4 Things You Should Know About Commercial Vehicle Insurance

Taking care of your new vehicle can include a lot of different things, like regular maintenance and cleaning, but it also means making sure it’s insured. There are several different types of insurance, and choosing the wrong one could end up costing you thousands of dollars in the event of an accident.

If you’re currently browsing for commercial vehicle insurance, you’ll have to make sure you understand the policy, the extent of the coverage, and select the one that’s the best fit for you. Here are four important things you should know about:

Commercial Vehicle Insurance is a Must

You may think that you can afford to take a risk and just get regular auto insurance for your truck, but this doesn’t provide as much protection for your truck as commercial vehicle insurance does. It also protects your company, which makes buying commercial vehicle insurance a requirement for keeping your business and your fleet safe.

Commercial vehicle insurance offers much more coverage than regular auto insurance. If one of your drivers is sick and is substituted by someone who isn’t covered by the regular policy, then regular insurance will not cover the accident, but the commercial one will. While it may cost a bit more, it will save you money in the long run.

Do Extensive Research

Just like the amount of research you put into purchasing a new vehicle to understand the different engines, models, and gas mileage, you’ll have to put the same effort into studying commercial vehicle insurance policies. These are just as complex, especially with various state requirements. You’ll also have to make sure they cover everything, even if you’re not too sure what that is. This can range from physical damage to cargo coverage. You’ll also want to make sure that the company specializes in this type of insurance.

When considering a commercial vehicle insurance policy, you’ll have to consider the cost as well. If your vehicles regularly transport hazardous substances, the insurance is likely to be more costly, but it will definitely give you an easier time filing a claim. This is why it’s important to fully know and understand the policies you are considering.

Choose Wisely 

Since these policies tend to be long, complex, and full of legal jargon, it can be difficult to understand. Don’t let these fool you—some companies use the difficulty of industry jargon to make you believe that you’re getting more coverage than you actually are. 

This is often hidden in the fine print, or even in much lower prices than their competitors. When you come across a policy that simply seems too good to be true, look into the company, their experience, and payment of claims. It would be helpful to check out customer reviews online as well because your own experience will very likely mirror theirs. 

Your Drivers’ Histories Matter 

This may come as a surprise to you, but the professional driving record of your drivers can actually affect your chances of filing a claim. Drivers with a poor driving history pose a high risk for claims, which will make it difficult for you to get insurance. Conversely, drivers with stellar records are favored by insurance companies, which will make it easier for you to file a claim.

When you hire a new driver, make sure to screen them, and review their prior records. Make sure as well that they are well prepared for all auto scenarios, including accidents. 

Conclusion 

Fully understanding your commercial vehicle insurance options means knowing exactly how much coverage and protection you’ll be getting and if it’s your money’s worth. Apart from understanding the policies, you’ll have to make sure you choose the right company that has your best interest at heart.

Looking for auto insurance on Delray Beach? Pay a visit to Apex Insurance Agency, where we have been serving the personal and business insurance needs of Florida for several years. From home insurance to car insurance, we’ve got it all. Visit our website today to get a quote! 

We are hiring an Insurance Rep

Get a Free Quote Today!

Do you have an existing plan?