Caterpillar Financial Services Auto Insurance Review
When looking for an auto insurance provider it is vital to shop around and compare the numerous plans available to ensure you get the most for your money. If you purchase, rent or lease a truck or trailer from Caterpillar, Inc, you might want to consider a policy from Caterpillar Financial Services Corporation.
Caterpillar Financial Services
Since 1981, Caterpillar Financial Services Corporation has provided financing and insurance to Caterpillar customers and dealers in North America, South America, Europe, Asia and Australia. The Caterpillar Financial Services Corporation is headquartered in Nashville, Tennessee and reported revenues of $2.552 billion in 2010.
Insurance Benefits
During your search for an auto insurance plan, you may consider purchasing extended warranty insurance, which extends the warranty on your vehicle to protect you for a longer period of time. An extended service coverage plan from Caterpillar helps protect against components that fail due to defective materials or factory workmanship after the standard warranty has expired and provides several benefits that include:
- Avoiding unexpected costs should an accident or equipment failure occur
- Ensuring repairs are performed by qualified factory-trained technicians
- Using genuine Caterpillar parts to repair your vehicle
- Keeping costs down by providing 100 percent parts and labor reimbursement for covered components
- Reliable and quality repairs from an established company
- Transferable coverage that may increase the resale value of the auto
- Over 2,500 authorized service locations to ensure convenience and prompt repairs
- Wide-range of options
- Simple pricing terms
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Vehicles and Components Covered
In addition, an extended service plan from Caterpillar covers large transportation vehicles and related equipment including:
- Engine and drive train components
- New and used large trucks
- New and used tractors
- Dry vans
- Refrigerated trailer
- Flatbed trailers
- Motor coaches
Options
When looking at auto insurance reviews and considering your different options, consider the amount of insurance options available to protect the investment you have made in your automobile or large truck. Caterpillar offers options including:
• Extended service coverage for engines
• Equipment protection plans for machines
• Physical damage insurance
• Inventory protection plans
• Risk management
• Dealer property casualty insurance and dealer bonds
Key Tips for Buying Auto Insurance
Taking the time to compare various auto insurance coverage can save you hundreds of dollars each year. Edmunds.com recommends several steps to take before shopping for automobile insurance:
- Determine your driving record and, if necessary, call your state’s department of motor vehicles to find out how many tickets you have on your record. If your tickets and points will soon expire, wait until they do before you begin comparison shopping. The worse your driving record, the more you will pay for insurance.
- Determine the amount of coverage you need by finding out how much coverage your state requires. After you know how much is required, you can decide on much coverage you believe you need. If you feel confident that an accident is unlikely to happen to you, you may want to choose a basic coverage policy with a high-deductible. Some experts recommend getting enough liability coverage to protect all of your assets. In general, you should get liability policies that include $50,000 to cover one injured person in an accident, $100,000 to cover all people injured and $25,000 for property damage. You need to choose coverage that fits your financial situation and covers all of your assets in the event you are at fault in an accident.
- Contact you current auto policy holder and determine the types of coverage you have now, how much is actually covered and the amount you are paying to have a figure to go by when you begin comparison shopping. Note the yearly and monthly amounts, because quotes will use both of these figures.
- Actively pursue competitive quotes. A simple and easy way to obtain quotes is through online shopping. Make sure you have your current insurance policy, your vehicle registration number and your driver’s license number available. Go to online sites that sell auto insurance, type in your information and compare the quotes you get. You can also ask your family and friends for auto insurance recommendations.
Researching your options and taking the steps to ensure you get the best auto insurance policy for your car or large truck from Caterpillar, or from another insurance company, can save you a lot of money. In fact, comparison shopping can save you around $800, according to Edmunds.com.
Check out our website’s auto insurance comparison tool and get a real quote from a reputable agency!