Combined Deductibles for Commercial Trucks
The next time you take a look at your commercial truck insurance policy, find out if your insurance carrier will offer you a combined deductible. It usually does not cost much to add and can save you a lot of money in the event of an accident.
A combined deductible is for insured’s that operate more than one piece of equipment at a time, or insured’s that have exposure to losses from multiple lines of coverage. For example, if you have a truck and a trailer, most policies will make you pay a separate deductible for each unit, one for the truck and one a separate deductible for the trailer. For the second example regarding the multiple lines of coverage another possible scenario could be if you drove a box truck or dry van, you would be insuring the truck itself and also insuring the cargo inside the truck. You have multiple lines of coverage, physical damage coverage, and cargo insurance coverage. In most cases you would have a separate deductible for each line.
With a combined deductible you only pay one deductible for all lines of coverage, or for all vehicles in each occurrence. If you have a $1,000 deductible, you would only pay one deductible instead of two in both the examples listed above. This may not seem like a big deal, but in many cases you can get the combined deductible coverage for as little as $20 per year. You can see the advantage, especially if you are a commercial truck driver that is pulling two trailers with cargo insurance. In this particular instance you could be out a deductible for the truck, for each trailer, and for the cargo, if you didn’t have a combined deductible.
Most carriers will offer this coverage now as it is becoming more and more popular. This is definitely something you want to ask your truck insurance agent about! For more information about combined deductible and other topics relating to commercial truck insurance visit the Trucking section of our website, or feel free to call us anytime toll free at 800-354-8535.