Having semi truck insurance is great because it allows you to protect your business as well as your employees. However, with so many semi truck insurance providers out there, it can be overwhelming to choose the right one.
You don’t just want to pick the first insurance company that you find. Instead, you need to make sure that you get the right kind of insurance and that you work with an insurance agent who knows what they are doing. This is going to help provide you with the peace of mind and the protection you need.
Are you interested in learning more? If you are, then keep on reading and we will take you through the top tips that you need to know about to find the right semi truck insurance for you.
1. You Have Control Over How Much You Pay
One of the first things that you should figure out is that you have more control over the final price of your insurance policy than you may realize at first. For example, if your semi trucks are on the pricey side, then you can expect to have premiums that are also expensive.
When you think about this, it makes perfect sense. There is also the fact that a heavier truck is going to cost you more than a lighter truck to insure. As we can see, not all trucks are going to be insured for the same cost.
How you use your truck is going to influence how much your insurance is going to cost you. Companies that specialize in retail or are service-focused usually won’t pay as much for an insurance policy as companies that deliver goods and products.
While you definitely should not base your business on how much you need to pay for semi truck insurance, it is helpful to understand these factors when you are trying to figure out the long-term costs for your business.
2. Ask What Kind of Coverage You’ll Have
Not all insurance companies work the same way. And because of this, you need to ask your insurance agent clearly about what kind of coverage the semi truck insurance policies come with. Some of the most common types of coverage will include:
- Medical payments
- Non-owned or Hired Auto coverage, in case you ever need to rent a vehicle
- Loading and unloading liability
- Comprehensive & Collision coverage for damage done to your vehicles
- Bodily Injury & Property damage liability
- Towing and labor costs
This is where you want to make sure that you are being totally honest and open about the overall nature of your business. You need to be honest about where your company is at the moment and where you expect it to go in the future.
You should let your insurance agent get to know you and your company inside and out. This will help the agent work to get you the coverage that is going to work best for your trucks.
3. Explore Your Payment Options
The finances of your business are going to have a major role in how you are able to pay for your semi truck insurance. While you can always pay your insurance policy off in monthly installments, it is usually less expensive for you to pay your yearly premium in one big payment. This is mainly because insurance companies usually offer discounts because this method of payment is less risky for them.
Besides yearly and monthly payments, you also might have the opportunity to pay bi-annually. After you know which payment option is going to make the most sense for you, speak to your agent and see if they can get you a good deal with that payment method.
4. Determine How Much Liability Coverage You Need
Liability coverage is going to play a major role in your insurance policy and how you feel if ever you need to file a claim. Once again, this is where you want to provide full disclosure to your insurance agent about your business operations and the nature of the company overall.
After you know how much liability coverage you are going to need, just compare the specific coverage details and prices with the insurance companies that you are thinking about.
5. Know Your Limits For General Liability
Another thing you need to think about when looking for the right semi truck insurance coverage for your company is knowing your policy limits. Mainly, you need to know your aggregate limit and your occurrence limit.
Your occurrence limit is going to be how much money you will pay to make a single claim. Your aggregate limit is the total amount that your coverage will pay for all of the claims that were made in one year.
This information can you figure out if you should consider paying the damages on your own, make a claim for an incident, or find a different strategy without putting your coverage at risk.
The Importance of Knowing How to Find the Right Semi Truck Insurance For You
Hopefully, after reading the above article, you now have a better understanding of how to find the right semi truck insurance for your company and your employees. As we can see, having the right semi truck insurance can help you make sure that you are properly protected while also costing you a fair amount of money.
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