As seen in the above article, truck insurance is an extensive piece of coverage that varies from company to company, state to state, and even category to category within each insurer. What you get for your money depends on what you are paying for and how much risk you are taking by having this coverage.
In this article we will go over some important points about truck insurance in the city of Memphis, Tennessee. We will also talk about some easy ways to save money on your vehicle insurance policy!
I have organized our information into three parts: General tips, specialty coverages, and lastly, good sources for auto insurance.
Who is covered under truck insurance?
The term “named insured” refers to you, the person who owns or leases the vehicle. So if your name is Juan Smith and you own a pickup truck, then that would be considered your named insured for coverage purposes.
However, there are several other individuals and entities that can also qualify as an additional driver under car insurance policies. These include:
• Backup drivers
• Additional permissive users
• Servicing contractors
These individuals and organizations all require adequate liability coverage in order to legally use the vehicle. Unfortunately, not every carrier requires these extra riders, so it is important to make sure you have coverages from at least two separate insurers before allowing someone else to use your vehicle.
What does truck insurance cover?
Trucks are pretty powerful, which is why they can be such great tools in your life. However, their power comes with extra costs — like car insurance!
Truck owners usually have less comprehensive coverage than cars because trucks are not as likely to get damaged or stolen. This means that they do not require collision or theft protection like cars do.
However, you still need some kind of vehicle liability coverage. These policies pay for things like bodily injury to others due to an accident caused by someone who is covered under a policy, and legal fees to defend yourself from a lawsuit related to the accident.
Most employers offer this benefit through workers’ compensation laws. If you work for a company that does not provide this to you, see if there is any local organization that offers benefits to help people out.
What are deductible amounts?
A deductible is an amount that you, as a policyholder, agree to pay for your insurance coverage before your insurer pays the rest of the costs. Most people don’t realize this, but their car insurance doesn’t actually cost that much more than what they think it does!
Deductibles can be reduced or even eliminated if you want them, however. You have to ask yourself whether you feel comfortable putting less money in your wallet for coverage you know will help protect you and your loved ones.
If you do choose to keep deductibles, make sure you understand what they are and how much they vary between policies within an insurer. Some no-deduction policies still have a base deductible, which is usually lower than the per-claim deductible.
You should also compare like with like when looking at deductibles across insurers. For example, both Farmers and State Farm offer zero-deductible auto policies, but their base deductibles differ by up to $1,000.
How can I get truck insurance?
Even though it seems expensive at first, vehicle insurance is one of the most important things you will ever purchase!
Without proper coverage, you could be liable for very large amounts of money in case of an accident. This would include medical expenses, lost wages because of job loss, or even a lawyer to help you fight against insurers in court.
Truck owners are particularly vulnerable due to the size and weight of their vehicles. If you are looking to expand your business, then buying a new truck is a great way to go about it. A lot of people start working around town after school so having more efficient transportation is valuable.
However, this comes with higher risk of being involved in an accident. It is best to be well prepared by speaking with professionals and doing your research before purchasing a car or truck. Here are some tips for navigating the waters when it comes to truck insurance.
Get adequate liability coverage
Your policy should have ample liability coverage. You want to make sure that you do not need to pay out too much as a driver or owner of the vehicle. Most policies have $100,000 per person and $300,000 per occurrence which works out to about $350-$700 dollars per person and $1,000 per incident for a total of $4,000-8,400 per claim.
This amount really depends on how serious the accidents were and what kind of injuries there were.
What are some things that affect truck insurance rates?
The number one factor in determining how much your car insurance policy will cost is where you live. Obviously, if you live close to hospitals, shopping centers, or other popular destinations, this will increase your premium.
If you like going out for nightlife, this can also add to higher premiums as people may consider you more of a risk. If you stay at home and avoid social interactions, this will lower your rate too.
Another thing that can have an effect on rates is theft loss. If someone steals your vehicle, what do you lose? You must replace it! Most companies include theft protection coverage in cars which can reduce your overall insurance costs.
Some activities, habits, and conditions can negatively impact your policy so make sure to keep these under control to minimize costs. For example, drinking alcohol or smoking cigarettes can hurt your policy.
What are some things that affect my coverage?
Certain features or amenities you have in your truck can determine how much coverage you have, and what kind of coverage you have. For instance, if you like to do lots of camping, you will need more RV insurance than someone who likes to stay closer to home.
Trucks are designed to transport goods so they are usually larger and longer than most cars. This means it is easier to add extra equipment such as beds, camper shells, roof racks, etc. That additional equipment may require special liability or collision insurance.
You should also make sure you have adequate roadside assistance.
What are some things that I should not do?
Running red lights is probably your biggest risk in terms of being involved in an accident. More than half (52%) of all accidents happen because someone ran a red light, either as a driver or a pedestrian.
Running through intersections with busy roads is especially risky since there could be emergency vehicles or other drivers around. It is much more likely for someone to run a red light after nightfall when visibility is lower and traffic is heavier.
Not only can you face fines, but it can also hurt your insurance policy due to higher premiums. Fortunately, most car insurers factor running a red light into how expensive your coverage will be.
What are some things that I should do?
Even though it may feel expensive at times, you need to understand your policy fully before making any additional or new purchases. Make sure you have all of your information gathered before buying anything else!
In fact, make sure you are totally aware of your current insurance coverage so that you can determine how much money you will be spending beyond what you have now.
You don’t want to find yourself paying more for something because you didn’t know about the limits of your present policy.
Additionally, stay away from online chat sites where potential customers can talk directly with individuals. Companies that offer this service usually use these conversations to generate extra revenue by offering extended warranties or other services.