Tips for Managing the Cost of Commercial Truck Insurance

If your business owns and utilizes work vehicles, commercial truck insurance is essential. Your policies and business practices can impact the costs and types of coverage you may qualify for. By avoiding some common mistakes and keeping the following advice in mind, you can ensure that you’ll get the best possible rate.
Common Mistakes that Increase the Cost of Commercial Truck Insurance

Driving for extended periods – When drivers are on the road for extended periods, it can be dangerous. Not only does it increase the risk of an accident, it can also increase your costs if it is reported. It is recommended that businesses receive permission to obtain a Motor Vehicle Report from any driver they may potentially hire. This report will indicate their driving safety record, including their time spent on the road. This will not only help you hire individuals who are more safety-conscious, it will also allow you to provide additional information to your insurance company that demonstrates the quality of your operations.

Not reporting new drivers – You should always report new drivers as soon as they are hired. If a new driver has an accident and is not listed on your policy, you could be denied coverage for the accident.

Insufficient or absent coverage workers’ compensation – Your company and employees should have proper workers’ compensation coverage. A workers’ compensation policy should cover the medical costs for an employee who is injured on the job. Without this separate coverage, the employee can make a claim against the commercial truck insurance company for medical costs associated with a work-related automotive accident. In many cases, it is a legal requirement to have the additional workers’ compensation policies in place.

Additional Measures You Can Take

Employee education – Regularly communicating with your employees about driver safety can demonstrate your willingness to ensure your drivers are taking the necessary precautions and operating their vehicles as safely as possible.

Documented processes for claims – Time is money, so having standard operating procedures in place makes your business more efficient. Work with your insurance company to make sure you have all the proper forms in place and that your employees know how to correctly complete them.

Verify all aspects of your coverage – Make sure you understand all the details of your coverage. Many carriers do not cover damage to unattended vehicles, or claims for stolen cargo. If you work with a carrier that specializes in commercial truck insurance, they can advise you of your options when applying for this coverage.

Every business is different. A business that utilizes 50 trucks per day has different requirements than a small business using only two work trucks that travel locally. Talk with an experienced commercial truck insurance company about your business operations and the coverage you need.

Why You Should Review Your Auto Insurance Policy

You’ve probably had auto insurance in Altoona, PA, or another town for many, many years. Paying your monthly premium is automatic by now. But there is a good reason to review your auto insurance policy at least on an annual basis to make sure that your information and your coverage is up to date. And while you can save money by doing that, it’s important not just because of the savings.
Keep Your Information Updated

Your insurance company wants to keep you as a customer, but they don’t necessarily want to work too hard for it. Therefore, you can’t expect them to call you every so often to make sure you haven’t moved, changed your driving habits, or added an additional driver to your family. The problem is that if you don’t tell them these things, then they might reject a claim if you have one.

It’s probably a good idea to review all your insurance policies (not just auto) at the same time as doing your taxes and reviewing your credit report. Your address, vehicle information, driver’s license number, and driving habits should always stay up to date. And if you buy a new car or let someone else drive yours, then you need to let your insurance company know right away.

Review Your Coverage

It may seem boring but it’s really important to carefully evaluate your exact coverage amounts. At the very least, your coverage limits must match the requirements of the state you live in. But the minimum is not always good enough. If your expensive vehicle gets totaled in a crash, you may end up getting only a small amount of its value due to your coverage limitations.

On the other hand, it’s quite possible that your car isn’t even worth the amount of your deductible. And while you’ll have to carry uninsured motorist coverage, you can drop collision and comprehensive coverage to save money on your monthly premiums. In that case, you should know that you’ll have to pay for all of the necessary repairs out of your own pocket.

Consider Getting the Rental Car Option

Most auto insurance policies include an option to pay for a car rental. You should carefully consider what would be the best choice for you. On the one hand you might like to save money and avoid paying for unnecessary rental coverage. If you own multiple vehicles and can do without one of them, then you probably don’t need to worry about rental coverage.

On the other hand, if you have only one car or only one car that can seat every family member, then rental coverage makes sense. In order to figure out the amount you need per day to rent a car, you can just get a quick quote from a local car rental place. Your insurance doesn’t need to cover all of it, but even $20 a day can really add up, considering your car might be in the shop for weeks.

Do You Need Roadside Assistance?

When it comes to roadside assistance, you’ll have to ask yourself similar questions. If you have additional vehicles and drivers, then you might be able to get a family member to help you out with changing a flat tire or jump-starting your battery. On the other hand, if you’re not mechanically inclined and have older vehicles, calling roadside assistance can be a real lifesaver.

Whether roadside assistance is helpful or not also depends on where you live. If you’re in the middle of nowhere, it will take some time to get help from anyone. All in all, it’s important to adjust your auto insurance in Altoona, PA, or wherever you live to get the coverage you need.