Commercial Truck insurance Texas is not as simple as many people think. It is necessary for everyone who owns a truck to have some form of trucking insurance, but surprisingly, it’s not always that easy to find reliable coverage. Many people are unaware of the risks associated with being a truck driver. Truck drivers have to deal with more than just the risk of getting into an accident. They also have to worry about danger from outside sources, such as thieves and vandals. These are just some of the common mistakes you might be making if you don’t have proper trucking insurance coverage.
Not getting a trucking insurance quote
The first and most crucial thing you need to do if you want trucking insurance is to be sure that you’re getting a quote. However, many people don’t realize this and go ahead with purchasing a policy without researching rates.
This is a very common mistake many people make when they purchase trucking insurance. It can save you so much money in the long run to be sure about the cost of trucking insurance before you buy it.
Failing to understand the limits of your policy
The limits of your trucking policy are just as important as the coverage included in it. Every type of insurance policy has a limit to how much an insurance company will pay for each incident. Your trucking policy may be limited to $10,000 per accident. This means that if someone crashes into your truck and it costs you $15,000 to fix the damages, you need to come up with the extra $5,000 on your own.
Purchasing a cheaper, less comprehensive plan
It may be tempting to opt for the cheaper, less comprehensive plan when purchasing trucking insurance coverage. However, this is not always in your best interest. These plans often have low payout limits for bodily injury and property damage, meaning that if you’re in an accident which causes significant damage, you could end up paying out-of-pocket for a large portion of the costs.
Additionally, these plans often have low coverage limits. This means that if you are involved in an accident which causes significant damages to other vehicles or property, it is possible that your trucking insurance won’t be sufficient enough to cover the cost of repairs.
The lower payout limits mean you are unable to get back all of the money lost from being in an accident with another vehicle or valuable property. The low coverage limit also leaves you responsible for paying any remaining costs after your insurance payment has been made.
Make sure you are fully aware of what type of trucking insurance policy will suit your needs before making any decisions on what type of plan to purchase.
Not reading the fine print on your policy and neglecting to include important details like how much you're willing to pay upfront for repairs or if you need roadside assistance
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A lot of truckers don't read the fine print on their policy and neglect to include important details like how much they're willing to pay upfront for repairs or if they need roadside assistance. These are all things you should make sure to figure out before signing up for a policy.
Selecting only liability coverage instead of including collision or comprehensive as well
While liability coverage will protect you in the event that you’re found legally liable for an accident, it does not cover any damage to your own truck. If you only have liability coverage and get into an accident, your rates will skyrocket. And if you can't pay those higher rates, your trucking company may very well go out of business.
It's important to be proactive and make sure you have complete trucking insurance coverage in place before anything happens.
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