Regardless of the type of truck you own, the issue of insurance comes first. The risks are high and it is important that the driver has an insurance policy with guarantees. For a commercial vehicle, such a document is required by law. In order to decide which insurance company's services you should use for your lorry, you should compare the offers of different companies in terms of conditions and prices.
It is important that the driver respects all the clauses of the contract as well as the legal safety standards in order to cover the insured event. If you do not comply, the insurer may refuse to compensate you.
To get the best truck insurance deal, ask several companies for their terms. To do this, you need to turn to experts. They will help you find the best option for your truck. There are independent online brokers who offer this service for free and anonymously to all car owners.
Parameters of truck insurance and their features
The main parameter of truck insurance is the cost. The following criteria are taken into account to calculate it:
- the vehicle model;
- the mileage;
- the number of vehicles;
- the cost of car maintenance;
- the age and driving experience of the driver;
- the designation of the truck;
- the activities of the vehicle owner's business.
The more expensive the maintenance of the vehicle, the higher the price of insurance. The insurer also takes probable risks into account. For example, a used or new truck that transports dangerous goods over long distances will require a more expensive insurance policy. Generally speaking, it all depends on the size and activities of your business. Depending on the situation, the price of insurance will be single, double or triple.
If you have a fleet of vehicles (more than 5), it is more economical to insure all trucks in one policy. You will thus benefit from three advantages at the same time:
- a single contract and a single insurer, which simplifies management;
- the contract is tailored to your specific vehicles;
- reductions and financial advantages, when a large number of vehicles.
Most insurers offer several insurance options for owners and those who are already ready to buy a truck. It is advisable to discuss it with an adviser and to choose the best one. The best insurance is one that covers “all risks”, including for the driver and the transported cargo.
Term insurance or comprehensive insurance?
When insuring your truck, you also need to think about other assets. Every owner owns property that must also be insured: warehouses, offices, car parks and other premises. It may be more cost-effective to take out a policy covering all of these assets – comprehensive coverage – with a single company than to take out several different insurance policies. Term insurance (local insurance) covers vehicles in transit through a foreign territory, for example France. This is a prerequisite required of drivers by customs authorities in all European countries.