Truck insurance is a significant issue. The level of coverage you obtain can either secure or ruin your business in the event of an accident. To ensure you have the proper insurance coverage, we have gathered a list of essential questions to ask your trucking insurance agent before committing to their company.
Insurance Questions to ask your Truck Insurance Experts
1-What is your experience with trucking insurance?
There may be some instances where you meet an agent who is new to the field of trucking insurance. Although, this person would still have received extensive training in insurance laws and policies. However, an insurance expert with years of experience should still be able to provide you with specific answers to your questions regarding truck insurance.
2-What is covered, and what is NOT covered?
A knowledgeable truck insurance expert will guide you through the policy and clearly outline what is and isn’t covered. For instance, the insurance policy may cover the truck but exclude the cargo. It is crucial to understand the coverage details as it will impact your choices regarding additional or reduced coverages.
3-How much coverage do I need?
Because no two businesses are exactly alike, insurance coverage may slightly differ from one company to another. While the minimum amount is $750,000, some trucking companies opt for $1mm limits which are considerably high. However, commercial vehicles can cause a lot of chaos and damage even when an accident is not the truck driver’s fault. Thus, more coverage is needed.
In addition to the bare minimum, you might consider asking your insurance expert if an umbrella policy would be necessary for severe loss.
4- What factors affect my commercial truck insurance?
A trucking insurance agent can inform you about all the factors that impact your coverage. These factors include distance driven, crossing state lines, cargo type, truck age, truck driving experience, and your employees’ driving records. All these factors play a crucial role in determining insurance coverage and rates.
5-What are your payment plan options?
Another vital question to ask your insurance agent relates to payment options. Do you have to pay the premium annually or semi-annually, or does the agent accept monthly payments? It is common for insurance companies to collect a monthly premium (depending on your credit score).
6- Do you offer a combined deductible?
To further reduce your premium, consider a combined deductible, which allows you to pay a single deductible even if you need to use two different coverages in case of an accident. For example, if you have to use both general and primary liability, you would pay a single combined deductible instead of two separate ones, saving time and money by streamlining the process. Inquire from your truck insurance expert about the availability of combined deductibles and if they can help you find a policy that includes this cost-effective and convenient option.
7- How Does the Claims Process Work?
Yet another vital question to ask your insurance agent is about the claims process and how it works. Some insurance companies have a 24-hour service, such as an online system or a toll-free number to call to start filing a claim. For others, you might need to contact your agent, who will reach out to a claims adjuster to get the process started.
8-How quickly can you change my policy?
Due to the nature of the trucking business and the changes that quickly come about, you need to ask your trucking insurance agent about the turnaround time for changing your policy. For instance, if you’re not limited to just one type of cargo, your agent will need to change your insurance policy to provide the appropriate coverage each time your drivers haul something different. Thus, you’re asking two questions:
Question 1 – How quickly can you change my policy?
Question 2 – How quickly can I get you on the phone
9-What discounts are available?
In addition, you can ask about discounts when you review your truck insurance policy every year or every six months. One example is getting a percentage off of the premium if you pay it all upfront. Another type of discount is applied when you show proof of safety features, like anti-lock brakes and airbags in your vehicles.
10-Commercial Truck Insurance in Texas
Since each state’s coverage requirements differ somewhat, you should ask your truck insurance agent about Texas insurance laws. If you provide services or transport passengers or goods, you should inquire about the types of trucks covered. Also, make sure you know what liability coverage is required.
Find a Reliable Truck Insurance Agency
If you’re looking for affordable, reliable truck insurance in Texas, contact one of our truck insurance agents for more details and to obtain a comprehensive commercial truck insurance quote. VL 17 Insurance Agency LLC puts you in contact with a real insurance professional every time who can tailor an insurance policy to the specific needs of your trucking business.