Truckers commit many mistakes when they decide to purchase insurance for their vehicles. The insurance industry is too huge to easily confuse any outsider who has no prior knowledge of how to get the best possible quotes for their valuables and same is the case with truck owners. On the other hand, there are also some companies that important information which can create a lot of problems for truck owners in the long run.
In the context of above discussion; following are some most important mistakes you must cot commit while getting insurance quotes.
- Doing Business with the First Company You Contact:
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There are literally hundreds of insurance companies operating in your area. Some of them are really good while others are total crap. It is rather foolish to assume that the first agent you contact will help you get cheap truck insurance with best possible coverage for your truck. Instead, you must compare the quotes of at least three different companies and check if anyone of them meets your particular requirements. It will be easier for you to make the right choice when you have back to back options.
- Insurance Company must Offer OEM Parts:
OEM or original Equipment Manufacturer parts are identical to the original parts installed in your truck. Again, there are some insurance companies who will pay for repair of the truck in case of an accident but won’t pay for OEM parts. On the other hand, they will insist to pay for lower quality third party parts. It is your own responsibility to check if the company you are considering covers OEM parts or not.
- Purchasing Insurance from Multiple Companies:
The cost of commercial insurance has compelled truckers to purchase insurance from multiple companies. For instance, you would buy cheap truck insurance from one company covering only physical damage, cargo insurance from a different provider and liability insurance from another company. Individually, these policies appear to be cheaper but the will cost you a lot of money in the long run. On the contrary, you can get heavy discounts if you purchase a bundle package from the same company.
- The Company must Offer 24 Hours Claim Services:
Truckers seldom work from 9 am to 5 pm and therefore; their insurance company must offer services 24 hours a day, 7 days a week. Unfortunately, there are companies who don’t offer any type of claim services on weekends and nights. This can be especially problematic if you fall into some trouble during nights or weekends. Therefore, you must ask the representative of the company times at which you can reach them.
- Getting only Bare Minimum Coverage:
Some truck insurance companies also offer coverages which are not required by the law. Although it is a big temptation to ignore these coverages and save some money yet this approach can be catastrophic for you in the long run. For instance, you will be solely responsible for paying the repair costs if your truck is totally destroyed and you don’t have sufficient coverage to pay the repair bills. Insurance policy must at least cover the following.
- Damage to your own vehicle.
- Damage to other vehicles
- Damage to your cargo.
- Big Name is not always Good:
Some companies enjoy really good reputation among truckers. They are industry giants and have been operating for many years now. However, that does not mean all of them offer high quality services. There are literally hundreds of smaller companies who may provide you with cheap truck insurance and outstanding customer services. This will not only help you save considerable amount of money but will also enable you to take better care of your truck.
- Refusing to Review your Insurance Policy:
Insurance premium of almost all the companies grow after every year. In fact, you are letting insurance companies take undue advantage of you if you don’t review your policy on annual basis. Believe me or not, there are many companies who are ready to sell you the insurance on the lower rates. You just have to do some research and shop around instead of sticking to same old company for years. You will be able to save hefty amount of money by changing your insurance provider every few years.
The competition in commercial auto insurance industry is constantly on the rise. There are countless insurance companies operating in the industry at the moment. This could be quite confusing for an outsider when it comes to getting truck insurance policy. However, you simply need to avoid above mentioned mistakes and you will be able to get ideal insurance policy while saving a lot of money.