Save Money on Trucking Accidents
08.15.2022
How to Save Money on Trucking Accidents With Combined Deductibles
Trucking insurance is vital, but that doesn’t mean it has to strain your budget. With the right agent and a solid understanding of how trucking insurance works, you can find ways to save on your premiums and reduce your costs in the event of an accident.
One of the lesser-known ways to save is to opt for combined deductibles. Combined deductibles in the trucking business limit the amount you are responsible for paying in an accident – Without compromising on your coverage.
Here is a look at what they are and how to use them to protect your fleet.
What are combined deductibles?
A deductible is the amount of money you pay out of pocket before your insurance begins to pay. For example, if you have a $1,000 deductible for your cargo insurance, and $5,000 of cargo damage after an accident, you would pay $1,000 and your insurance company would pay the remaining $4,000 in damages.
Usually, when you purchase trucking insurance, you will have multiple deductibles. You may have one deductible to cover damage to your truck, one to cover damage to your trailer, and one to cover damage to your cargo.
However, accidents often involve more than one part of your truck. In that case, you may have to pay multiple deductibles before receiving assistance from your insurance company. That can lead to thousands of dollars in expenses that you may not have easily available.
Combined deductibles provide a more affordable solution. This feature of your insurance policy combines your deductibles into one in the event that you experience an event that includes multiple insurance coverages and deductibles.
For example, if you have $1,000 deductible each for your truck, trailer, and cargo, and all three are damaged in an accident, a combined deductible may allow you to pay one deductible of $1,000 instead of three deductibles equaling $3,000. That translates into big savings when it comes time to use your insurance coverage.
How much is a combined deductible?
There are two facts associated with the cost of combined deductibles that you should be aware of. The first is that the exact amount of your combined deductible will probably depend upon your policy. Usually, you owe the highest deductible out of the multiple deductibles for which you would otherwise be responsible. For example, if, in the situation above, you had a $1,000 deductible for your truck and trailer and a $1,500 deductible for your cargo, you would pay $1,500 for your combined deductible.
The best way to determine how much this payment will be is to consult with your insurance agent, who can help you explore your options and understand exactly how your coverage works.
The second fact is that your premium may go up a little bit with this type of deductible. However, the increased cost could well be worth it if you ever face an accident and the associated claims and expenses.
How do I get a combined deductible?
The easiest way to get a combined deductible for your trucking insurance policy is to ask your agent about one. They can often help you find a policy that includes this type of deductible. This approach is the best way to get the features you need if you are in a position to switch your insurance policy.
You may also be able to add a single deductible endorsement onto your existing policy in order to provide the same benefit without purchasing a new trucking insurance policy. This endorsement provides similar benefits to a combined deductible, leaving you responsible for only one payment in the event of an accident that causes multiple damages.
As an owner-operator or fleet manager, you should not have to struggle to find the right trucking insurance for your needs. Effortless, competitive, and fast coverage is available through RoadMasters Insurance. We can help you get a combined deductible and other features in a policy that meets your needs and saves you money every year on each of your trucks. Contact us today for your free quote!
