectic schedule and lots of responsibilities to take care of. Many trucking business owners make mistakes in choosing the right commercial truck insurance which complicates their work even more, especially those who are running within a restricted budget.

Avoid making these insurance mistakes to run your trucks smoothly without straining your finances

Mistake 1: Accepting a policy term in a jiff

This is a very common mistake that first-time buyers make. Buying a new set of wheels can be really exciting for any owner and it is natural to accept the very first insurance offer made by the dealer. 

But we suggest you hold your decision and make the final call only after comparing the available options. Comparing will help you shell out your money wisely while saving it on a vehicle insurance plan.

Mistake 2:   Not being honest

When you fill up a truck insurance form even for getting policy quotes. You are required to provide answers to a few questions regarding your trucking business and the vehicles you want to get insured. Some owners might restrain or even exaggerate some elements of their business to get insurance at a lower rate.

When the insurance companies don’t get accurate information then they fail to offer suitable coverage.  You may save money on monthly premiums but might end up paying heftily if your commercial vehicles are not covered appropriately.  Being honest will help you get the most appropriate policy for your vehicle fleet.

Mistake 3: Not opting for enough insurance cover

A particular location requires a specific kind of insurance coverage. Moreover, these requisites are minimum and might not represent your actual business needs. In many cases, your company will get more benefits from better coverage than opting for truck insurance by state need.

If you have taken a loan on your commercial vehicle or on a lease, then the lender might ask you to carry a collision or full truck insurance coverage. Whereas if you have high-valued trucks or a  new one in your fleet then the state minimum requirement will not provide enough cover for the loss caused.

Mistake 4: Getting more coverage than the actual need

Many truck insurance companies try to pitch needless add-ons in the policy to chunk out more money out of your pockets. In such cases, many truck insurers end up paying more insurance than the actual need.

For example, you will not require an add-on for roadside assistance if you are a member of a motor club. Also, if you have lower-valued or older trucks then paying extra for collision or full insurance coverage will not make any sense.           

Mistake 5: Not comparing insurance quotes

Every commercial truck insurance provider operates differently. If you don’t want to pay extra money to your insurer then consider shopping around for the best insurance quotes at the most affordable rate.

If you already have vehicle insurance, make sure you compare policy rates along with the coverage offered. When you do comparisons consider doing it for a similar insurance package. Look at the terms piece by piece to make an informed choice.

Mistake 6: Staying with the same carrier

To avoid hassle or inconvenience many business owners like to keep things similar every year. You should not make this mistake when the policy renewal time arrives. Look around for the insurance options. You might find an insurance quote lower than your existing one, that too with better coverage.

Mistake 7: Taking price-based decisions

Being in a trucking business can make owners prudent with their financial decisions. It might be a great ethic but focusing just on the price can lead to a major blunder. You should look at the complete picture when it comes to purchasing truck insurance. Focusing more on your need will be more advantageous for your business.

Whenever you buy auto insurance, consider the insurer’s repute, quality of their service, experience, and time taken for responding. Paying lower premiums for an insurance company that is unable to provide claims on time is not worth it at all.

Mistake 8: Don’t forget about the deductibles

A deductible is an amount you are supposed to pay before your vehicle insurance begins rolling. It might be tempting to look only at the lower monthly premiums and ignore higher deductibles.

If you opt for a lower deductible then your monthly premiums will be higher but it can save up money in the future.

Mistake 9: Hesitance to put forward the questions

There are several insurance companies that offer discounts to small trucking businesses. But you need to find this out yourself as they will not come to you. So ask without any hesitancy.

Asking questions will make sure that you are not buying any unnecessary add-ons to your insurance. In trucking insurance, there are fewer chances that you will find one-size-fits-all plans for your business. Every business is unique, and so are its insurance needs.

Mistake 10: Failing to glance at reviews

Nowadays people leave their reviews on the services or products they use. They are not diffident to put across a bad review on anything. Take advantage of this and thoroughly read all the testimonials to get a better idea about a particular insurance company.

Parting thoughts

Whether you have single or multiple trucks in your fleet, each vehicle is important for your business to run smoothly. Keeping this factor in mind, you have to take measures in protecting all your commercial vehicles with the right truck insurance.

You cannot afford any mistakes when picking trucking insurance. Keep all the above-mentioned points in check while picking a policy to get the most out of your chosen plan.

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