Factors to consider before buying commercial truck insurance

Commercial truck insurance is just one of the many expenses you will incur as an owner of a successful transportation or logistics business. It is not advisable to skimp on insurance as accidents can happen at any given point in time and without warning.

Consider the following factors before you buy an insurance policy.

Standard certification is one of the factors to consider before buying any type of commercial truck insurance. Common industry standard certifications similar to ISO are important to separate the best policies and plans from hundreds of providers in the market. Apart from certification, rating agencies issue ratings that deem the insurance companies prudent to issue policies that are backed by good financials.

Claims and settlement
Filing claims and recovering the amount due are two separate things. You may be able to file a claim with the relevant authorities, however, the process of recovery will take both time and a lot of efforts. Check to see if the commercial truck insurance provider offers cashless claims in the garages that form part of the insurance network. A cashless claim process is easy to follow and convenient to manage when the time comes for settlement.

Read the policy and compare carefully to identify general and specific coverage with possible exclusions from the terms and conditions. Read the fine print carefully as the devil is in the detail, hidden from plain view. Factors like driving record, different types of cargo, and even route options can also affect coverage.

Type of policy
There are many different types of commercial truck insurance that vary accordingly depending on the service provider. You can get online quotes and compare before narrowing down policies from the top insurance providers. For more details, you can contact insurance agents and get quotes.

Credit record
Your credit record will influence the terms and conditions of any commercial truck insurance policy you plan to purchase. Insurance companies review credit ratings and do a thorough background check of applicants to screen potential candidates. A clean and accurate credit report or rating will ensure a smooth screening process.

The condition of the vehicle
The premium that will be applicable for insurance policies will also be determined by the condition of the vehicle. For high end and luxurious semi rigs or trucks, the premium will be higher in comparison.

Customer support
At the end of the day, customer support is crucial. An efficient system to tackle consumer grievances and manage queries for current claims or process is necessary. The insurance company must be able to facilitate all your requests every step of the way right from the day you purchase the policy.

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