commercial trucking insurance

Commercial Truck Insurance: Things to Consider While Choosing it

Perfect commercial truck insurance means a smooth-running trucking business!

Trucking business owners have so much burden already…then why burden more by not protecting the trucks?

As a transport business operator, you should handle all the sides of maintaining and handling the trucks. And you know, one of the major sides of this is to protect your trucks by opting for commercial truck insurance. There are many options of truck insurance companies available in the market, So to choose the perfect one can be a little tricky. Truck owners or companies must be careful when choosing the best commercial truck insurance to avoid future hurdles and burn the pocket in the long run. 

So, we are here to assist you in choosing the best commercial truck insurance per your requirements and business needs. We have gathered some of the certain considerable things for selecting commercial truck insurance. 

Let’s get started with it!

Considerable Things While Choosing Commercial Truck Insurance!

Keep in Mind the Type of Your Truck

The very first thing you need to keep in mind before opting for any truck insurance is the kind of truck you own. Whether the truck is heavy-duty, medium-duty, or light-duty, it has a direct impact on selecting a suitable truck insurance policy.  

The basic need to know this is to find out if any special coverage plan you need to opt for your vehicle. After finding out the category of your truck, you can start searching for a suitable insurance plan. By knowing the type of your truck, you can opt for the perfect commercial truck insurance for you very easily and in less time. 

Correct and Suitable Type of Commercial Truck Insurance 

One of the most important things to consider for choosing commercial truck insurance is to know the correct type of commercial truck insurance you need. The previous thing that we discussed and this one are interrelated. When you know the type of truck then only you can choose the correct and suitable type of commercial truck insurance. 

After you have researched, then opt for an insurance company or agent who can give you detailed information on the type of insurance you need. They can also suggest to you if you need any special kind of coverage or general liability for your vehicle. 

By knowing the suitable type of truck insurance for you, you can easily understand the coverage policy which will save you at the time of any unforeseen accident. 

Do a Thorough Research on the Reputation of  Insurance Companies

After your understanding of your truck type and the insurance policy you need, it’s time to consider the best insurance company. You can make a list of all the reputed and nearby companies, Then analyze every plan and policy of these companies. 

At the present time, rules and regulations for commercial insurance have become tight, then it’s very important to be careful when selecting a company with a good reputation. You can read the feedback of the considered companies from various online platforms. Also, you can go through their background and the way they deal with their customers. Choose a company that suits your coverage needs completely and clear all of your doubts with them. 

You can visit their official website and get a complete insight into the insurance provider. Always try to reject the company which is known for refusing claims else you can face issues with them at the time of claim. 

Go Through the Policy Carefully

You must have heard to read the papers carefully before signing or finalizing something. The same applies to the insurance policy. You should read all the terms and conditions mentioned in the policy carefully. This will help you to understand all the covered things for your vehicle. 

When you will file a claim at the time of need, then it will help you to sort out things for you very easily. After reading the policy, if you have any doubt in mind, you can ask the agent or provider before signing it. When you get the right answer, then only go ahead with the policy. Be careful while doing this, as it is the thing that will save your pocket in the long run.

Consider AutoPay

When you have chosen the right policy, then you should be clear with the payment options as well. It’s always advisable to opt for auto deductions to avoid remembering payment dates in this busy world. 

Most of the time, commercial business owners are so busy with their work that they forget to do timely payments which can lead to the expiration of the policies. So, better to be clever and opt for AutoPay. With this, you will be able to save your policy and get the maximum benefits. Also, you can get some sort of discount from some of the insurance providers by opting for AutoPay.

Non-Claim Bonus (NCB)

A very suggestable thing is to check the non-claim bonus (NCB) rule attached to your insurance policy. If you haven’t taken the claim for one year then the company will give you a bonus on the renewal policy for the consecutive year. 

NCB is cumulative and rises every year. The approx. range of the bonus is 20-25% of your premium amount. NCB is not a necessary thing that should be mentioned first but it is the earning of a good truck driving history. If you drive safely and securely then you are eligible to get this bonus. 

Take Care of the Driver’s Record

The man who will drive or handle your truck has a great impact to maintain the insurance policy associated with the truck. So, you should check the driver’s history and driving record carefully before finalizing it. A driver with a bad driving record is a risk for the insurance provider as they are more prone to damages and accidents. 

It’s always advisable to hire a driver with a good driving record and professional in their work to make your claiming process easy and effective. 

Keep an Eye on Insured Declared Value

A right IDV directly affects the insurance premium of the truck. But do you know what IDV is?

IDV or Insured Declared Value is the present market value of the truck fixed by the insurance company. The IDV is a result of deducting the depreciation amount from the premium amount with the manufacturer’s selling price for the truck. 

So, choosing the right IDV will help you to choose the right and relevant insurance premium for you. 

Bottom Line

That’s All!

Commercial trucks are the basic asset of any trucking or transportation business. So, to protect them against any unfortunate incident is the prime duty of the business operator. This can be easily done by opting for the right commercial truck insurance. 

If you are looking for business financial help & support from the government of India then you must register your business under the new udyam registration which is an MSME Department portal.

We have gathered these things to consider for you to choose the best and most suitable one for you. When you have already paid so much to run the trucking business, then why not spend a little more time and money to opt for the right insurance policy? 

Hope to cover all your answers in this blog of Commercial Truck Insurance in India. Still, if you need to ask something, then feel free to contact us….We will be happy to assist you!