Commercial Truck Insurance Tips

There are many things to consider when shopping for the best commercial truck insurance for your company.  Doing a little research and learning about all the prices and services before you make a decision will save you both time and money.  You need to have a solid understanding of the different types of coverages on the market.  After understanding the types of coverages and your company’s needs, you will learn how to compare and evaluate your choices to help you make the best decision for your company.  We will walk you through the steps needed to help make the process of evaluating and comparing commercial trucking insurance much easier.

What is commercial truck insurance?

 

Commercial trucking insurance, also called cargo insurance, is designed to protect your commercial trucks as well as its precious cargo.  Commercial truck insurance coverage does not stop there; this policy is also designed to insure your business and its ability to deliver its product on time and fully intact.  Protecting your company is the primary concern of cargo insurance. These companies specialize in insurance many different types of truck insurance including:

  • commercial tow truck insurance
  • commercial dump truck insurance
  • commercial trucking insurance

Primary Truck Liability Insurance

commercial truck insurance

It is important to understand the difference between primary liability and non-trucking liability often referred to as Bobtail liability when considering commercial truck insurance.  All truck drivers are required to carry liability insurance by law.  Commercial truck liability provides protection to you in the event you are involved in an accident and cause damage to people or their property. Primary liability covers the driver while he is engaged in the act of delivery products.

Non-trucking liability Insurance

Non-trucking liability is designed to pick up where the primary liability leaves off.  This coverage is designed to protect the owner-operator when they are not covered by the carrier’s insurance.  If a loss is incurred when the driver is not dispatched then non-trucking liability coverage will kick in.

Research Needs

There are many things to consider when shopping for commercial truck insurance. Doing your research and learning all the prices and services before you choose an agency is important. This knowledge will help you quickly find the agency that fits your business needs.

Comparing Commercial Truck Insurance Companies

When shopping commercial trucking insurance quotes, make sure you compare not only prices but also available services. Obviously, you don’t want to blindly pay for a service you can get cheaper elsewhere. Researching prices can also bring up specific questions that are good to ask the company when you do call them. 

If two companies offer the same service but at different prices, make sure you ask about it. The company might just be charging more, or they could be offering something their competitor doesn’t. Researching prices and services has gotten a lot easier with the widespread use of the internet.

Check Financial Stability of Insurance Company

It’s extremely important to check a company’s financial stability when you are considering buying a policy from them.  A.M. Best is a free insurance rating agency that will tell you how stable the insurance company is financially. You don’t want to choose an insurance agency that isn’t able to financially handle your claim. A.M. Best also uses easy to understand ratings to quickly tell you if that particular insurance company is worth going with.

Get Flexible Payment Options

Most owner-operators say that having flexible payment options is important to them.  So it makes sense to check each insurance company’s payment options to see if they meet your needs.  Also be sure to check any penalties that may be imposed do to late payment of fees.  These penalties will vary greatly between insurers and some charges can be quite high.

Commercial Truck Insurance Considerations

You must carefully consider not only your needs today, but also forecast what your future needs may be when you are shopping for semi truck insurance.  With a solid understanding of the different coverages and your needs you will be ready to compare the policies and coverages each company has to offer.  By checking each company’s financial stability, you can rest assured, should your company be faced with a problem you will be covered by a company that will be there when you need it.  Following these few steps will make sure you get the best coverage for you and your company at the lowest price available.

For more information learn the shocking truth about commericial insurance or view our commercial insurance definitions glossary.

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