Thinking to own a commercial vehicle or truck…..Think of its insurance first!
When you are planning to buy any truck or commercial vehicle, then surely concentrate on buying a good insurance cover for your vehicle. To get yourself protected from accidents or damage crises, you need to get insured your business or vehicles. As you know, today’s market has a lot of options for insurance providers, So making it difficult for you to choose the best suitable one.
Don’t worry, we are presenting this useful guide comprising some good points to keep in mind before buying truck insurance to make you go in the long run. But before that, let’s keep an eye on the related information!
Is it Necessary to Buy an Insurance Cover for a Truck?
Whether you own a personal or commercial vehicle, it is a must for you to get insured the vehicle under a good insurance plan. It’s your choice to choose between a comprehensive insurance plan or a Third-party liability insurance plan.
As you know, commercial vehicle run-time is far more than any personal vehicle, So it is a must for commercial vehicles to get a good standard package policy. Also, Commercial vehicles like trucks are more prone to accidents due to their sheer size and weight. So, to protect the truck against any financial loss, it is mindful to purchase a truck insurance plan just after buying the truck. After this, Let’s have a look at some points to be noted before you buy truck insurance!
Things to Keep in Mind While Buying a Truck Insurance
It is very advisable for you to spend some time and effort to select a good insurance cover for your commercial vehicle, especially trucks. As you know, trucks are expensive vehicle and their maintenance and damage repair is too expensive So, it’s better to have a protection plan against any damage or accident. Here, we are listing some top things to store in mind when getting your truck insured.
Choose the Relevant Coverage
If you need to get the maximum benefit from your policy then you should have the appropriate coverage. Sometimes, just getting the insurance cover for the truck damages, is not enough. You have to select the coverage as per the driver’s experience, the location where the truck has to travel, or as per the vehicle model. You can also consider cargo-coverage insurance to help you to balance your losses. You can also opt for theft or fraud-related insurance cover. Think about all these factors and get your vehicle insured by a good insurer to get the most of the security and protection.
NCB or No-Claim Bonus
No-claim bonus is the discount on the renewal insurance plan when you don’t use the claim for the previous plan. You should surely keep this point in mind while taking your insurance plan as it will help you to take additional benefits while renewing the policy. You can have a percentage discount on the IDV or bonuses after reviewing your policy. You can avail the benefit of approx. 20-50%. So, be very mindful while considering this.
Remember, NCB is not the present benefit in your policy, but you have to earn it while maintaining your no-accident record.
Select the Correct Insurance Plan
The rates of your premium plan depend upon the type of truck you have. Whether you have a mini truck or a big truck, the premium cost depends on the size of your vehicle. Some other points that help you to choose the correct insurance plan:
- Usage of the vehicle
- Ownership type
- The location where the vehicle is to be used and serviced
It’s your responsibility to fill in all the correct information while choosing the plan and get quotes from the different insurance providers. Now you can compare them and select the right one based on different reasons like premium cost, inclusions, exclusions, features, etc.
Vehicle Accessories Cover
This is an add-on benefit provided by the different insurance providers under different plans. You have to pay some extra amount to get the add-ons with your premium. Avail of the benefit of covering different accessories of your vehicle by having this add-on benefit.
Personal Accident Cover
Trucks are very much prone to accidents. So, to protect yourself and your family against any economic crunchies, you should consider personal accident coverage for sure. It includes:
Accidental death, Accidental disability Accidental injuries, etc. It also gives you relief from the bill of the hospital in case of accidental treatment.
It doesn’t depend on the location of the accident or the location of the accidental coverage. You can have its benefits worldwide.
Make Use of the Technology
Another feature you should consider while buying a policy is the correct use of advanced technology. This includes installing cameras, an anti-stealing system, automatic alarms, and automatic accident detection devices in your trucks. These devices can help to gather solid proof at the time of the claim. The visuals recorded in the devices can help to a great extent to protect the vehicle. Your truck will be at very low risk of any kind of damage or theft.
Personal Accident Riders
This is an optional add-on benefit. You can avail this facility by paying a little extra amount while buying premium. Personal accident riders plan allows the insured to get monetary relief throughout the period when he is not able to earn due to full or partial disability caused in the truck accident.
That’s all for this topic!
You have to be very careful while buying truck insurance. Understand all the terms well that you have to fill in during the form filling of the insurance premium you want to buy. You have to be familiar with the truck model, variant, type, and year of manufacturing. The basic premium plan depends on these three factors. The year of manufacturing is needed by the insurance provider to calculate the IDV (Insured Declared Value).
The buyer needs to fill in all the add-ons, he may want to purchase with the cover. Some useful features that come under this are:
- The cashless service.
- Road-side assistance.
- Towing facility.
Anyone put a lot of hard-word and money to run a commercial business. It’s very important to protect it with a good insurance plan. So, Be very careful with all these given points in mind to have an insurance cover for your truck.
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