Cheap Truck insurance? You always get What you pay for.
You may think you are getting a good deal when you buy cheap truck insurance. But are you, really?! A trucker must always carefully manage his expenses like any businessman needs to. And shopping for the cheapest trucking insurance might seem smart at first, but its almost never actually a good value. Cheap insurance premiums usually means a deficient insurance policy. The cheapest insurance premium and the most competitive insurance policy are not necessarily the same thing. The cheapest commercial trucking insurance can result in buying a for-hire trucking insurance contract that won’t always cover you when you need it to. The cheapest insurance coverage is not necessarily less expensive than the costliest policies because of the other unexpected expenses associated with buying insurance. Like what happens when you have an accident. Unfortunately, accidents (called ‘claims’ in the insurance world) will always happen eventually.
Cheap trucking insurance probably means you have an agent that doesn’t know the difference between high and low quality. Or he doesn’t care – which is worse? Also, the companies that provide the cheapest insurance really don’t stand behind their policies like the providers of higher quality policies do. They really don’t, because they can’t. Consider this: How could you build a house with the finest materials on a nice lot in a good neighborhood and then sell it for a profit at the same price of a mobile home on a rental lot in a park. You can’t. The same is true with insurance companies. The ones that give lots of good coverage necessarily must charge you more. Quality is costly. But it is nearly always worth it in the long run! If you buy the cheapest cargo insurance, you are making a very big bet on a long shot horse. Cargo insurance policies have lots of differences and the cheapest policies always have lots of excluded causes of loss. You can wind up with big financial liabilities that you owe to shippers if the cargo they loaded you with doesn’t arrive safely at the destination and you didn’t purchase quality insurance. Same thing with your automobile physical damage – or collision- insurance.
If you buy the cheapest option, you might wind up with second rate repairs, longer down time, no coverage for towing or clean-up or personal property, or tools in your vehicle, etc. The cheapest available semi-truck insurance policies carry more exclusions which means your coverage is limited compared to other better policies and this will almost always bite you hard right in your wallet. Shop for your truck insurance carefully and always consider the true value versus the cheapest cost.
Contact Insure My Rig today to insure your most valuable loads, and have peace of mind that you are properly covered.