Insuring Your Commercial TruckWhether you are a freelance driver or the manager of a fleet of commercial trucks, finding the cheapest auto insurance is only going to help your bottom line, even when the truck itself is a used vehicle. While there are some similarities between insuring a fleet truck or delivery van and insuring the family sedan, there are important differences that must be considered. Finding an Insurance Company Like personal auto insurers, commercial truck insurance companies can be found on the web. In fact, many mainstream car insurance companies have commercial lines that will suit your needs, though there are also insurance carriers that specialize in semis and delivery vans. Begin your search by contacting the companies you already have insurance with. The firm holding the policy on your office building may offer a discount when you wish to insure your delivery fleet, or you may find that your errors and omissions insurer also offers truck coverage. Important Policy Features You’ll want to make sure that the policy you are considering includes protection for both you as the vehicle owner, and the truck itself, in case of a vehicle loss. In addition, there should be coverage for the driver. The ideal policy will include primary liability coverage, physical damage coverage, and cargo coverage, at a minimum. If finances allow, you should consider adding accident coverage, garage liability, and general liability coverage as well. Finally, you’ll want to make sure that you’re covered in case of theft. This means both theft of the vehicle or the theft of anything inside the vehicle, such as the driver’s tools or other personal possessions. Ways to Reduce Your Premium Just as with personal auto insurance, there are several ways you can reduce what you pay for fleet insurance. Here are some general tips for keeping those premiums as low as possible. • Maintenance Matters: Keeping your truck in good working order, with all safety measures taken will help keep the cost of insurance as low as it can be. • On the Record: The driving records for you and anyone driving your truck should be clean, clean, clean. Any speeding tickets or accidents in their histories – or yours - means a higher premium. • It’s Deductible: The higher your deductible (the amount you pay out of pocket when you file a claim), the lower your premium. Just be sure you can afford whatever deductible you choose. • Ask About Discounts: Ask the insurer if they offer discounts for security systems, warning stickers, or secure storage of your truck when it’s off the road. As well, you could earn a discount if you and all your drivers have safety certifications, or complete defensive driving courses. The number of small discounts can add up to a significantly lower premium. • Cargo Concerns: If your trucks haul cargo, be sure you accurately estimate the value and weight of your cargo when applying for cargo insurance. It will affect your premium, as will the type of goods typically hauled. Toxic chemicals, for example, cost more to insure. The bottom line is this: commercial truck insurance is always going to be more expensive than the insurance on your family car, but by being a savvy shopper, asking for discounts, and paying attention to details, you can keep the premium manageable, while still protecting yourself, your drivers, and your company. |
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