Know the facts to make the right insurance decisions for your fleet.

When it comes to commercial auto insurance, there are some common misconceptions that could cost your business time and money. To empower you to make the best insurance decision possible, here are some of the more common myths, along with suggestions of what to consider when buying a policy tailored to your company’s needs.

Row of pickup trucksMyth: There’s no need for commercial auto insurance for my vehicles when they’re out of use or in storage. The best way to save money is to cancel my insurance policy.
Fact: If you do this, you’re gambling with your stored vehicles. Consider moving to a storage or comprehensive-only policy during temporary downtime. This will protect your truck from events such as theft, vandalism and fire while it’s in storage. An additional long-term benefit of maintaining continuous coverage is that it can keep your insurance bill lower.

Myth: If it isn’t broken, you shouldn’t fix it.
Fact: Regularly checking your brakes and not overloading your trucks is a proactive approach to keeping your insurance premiums low. A pattern of equipment violations could cost a truck driver an additional $300 to $2,000 in annual insurance premium. The routine maintenance pays off long-term.

Myth: All insurance companies handle their own claims with employed claims representatives.
Fact: Some insurance companies use third-party claims representatives. Check if your insurer has representatives specially trained to handle commercial auto claims. The better your claims service is, the quicker you will be back on the road.

Myth: All insurers offer 24/7 claims service.
Fact: Many insurance companies are available only during regular office hours. This can cause inconveniences with filing claims, adding vehicles to your policy and paying bills. The more available an insurance company is to help you or answer your questions, the faster they can get you back to work.

Myth: If I’m in an accident that has multiple claims, I have to pay multiple deductibles.
Fact: Some insurers now offer something called “single deductible.” It protects you if you’re in an accident that involves multiple physical damage deductibles. If you have multiple claims, you pay only one deductible.

Myth: If one of my workers drives a work vehicle for personal use and causes an accident, I’m obligated to pay for it.
Fact: Not necessarily. There’s a coverage called Non-trucking Liability Coverage that pays for damage to other people and their property if you or a worker drives a company truck for personal use.
An independent agent can help you determine which coverages are right for your business. They can also offer multiple coverage packages, prices and service levels because independent agents represent a variety of companies. And because your coverage requirements could include a combination of various policies, they can put together a package customized to your needs.