People often look at the price of insurance in one of two ways: It’s a lot of money for a product you hope you never need, or it’s an investment in the protection of your assets and your livelihood.
When it comes time to sit down with your agent to determine what coverage you need for your trucking operation, it’s important to understand exactly what your policy covers, what it does not cover, and what questions you should ask about your insurer’s value-added services.
Use these four questions to start the conversation with your agent and download the free guide on 8 Must Ask Questions For Your Truck Insurance Agent.
Do my insurance underwriter and my agent specialize in truck insurance?
Why is this important? Many insurance companies write policies for all sorts of industries and customers - homeowners, businesses, and organizations. While their breadth of knowledge is great, their understanding of trucking may be limited in scope.
When you discuss your insurance with your agent, it’s important to understand how many trucking companies your insurer covers if they provide multiple lines of insurance. Additionally, ask what percentage of the company’s written business is truck insurance, and what A.M. Best rating the insurance company earned. Knowing this information can help determine how much an insurer knows about the trucking industry, regulations, gaps in coverage, and its rating as an insurer.
Is the coverage suited for trucking?
As is the case with any product, insurance policies can vary. A lot. One of the first questions we address is financial strength. Ask your agent if the insurer is financially fit to pay a “limit of coverage” loss on a frequent basis.
Additionally, ask about whether your coverage includes:
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- Pollution losses.
- Off-temperature cargo losses.
- Freight charges.
- Cargo coverage in absence of damage.
- Delay resulting in direct loss.
- Punitive damage coverage.
- Cargo co-insurance provision
Is the company flexible in its underwriting procedures?
Why is this important? Many insurance companies write policies for all sorts of industries and customers - homeowners, businesses, and organizations. While their breadth of knowledge is great, their understanding of trucking may be limited in scope.
When you discuss your insurance with your agent, it’s important to understand how many trucking companies your insurer covers if they provide multiple lines of insurance. Additionally, ask what percentage of the company’s written business is truck insurance, and what A.M. Best rating the insurance company earned. Knowing this information can help determine how much an insurer knows about the trucking industry, regulations, gaps in coverage, and its rating as an insurer.
Who will be handling your claims?
One of the most crucial times you will need your insurer is when you have a claim. For that reason, it is a good idea to discuss what happens when you file a claim, who will handle claims, and how the claims department can help minimize your loss.
Ask about what office handles claims, whether you’ll have a dedicated claims contact, and inquire about 24-hour claims service. This can be critical to getting your incident resolved in a timely fashion and getting drivers back on the road quickly. Does the company have adjusters on call at all times? If so, test this – call the insurer this weekend at 2 a.m.
How long does it take the company to get you back on the road, and what services are covered in the meantime? You should know whether the company uses its own or outside adjusters and if it handles exclusively truck claims. Also, does the insurance company have a working relationship with repair shops? Does it prioritize repairs based on that track record?
Remember that when you choose an insurance policy for your company, it’s not just about price. Many factors contribute to a policy’s cost, and many of them may not be obvious. Be sure to ask your agent these important questions to start the conversation.
Want all 8 Must Ask Questions For Your Truck Insurance Agent? Download the full guide for free!
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Note: These lists are not intended to be all-inclusive.
© Great West Casualty Company 2022. The material in this publication is the property of Great West Casualty Company unless otherwise noted and may not be reproduced without its written consent by any person other than a current insured of Great West Casualty Company for business purposes. Insured should attribute use as follows: “© Great West Casualty Company 2021. Used with permission by Great West Casualty Company.”
