If you're an owner-operator of a truck, then choosing the right insurance policy is a must. The same goes if you're a commercial fleet owner. Still, the world of commercial truck insurance can be a little confusing. By understanding the basics of commercial truck coverage, you can ultimately choose the policy that's right for your fleet's needs.
Different Coverage Options
Start by understanding the different types of coverage available to you. Commercial liability insurance is one of the most important types of coverage you'll want to have, as it will provide coverage for any costs related to other people's property damage or bodily injury in the event of a trucking accident. All truckers need to have this type of coverage in place.
Basic coverage is also a good idea to have in place and typically includes both comprehensive and collision coverage for the truck itself. This will provide coverage for damage done to the truck in the event of an accident or damage done by vandalism, inclement weather, and other causes.
Cargo insurance is also worth considering, as it will cover any damages related to theft or damage of the cargo that a truck is carrying.
Payment Options
Most trucking insurance companies offer two payment options to suit the policy holder's needs. This can include direct bill, in which the policyholder (either the commercial trucking company or the owner-operator) is billed directly at the beginning or end of each month. This is the most common payment option for trucking insurance. Another option is known as premium financing; when this occurs, an insurance broker actually pays the full premium amount in full and then charges the trucking company or owner-operator a monthly fee.
Tips for Choosing Coverage
If you're shopping around for commercial truck insurance, there are a few things worth keeping in mind. For starters, look for an insurance policy that will include coverage for original manufacturer (OEM) parts used in repairs rather than aftermarket parts. Furthermore, be sure to choose an insurance company that offers 24-hour claims services. This way, if a driver needs to make a claim, they'll always be able to get in touch with an agent.
Shopping for commercial truck insurance can be a little time consuming, but finding the right policy is key. By keeping this information in mind throughout the process, you'll ultimately be able to choose a policy with confidence for you or your drivers.