Questions you need to ask your Truck Insurance Company or Agent
The best way to save money on commercial truck insurance plans is to get a quote from different insurance agents. When talking about truck insurance agents, some questions need to be asked to make sure that you will get the best coverage with the best price. A good insurance agent can be a significant asset to your trucking business. Here are some of the most questions you need to ask the insurance agents.
How many years have you been quoting big trucks?
There are a lot of factors you need to consider when quoting big trucks like an 18-wheeler compared to small, regular cars. Your insurance agent needs to know all the risks that you will face and the coverages that you will need to safeguard your business. An excellent and experienced insurance agent can make a huge difference for your livelihood.
How much coverage does my business need?
If you have your own business and you have the authority over it, your insurance plan will require liability insurance. The minimum amount of an insurance policy is $750,000, but most trucking businesses go for $1,000,000 in insurance coverage. You should ask the insurance company or agent to discuss with you your limit options. What is liability insurance? Click here to know more.
While having a million in liability sounds very high, big trucks can cause a lot of damage during accidents, even if it is not your fault. It is best if you discuss with the company or agent that is handling your insurance plan the costs as well as the benefits of an umbrella plan that protects you and your business in case of a catastrophic loss.
Does your insurance plan offer broad cargo coverage?
Different kind of cargo like lumber, grain, livestock, oil, steel, hazmat, or cars possesses other kinds of risks. Although most of the trucking businesses end up getting $300,000 insurance coverage, there will be gaps in the coverage.
Your insurance agent or company should know exactly what kind of products you are hauling and offer a broad insurance policy to cover you in case of an emergency. You should know what kinds of losses are not covered by your insurance plan.
What are the factors that drive these premiums?
Insurance companies base the risk of different factors that include your driving record, your credit rating, age, criminal record, place of operation, your experience in the trucking industry, what kind of products are you hauling, as well as your garaging zip code.
You want to know what affects the cost of insurance premiums for vehicles. Visit https://www.thebalance.com/what-affects-the-cost-of-car-insurance-527480.
If you can find out how this premium works, you can find a way to fix any problems when you renew your insurance plan the next year. With a lot of factors and insurance companies that are rating these factors differently, it is imperative to compare different insurance agents to find the best company with the lowest price that will suit your needs as well as your budget.
What are your payment options?
You can lower your insurance premium by at least 10% if you can pay the yearly premium in one go. A monthly installment with a down payment will cost more compared when you pay it yearly. You need to ask your insurance company or agent about the various payment options so you can choose what kind of payment suits your need and your budget.
Does your policy offer a combined deductible?
Let us say you are in an accident and your cargo, your truck, as well as other vehicles that are involved in the crash, are damaged. Your truck insurance plan covers every kind of damages, but they come with separate deductibles. With integrated deductibles, you are only accountable for paying the single deductible regardless of what coverage you used.
What kinds of discounts are available?
All insurance company and agents are required by the law to include specific provisions, or policy discounts if you have common attributes like anti-lock brakes, airbags, or different kinds of certifications. There are other kinds of price cuts that are not very common but might apply to your situation. Ask your insurance agent what discounts they can offer to see if you can avail for any insurance coverage reduction.
