One of the money-draining myths that too many Class 8 commercial truck drivers believe is that insurance policies can’t be canceled mid-term.
But this isn’t true. You’re not stuck with your current policy and you don’t have to wait for a the renewal date to find better truck insurance coverage that could also be more affordable.
The myth: “I can’t cancel my commercial truck insurance policy mid-term.”
In almost every case, you can absolutely cancel your policy whenever you want to – mid-term or at a different point. The Ten Four Truck insurance team is always educating drivers on this point.
We only insure Class 8 commercial trucks. As experts in this industry, we understand that switching from your current provider might sound like a hassle, especially if you’ve been with them for a while. However, your provider isn’t doing you any favors if they’ve never explored cost saving options with you as a long-term customer.
So, there’s no reason to sit and wait out a policy that’s either more expensive than one you were just quoted on or not cutting it anymore. With insurance rates from many other providers only increasing, you deserve coverage that protects you, your rig or fleet, and your livelihood – all at an affordable price.
Why this myth sticks around
The concern that you’re stuck with a truck insurance policy until the renewal date likely sticks around for a few reasons:
- Avoid the hassle: Here’s the thing. Ten Four Truck insurance makes the process to cancel your current policy and switch to us as seamless as possible. The process doesn’t have to be difficult.
- Fear of penalties: Some drivers and fleet owners worry about hefty cancelation fees or losing out on premiums they’ve already paid. While there might be some minor adjustments, these are usually nothing to sweat over.
- Lack of awareness: Most people don’t think about switching insurance until they’re reminded that their policy is renewing.
- Confusion with other Contracts: Unlike some other long-term contracts, insurance policies are designed to be more flexible.
Why a truck driver might cancel insurance mid-term
Commercial truck drivers such as yourself may have multiple reasons why it makes sense for them to cancel a policy at any point. Here are a few:
- Saving money: The big one! Commercial truck insurance is competitive. Shopping around for a better deal can keep your hard-earned money in your wallet. New providers and updated risk assessments can lead to lower premiums for similar or better coverage. Don’t pay more than you have to!
- Better coverage: Speaking of coverage, why settle for a policy that doesn’t have you covered? Your needs change. Maybe you added a new truck, changed your routes or found gaps in your current policy. It’s time to get a new quote and consider a change.
- Improved service: Did you submit a claim with your current provider that was followed up with a terrible experience? You deserve excellent customer service – real people who answer the phone. Work with a provider who are experts in trucking and understand what the industry needs from insurance.
Overall, drivers who cancel their current insurance coverage, even mid-term, are often surprised at how much they can save without having to sacrifice coverage quality.
How to cancel commercial truck insurance mid-term
Canceling your policy mid-term is usually straightforward.
The first step is to review your current policy and make sure you understand any of the cancelation terms. There could be notice periods, cancelation fees, and refund polices to watch out for. You will also want to check for any minimum earned premium clauses in your policy terms.
Next, contact your current provider and let them know you intend to cancel. That will kickstart their process. They’ll typically require a written notice and maybe other forms.
After canceling, you may receive a pro-rated refund on the unused portion of the premium of your old policy. Your old provider may take out cancelation fees, but these are often smaller than you’d think.
Don’t let this myth hold you back!
Don’t settle for coverage that’s too expensive or doesn’t cover your business’s needs. At Ten Four Truck Insurance, we’re backed by Real people. Real savings. Real fast.
Our in-house team answers the phone when you need us. Because we only insure truckers, we offer the right coverage at the right price for your business.
Finally, we offer quick, accurate quotes and respond to claims with the same speed. We get results that keep you on the road.
Get a truck insurance quote in minutes to see how much you can save.