Commercial Truck Insurance California
If you own or operate a commercial truck in the state of California then you have come to the right place for all of your insurance needs. Here at Bains and Woodward Insurance we specialize in insuring commercial trucks and the cargo they haul. Whether you have a single truck or an entire fleet we will be able to get you the quality coverage you need at a great price. Don’t waste your time shopping around with multiple carriers and agents, instead let one of our pros do the shopping for you through some of the nation’s top carriers. Let’s go over some things you should know before purchasing your California commercial truck insurance.
Where should I start?
When deciding to purchase California commercial truck insurance it is important that you shop around before deciding on a carrier for your business, failing to do so could cost you a lot in premium that you could have saved elsewhere. This is even more important in today’s economy than ever before with many businesses struggling to make ends meet. Rising gas, labor, and maintenance costs often lead to already high operation costs so it is important that you find the absolute best deal possible for the coverage you desire. While you could spend countless hours on the phone and driving from office to office speaking to the many different carriers and agents out there, we have a much easier solution. Here at Bains and Woodward Insurance we are independent agents, not direct agents. As independent agents we are able to shop through many of the nation’s top carriers all at the same time, comparing them side by side while a direct agent will only have access to the one carrier they are working for and will have limited program selection. Not only does this save you a lot of your valuable time, but it can also save you quite a bit of money. When we compare carriers side by side they compete for your business and when carriers compete for your business you save money.
What coverage do I need?
Every auto insurance policy in California will have liability coverage at the very least. This is no different for a California commercial truck policy. While it may not be a passenger vehicle, your rig is still a vehicle. California state law requires that all vehicles being operated on a California roadway carry at minimum liability insurance. Failure to do so no only leaves you and others at risk for huge out of pocket expenses, it can also cause legal ramifications up to and including fines and having your truck impounded. Each state has its own minimum liability limits set forth that each truck must fall in line with if operating there. Be sure you purchase a policy that either has limits high enough to cover you in any state you operate in or purchase a policy that has limits that adjust to match the requirements of the state you are currently operating in. Your liability limits are very important if you are ever involved in a claim so be sure you carry an adequate amount of coverage; lawsuits can easily destroy a business if there coverage is not adequate.
You will need to ensure you have adequate limits to satisfy your motor carrier permit requirements as well. These requirements can be found at the California DMV and typically depend on gross vehicle weight and types of materials you will be hauling. Be sure to speak to a local DMV representative to be sure you are purchasing adequate coverage for your businesses motor carrier permit needs.
You will also want to look into purchasing physical damage coverage. While this is not a requirement, it is a very good idea to purchase this coverage. Physical damage coverage pays the insured for the cost of repairing or replacing their truck if it is involved in a claim. Most physical damage policies have a deductible included in them that you are responsible for; keep in mind the higher the deductible the cheaper your payment will likely be. With the extremely high cost of repairing or replacing a commercial truck this coverage could save your business if an at fault claim were to occur. This can also protect you and your business against the financial burden that comes along with theft, vandalism and natural disasters so be sure you ask one of our trained agents about this valuable coverage option.
You will also want to look into cargo coverage for your business. Again, this is not a requirement by law however it is typically a good idea to purchase this coverage. Additionally, most companies you are doing business with will also include a clause in the shipping contract that requires you to carry cargo coverage in case their product is damaged lost or stolen during transport. Failure to live up to your end of a contract could result in losing a business partner along with legal battles and the high court costs associated with them. This coverage can protect you from the financial loss that may come with products being damaged during transport while in your company’s possession. This coverage can be invaluable if a partner loses product while you are in charge of it, especially because it reduces the need for legal litigation to resolve issues as the carrier simply pays for the loss.
Be sure to ask one of our agents about any other types of insurance coverage you may need for your California commercial trucking business. Odds are we will be able to help you no matter what your needs are.
How can I save money on my California commercial truck insurance policy?
This is a question we see all the time in this industry. With the ever increasing costs of running a transport for hire company saving money at every turn is highly important. The most common way to save money on your policy is through discounts. There are many different discounts that can be made available to you including but not limited to the good driver discount, the paid in full discount, and the continuous coverage discount. Be sure to keep your driving record clean and your license active; by doing so you will qualify for the good driver discount. This can be a huge savings and is typically the largest discount afforded on a policy. You will also want to keep continuous coverage on your trucks with absolutely no lapses in coverage. Any lapses will disqualify you from this program. Finally, ask about paying for your policy in full. While carriers are not allowed to apply discounts for this on personal auto policies they can and do often apply them to commercial truck insurance policies.
Be sure you do not overstate the value of your truck. While it may seem tempting to overstate the value in hopes that you will get a good deal if a claim occurs, that is not how it works. Your carrier will only pay out the value of the vehicle, regardless of how much you asked them to cover. This often times means paying high premiums for more coverage than you actually need or can even use. Be sure to price your truck accurately.
You may also want to increase the deductibles on your policy. Typically, the higher your deductible is the lower your premium will be. This is because you are assuming more responsibility for the risk. This also means you will pay a higher amount in the event of a claim. Be sure to weigh the pros and cons of this with an agent before settling on a deductible for your policy.
Finally, insuring your entire fleet with just one carrier can not only save you the hassle of keeping track of multiple bills and companies, but it could also save you money. Many carriers offer incentives to insure your entire fleet with them in the form of additional discounts so be sure to ask one of our agents to look at insuring all of your commercial trucks today.
The important thing to always remember when purchasing California commercial truck insurance is not to underinsure to save a few dollars; in the end it will typically cost far more to pay out of pocket for a claim that is not covered rather than paying premiums on a policy with adequate coverage limits. Give one of our agents a call, go online or come on down to an office today and see just how easy it can be to save money and get great coverage.
530.421.8111 0G13612.
