As is the case with any type of vehicle, if you operate a commercial truck, you will need to make sure you have proper and sufficient insurance coverage. Naturally, when selecting commercial truck insurance, you will be concerned about cost. The type of coverage that you select will play a large role in the price you pay for a commercial insurance premium. Generally speaking, the better the coverage, the more you can expect to pay. Although it can certainly be tempting to select the lowest amount for commercial coverage, it is important to think about the type and amount of coverage you need if you should need to file a claim.
In choosing commercial truck insurance, be aware that you have two basic types of coverage. They are comprehensive and collision. Collision will only pay for the costs to have any vehicle that you hit repaired, if you are at fault. With comprehensive insurance, damages to your own vehicle will also be covered, even if you are at fault for the accident. Comprehensive coverage will be more expensive, but you may find that it is worth the investment in the long run. This is particularly true if you have a newer commercial rig.
In addition to the type of coverage you choose, you will also need to determine the amount of coverage you require. First and foremost, you will need to make sure you have enough coverage to meet state minimums. You may also wish to purchase coverage above and beyond those state minimums, however. Once again, the more coverage you purchase, the more you can expect to pay for your commercial truck insurance policy. Before going with the lowest amount, think about how much repairs might cost if you are involved in an accident and whether you have sufficient savings to pay for such repair costs out of pocket.
Another factor to consider when purchasing commercial truck insurance is the deductible. The deductible will also play an important role in determining the cost of your policy. Generally, the higher your deductible, the lower your premium. The opposite is also true. If repairs need to be performed on your truck, you will need to pay for the cost of the repairs until you have reached your deductible. If you do not have a large amount of cash resources, then you may find it better to choose a lower deductible and higher premium.
You will also need to think about whether you wish to add any additional coverage to your policy. Many different add-on options are available, including roadside assistance, uninsured motorists, hazardous materials coverage, etc. Each add-on can provide you with additional protection, but of course, each option will also increase the cost of your policy. Ultimately, it is up to you to weigh the pros and cons of each type of add-on and determine whether the cost is worth the benefit.
Finally, consider the number of trucks you need to insure. If you need to insure more than one rig, you may be eligible to receive a discount as most companies offer a discount for people who insure multiple rigs.