Accidents on the road are inevitable no matter how cautious a driver you are. If your business deals with transporting passengers and goods on public roads and highways, having your vehicle insured will save you from a lot of headaches later on. In the event of an accident, it does not only protect your passengers, goods, and vehicle; but also those who are not insured.
If you’re planning to buy commercial vehicle insurance in North Carolina, there are a number of reputable agencies you can find. Their policies offer certain benefits that are hard to resist. Meanwhile here are important facts you need to consider before buying commercial vehicle insurance:
Minimum coverage can save you a hundred bucks, but that’s because it pays less in terms of claims. A high deductible policy offers lower premiums, but you need to pay out more out of pocket before you can make a claim. A better option is to choose the policy that offers more than the absolute minimum coverage.
If the rate is cheap, the policy might cover less than what you need. Before you commit, do your research for more information about the insurance company and the standard rates they offer.
Depending on your budget, you may choose to pay the premium on monthly installments, quarterly, six-month premium payment, or annual lump sum. Inquire about discounts if you decide to pay annually. Make sure to choose the best possible payment option that is not too harsh on your budget.
Ask the agent if the company will replace the damaged part with the identical part from the car’s manufacturer or simply replace it with the one that fits a general type of vehicle. Being less expensive, some companies prefer to use the latter over the former while others use both.
For critical items like air bags, some companies use original equipment manufacturer parts. For less-safety items like door handles, they use aftermarket parts. Have a clear knowledge of their policies and repair rates before hand.
There are companies that offer discounts on eco-friendly vehicles, certain safety car features, clean driving record, memberships in professional organizations, and many more. If qualified, ask your agent if you can avail of these discounts. If possible, shop around to get the best buy.
A car’s value determines its kind of insurance policy. An expensive car demands a costly insurance while a cheap one may settle for a little less. Before buying any vehicle, check its value first then decide if you have enough funds including its insurance.
Accidents or Crashes
Ask the agent if the policy covers all kinds of crashes regardless of who the driver is. In situations like your teen-age son or a friend borrows your car and bumps another car, will the insurance company pay for the damages? Or if you borrow somebody’s car and you met an accident, is the incident covered by your policy? You should ask questions like these before you consider purchasing an insurance policy. Legal penalties await the driver for injuries or damages caused by road mishaps.
To save you from its high costs in any event, have your vehicle insured by a trusted and reputable insurance company. Also, make sure to learn about the important facts discussed above and you will surely find the best commercial vehicle insurance.