Whether you are a contractor with one commercial truck or a trucking company that operates a fleet of semi-trailers, you need commercial truck insurance. It can be hard to tell what kind of insurance coverage you need as there are a variety of myths out there about truck insurance. Purchasing insurance without having all the correct information can cost you big bucks, especially if you are in an accident and not covered properly. We’ve come up with a number of commercial truck insurance myths and facts. Here are some that you should know about.
Myth # 1: You Can Skip The Downtime Insurance
When your truck is essential to your business, having an accident can cripple your ability to earn money. Every single day that your truck is in the shop for repairs is another day without income. This is why it is important that your commercial truck insurance policy include a downtime provision. Downtime with rental reimbursement will keep you on the road after an accident so that you can keep your business up-and-running.
Myth #2: Seasonal Businesses Don’t Need Commerical Truck Insurance Year-round
If your landscaping or snow plow business only operates seasonally, you might be tempted to save money by canceling your insurance in the off-season. However, this is ill-advised for several reasons.
Your vehicle will not be covered while it is in storage if you cancel your policy. A commercial truck is an easy target for thieves while it is in storage. Thieves love to find unattended trucks sitting around in unsecured lots. If someone vandalizes or steals your expensive commercial truck or the equipment that you might have stored in it, then your business could be crippled.
A comprehensive commercial truck insurance policy will cover your vehicle year-round from theft, vandalism, and fire. It will also protect against environmental dangers like hail, falling branches, and more.
Plus, having continuous coverage is likely to be cheaper in the long-run. If you cancel your insurance altogether, it could cost you more money when it is time to get a new policy. To get the best commercial truck insurance policy rates, you typically must have continuous coverage.
Myth #3: All Employees Are Covered When They Drive a Covered Truck
You might think that having commercial truck insurance will automatically cover all employees who drive for you. However, this is not necessarily true. Some insurers only extend coverage to drivers who are explicitly listed on the policy.
If you want all of your employees to be covered, then you must choose a policy that includes Permissive Use. This endorsement ensures that all of your drivers are covered under the commercial truck insurance plan as long as they have your permission to drive and hold the proper credentials, such as a CDL if needed.
Myth #4: It Is A Waste Of Time To Compare Commercial Truck Policies As They Are All The Same
Commercial truck insurance policies vary widely in terms of cost and coverages. Therefore, it definitely pays to compare plans. You could get better coverage and save money by choosing a different insurer. Contact us today to compare rates for your commercial vehicles.
It’s important to have the right commercial truck insurance to protect your business. We can help – we’re truck insurance experts. All you have to do to get started with truck insurance quotes is fill out our online quote form or give us a call today.