You might think that the cheapest big rig insurance or truck insurance is always the best policy to choose. However, choosing a commercial truck insurance policy based on price alone can cost you in the long run. Cheap truck insurance could mean poor customer service, inadequate coverage, and a hassle when it comes to filing claims.
Let’s say you own a tow truck business. You accidentally damage the car that you are towing while en route to the destination. If you have the lowest cost insurance, chances are that it does not include on-hook coverage. This could leave on the hook for the cost to repair or replace the customer’s car that was damaged while in your care. Another example would be choosing a truck insurance policy that does not include comprehensive coverage. If your truck is damaged in a severe storm, you would be responsible for repairing it.
You don’t have to choose the most expensive commercial truck insurance policy to get good coverage. However, you must choose the right coverages for your needs. Here are some minimum coverages that every truck policy should include:
- Collision and comprehensive – Physical damage insurance may not be required in all states. Many cheap policies don’t include it. However, this is an important coverage to consider. It includes two separate portions — collision, which covers damage to your vehicle in the event of a collision, and comprehensive, which provides compensation if your vehicle is damaged because of theft, vandalism, or a natural event.
- Auto liability – Every commercial truck insurance policy includes some amount of auto liability coverage as it is required by law. But cheap policies may not include enough liability coverage. Liability provides payments when another party is injured or has property damage as the result of an accident in which you are at fault. If your insurance policy does not include enough liability coverage, you could end up paying thousands of dollars in expenses that result from an accident. The amount of liability insurance that you need depends on many factors, so it is a good idea to talk with a company that specializes in truck insurance for a personalized quote.
- Uninsured motorists coverage – This is another optional coverage (in most states) that cheap truck insurance policies do not include. If you are hit by another motorist, the chances that they are uninsured or underinsured is 1 in 8. What this means is that you might not receive any compensation from the other driver. You would be responsible for covering the costs to repair or replace your truck as well as any medical costs that you might have. However, if you have uninsured motorists insurance, this insurance could help you cover your medical costs. It can also help you cover repairs to your truck if the driver doesn’t have insurance. A related insurance coverage, underinsured motorists, covers damage caused by drivers who don’t have enough insurance.
How to get affordable but good coverage
Fortunately, it is possible to get high-quality, yet affordable coverage simply by shopping around. There are plenty of reasons to get multiple truck insurance quotes.
- Check out your options – Start by filling out this handy form to compare insurance policies and rates.
- Examine quotes and coverages – Once you receive quotes from several truck insurance companies, compare the coverages and rates.
- Choose the coverage that’s right for your insurance needs and will protect you from risk.
That’s it — just three simple steps to finding good truck insurance coverage at an affordable rate. Our agents can go over your options with you and help you get the 18 wheeler insurance coverage you need to protect your business. All you have to do is give us a call today or fill out our online quote form.
Source:
https://www.iii.org/fact-statistic/facts-statistics-uninsured-motorists