What to Know Before Getting Car Hauler InsuranceSeptember 7, 2020
Anyone who owns a company that transports vehicles should take proper measures to protect their interests. One crucial aspect of running such a business is to carry adequate insurance. Hauling large and heavy loads like multiple automobiles involves a great deal of precision and care. There are added risks to such an endeavor that simply don’t exist for other types of fleets. The best way to protect a business and its investments is to carry adequate auto hauler insurance.
Top 7 Things to Do to Make Sure You Get The Best Car Hauler Insurance
As with other types of insurance, there are a number of things business owners need to address. A qualified insurance agent who specializes in commercial hauling will be able to provide the best advice on the types and amounts of coverage that are needed for a specific business.Commercial Truck Insurance Operation Keep reading this overview for a summary of what people need to know about car hauler insurance. With an understanding of the basics, business owners can be better prepared to move forward toward obtaining the best policy for their unique needs.
Multiple Policies May Be Needed
Depending on the type of business, more than one insurance policy may be necessary to cover assets. While savings matters, it’s also important to maintain enough coverage to ensure protection in the event of an accident or negative event. Some examples of policies a company might need include cargo insurance, auto liability insurance, and physical damage insurance. Auto body shops that occasionally transport cars will need different coverage than a car dealership that regularly hauls numerous vehicles.
Rates Vary Based on Drivers
As with other types of motor vehicle insurance, what a company pays will be based upon the history of the person driving. Therefore, car hauler insurance rates will be higher if there are drivers with accidents or violations in their recent pasts. Past claims are an indicator of risk. If the insurance carrier believes that drivers pose more risk, companies will pay higher rates on their insurance policies.
Type of Business Influences Rates
In addition to the records of drivers, owners also need to know that what they pay for auto hauler insurance will be influenced by the type of business they have. Different types of businesses will need to carry their own unique types of car hauler policies. As noted above, they may need more than one kind of policy. In addition, the amount of coverage they’ll want to carry will vary depending upon the company’s everyday activities. If a company is hauling several brand new vehicles on a regular basis, it can expect to be required to carry higher coverage amounts than a parts warehouse that primarily carries junkers from the auction once a month.
Business Contracts Will Have Differing Requirements
Something many new business owners may not realize is that each business contract held may have different requirements for the type of car hauler insurance coverage carried. If a business owner works with multiple clients, they will need to take care to read their contracts carefully and to share them with their insurance agent so they can be sure that insurance choices are meeting contractual obligations. Otherwise, the company could face legal action from a client in the event of an accident, damage, or liability issue. Owners need to take care to meet both legal insurance requirements for the type of hauling being done and contractual requirements for each client served.
Commitment to Safety Will Save Money
As noted already, the driving history of drivers will play a significant role in monthly auto hauler insurance rates. Business owners could help to keep incidents low among their team by taking an active stance on safety within the company. Perhaps they may want to implement an incentive program that rewards drivers for their safe driving. In addition, hiring only experienced drivers who have exhibited a consistently positive driving record is recommended. A company culture that emphasizes safety will help to recruit drivers who are also committed to good driving habits. This commitment will earn companies a positive reputation and save money. on commercial truck insurance.
Location Makes a Difference
Where a business is located and where its haulers drive will affect the cost of insurance rates. This makes sense, as different geographic locations have various risk factors and cost of living influences. How far drivers go when transporting vehicles also plays into figuring out vehicle hauler insurance rates. These things are to be expected, but there are other factors many business owners may not have considered. The types of roads they typically traverse and whether they cross state lines also are considerations when it comes to car hauling insurance coverage requirements and the overall rates to be charged.
Liability Insurance Doesn’t Cover a Company’s Owned Equipment
A company’s own car carrier or truck won’t be covered by their liability coverage. This type of coverage pays for auto repairs or medical bills incurred by others who are involved in an accident with that company’s driver. Liability insurance is crucial to protecting a business from risk, heavy haulers insurance but added coverage is needed to take care of a business owner’s company property. Physical damage insurance is what is needed in order to pay for any damage to a company’s own trucking equipment. Two types fall under this category. They are comprehensive and collision. Comprehensive is what takes care of losses from things like theft, vandalism or natural disaster. Collision is the type of insurance coverage that protects a company’s own truck iin the event of an accident with another driver. Be sure to ask the insurance representative for an explanation of each type of recommended policy in order to have a thorough understanding.
There’s a lot to know when it comes to car hauling insurance. This type of coverage is more complicated than typical auto insurance, so it’s imperative to get the advice of a qualified insurance agent who has experience dealing with commercial transport. Protecting a business and avoiding risk is well worth the investment. Companies will gain peace of mind when they take the time to obtain the required auto hauler coverage they need.