You are not often faced with the daunting task of figuring out whether or not your commercial auto insurance is sufficient. You usually sign up because it’s required to drive in many states and use your car every day. However, even when you’re done driving and don’t need the insurance anymore, there are still times when you may want to consider making changes to stay protected. We will give tips on finding out if your current insurance company is still providing you with sufficient coverage.
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Do You Keep Up with All the Changes?
Perhaps the easiest way to determine whether or not your coverage is sufficient is to determine if your company keeps up with all the changes. If you were unhappy about specific features of your current policy, or if you have just had a change in life and would like to add some other coverage, you may be able to request these things from your insurance carrier. A good example is an on-road assistance, which many drivers miss when it’s not included in their commercial auto insurance policy. Some companies may make it available at an additional cost, while others may choose not to include it.
Do You Still Use High Risk Vehicles?
If you sell a high-risk item, even if it’s not prohibited in your state, you may want to rethink your coverage. You can sometimes purchase additional coverage from your insurance company, which provides liability protection for any high-risk cargo or vehicle. It’s usually a solid plan for businesses like pawn shops and used car lots. However, the coverage sometimes only lasts a year at a time, and it can become quite expensive. If you’re interested in protecting your business this way, you should ensure that the car or cargo is worth insuring before going through with it.
How Often Do You Make Excess Mileage Claims?
This is one of the most complicated questions to answer since it depends on how often you drive. If you rarely make any mileage claims, it may be a great idea to move to a commercial auto insurance policy that relies on your driving record instead of specific individual vehicles. This way, your insurance company can place you in a better group based on your driving habits and help reduce some of your costs. Even if you have trouble making mileage claims less often, you’re still well protected by this type of commercial auto insurance policy.
What Does Your Coverage Look Like?
When it comes time to check out your coverage, ensure you’re happy with the information provided. Even if you don’t like how it’s set up, you’re still protected as long as the company includes what’s required by law. If you find that your coverage doesn’t have some things, such as theft or damage to a vehicle that is required by law, consider switching companies. You don’t want to discover later that there were some loopholes somewhere that allowed someone to take advantage of your business.
In conclusion, there is no easy way to determine whether or not your commercial auto insurance is sufficient. However, by trying to find out what changes you may be able to make and whether or not the company makes specific errors, you should be able to know if the policy is sufficient for your needs.
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