How to Choose the Right Truck Insurance Policy in the US?

Right truck insurance policy….Right protection at the Right time!

According to a survey, the average value of a truck accident in the US is around $60,000 and small businesses can be shut down to waive off the penalty and uninsured costs as per the FMCSA lawsuits. No matter the number you trucks you have, the commercial truck insurance will protect all the vehicles and your business. If you are the owner of a trucking business, you will have to find a perfect truck insurance policy. And filling yourself with its knowledge is a great place to start with. So, we are here!

There is a chance of an accident even after taking care of all the safety precautions. This can happen with the truck at any time whether it is running or at any stop. You never know when any of the vehicles can collide with the truck. Also, the Federal Motor Carrier Safety Administration (FMCSA) has some laws for commercial vehicles in the US to operate freely there.  So, it is very advisable to get the needed insurance for the truck. As the market is full of a lot of insurance providers, the task of choosing the right business truck insurance policy can be a little tricky. Therefore, to save your time and effort, we have collected some tips and tricks to help you to choose the right one for your truck!

Keep reading to learn more about this!

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Tips for Getting the Right Truck Insurance Policy!

Have a Look at the Types of Coverages

As you very well know, there are so many types of insurance coverages existing in the market. And you have to select the most suitable one. Let’s have a look at some of them:

Primary Liability

It is the basic coverage plan which only includes personal harm and material damage to the people involved in the damage. This sort of insurance doesn’t protect your own property and the driver. This kind of insurance is needed to get the Commercial Driver’s License (CDL). 

General Liability

General Liability insurance coverage will give protection against some additional risks of physical harm, property damage, and legal financial support for the third party. This is a good coverage option if you have trucks on lease.

Physical Damage

This one is to cover the damage done to both parties whether it is you or the opposite party. The coverage cost of this can be a little costly as it covers any type of damage done to your truck. Your property and physical damage both are protected under this. This is a good saving option to protect your business against accidental financial losses. 

There are so many other types of commercial coverages available in the insurance market. Also, we suggest you consider the type of policy as per your State laws fulfilling the legal needs of your trucking business. The general liability and primary liability cover are the basic insurance needs of the FMCSA (Federal Motor Carrier Safety Administration). 

Cost of the Insurance Policy

The cost of the insurance policy totally depends on the coverage pack you need for your business. It can also be varying in nature as per different insurance providers. Normally, commercial truck insurance policies can cost you thousands of dollars for every yearly plan. But, it will protect you and your business in the long run. 

Some conditions that can affect the cost of your insurance coverage:

  • Your age
  • Your operational State’s requirements
  • Condition and Model of the vehicle
  • Type of the vehicle (Heavy-duty, medium-duty, light-duty)
  • The goods or items to be carried in the trucks

You have to care enough to choose the right policy to cover the right cost by considering all the important facts. You can always consult with any insurance provider or agent to get help.

Coverage Under the Insurance Policy

You should choose wisely the coverage you needed as per the business needs. For example, if you choose Primary Liability, then the coverage protection is for others in the event of an accident and not for your property. 

If you want your and the opposite party’s protection, then you have to go for Physical Damage. It will cost you more. So, it is totally up to you which one you need for your business. Suppose your business is less risky and you opted for the expensive coverage, then it is useless or if you choose the cheaper coverage but your business needs more as per the level of risk, then also it will harm your business in case of any unfortunate accident. Thus, be smart enough to consider all the points to choose the right coverages under any insurance policy. 

Know to Keep the Cost of the Insurance Low

As there are enough options of insurance providers in the market, surely you will face competitive prices when buying a truck insurance policy in the US. You can always take the help of any insurance provider or agent, But still, there are some considerable points to know if you want to search for the perfect policy.

Fetch Quotes

What’s better than getting quotes for various insurance coverages for your vehicle!

This is one of the most simple and easiest ways to fetch a better cover for your business. Most of the providers offer free quotes that are too online nowadays to get you to select the policy without any problem. Just take the quotes and decide!

Take Care of the Driver’s Record

Your driver’s record is one of the basic things that will decide the cost of your policy cover. It is very much important, especially for commercial vehicles. A perfect truck driver can help you to keep your insurance costs low and help you to save your pocket. Some of the most usual reasons for truck accidents are:

  • Overspeeding of the truck
  • Intoxicated driver
  • Restlessness and fatigue

And more than this your driver is solely responsible for avoiding traffic signal fines and having good driving record history. These all factors can be avoided if you opt for a professional driver that will also help you reduce the possibility of accidents. This will directly affect your truck insurance policy cost. So, carefully look at the driver’s record if he is expert enough to handle bad weather or any kind of road to avoid accidents.

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Consider one Reliable Insurance Provider

Purchasing the insurance policy is a simpler thing than getting a claim for your vehicle in case of an accident. So, to avoid the ‘Settlement Ratio’ issues in the future, try to choose a company with a good customer service record. You can check the reviews and feedback of the company before opting for the one. Go through the testimonials and the reputation of the company carefully. You can also enquire about the track record of the provider in solving the claims of the other customers. 

Just search for all the popular and reliable insurance providers in the US and do a good comparison based on all these facts and points and you can choose the perfect policy for your trucks!

Bottom Line

That’s all from our side to give the information for you to choose the right truck insurance policy in the US. Remember to consider these points to fetch the perfect truck insurance for your business.

If you still have any doubts in mind, then you can freely ask us at any time…..We will be pleased to serve you!

Hope you had a happy reading!