Written by Deborah Graves, OOIDA Truck Insurance Department
Did you make any New Year’s resolutions for 2024? Let us make a suggestion. It’s the one about money — saving more and wasting less.
With this in mind, now is a good time to think about your truck insurance. Can you trust your agent? Do you have the coverage you need? Is the rate competitive? Are you getting the most value for the money you’re spending?
The answers to these questions will help you determine whether you’re on your way to keeping that important resolution to save more and waste less.
Check out a prospective agency by asking a few pertinent questions, such as:
- Does the agency specialize in truck insurance?
- How long have they been in business?
- What coverages are offered, and how much do they cost?
- Do they charge additional fees to service your policy?
Talk about to your agent about your specific trucking operation and don’t be shy about asking for an explanation of anything that you don’t understand.
A good agent will always try to find out all he or she can about your trucking business in order to assess your needs. If you feel rushed or less than confident regarding the agent’s ability to provide answers to your questions, you’re probably with the wrong agent.
If you’re a leased owner-operator who’s tempted to buy insurance through your motor carrier, consider what would happen if the carrier goes under or simply decides to terminate your lease. Once that contract is canceled, so is your insurance. Worse yet, if your motor carrier goes broke, you’ll lose not only your coverage, but probably any escrow that you have as well.
If your bank or finance company offers insurance, should you go for it? Probably not. You wouldn’t go to an auto mechanic for heart surgery, would you? So why go to a lending institution for your truck insurance?
Insurance agencies specialize in providing coverage to protect the investment you have in your equipment, while banks just want to make sure their own financial interests are insured. In addition, banks might also assess finance charges or administrative fees that waste your hard-earned money.
Trust your own instincts. You’re the one who’s best equipped to know what you need and how you want to be treated by your insurance agent. After all, you’ve been making important decisions like this for most of your life.
Did you know that any profits from the insurance program at OOIDA goes right back to the association to fight for your rights? It’s very common for other truck insurance companies to support proposals like speed limiters. Not OOIDA.
You can reach an OOIDA truck insurance agent Monday through Friday, from 7:30 a.m. to 5:30 p.m. CST, at 800-715- 9369.
Do you have an insurance topic you would like to know more about? If so, email us at [email protected]. We will cover a new topic each month and will do our best to address everyone’s questions.
The Owner-Operator Independent Drivers Association (OOIDA) has been fighting to defend the rights of small business truckers since 1973.
