Questions You Should Be Asking Your Insurance Provider

If you’re a business owner looking for commercial truck insurance to protect your company, there is a great deal of information you’ll need to know in order to make the right decision.

Of course, you’ll want to do your research, read reviews, and get recommendations to gather the information that you need to know. At the same time, you should also plan on having direct conversations with your insurance provider.

Here are some of the most crucial questions you should be asking:

What to Ask Your Truck Insurance Provider

How Much Coverage Do I Need?

While your state may mandate a certain level of liability coverage to operate, doing business with just the minimum coverage still puts your business at risk. Your insurance carrierThe entity that physically transports the freight from one location to another, hired by a freight b... should know the trucking business well enough to know what kinds of insurance will suit you best.

It is essential to take some time and discuss the specifics of your business, the kinds of materials you haul, the routes you take, and more with your insurance carrier. They should be able to walk you through the different options you should consider. This includes the different types and varying amounts of coverage that are right for you.

You can take what your insurance carrier tells you and do some additional research or even ask for a second opinion by shopping around. You’re under no obligation to accept your provider’s advice, but it’s certainly worth listening to what they have to say.

What Is and Isn’t Covered by My Plan?

Understanding your policy is a key step in deciding if you have the appropriate insurance for your needs.

Keep in mind that every policy is a little different, so you can’t expect your current plan to match something you’ve had in the past. Feel free to run specific scenarios by your agent to see how your current plan works.

Let’s say that your company hauls hazardous materials. You and your provider should come up with a variety of plans ranging from tame to worst-case scenario situations. You should be able to walk away knowing every kind of incident covered by your plan, or what kind of risks you will be taking on without additional coverage.

Do You Offer Cargo Coverage?

There are different levels of risk because different kinds of cargo carriers deal with a lot of varieties. A truck full of livestock has vastly different risks than driving a tanker truck full of gasoline.

Your primary liabilityA financial obligation or debt owed by an individual or business to another entity, typically result... or cheap commercial truck insurance won’t automatically cover your cargo. Since it’s your business on the line if something happens, it’s always prudent to explore different cargo coverage options.

Do You Offer Combined DeductiblesA specified amount of money that the insured must pay before an insurance company will pay a claim.?

Unfortunately, some accidents cause damage to your truck, other vehicles, your cargo, and more. Each type of damage has its own liability but may require a separate deductible. Therefore, setting up your insurance plan like this might help you save money on monthly premiums.

Some policies allow you to combine deductibles, this means you’re only responsible for paying a single deductible no matter which coverage comes into play. This often makes the entire process more straightforward and can save you money in the long run.

How Do I Submit an Insurance ClaimA formal request by a policyholder to an insurance company for coverage or compensation for a covere...?

You should always consider submitting a claim as soon as possible. The faster the claim is filed, the faster it can be settled.

You’ll want to know the exact process of how to submit your claim. It is wise to determine if there are only certain hours where claims are handled or if your insurance carrier has 24/7 service hours.

On top of knowing the process for submitting a claim, make sure to note what they expect from you. For example, your drivers may want to ensure they have their policy ID ready for any claims. This might change how you train your drivers or how you store information in house.

How Quickly Can I Change My Policy?

Even if your company doesn’t change the type of cargo it carries on a regular basis, you might find yourself in a situation where you need to add or drop a particular kind of coverage.

You’ll want to know the process on how to make changes and the time needed for it to take effect. Having this information lets you determine the timeline you’ll need.

Ideally, your insurance carrier will be able to make changes at a moment’s notice. You want the flexibility to take a new job or add a higher-level of coverage without having to wait.

What Options Are There for Paying My PremiumThe amount paid by the insured to the insurance company in exchange for insurance coverage, typicall...?

Nearly every commercial trucking insurance company offers options to pay your premiums. It’s almost never required that you pay a certain way. There may be, however, benefits to paying more significant portions at once.

Some companies offer a discount for paying by the year or by the half.  You should also have the option to make smaller monthly installments.

It is important to learn about all of your options and one of the best ways to maintain cheap commercial truck insurance is to take advantage of any discountsReductions in insurance premiums offered by insurers to policyholders who meet certain criteria that... that are available. This could mean paying in full each year but explore your options before making a decision.

How Are My Premiums Determined? Is There a Way to Save?

Reducing costs means understanding what goes into your premiums. Insurance companies evaluate a number of factors to come up with your price: driving records, credit scores, driving experience, cargo carried, and more. Look at what your insurance cares about most.

Moreover, it is wise to make sure to ask your insurance carrier about ways you can lower your premiums. There may be discounts or programs available that can help you save. Your agent might be able to point at specific things that will help save.

For example, building a safety programA structured plan implemented by an employer to prevent accidents and promote safety in the workplac... could help reduce costs by simply lowering the number of claims your company makes. You can also discuss how different deductible levels impact your monthly payments. In any case, you may not know about the best ways to save until you ask.

Read more: Ways to Lessen Your Truck Insurance PremiumThe amount paid for an insurance policy, calculated based on the risk profile of the insured and the...

Get Cheap Commercial Truck Insurance

One of the best ways to save money on your insurance premiums is to work with one of the best insurance providers around. SoCal Truck Insurance has been helping companies get the coverage they need at prices they can afford for years.
We can help you do the same. Give us a call today to learn more and to get a free quote!