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4 Amazing Tips to Make the Most of Trucking Insurance

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trucking insuranceNo matter whether you own or operate a 1,000-unit fleet of trucks, buying trucking insurance may perhaps confuse you and make you unsure about if you would get the best or not. Here are tips on how to buy trucking insurance so that you can make the most of your money.

1. Approach a Trucking Insurance Specialist

Knowledge and experience can’t be substituted. Whenever you invite quotes from a broker like Armour Insurance Mississauga, ask them how long the trucking insurance company is in business and how long they are specialists in trucking. Often a specialist has a well-established track record in trucking industry which a generalist can’t provide. Without such expertise, you may land in some unpleasant surprises.

2. Financial Stability

It’s important that the insurance company you choose is financially stable and strong so as to pay you in case of any major claim. How can you find this? Fortunately, international rating agencies constantly check and report the financial health and performance of insurance providing companies. A.M. Best Company (www.ambest.com) is a leading rating agency for insurance sector. Visit their website on your own or ask your broker or insurer to show copies of the latest rating.

A major reason for the bankruptcy of insurance companies is under-estimation of the expense of their future claims. This is usually known as “under-reserving”, “adverse development” or “prior-year reserve deficiencies”. The rating agencies can give you some real insight about the insurance companies you are planning to deal with.

3. License

Since in Canada, insurance is a regulated industry, for an insurance company to offer its bona fide products, it should be licensed to operate in Canada. You can get the list of property and casualty insurance companies licensed to work in Canada at the Insurance Bureau of Canada. If the company you have approached is not listed, it’s possible that they have no authority to sell insurance to you in Canada.

4. Value for Your Money

While purchasing insurance, make sure to get the total value of the insurance products you are going to buy. The best trucking insurance company is the one which offers a lot more than mere insurance products. They offer fast, knowledgeable and expert claims service, consulting on safety, driver training and compliance, a comprehensive website and software to manage operations and profitability of your company. These are just a few services that add value to your money and you should expect them from your insurer.

With these tips you can make the most of your trucking insurance and take your business further without any worries.

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