If you drive as an independent truck driver or under someone's authority with or without hauling a trailer, then you know the risks associated with them. That is why there is an insurance policy for any circumstance. However, while bobtailing (driving a vehicle without a trailer), there are a lot of elements to consider before embarking on your bobtail Insurance Blog - https://insurelaw.xyz/ voyage.
So, let's get started.
What Does Bobtail Insurance Cover?
There are different coverages for different scenarios. For example, there is primary liability coverage for any losses that occur to third-party, physical damage for any loss to your truck, and worker's compensation for employers. Similarly, there is bobtail insurance that protects you against human injuries and property damage while you are not carrying your truck or using your truck for personal duties.
Bobtail insurance provides coverage in the following scenario:
When you're on your route to pick up a new cargo.
Between dropping off one cargo and picking up another
After your final drop-off, you're on your way home.
Must-Follow Tips While Buying Bobtail Insurance
Know your requirements
Before you take a step out on the quest of choosing the finest bobtail insurance for you, you need to first grasp the needs when you need it and how much you need it. So, if you move unloaded equipment on a daily basis or work under someone's trucking authority and often drive an empty trailer, you must obtain this insurance. Now, the next question is cost. So, once you've determined your company's requirements, look at your driver's track record, how long you bobtail on a daily basis, your claim history, and how much your budget enables you to have. Once you have the answers to all of these questions, you can begin looking for bobtail insurance for your trucking company.
Compare Compare Compare
Oftentimes, when you are a rookie in the trucking sector and enter into the fish market of truck insurers' market, you will see a lot of insurance agents. They will all promise to offer the greatest coverage for your company. But here's some sound advice. Don't take the first item that comes your way. Take baby steps. Meet the insurers as many as feasible. Learn about their truck coverages and the quotes. Then, evaluate their plans and see whether they match your company's requirements and offer you the most competitive rates. Once you've decided on the insurance that resonates with you, make sure you read the whole policy agreement.
We'll say it again: read every minute detail. Make sure you comprehend all the legal issues because the lack of it may cost you hefty dollars in the future. And in case of any questions, don't hesitate to inquire from your insurance.
Don't stick to one insurer
If you are purchasing bobtail insurance for the first time or renewing it, be sure that you do not employ the truck insurer for life. Policies and their associated quotations do change over time. Sticking to one insurer for your company might cost you money in two ways: first, you will lose out on competitive pricing, and second, you may be unaware of policy revisions that could cause problems in the future claims process.
As a result, hiring a truck insurer on an annual basis is the ideal option. This will protect you against the aforementioned risks, as well as make insurance providers fearful of losing clients all the time, resulting in you paying affordable prices. Moreover, the wonderful thing is moving between the bobtail insurers is easy, so don't have to worry about the hassle and can quickly choose the options that fit you the best.
Know the factors that can reduce your premiums
There are a lot of things that can cut down your premium rates and be aware of them is vital for you. One of them is having a spotless driving record. It is critical to keep a safe driving record whether you are an independent truck driver or work for someone else. Many times, it has been witnessed that drivers are in recurrent court proceedings year after year.
As a result, it has a direct influence on the number of claims your organization faces from the insurance. And the premium prices rise each time you file a claim due to your truck driver's ignorance or poor practices. As a result, the firm suffers direct financial hardship.
Don't opt for lower deductibles
Making a claim every time you encounter an accident is not a good idea. This is where the concept of deductible comes into play. In the trucking business, you are in constant exposure of collisions, theft, or any natural calamity. This can incur damage to your primary assets, your trucks. Now, these damages can be minor or major. When you choose greater deductibles, you will have a better chance of negotiating a better deal with your insurance agent if you make a claim when your truck sustains serious damage. As a result, the immediate advantage will be decreased monthly premiums, but the indirect consequence will be increased exposure. This goes the vice-versa too.
So, which alternative do you choose down the road: lower deductible or higher deductible? It's entirely up to you.
So, these are the must-dos for bobtail insurance that might save your company money in the future. While we're on the subject, here's some more advice for you. Some companies will offer you the option of getting the insurance as a package at a discounted rate. Don't fall for their trap.
Also, bear in mind that if you have both old and new vehicles, the costs will change since the value of your vehicle will be taken into account when determining a rate. A used car will save you money on bobtail insurance over a new one. Consider your alternatives and select the insurance that best meets your needs.
Peter J Thomasan is a Freelancer writer. His Truck insurance blogs help companies attract visitors, convert leads and close customers and my unique writing tips give startups and well-known brands a palpable action plan full of unmatched innovation.