July 10, 2024

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In Montgomery – Impact of Truck Accidents on Insurance Premiums For Trucking Companies

2 min read
Truck Accidents

 

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In Montgomery City, truck accidents have an impact on insurance premiums. In this blog, we will take a look at its impact and how you can work with an experienced auto accident lawyer Montgomery to take appropriate steps and ensure you are on the safer side. 

Immediate financial consequences –

  • Increased premiums

As you may have heard, impressions have an impact; similarly, if there happens to be a truck accident, then most probably, the insurance company will make sure to increase the premiums immediately. Insurance companies always look out for their best interest; thus, once there is a truck accident, the insurance company makes sure to increase the premium since there will be more claims to file and get compensated.

 

  • Higher deductibles

Another immediate financial consequence is higher deductibles. Once a truck accident occurs, the insurance companies make sure that they start increasing the deductibles. A deductible is the amount of money that the truck company has to pay before the insurance companies start to pay for the claims. Therefore, if the deductibles are high, then it means you have to lose more to get equal with it.

 

Long-term financial impact –

 

  • Loss of discounts

When a truck company coordinates with the insurance company, then the company also makes sure to provide certain advantages to the truck company. These discounts are based on a good chronology that a truck company can manage. Thus, if there happens to be a truck accident, there is a high chance that the insurance company will cut out all the discounts that have been delivered to the truck company. Therefore, the loss of discounts is known to have a huge financial impact on the truck company.

 

  • Legal settlement and costs

If there happens to be a truck accident, the truck company has to face many losses since they have to keep running their business. However, due to the truck accident, it is expected that there will be lawsuits filed against the truck company; despite covering the losses of others, the insurance company still cannot support you in the loss that you have borne. Thus, it is essential to initiate some strategies with the help of your accident attorney so that your company can avoid truck accident cases.

Remember, truck accidents will affect not only your business but also many lives; therefore, make sure to consult your attorney and discuss all the consequences you will face.