Choosing the right trucking insurance policy isn’t always straightforward. But this guide is here to help. We provide some tips on choosing the right coverage for your business.
Assess your coverage needs
The first step is to assess your coverage requirements – the policy considerations you need to protect against the losses you face.
First, think about the number of trucks you want to insure. Some insurers are better for fleet insurance than others.
Next, consider the cargo you want to transport (another element insurance policies will sometimes cover). Most policies protect you against standard losses, but you may need to pay more to transport extremely valuable or sensitive items.
The routes taken and the distances you travel also play a role. The more miles covered on challenging, accident-prone roads, the higher your premiums will be.
Lastly, consider the size of your business. Sometimes you can get discounts by arranging multiple policies with a single carrier. These reduce overall costs significantly while providing additional coverage.
Compare insurers
Once you know your requirements, the next step is to compare insurers. This helps ensure any carrier you choose is a reasonable match for your business.
Start by looking for evidence of financial stability. You want an insurer who can pay you, even if your business experiences heavy losses. Moody’s and Standard & Poor provide ratings information to gauge the health of carriers you might consider.
Also, check if the insurer offers the coverage options you want. You need a carrier able to protect your firm against the losses it is most likely to experience. Common coverage includes:
- Bodily injury or damages you cause to others
- Protection of cargo against damage and theft
- Coverage for using trucks out-of-hours (non-trucking cover)
- Physical and collision damage to vehicles you own
- Cover for hauling third-party trailers
Finally, check if the insurer offers reasonable customer service. Call them to see if they answer quickly and deal with you politely.
If you aren’t sure about a specific insurer, check online reviews to see what other trucking companies say about them. The more positive appraisals you can find, the better the service is likely to be. Most reputable firms have Google and Trustpilot reviews you can explore.
When comparing insurance, don’t just look at the premiums. Also, consider the factors discussed above. For instance, does the carrier offer enough insurance for your needs? And do they charge large deductibles that might be hard for your brand to afford?
If there are policy limits, question them. Ask whether the risk of exceeding them is acceptable.
Reviewing policy terms regularly
Lastly, be sure to review policy terms regularly. Trucking companies sometimes get burned because they believe they have suitable cover when they don’t.
When you take out an insurance policy, the carrier will provide documents explaining what your policy covers and how to make a claim. Check the small print carefully with each new policy document you receive to ensure coverage remains sufficient.
Contact us to Start Saving on Truck Insurance!
If you want to get the best truck insurance policy possible, contact our team. As independent brokers, we shop the market to find you the best deal on quality insurance!
So call us today at (610) 775-3848 or contact us online to start saving.
