Semi-trucks play an important role in delivering consumer goods across the country. As an owner-operator, you are responsible for making sure that your truck has the proper insurance coverage. Commercial truck insurance can be complex and expensive.
Evaluate each policy to determine if the following vital features are included before you invest in insurance coverage for your semi-truck.
1. OEM Replacement Parts
A quality commercial truck insurance policy will help cover the cost of repairs needed to keep your semi-truck on the road. It's important that you identify which parts an insurance company is willing to pay for before making a decision.
Ideally, you want a policy that provides OEM replacement parts instead of aftermarket replacement parts when repairs are needed. OEM parts are an exact match for the parts included in your truck when it came off the factory line.
Aftermarket parts can be of lower quality, which puts you at risk of experiencing more frequent breakdowns.
Choose insurance coverage that includes OEM replacement parts to maximize the efficiency of any future repairs.
2. 24-Hour Claims Service
An owner-operator never sticks to a traditional work schedule. The faster you are able to deliver your cargo, the more money you can make over time.
Since you can't guarantee that an accident or breakdown will happen during business hours, it is important that your insurance carrier offers a 24-hour claims service. This type of service lets you file a claim and receive help at any time of the day or night.
You can use your 24-hour claim service to reduce downtime and avoid profit losses caused by delays in the processing of your insurance claim.
3. Bundle Discounts
Owner-operators need to maintain multiple insurance policies on their semi-trucks. Traditional commercial truck insurance is required by law, but you also need liability coverage and cargo protection.
The best commercial truck insurance policy will allow you to bundle all of your policies together in order to get a discounted premium.
If your insurance carrier does not offer a bundle discount, you end up paying significantly more for the insurance coverage you need over time.
Finding the right commercial truck insurance protects your assets in the event of an accident and helps you save money over time. Be sure that you are evaluating each insurance policy carefully to identify which carrier can offer you the right coverage and features to meet your insurance needs.