A Short Guideline on Commercial Truck Insurance

 

Essentially, commercial truck insurance is a group of specific commercial auto insurance policies designed to meet all the needs of trucking businesses. On top of the government requirement of auto insurance, commercial truck drivers need more insurance coverage than a car driver would need.

 

The basic commercial truck insurance policy will cover your trucks in the event of an accident, while a collision and comprehensive coverage will cover most damages from an extended range of perils.

 

Coverage

 

In addition, specialized commercial truck insurance for your fleet can include coverage for specific liability issues and additional perils. You can also add coverage for your cargo to protect your investments as you haul time-sensitive and valuable goods across the country.

 

After basic and specialized trucking coverage, another addition could be some non-trucking options to your policies. For example, occupational accident coverage will protect your drivers in the event of an accident, dismemberment, or death.

 

Need

 

There is a need to purchase commercial truck insurance for commercial transportation businesses, independent truck drivers, independent owner-operators, and any business with trucks, drivers, or transportation-related activity need

 

The basic commercial truck insurance is required by law and provides an extended variety of options to tailor your protection whether you operate a single truck or a wide fleet.

 

Unlike commercial auto insurance, the commercial trucking insurance has been designed specifically for cargo and trucks. This is the required commercial truck insurance policy.

 

Requirements

 

Trucks perform an important adjunct to the nation’s commerce and trade and are even considered by many as the backbone to the whole industry. With so many trucks on the road, the authorities have strict rules about insurance coverage.

 

Freight trucks are incredibly heavy, being capable of causing extensive damage and are three times more likely to be stolen than passenger motor vehicles. Not to mention they are full of valuable goods.

 

So, without proper insurance, trucks can’t run. Regulators will not issue operating authority without proof of cargo insurance and liability. Moreover, the exact coverage will depend on the type of freighter and what it carries

 

Provisions

 

As it is, the most common commercial truck insurance types that truck insurance companies can provide include cargo, liability, personal injury protection (PIP), physical damage, uninsured/underinsured motorist, general liability, and non-trucking liability.

 

The liability insurance is the most important type of commercial truck insurance policy your trucking company can buy. If one of your drivers is responsible for an accident, then liability insurance will cover for the medical bills and ongoing medical care of anyone who was injured.

 

The liability insurance can also cover for long-term care, rental reimbursement, or auto repair. You may notice that an accident can result in financial ruin for a small trucking company.

 

Costs

 

The cost of a commercial truck insurance can vary greatly. It is dependent on the cargo, route, vehicle type, location, and driving history. Moreover, insurance for trucking companies will depend on the type of vehicle being insured.

 

Finally, driving history is another important factor when it comes to insurance costs. Just like a personal auto insurance policy, traffic violations and accidents will raise your insurance costs due to the potential impact of an accident with a large truck.