Nate Jones, CPCU, ARM, CLCS, AU
What type of trucking insurance in Indiana do I need?
by Nate Jones, CPCU, Owner, CEO Wexford Insurance
If you're a truck owner in Indiana, you know that having trucking insurance is not just a good idea but also a legal requirement. However, with so many truck insurance providers in Indiana, it can be challenging to choose the right one that fits your needs and budget. In this article, we'll explore some tips on how to shop for trucking insurance in Indiana and find the best deal for you.
Know the types of truck insurance coverage needed
Before you start shopping for trucking insurance in Indiana, it's essential to understand the different types of coverage available. Here are the three main types of truck insurance:
Liability insurance: This type of insurance covers damages to other people's property or injuries they may sustain in an accident where you are at fault. Liability insurance is mandatory in Indiana and is the most basic form of trucking insurance.
Physical damage insurance: This type of insurance covers damages to your truck caused by accidents, theft, fire, or other events. Physical damage insurance is not mandatory in Indiana, but it's recommended if you have a valuable truck.
Cargo insurance: This type of insurance covers damages or losses to the goods you are transporting. Cargo insurance is not mandatory in Indiana, but it's often required by shippers or brokers.
Compare quotes from different providers
Once you know the types of truck insurance you need, you can start shopping around for quotes from different providers. Don't settle for the first quote you get, as prices can vary significantly from one company to another. Some truck insurance providers that offer coverage in Indiana include Progressive, Canal, Northland, AIG, IAT, Great West, and more.
Consider the coverage limits
When comparing quotes, make sure to check the coverage limits of each policy. The coverage limits refer to the maximum amount the insurance company will pay out in case of a claim. For example, a liability insurance policy with a coverage limit of $1 million will pay up to that amount in damages to other parties. Make sure the coverage limits are sufficient for your needs and that you can afford the premiums.
Check the insurance company's reputation
Another essential factor to consider when shopping for trucking insurance in Indiana is the insurance company's reputation. Look for reviews and ratings from other customers to see if the company is reliable, responsive, and pays out claims promptly. You can also check the Indiana Department of Insurance's website to see if there have been any complaints or disciplinary actions against the company.
Ask about discounts
Finally, don't forget to ask the insurance company if they offer any discounts that you may be eligible for. For example, some providers offer discounts for safe driving records, multiple trucks, or bundling different types of coverage. Taking advantage of these discounts can help you save money on your premiums.
In conclusion, shopping for trucking insurance in Indiana can be overwhelming, but by following these tips, you can find the right coverage at the right price. Remember to compare quotes, consider the coverage limits, check the insurance company's reputation, and ask about discounts. With the right truck insurance, you can protect your investment and your livelihood as a truck owner.
Reach out to Wexford Insurance today for a free quote!