Know How To Find The Right Commercial Vehicle Insurance Policy For Your Truck

Truck accident damage

An insurance policy for your vehicle has become mandatory today. Not only is it a government norm but it also a necessity. It protects your truck from unforeseen situations, wear, and tear, and reduces your overall operating expenses related to your e-business.

Benefits of a truck insurance coverage

Truck insurance comes under the category of Commercial Vehicle Insurance and is an essential factor in the smooth functioning of your business. These vehicles are bound to spend more time on roads. Hence, they are more exposed to accidents and exhaustion.

An insurance policy for truck reduces your liability and lets you conduct your business with ease.

Factors to look out for  

To reap maximum benefits, you must choose your motor insurance with proper due diligence. Some of the points you need to consider are as listed below.

  1. Do a Check for Annual Rate

Before zeroing on the insurance policy, you must check the rates provided by other insurance policies as well. There are many ways to find out about the insurance rates of other companies. You can opt to do online research through various third-party portals or fill an inquiry form with each of the insurance providers.

  1. Consider the Amount of Deductible

The higher the amount of deductible, the lower is the premium amount. However, a higher deductible means the coverage will be less, and you have to bear a sizeable part of the expenses. Therefore, you must check the amount of deductible that is offered by the insurance provider.

Doing this helps you to know the amount of expenses you are expected to pay out of your pocket.

  1. Review the Extent of Your Policy Coverage

You must check the amount of coverage provided by your insurance provider. You need to ensure that there is adequate coverage for physical injury and damage to property. With the increased usage of your vehicle the risk, cost of repair and coverage increase. Inadequate coverage means less amount of protection.

Therefore, it is a must that you do a periodic review of your coverage amount and changes your policy provider if need be.

  1. Choose the Right Truck

Before choosing any insurance policy, it is compulsory that you choose the right truck for your business. Damage for the truck and its repairing cost is a significant component of auto insurance cost.

When you choose your truck model, be sure to check the statistics on collision for the particular model. Such data can be found in government records or the India Environmental Portal.  Leading engineering institutes in India also perform certain studies on road accidents.

  1. Check Crash Repairs

You need to see where your insurance provider sends your truck for repairs. You need to be aware whether the repairing workshop uses cheaper replacement parts or parts from the Original Equipment Manufacturers (OEMs). Sometimes, the more affordable parts do not fit well and may not meet the desired safety standards.

  1. Combine the Insurance Policy with Other Elements

Certain insurance providers charge a lower premium for drivers who are experienced, trained from driving schools and have a long track record of safe driving. Usage of anti-theft fittings and equipment for added safety in your truck also reduces the premium.

You can also choose to combine motor insurance policy with home insurance, because many insurers may offer to reduce costs if you opt for more policies from them.

  1. Check the Ratings of Insurance providers

Before opting for any insurance policy, it is best to check the ratings of the providers. There are many online portals, which feature ratings of the insurance providers and offer reviews of the customers about their experience and claim settlement process.

The above-explained factors will help you to avail of the most suitable truck insurance policy as per your requirements. A motor insurance calculator will help you determine the amount of premium payable and sum assured.

You can ask for a claim by following the motor insurance claims process.

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