Every business is unique, and as an owner operator, it's important to know which truck insurance will be the right fit for you and your drivers. Here are three owner operator tips to ensure (get it?) you make the right choice selecting insurance.
1. Shop Prices
Money is an important factor to consider when purchasing truck insurance. Just like you don't want to pay for an insurance plan that would cover a Lamborghini when you drive a 1999 Honda, you don't want to pay through the nose for truck insurance. Price will largely depend on what kind of plan you'll need and how much coverage that plan guarantees, but that doesn't mean all companies price their plans the same.
It's important to shop around a bit before you buy, so 1) you know what price you can expect to pay for the coverage you'll need, 2) you make sure you don't get tricked into paying way too much, and 3) to recognize when you're getting a good deal and when you should make a commitment to a plan price.
2. Understand Your Coverage
It's important to figure out what kind of coverage you'll need. What is legally required? What about things like disability insurance and worker's compensation insurance? It is also important to ensure that the things you need are covered. If you sign up for physical damage insurance and your truck gets stolen, will your insurance plan cover the replacement cost? What about the cost of personal items inside the truck? Many times your homeowners or renters insurance policy will cover your personal items on the truck, but you need to know what is and is not covered.
3. Research the Company
When selecting a plan from a carrier, it's important to know the company itself. Does your selected company outsource claims handling? Do they specialize in truck insurance? Are they a member of any trucking organizations and associations, such as the American Trucking Association? Is their website easy to navigate and understand? Are there customer testimonials and reviews readily available for you to read or watch? If their plan looks great but the company doesn't, it's not worth it.
We promise that with just a little legwork you can find a great plan at a great company and save yourself a giant headache in the future. Just remember that your gut feeling is a powerful indicator for the success of your partnership with the insurance company.
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