Tips To Choosing Truck Insurance That Will Help You In The Long Term

June 27, 2018
Car Care and Maintenance     Troubleshooting

If you’ve ever handled or driven a truck before, you may have observed its sheer weight - literally and figuratively. This behemoth of a vehicle is special in its own regard, especially given its ability to carry huge load across distances, which makes it quite a useful vehicle for a lot of industries. Of course, this also means that aside from the weight that comes with its size, you also carry the weight of making sure not only you and the truck are safe, but you’re also making sure other vehicles and road users are safe as well. One way of ensuring security is to choose a particularly good truck insurance - and here are tips for choosing truck insurance that will help you in the long term. 

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Trucking Industry: By The Numbers
Remember all aspects of your trucks, as these determine how you’ll pay
Be specific on the kind of coverage you want to have
Assess the kind of payment options available
Determine just how much liability coverage you think you need
Conclusion: Being Secure With Your Truck

Trucking Industry: By The Numbers

Before you learn more about truck insurance, perhaps it’s important to first understand the size and scale of the overall trucking industry. In the United States alone, 80-percent of all cargo in the country are transported by trucks. Of 1.3-million trucking companies in the country, 54-percent are for-hire, and the other 46-percent being used by private companies such as Amazon and Walmart. In fact, of 7.1-million trucking industry employees, 3.5-percent are truck drivers and 1.6-percent heavy-duty truck drivers. In fact, being a truck driver is considered as one of the most dangerous jobs out there. Given the potential health risks associated with being a truck driver, perhaps getting insurance really is the way to go. Here are tips for choosing truck insurance that will help you in the long term:

Remember all aspects of your trucks, as these determine how you’ll pay

Perhaps one of the most important things to realize when it comes to truck insurance is that you generally have more control over your policy’s final price than you may realize. This is because the policy itself generally revolves around the nature of your trucks and how you use them in the first place.

  • For instance, it’s very likely that your premium will be high if your trucks are of the more expensive variety.
  • It’s also very likely that having lighter trucks can decrease the price of premiums compared to heavier trucks.
  • Service-focused companies or those that specialize in retail normally don’t need to pay as much coverage compared to businesses that deliver goods and products.

Be specific on the kind of coverage you want to have

One of the most challenging aspects of choosing a truck insurance coverage for your trucks is the fact that there are a lot of potential options to choose from. A lot of situations can happen on and off the road, which can make a lot of insurance coverage options very reliable and helpful. However, if you’re looking to save money, you need to choose ones that matter the most.

  • When speaking with insurance companies, be honest about the nature of the work you do with your trucks, and ask if they can offer the kind of coverage you need for your vehicles.
  • Do you need coverage for labor and towing costs?
  • Do you need coverage for property damage and bodily injury liability, especially for accidents that may occur on the job?
  • Likewise, do you need collision and comprehensive coverage for truck damage, especially after accidents?
  • Do you need liability coverage for unloading and loading cargo?
  • If you need to rent vehicles, do you need a hire auto or non-owned coverage?
  • In the event of accidents, do you think you need medical payment liability?

Assess the kind of payment options available

Another important aspect of choosing the right kind of coverage for your truck insurance is to assess and determine the kind of payment options available for you to choose. This is often something you can negotiate with the insurance provider.

  • Normal methods of payment include monthly installments, but there are other methods available depending on what you and the coverage provider may negotiate.
  • For instance, it’s often less expensive if you decide to pay your premiums in a huge lump sum, as insurance companies often have discounts available for such an option.
  • Paying bi-annually or bi-monthly are also options that can be available to you, depending on how exactly you and the insurance company negotiate on the terms of your coverage.

Determine just how much liability coverage you think you need

Liability plays a huge role in terms of your insurance policy, and it can help you have better peace of mind if you need to file a claim. You need to be completely honest with your insurance company about how much liability coverage you require, as a lot of costs depend on this conversation.

  • Likewise, it’s important to be aware of your limits in terms of general liability. Another aspect of getting your coverage right is to understand your aggregate and occurrence limit. For instance, aggregate limit is the full extent of your coverage that will get paid in a single year. Your occurrence limit is how much you need to pay in order to make one claim.
  • You also need to determine just how much deductibles you have in order to assess your budget accordingly and avoid any payment mishaps.
  • Also study how you can file an insurance claim the right way, especially from the insurance provider. This is normally best done with your agent’s assistance, and it’s important to ask if you can start the claim via a phone application or online, or if you need to get to the office yourself.

Conclusion: Being Secure With Your Truck

Handling a truck is no easy feat, be it as a driver, as an operator, or even as a business owner. Despite the nature of the truck and how you use it, it’s important to always maintain a certain level of security with your truck in order to make sure you and the vehicle are secured if something happens. Choosing truck insurance - especially the right truck insurance - can give you the kind of assurance you may need with regards to these concerns. Hopefully, the tips for choosing truck insurance above will help you in the long term to take your first steps toward a life with your truck without the hassle and the worries. 

Hughey Johnson

Avid Vehicle Enthusiast

Hughey Johnson is an avid vehicle enthusiast, with his hobby occupying much of his free time even as a writer. Being a professional in the writing field, Hughey understands how important it is to make sure all of his pieces are not just informative but also entertaining and relevant to his audience. In recent years, especially as a contributor to sites such as Insurance Truck, Hughey has integrated his love and passion for vehicles into his writing niches.

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