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Things to Consider Before Getting Truck Insurance


Know what is important when getting a truck insurance. Price is one of the first factors you will look into. See if you can handle the costs knowing that it will further increase after a year or so. Can your business handle the extra expense? You should also consider the right type of truck insurance for your business.

Business trucks require a special type of insurance that could cover not just vehicular damage but also cover for the cargo. It will ensure full protection both for the truck itself and the goods in transit. It will also protect a third party affected in the accident. When inquiring, ask about the level of protection offered by each type of truck insurance that will be presented to you.

Commercial insurances normally have a higher premium but you can reduce it in several ways. If this is not your first time to get insurance for your truck, your previous records will be checked. If you have had no history of filing for claims, you can be given discounts on your next application. Thus, encourage your drivers to be defensive and safe on the road all the time.

There are often several drivers assigned for one truck. This cannot be helped in any business. But try to limit the drivers as much as possible. Premiums get higher when there are more people driving a truck because then it is more prone to road accidents.

It will also help if you will declare a route that your truck will normally follow. In general, you can be granted a lower premium if the route of the truck is fairly limited. The farther it travels, the higher the premium rate.

If you can afford it, declare a higher voluntary excess. This is the amount you can and are willing to shoulder in case a truck figures in a collision and you have to file for claims. Of course, when an actual accident happens, you will really have to pay for the excess you declared so set a realistic amount.

Goods in transit often require a separate insurance. This is optional. If you will insure your cargo, the insurance company will assess how valuable the goods in transit are. The insurer will have bigger liabilities for more valuable goods if damaged or lost during delivery.

Another optional policy that could complement truck insurance is the public liability coverage. This will cover for incidents that could happen during loading and unloading of goods. Getting this policy will be more for your peace of mind because you will not be able to personally see all your deliveries.