Refrigerated truck insurance has become a necessity for many businesses. As the popularity of the cold storage industry continues to grow, more and more refrigerated trucking policies have become necessary for businesses.
Refrigerated trucks are designed to keep products fresh for long periods of time. They are often used for transporting perishable goods such as meats, dairy, and produce. These trucks are also used in a variety of other industries, and as the popularity of refrigerated trucks continues to increase and more refrigerated trucking companies are becoming a necessity, so do the costs associated with insuring these types of vehicles.
The cost of insuring a refrigerated truck can be high, so it’s essential to do your research before you buy a policy. That’s why we’ve put together this list of ten tips to save you money on refrigerated truck insurance.
1. Do Your Refrigerated Truck Insurance Research
Table of Contents
- 1 1. Do Your Refrigerated Truck Insurance Research
- 2 2. Always work with an agent who specializes in refrigerated trucking
- 3 3. Know Your Options
- 4 4. Reserve Your Trucking Company
- 5 5. Be Aware of What You Are Insuring
- 6 6. Test Your Refrigerated Truck Before You Insure It
- 7 7. Be Flexible with Your Coverage
- 8 8. Consider an Excess or Collision Damage Waiver
- 9 9. Get A Solid Refrigerated Truck Insurance Coverage
- 10 10. Don’t Forget to Renew Your Policy
As with any policy, your best bet is to do your research. That way, you can make sure that you are getting the best coverage for your money.
If you use an online quoting service, you can check their reputation with the Better Business Bureau. You should also look for reviews on other sites, as well as ask your friends and family for recommendations. The best companies have many happy customers, so you can rest assured that you are getting a good deal.
2. Always work with an agent who specializes in refrigerated trucking
It’s important to work with an agent who specializes in refrigerated trucking. Refrigerated trucking is a specialized niche within the trucking industry, and it’s important that the agent you select has experience with the type of policies you need.
One of the best ways to find a great agent is to ask other refrigerated trucking companies in your area for recommendations. Ask around and see who has had the best experience with the agents they work with.
3. Know Your Options
Although many refrigerated truck insurance policies are offered by just a few insurance companies, there are a number of different types of policies to choose from.
Some companies specialize in providing coverage for just refrigerated trucks, while others might provide coverage for both refrigerated and non-refrigerated trailers and trucks. If you need coverage for both types of trucks, you will need to buy a policy from a company that specializes in both types of coverage, though.
Generally, a refrigerated truck policy will cover the cost of repairs to the truck following an accident, should the truck be damaged. Some policies also include a personal injury protection (PIP) benefit, which provides coverage for medical expenses that are not covered by the primary trucking policy.
4. Reserve Your Trucking Company
One of the most important steps to take when purchasing a refrigerated truck insurance policy is to reserve your trucking company.
A lot of people are tempted to go with the first company that offers them a policy, but you are going to have a much better experience with a company that you’ve already worked with.
By making a reservation with your preferred trucking company, you will save yourself from having to spend time interviewing new companies and getting everything organized. Plus, by making your choice ahead of time, you can avoid any last-minute issues.
5. Be Aware of What You Are Insuring
When you are shopping for a refrigerated truck insurance policy, you should be aware of everything that is covered by the policy, including some items that may not seem like they would apply to a truck.
If you’re trying to decide between two similar refrigerated truck policies, it’s important to know what the differences are between them. Some of the more common differences include whether the policy provides coverage for an HVAC system, whether the coverage is inland or coastal, and how much coverage is included in the policy.
You should also know how the coverage works. For example, some companies will pay for repairs to a truck while other companies will only pay for covered repairs, with the difference being that the former allows you to choose the repairs while the latter will only pay for the repairs that you choose.
6. Test Your Refrigerated Truck Before You Insure It
As you are comparing refrigerated truck policies, it’s important to make sure that the trucks that you are considering are safe and reliable.
The best way to do this is to test-drive the vehicle and make sure that it meets the requirements of your policy. It’s important to remember that the vehicle you are considering for your policy should be in good working order.
If you’re not sure whether the vehicle meets your requirements, or you’re concerned about a vehicle that you’re considering for your policy, you should always ask to speak to a claims representative.
You can also ask to speak to the manager of the company to make sure that everything is in order.
7. Be Flexible with Your Coverage
While you want to make sure that your refrigerated truck policy includes all of the things that you need, it is important to keep in mind that you don’t want to be over-insured.
Generally, you want to be as liberal as possible with your coverage. However, you don’t want to be too liberal because you will end up paying for a lot of things that you don’t actually want to pay for.
You can find a happy medium by being flexible with your coverage and making sure that you choose the right limits for the right items.
For example, if you’re transporting a number of different types of goods, you may want to use a higher coverage limit for those items and a lower coverage limit for the rest.
This way, you won’t end up paying for too many things, but you will be adequately covered for the things that matter most.
8. Consider an Excess or Collision Damage Waiver
If you are concerned about the cost of your refrigerated truck insurance policy, there is an option for you.
Many policies will come with a collision damage waiver (CDW) or an excess liability waiver that will allow you to decrease your premium.
A lot of truckers choose to purchase an excess or CDW waiver for their trucks.
An excess waiver is basically an insurance policy that includes a specific amount of coverage. If the amount of coverage falls short of the amount that is required, the insurance company pays the difference.
A CDW is sometimes referred to as a C.D.W. or an Any Other Insured waiver, and it is supposed to cover anything that is not covered by the primary insurance policy.
A lot of insurance companies will automatically include an excess or CDW on all of their policies, but if they don’t and you would like to add one to your policy, you should definitely speak with an agent.
9. Get A Solid Refrigerated Truck Insurance Coverage
It’s important to make sure that you are getting solid coverage when you purchase a refrigerated truck insurance policy.
If you purchase a policy too cheaply, or with too little coverage, you could end up paying a lot of money if you have an accident.
A good rule of thumb is to always go with a policy that has at least $1 million in coverage. However, if you have a very specific need for coverage and need something more than that, you should consider purchasing a higher-priced policy.
You can also purchase supplemental policies as a way of increasing the coverage on your policy. Supplemental policies are often used to cover things such as air-conditioning units and generators, which are often added to refrigerated trucks as a way to keep them from freezing.
10. Don’t Forget to Renew Your Policy
Just like any other type of vehicle insurance, your refrigerated truck policy is going to expire at some point.
You should make sure that you are keeping your policy current so that you are protected in case of an accident.
If you fail to do so and get in an accident, you could end up with a very expensive repair bill.
Most policies will automatically renew each year, but you should confirm that your policy is up-to-date before the renewal date to avoid any problems.
Refrigerated trucking is a growing industry that continues to be vital to trucking businesses around the world, and as the popularity of this type of trucking continues to grow, so does the need for refrigerated truck insurance coverage.