Truck insurance can get a tiny bit complicated. Okay, maybe more than “a tiny bit.” There are a lot of different coverages you can consider for your flatbed trucks and a lot of details about your business to take into account. To help you out with the truck-insurance-buying process, we’ve got eight common mistakes to avoid when getting flatbed insurance.
8 flatbed insurance mistakes to avoid.
1. Getting the minimum level of coverage.
It might be tempting to get the least amount of coverage possible to legally have your trucks on the road. Getting the lower price for less coverage, however, might not be the best way to go. You might run the risk of skipping coverages that can really help your business. If you’re getting the lowest possible level of insurance, you may not have enough coverage to completely cover your legal obligation for a severe accident or large claim.
2. Assuming that auto liability insurance covers your flatbed truck.
Auto liability insurance only covers the other driver’s medical bills and lost wages (that’s the bodily injury portion) and property damage you cause, such as the repairs of the driver’s car (that’s the property damage portion.) It can also cover the expenses of a lawsuit.
But it won’t cover your flatbed truck if it’s damaged.
You need physical damage insurance if you want your truck to be covered. Physical damage insurance includes collision coverage and comprehensive insurance. Collision coverage will pay to repair or replace your truck if you’re in an accident. Comprehensive insurance will cover losses not caused by an accident, such as fire, vandalism, lightning, and theft.
So, if you want the flatbed truck itself to be covered by insurance, you need physical damage insurance.
3. Not doing your homework and researching the carrier.
When it comes to flatbed insurance, you want to work with a company that will truly be there for you if you have a claim. It’s a good idea to check if the carrier is financially stable, has a strong reputation for customer service, and has a good claims-handling process (and a good claims-handling record.)
4. Not reading through the policy carefully.
Insurance policies don’t exactly make for light reading, it’s true, but it’s really important that you know what is and is not covered. Nasty surprises are not fun when it comes to flatbed truck insurance.
5. Setting your deductible too low or too high.
Your deductible is the amount you agree to pay if you have a claim. Your insurance company will cover the amount of your claim minus your deductible, which is your portion.
Setting a higher deductible may help you get a lower premium because you’re less likely to file a small claim and you’re accepting more financial responsibility. However, setting your deductible too high can be a financial burden to your business if you have a claim.
You need to find a balance and set your deductible by considering what you can comfortably afford to pay in the event of a claim.
6. Not asking about payment plans.
Depending on the broker or carrier that you’re working with, you might have different options for paying for your insurance. You may be able to get a payment plan that will help you stay within your budget. (However, don’t forget that many carriers offer a discount for paying in full.)
7. Not evaluating your coverage every year.
It’s important to reevaluate and review your flatbed insurance every year. Has anything changed that could cause you to need more or less truck insurance than you currently have? It’s a good idea to review your insurance needs every year and make sure that you still have the insurance you need to protect your business.
8. Not shopping around for truck insurance.
Shopping for flatbed insurance is a way to compare coverages and prices by getting multiple quotes. While it’s tempting to simply go with the first company you find that’s willing to offer you insurance, it can really pay to be patient and do some insurance shopping. You might be able to get the same coverage at a lower rate, or maybe find better coverage at a reasonable rate. Shopping around can help you save money on truck insurance.
And the good news is that you’re not on your own when it comes to shopping for flatbed insurance. Our truck insurance experts can help you get multiple quotes for your coverage so that you can compare rates. We’ll help you find the best coverage at the best price possible. To get started with your truck insurance quotes, all you have to do is fill out our quote form or give us a call today.