It might surprise you to learn that commercial trucks make up approximately 15% of all registered vehicles. For those who own these vehicles, there are certain commercial truck insurance mistakes you can’t overlook.
Doing so could come with numerous consequences, such as dealing with financial issues that should have been covered.
We’ve put together a brief guide that can help in sure that you find the best options for insurance policies for your fleet of trucks. Let’s dive in.
Table of Contents
1. Not Having Enough Coverage
Make sure you have enough coverage for potential accidents and incidents. The cost of covering an accident can be significantly higher than the cost of paying for a comprehensive insurance policy.
Having enough coverage can provide protection for your trucks and drivers, ensuring that the company doesn’t suffer from a financial burden if something goes wrong.
2. Choosing the Wrong Coverage
Different insurance policies offer different types of coverage, so make sure you choose the coverage that is right for your business. For example, Extended EDFA (Emergency Damageight Assistance) is coverage that helps your business with repair and costs related to cargo loss or damage.
Fleet insurance provides coverage to a large number of vehicles at once.
Make sure you pick the right coverage for the size of your fleet, geographic area, and type of hauling.
3. Not Re-Evaluating Your Policy
Your business may change over time, which could mean you may need to add or drop certain coverage.
Re-evaluate your insurance policy regularly to make sure it still suits your business needs. If you need to, look into other providers and make sure you’re getting the best coverage at the best price. Key attributes to consider are the annual premium, claims processing ability, customer service, and added benefits.
Regardless, always educate yourself on the insurance terms and conditions.
4. Failing to Shop Around
Like any product or service, you should explore options from different providers before making a final decision. Do not settle for the first quote you receive. Instead, compare prices and services from different providers.
When you have a better understanding of different policies, you’ll be able to make more informed decisions when it comes to selecting the best coverage for your business.
5. Not Consulting an Expert
Truck insurance provider policies can be confusing and complex. It’s paramount to work with an insurance professional who has expertise in the trucking industry and can guide you on the best coverage for your business needs.
They’ll be able to answer any questions you have and can provide more insight into areas of concern.
Avoid Commercial Truck Insurance Mistakes
As long as you keep the above information in mind, you’ll be able to avoid common commercial truck insurance mistakes.
This will also help you find the provider that is best for you. Looking for other useful articles like this one? Check out the rest of our blog for information that can help you out in the future.
