Ask if a combined deductible is available on your Commercial Trucking Package polices. A combined deductible is when you have one deducible per tractor/trailer physical damage and cargo per loss. So if your deductible is $1,000 and your tractor/trailer & cargo were damaged, your deductible would only be $1,000. If you don't have a combined deductible, that same loss would cost you $3,000 - $1,000 cargo ded, $1,000 tractor ded, $1,000 trailer ded.
Knowing where to go when you're sick or injured is important, especially to your bank account. Family doctors are for non-emergency illness or injury and cost the least amount of money. Urgent care clinics should be used for non-emergencies when the doctor's office is closed. Your insurance plan may require you to pay more than a normal doctor's office visit. Emergency rooms should only be used for immediate and/or life threatening conditions. Costs for these visits are high. In some cases, the insurance company may not pay for the emergency room costs if it would have been possible to go to a doctor's office or urgent care clinic for your specific, non-emergency need.
Truckers should ask what your towing limits are in the event of a loss. Each company is different about how they pay towing claims. Some are covered inside the limit of insurance for that vehicle. EX: If you have a total loss of a tractor that you have insured for $50,000, and it costs $3,500 to tow the tractor to the nearest facility, then you would have to pay the $3,500 towing bill. If your towing is outside the limit of the above scenario your $3,500 towing bill would be covered.
Notify your agent any time you have a life changing event - marriage, divorce, kids/family members moving in or out, kids taking vehicles off to colleges, etc. This will ensure your insurance needs are being met, and it sometimes adds discounts to your policy!
Life insurance coverage should be considered as soon as anyone depends upon you financially, especially young married couples and families. It can offer peace of mind knowing your loved ones will be taken care of in the event of your death. An advantage to purchasing life insurance at an early age is a lower monthly premium.
Truckers should check the Actual Cash Value (ACV) of their equipment every year by calling local truck dealers to see what the market value is of your equipment. Renewal time is a good opportunity to do this so you can reduce your values based on depreciation/market value. The values of your equipment are based on ACV not Stated Amount, so it's up to you to make sure you are not over or under insured.
Take inventory of your personal property. Write a list, take pictures, or make a video of belongings in each room - remember any offsite storage as well. Knowing what has been damaged or is missing is easier with an inventory. Our friends at Foremost Insurance Group have created an inventory sheet here for your convenience!
If you're involved in an accident, move to a safe area before getting out of your vehicle and checking on others. Remember to call police to the scene because police reports can be helpful when dealing with your insurance company and other drivers. Cooperate, but provide facts - it's not a time to place blame or admit fault. Gather as much information such as driver and passenger names, license plate number, contact information, make and model of vehicles, insurance information, location of the accident, and the name of any responding police. Also, document, document, document - using pictures and video - our cell phones are very handy for these situations. Remember to call your insurance agent/company to report the accident and find out the next step. Hopefully, you'll never need these tips!
Businesses should consider having a written Phone Usage policy in place. This should be signed by each employee with use of a company vehicle as well as part of the employee handbook. Why? Distracted driving is a serious problem with almost 3,500 traffic deaths being attributed to distracted driving in 2016 alone, according to the National Highway Traffic Safety Administration.
For more statistics about distracted driving, visit TeenSafe.