The process of buying truck insurance is fairly simple. You, as the truck owner-operator, sit down with a variety of insurance agents, select a company as your insurer, decide on a policy that fits your requirements and then hand over a check to confirm your coverage.
Though fairly simple, this process takes time, and as others may have told you, you could have a few hit and misses. Therefore, to save you time and money, here is a list of the most important considerations to make when buying truck insurance.
The Insurance Company
There is a large variety of companies these days that sell truck insurance. For instance, some sell it as one of their various lines of general vehicle coverage, while others may have specialized in truck insurance. Some companies may have as their customer base a few large customers, while others may cover thousands of smaller owner operators etc.
Therefore, when choosing an insurance company, choose a company that is specialized in selling commercial truck insurance. In fact, the more specialized, the better. Such as an insurance company that specializes in commercial insurance for large fleets, owner operators, temperature controlled truck etc. This is because a non specialized insurance company may miss or may be less knowledgeable concerning crucial specialized details.
Once you have your list of potential insurance companies that have specialized in insurance, you can then compare each with regard to:
Experience here simply means that you consider how long the company has been in the business of specialized UK truck insurance.
b) Financial Strength
Any insurance company worth its salt should have deep pockets or financial reserves that can enable them cover not just one, but several financial claims launched at the same time. The insurance company you want to work with is one that has enough cash to pay out to claimants and their policy holders in a timely fashion.
The last thing you want is an insurance company that is unable to pay its claim obligations including yours, being forced into receivership while still owing thousands of dollars.
For truck owner-operators, the most basic of coverage that you must have are:
- Primary liability coverage that includes both personal injury protections and uninsured motorist coverage
- Physical damage coverage which covers your truck and all its machinery and equipment
- Cargo coverage which cover the contents of your truck at any given time
Cost here does not mean that you automatically opt for the truck insurance company with the lowest prices and rates for their products and services. Instead, compare the affordability of their coverage against other factors such as the coverage extent, and the terms and the conditions of the coverage.
A good rule of thumb to follow is that if it sounds too good to be true, then it probably is.
This is the total value with in terms of money, convenience and time of the services and products provided by the company. This consideration ensures that you get value for your money.