The world of auto hauling has its fair share of risks. And those risks are exactly why you need car carrier insurance. It’s essential that you have an insurance plan that’s customized to your business, so there are several things you need to know about auto hauler insurance. We’ve got a list of ten things to keep in mind when you’re getting your insurance.
1. There are many types of insurance that you need to protect your business.
Your auto hauling business faces many risks, so you need many different coverages to protect you from them. For example, you might need auto liability insurance, physical damage insurance, and cargo insurance. Each of these coverages protects you from different risks.
2. Your rates are dependent on what you do.
Your insurance depends on what kind of business you have and what kind of work you do. Are you a car dealership that has a car carrier? Are you an auto transport business that moves cars for clients? Do you have contracts with multiple car dealerships? Do you operate an auto body shop that owns an auto hauler? Each type of business needs different coverages to manage their risks, and that affects your rates.
3. Your drivers’ Motor Vehicle Records influence your rates.
Your drivers play a large part in determining your auto hauler insurance rates. If they have tickets and/or accidents on their records, your rates could be significantly higher. That’s because tickets and accidents indicate risk – those drivers are statistically more likely to get into an accident and cause a claim. And because they’re riskier to insure, you could face higher insurance rates.
4. Liability insurance doesn’t cover your vehicle.
Your auto liability insurance will not pay to repair or replace your car carrier if it’s damaged. It will only cover the expenses that you’re legally obligated to pay to the other drivers, such as their medical bills and the repairs to their car.
To get your truck back on the road ASAP, you would need physical damage insurance. Physical damage will pay to repair or replace your truck if it’s damaged. Collision coverage will cover your truck if you’re in a car accident or otherwise collide with something. Comprehensive coverage protects you against losses not caused by collision, such as theft, vandalism, fire, and falling objects (like trees.)
So. You can see how physical damage insurance could come in handy when it comes to your auto hauling truck.
5. Your location and radius of operation impact your rates.
Your insurance company will also want to know where you’re located and how far you go. They will also want to know whether or not you cross state lines. Your location does make a difference to your auto hauler insurance rates.
6. Improving or committing to safety at your business can help lower your rates.
Having a high standard of safety at your business can reduce the chances of having a claim. And by having a safe business and preventing accidents, you can lower your auto hauler insurance rates. The cleaner your loss history, the better your rates. So, improving safety at your trucking business helps you both protect your drivers and save on your insurance.
7. You may be required to carry certain levels of insurance.
Depending on your state and your contracts, you may be required to carry certain levels of insurance. For example, you may have a contract that requires you to hold between $150,000 and $500,000 worth of cargo insurance.
It’s important that you fulfill any insurance requirements, whether legal or contractual. It’s easier for your agent to assist you with coverage if they know of these requirements beforehand, so do let them know prior to getting quotes or binding coverage.
8. There are many factors that affect the cost of auto hauler insurance.
Auto insurance rates are not the same across the board. They vary from business to business because there are many factors that go into determining truck insurance rates. Some of the details include…
- What you haul
- Your hauling radius
- What type of business you are
- How many trucks you have
- The year, make, and model of your truck
- Your drivers
- Your loss history and claims
With all of these different factors playing into your rates, the best way to get an accurate idea of the cost of your insurance is to get a truck insurance quote.
9. You need to make sure you have the right cargo insurance.
It’s very important that you have enough cargo insurance to truly protect your business in the event that the cars you’re hauling are damaged or destroyed.
10. Shopping for rates can help you save money on your premium.
You can save money on your car carrier insurance by shopping for rates and getting multiple quotes. You have to go to different carriers because they all evaluate risk differently. A little patience and a little shopping can go a long way when it comes to auto hauler insurance rates.
Speaking of shopping for rates, we would be happy to help with that. Our agents are experts at helping trucking businesses like yours find the best coverage at the best rate. We understand the risks your business faces and the coverages you need. All you have to do to get started with your auto hauler insurance quotes is fill out our online form or call us today.