A Guide to Truck Insurance Coverages
Because of the diversity of the trucking industry, it is also highly regulated. The commercial truck industry has a very wide applications and it is required that each of these applications must have a truck insurance coverage amount. These applications include hauling goods, building materials, garbage, hazardous materials, refrigerated products, fuel, and many other uses of commercial trucks.
This is the reason why there are also man different kinds of commercial truck insurance. With the different trucking applications, different types of commercial truck insurance are also needed. If you are a commercial trucking business owner, then you should consider getting these basic commercial truck insurance policies.
All commercial vehicles are required to be covered by the primary truck liability insurance. If your driver is at fault in an accident, this insurance covers for his injuries and damage costs for the truck.
Coverage for truck drivers and other trucking employees are provided by the business owner. This type of insurance also covers independent operators who is under contract by the company. But, if the accident happens when the trucker is off the job, then this requires him additional coverage if he wants to protect his assets.
An independent truck owner needs to get a physical damage insurance to pay for the cost of damage in an accident, whoever is at fault. The importance of this insurance is obvious; every truck owner needs to protect his asset.
Non-trucking liability insurance is ideal for independent contracted drivers to provide coverage when they are not on the job.
A comprehensive truck insurance provides total coverage of your own personal assets. What is included in this comprehensive truck insurance are primary truck liability, physical damage, and other insurance clauses like prevention against fire, vandalism, or theft.
Trailer insurance is often included in the insurance policy of a motor carrier because most trucking companies own a trailer. Trailer insurance is only included in the basic truck insurance policy if there is a specific additional provision for it. Truckers who have trailers need to get trailer insurance if it is not included in their basic truck insurance.
Some trucking companies also include cargo insurance coverage in their basic truck insurance. If you are under contract with a trucking business, it is important for you to get cargo insurance because you are not included in the coverage of the company.
Truck fleet owners can also get motor carrier insurance which includes the same policies for regular trucks but will also cover all the vehicles they use for the business. The best way to save on annual premiums is to bundle all your insurance policies within one company.