Common Commercial Truck Insurance Mistakes to Avoid

A logistics business dealing with trucking is both exciting and complicated. Whether you have a single truck for your business or a fleet, perfect truck insurance is a big deal to catch. 

Finding a good insurance deal is not always easy and there is a scope for mistakes that you can make while buying truck insurance. So, we have prepared a comprehensive list of common commercial truck insurance mistakes that you should avoid!

Truck Insurance Mistakes to Avoid


Common Commercial Truck Insurance Mistakes to Avoid

As you know, maintaining commercial trucks is a necessity to run a smooth logistics or transport business. Your business can be the fruit of your whole life’s hard work and efforts. So, why waste it with just a few basic mistakes made during the maintenance of the trucks? As trucks are the soul of any commercial business, Their maintenance is the most important aspect of the business. Try considering these main points to avoid common commercial truck insurance mistakes. 

Considering Cost Only

This is one of the most common and bad mistakes when buying truck insurance. The cost of the premium plan should not be the only criteria for selecting an insurance plan for you. 

The expense of the premium depends upon the features included in it. If you fall for any cheap policy, then it may cost you more in the future as it may have some hidden holes in it. So, it’s very important for you to know what exactly you need or what exactly you will get at the expected price. 

Choosing the First Available Insurance

When you start purchasing truck insurance, you may scroll for so many options. It also makes sense to look all around to catch the best deals. But if you do hurry while choosing the insurance, then it may be a bad mistake from your side. Just you should know the exact coverage needs and features and do a good comparison of prices and then select the best one.

Always Considering the Same Insurance

The very first year of buying and driving a truck is always a testing year. If you run perfectly in the first year without any collision, then many insurance companies can give you offers and lower the policy rates for you. 

So, after you have experienced the perfect handling of a truck, then you should scroll through again to fetch the best deal for you. In this scenario, if your current insurance provider, doesn’t give your any special discount or offer, then you should go for other options for commercial insurance. 

Avoid Reading the Whole Agreement

The reading of the whole documents of the insurance before finalizing is a must to avoid any hidden charges in the future. Many companies have a provision of some annual fees or some kind of penalties for new truck drivers. Actually, there is a reason behind this as new commercial transport companies can be risky for the insurance providers. 

So, Don’t let their mental confusion or risk, set you back. You should try to read the terms and conditions carefully. Then only you can find an insurance company that will not penalize you in any case.

Not Getting Enough Coverage

The transport location may have different requirements. But that alone is not enough for you to find the right coverage. If you have trucks or commercial vehicles on lease or under installments, then maybe the lender wants to be secured by letting you carry collision coverage. 

Also, if you have a new gathering of trucks then the state minimum is unable to bear the actual loss cost. If you don’t have enough insurance coverage, then you may lack in replacing expensive trucks or their parts. 

Ignoring Policy Renewal

If you are thinking to stay free after opting for a policy cover for your commercial truck, then you may be wrong. It is so much necessary to review the insurance policy periodically. It doesn’t matter if you have taken the claim or not, you should keep an eye on the offers and renewal schemes regularly. 

This market can be fluctuating, So the rates may vary, and existing products or features may vary. Moreover, you may need to update your insurance coverage as per the new requirements of your commercial business. You should definitely review your policy thoroughly before renewal to help you to save and secure your transport business. 

Ignoring the Deductibles

A deductible is the sum of money that you have to pay for the loss before the start of the insurance claim by the company under your policy terms. A low deductible amount means a high premium value. These two are interrelated actually. But what you have to choose between low deductibles or low premium cost entirely depends upon the risk, your truck is exposed to during the transportation. 

Practically, if your truck operates in a low-risk area with a low accident rate, then you should go for a high deductible policy that is fit in this case as you don’t need to claim insurance often.

Low deductibles can cost you high monthly payments but can assist you to save money in the long term. So, it will be such a huge mistake to ignore the deductibles while opting for any truck insurance. 

Going Over the Budget

Commercial driver’s license (CDL) insurance requirements can vary as per different locations and your requirements. If you find the lowest possible price for this cover, it can be attractive but not contain all of your requirements. And oppositely, if you want to go for low deductibles or full reimbursements then you have to cross-check that very carefully as it may burn your pocket without any need for it. It may not go well with your business and harm you financially in the long run. 

Final Words

That all!

Don’t try to ignore any of the outlined points to run a good commercial business whose profit totally depends upon the trucks and needs to get a good truck insurance policy. These tips and tricks can help you to save a lot of money while giving you so many benefits to keep moving your business and well protected against all financial odds. 

Try to be clear with your points with the insurance provider company and ask for all your queries in detail and then make a decision.

We hope that we covered all your doubts. In case, if you still have any queries in mind, then feel free to connect with us…We will be happy to help you!


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