You see and hear all sorts of ads on how car insurance companies can save you money over the competitor. But what about the trucking business? How do you know you are getting the best deal available? Well, read on for some helpful information to assist in your insurance decision making.
At the top of my list is dealing with a reputable Insurance Agent.
To find a reputable agent, ask other truckers who they use and what they think of their insurance and agent. Dealing with someone in your own community is preferred. There are quite a few “independent agents” in every area around the country to choose from that will deal with a variety of insurance companies. You also one an agent that has experience with trucking insurance.
To check up on the reputation of an agent do a search in your state by entering your state initials, i.e. WI for Wisconsin, and Insurance Commissioner (WI Insurance Commissioner). This should give you a start to find your information on-line about any agent or a number you can call in the Commissioners office.
Now that you have found an agent, ask for a coverages and premiums comparison from several different insurance companies your agent deals with. Your driving record will also factor in for the bottom-line premium. Have your current insurance information handy for when you talk with the agent. They will undoubtedly have a list of questions concerning your current coverage. Also think about and mention any changes you may want to consider making to your coverage.
If you already have or are thinking about buying your own trailer, mention this fact to the agent for your premium quote.
Ask if the agent will give you a package deal by offering them your personal business for your home and auto coverages, plus any “toys” you may have stashed in your garage or storage building such as snow mobiles, motor cycles, goats, ATVs, and so on. Most insurance companies have packaged plans for personal insurance coverages that you can take advantage of and save some money in the process.
Ask for the best deal they can possibly give you and tell them you are shopping around so they know you are serious and mean business. Ask about premium payment plans and what they are and the cost you. Sometimes if you have a monthly automatic electronic funds transfer (EFT) for your premium you can save some money. And sometimes if you pay your insurance annually, you get a bigger break. But ask before you commit to anything.
The higher deductible you take the lower your premium can go. You decide what is right for you concerning the deductible. A quick definition for deductible is what you can afford to spend out of your own pocket in the event of an accident. Some people have more money set aside just for this so they would want to take a higher deductible to lower their premium. Or you can figure what you save by taking a higher deductible and put it in the bank. You decide what is right for you and your budget.
Insurance is a necessary thing to have and you want to get the best deal you can for your trucking business. Also review your insurance coverages on an annual basis for any changes you want to make. You sometimes can’t prevent someone else from hitting you and having good insurance coverage will help you transition through the claim process a little better.
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