The Right Truck Insurance For Your Business

If you run a business in which you have to import or export items/products from one place to another, then you have to keep commercial vehicles such as trucks, minivans, etc. to do hassle-free and fluent transportation. However, to get yourself secured and protected from unforeseen accidents that can put a hole in your pocket, you need to get yourself and your business insured. Also, to protect your transportation vehicle you need commercial vehicle insurance.

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Is It Necessary To Buy Commercial Insurance?

Be it a personal or commercial vehicle, it is mandatory to get your vehicle insured under a third-party liability insurance plan under the Motor Vehicle Act. This plan provides cover for the third-party loss and damages. However, purchasing a comprehensive insurance plan is the owner’s choice as it provides cover for the own damages along with third-party.

Since comeercial vehicles runtime is way more than the personal vehicles hence it is advised to purchase a standard package policy as it provides cover for third-party damages as well as damages caused to the truck and the truck driver.

How To Opt For Best Truck Insurance?

There are so many insurance plans available that sometimes choosing the right insurance plan becomes very difficult. Here are some of the factors that you should keep in mind while purchasing the right commercial vehicle insurance plan.

  • Right IDV: Insured declared value is the selling price of the truck that gets insured while purchasing the policy. The premium amount of your insurance plan depends upon the IDV. SO while you are purchasing a commercial insurance plan, make sure that you have stated the correct IDV.
  • Service & Network Garages: While purchasing the insurance plan look for the network garages registered with the insurance company. Check if they provide 24*7 services as well as a cashless facility when you raise a claim.
  • Look For Suitable Add-ons: The insurance plan comes with existing insurance coverage but the insurance company also provides several add-ons that you can purchase to enhance your coverage hence review the add-ons provided by the insurance company and if you choose to purchase an add-on then you will have to pay an extra amount that will b added to your existing premium.
  • Claiming Process: The whole purpose of getting insured with a truck insurance plan is to get a claim after an unfortunate loss or damage. This is why look for the claim settlement ratio of your desired insurance company.

What Can Affect Truck Insurance Premium?

While purchasing a truck insurance plan, you have to keep several things in minds such as how much coverage is that particular plan would provide, if you want to enhance your coverage with add-ons and the amount of premium you would have to pay in order to stay protected. These things do decide the amount of your premium but there are several other things that affect your truck insurance premium and they are as follows:

  • Make, Model & Engine Of Truck: When you opt for any kind of motor insurance plan, the make, model & Engine of the vehicle plays a huge role in determining the premium amount. The manufacturing year of the vehicle also impacts the commercial vehicle insurance premium.
  • No Claim Bonus:No claim bonus is a feature that is provided by the insurer for not raising a claim in a year. Hence If you already have truck insurance and haven’t raised a claim then your insurer can provide you a discount on your next year’s premium amount.
  • Location: The location of your truck also impacts the premium amount of the insurance policy. If your truck is running in the Tier 1 city then the insurance premium would be higher than the Tier 2 and Tier 3 city.

What Kinds Of Truck Can Be Insured?

Be it a mini truck, medium-sized truck, off-road truck, or a light-weight truck, the insurance companies provide commercial insurance plans for all of them. It depends on the usage of the truck, city, and the content it carries that will decide the premium amount whereas the claim settlement ratio will depend on the insurance company’s previous record.

Conclusion

You put in a lot of hard work and make continuous investments in running a business. Hence it becomes your responsibility to protect it with an insurance plan. However, with advanced technology, you can easily purchase suitable commercial vehicle insurance for your trucks sitting at the comfort of your home. Not only this you can calculate the insurance premium using the online premium calculator as well.

Commercial Vehicle insurance articles

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