Taking out an insurance coverage for your truck is not a bad idea. It is a great way to ensure that your property is secured from any injury or damage resulting from loss, theft or destruction. Since the past years, losses arising from contingent causes have increased. This prompted a lot of people from students to professionals to obtain big rig insurance policies to secure themselves and their properties. However, you should know, just because this move is a good one does not mean that you should take out a policy on every car you have, especially if you are a businessman.
Big rig insurance is not really necessary if you are engaged in business, or in a certain endeavor where you have a truck or any other vehicle exclusively used in it. The reason is that a business or company vehicle is only one of your assets. More often than not, there is already an insurance you may have taken out to secure assets from loss. Taking out another indemnity arrangement for a vehicle would not only be redundant; it would be illegal.
It is a basic rule in the world of insurance that you cannot have your property covered for an amount more than it is worth. This is a case where over-insurance or double insurance would take place. Should you experience a loss, you will only be able to recover the actual value of your truck – maybe less. Suppose you already had a policy taken out on all your assets. Your company vehicle is most likely included. Insuring it again will result in its being secured for a higher amount. This is the first reason why you do not need business car insurance.
Another reason is that big rig insurance will put you back on more expenses. When experiencing a loss, you will not be able to recover more than what your truck is worth. You will have to spend for payment of additional premiums. Chances are you even get penalized for getting it over-insured in the first place. The logic for this reason is; why should you spend more for something that you cannot use after all?
Why You Need A Big Rig Insurance Today
For small businesses, buying a new truck under a company name is expensive. That is why; most business owner will allow his employees to use his personal vehicle to transact businesses outside their offices. With this kind of setup, a big rig insurance is needed. The driver might have his own personal coverage insurance, but it only covers the driver himself or any immediate family member that is listed in his own policy. When an employee meets an accident behind the boss’s car, the problems start to arise. Big rig insurance should take care of this problem, answering the need to cover both the truck and the employee with regards to medical expenses and damages avoiding lawsuits and claims.
Arizona Truck Insurance companies vary their offering from the other when it comes to big rig insurance packages. It is always a good practice to get as many as three quotes from different companies and compare them rigorously. What you need to do is to find who amongst them has the best offer with the least possible rate. You will soon realize that most the insurers are ready to work with and are willing to adjust their rates and increase their coverage during your discussions.
In order to secure that you are only getting the best big rig insurance quotes from each providers, there are things worth preparing and remembering. First, you need to have an existing big rig insurance coverage, show it to the agent and he will help you out which ones are necessary and which ones are not. Or you can use your personal policy coverage if you do not own one yet.
One thing to remember is that, if you have not done any claims for losses for the past three years, you can expect a deduction in your big rig insurance premiums. This hold true if you have been continuously covered for a longer period of time and if your drivers are not reckless, have professional licenses and no records of accidents whatsoever. Deductions are also extended for those vehicles with safety features installed to them.