Commercial truck insurance is just one of the many expenses you will incur as an owner of a successful transportation or logistics business. It is not advisable to skimp on insurance as accidents can happen at any given point in time and without warning.
Consider the following factors before you buy an insurance policy.
Certification
Standard certification is one of the factors to consider before buying any type of commercial truck insurance. Common industry standard certifications similar to ISO are important to separate the best policies and plans from hundreds of providers in the market. Apart from certification, rating agencies issue ratings that deem the insurance companies prudent to issue policies that are backed by good financials.
Claims and settlement
Filing claims and recovering the amount due are two separate things. You may be able to file a claim with the relevant authorities, however, the process of recovery will take both time and a lot of efforts. Check to see if the commercial truck insurance provider offers cashless claims in the garages that form part of the insurance network. A cashless claim process is easy to follow and convenient to manage when the time comes for settlement.
Coverage
Read the policy and compare carefully to identify general and specific coverage with possible exclusions from the terms and conditions. Read the fine print carefully as the devil is in the detail, hidden from plain view. Factors like driving record, different types of cargo, and even route options can also affect coverage.
Type of policy
There are many different types of commercial truck insurance that vary accordingly depending on the service provider. You can get online quotes and compare before narrowing down policies from the top insurance providers. For more details, you can contact insurance agents and get quotes.
Credit record
Your credit record will influence the terms and conditions of any commercial truck insurance policy you plan to purchase. Insurance companies review credit ratings and do a thorough background check of applicants to screen potential candidates. A clean and accurate credit report or rating will ensure a smooth screening process.
The condition of the vehicle
The premium that will be applicable for insurance policies will also be determined by the condition of the vehicle. For high end and luxurious semi rigs or trucks, the premium will be higher in comparison.
Customer support
At the end of the day, customer support is crucial. An efficient system to tackle consumer grievances and manage queries for current claims or process is necessary. The insurance company must be able to facilitate all your requests every step of the way right from the day you purchase the policy.
There are companies that work on collecting and maintaining credit information of consumers. These are known as credit reporting agencies (CRAs). There are three such major CRAs in the country, namely Equifax, Experian, and TransUnion. Apart from these, there are other smaller-scale agencies too that specialize at the job. If you’re worried about “where to get my credit score?,” the larger CRAs are the most reliable bets.
These major CRAs obtain information from companies that you hold business and transactions with. People or companies that lend you money regularly report to these CRAs on your repaying status. There is also detailed information on the amount you are indebted and whether you have ever defaulted on your payments. Aside from the reports obtained from lenders, these companies also tally your general records based on certain other aspects. Some of these aspects are your public records from the local and state judiciary. These include your tax records and bankruptcy information. This information makes up an important chunk of your credit score and its report.
Equifax
Present in 24 countries, Equifax is an agency that offers consumers protection against identity theft and credit fraudulence. They also sell credit reports and credit monitoring assistance to businesses.
Experian
Experian started off in London and is now a trusted agency in 39 different countries. It provides you with a credit score, credit report, and even credit tracker on subscription. The agency uses FICO 8 system of credit score calculation. Experian was a part of Forbes’ “World’s Most Innovative Companies” in 2018.
TransUnion
Based across 30 countries with a database of over 1 billion consumers, TransUnion is another CRA giant. The agency, like the other ones, will provide you with your credit score and your credit reports. In case you decide to freeze your TransUnion credit report, it will also go the extra mile to notify Equifax and Experian, which frankly is a big help especially in case of identity theft and credit fraud.
So, the next time you are sat wondering “where to get my credit score?,” think of these three giants that provide you with an annual credit score and credit report for free once each year. However, if you are looking for more frequent updates, you can subscribe to their services and receive your monthly updates.
Did you know that you have more than a single credit score? Agencies calculate your credit score based on the data in your credit reports. If you are wondering, “where to get my credit score?,” there are three main credit reporting agencies. These can have different credit scores for you if your information on each of their credit reports is different. Also, these agencies charge a fee to reveal your credit score.
Recently, it has become easier to track and get hold of your credit score without paying any fees. You can get it from your credit card company, your loan provider, and even from a non-profit counselor. Here are a few tips you can use to check your score.