How to Choose a Commercial Trucking Insurance Policy

When insuring your truck, there are several key factors to consider. If you lease or finance trucks, your lienholder may have specific insurance requirements. Your agent can help you get coverage that meets federal and state insurance regulations while also satisfying your lender’s requirements.

Commercial vehicle insurance can be categorized into four main types:

• Liability insurance—This is the mandatory insurance that may help pay for any damage you cause with your truck. Driving without this insurance is illegal and could result in heavy penalties.
• Bobtail insurance—This insurance is voluntary and may help cover your truck when you’re on the road but not under dispatch.
• Motor truck cargo—This insurance may help cover the load you’re carrying. It isn’t mandatory but some shipping companies require it.
• Physical damage coverage—This coverage is not a legal requirement. It may help cover your truck against perils like damage from collisions, fire, theft and natural disasters.

How to Find Appropriate Commercial Trucking Insurance Coverage at Favorable Rates

Work closely with a local independent agent with experience insuring trucking companies and trucking fleets. Your agent can help you get quotes from several companies before you commit to one so you can get the best value for your insurance dollar.

Here are some tips to help you get the best possible commercial trucking insurance rates:

• Increase your deductibles. The larger your deductibles, the cheaper your insurance will be, but remember, you’ll have to pay it in the event of an accident or theft.
• Pay your insurance upfront at the start of the year, rather than paying in installments. This could save you around 15%.
• Insure all your vehicles with one company and reap the benefits. Insurers typically give discounts or incentives when companies insure their whole fleet with them.
• Run a safety program. Ask your insurer for advice on how to put one together for your business, and you could save more than 10%.
• Consider your need for physical damage coverage for your older vehicles. This coverage might be costing you more than it’s worth.

Contact Us

Contact First Choice Insurance Solutions Inc in Hollywood, FL, to get trucking insurance tailored to meet your organization’s unique needs.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.