Commercial truck insurance is a very important insurance coverage for a small business providing trucking services. Insurance is primarily designed for bigger companies and it can be an expensive element for a business that has only two vehicles. There are other options available and they differ depending on the type of truck, risks incurred, products carried, and the driver’s years of driving experience. If you purchase a certain insurance for your trucking business, it will definitely include different types of coverage, and it is very critical that you understand each of them so you know the ins and outs of your policy.
If you want to purchase a different policy, an owner operator truck insurance for example, bring any document that shows your existing truck insurance. This gives you agent a basis to evaluate your needs and ultimately determine the type of insurance that is best for your type of business. This will also give them the ability to customize your policy accordingly that will be directed to your specific requirements. However, if you are not holding any type of commercial truck insurance, you can bring a copy of your personal auto insurance instead.
Other Information Needed
Insurance providers need a credit report of your company so they can review your financial status, even if you are only applying for a cheap commercial truck insurance. This will also help them prepare a detailed quote for you.
You will also be required to provide truck details, so it’s best that you list down all the vehicles you want to be covered in the insurance beforehand. Include the following details:
- Cost (for brand new truck)
- Gross vehicle weight
- Current mileage
- Vehicle identification number (VIN)
You must also inform your insurance provider how your vehicles are being used in the business for this will also affect the overall premium. You must notify them if your employees are the one driving the trucks, if these are used to transport products and other goods, and how often they are used.
Your insurance premium will depend relatively on the deductible you have chosen or to which you have qualified for. For example, if your driver has a record of accidents, he or she has a higher deductible because of the risk to your insurance provider. Deductibles may range from $500 to $2000 and will be paid immediately during the claim. If don’t like to be paying for high deductible, you must take a lower deductible and choose higher premium. However, if you or your drivers have no accidents on record, you can safely opt for higher deductible and lower premium.