Commercial Truck Insurance: Specialized For Good Reason
Commercial Truck Insurance: Specialized For Good Reason
The best way to get the most out of your commercial truck insurance is to understand your options. Once you understand what options are available, you can choose policy plans that suit your individual needs or the needs of your company.
Commercial trucking is a highly specialized field. There is a vast array of different trucking jobs performed in this industry. Each combination of a driver and his or her job needs to have just the right coverage. Some commercial truck businesses haul only commercial goods. Others specialize in hazardous materials, garbage, other vehicles, produce, and on and on. Some freight companies are massive, and others are smaller operations. Some truck drivers work full-time for one company, other drivers operate independently on a contracted basis.
Insure Yourself, and Ensure Your Livelihood
The one thing in common that all drivers need is appropriate insurance, because the cost of accidents, especially those involving trucks, can get nasty very quickly. It's not just insuring your truck; it's ensuring your livelihood and future. One tragic lawsuit can leave you financial indebted to others for the rest of your life.
With so many different trucks, jobs, and cargos, truck insurance is highly customizable, or specialized. Because of this degree of specialization, coverage needs will need to be assessed. Here are a few of the coverage options worth considering. These are the most common types of truck insurance, with some being required in various states.
Physical Damage
This type of commercial truck insurance covers damages sustained to your own property, such as your truck, regardless of fault in an accident. It also covers things such as fires, theft, and vandalism. This coverage basically makes sure that your property and your truck will be replaced or repaired in the event of any type accident, regardless of whose fault it is. This coverage does not pay for replacing or repairing other people's property. To cover damaging other people property, the truck driver or employer needs to look into "liability" insurance.
Bobtail Insurance
Bobtail insurance is a type of truck insurance that covers independent drivers when they are not actively in the employ of a motor carrier. Basically the driver is "off the clock" but still needs to driver the empty truck somewhere. It allows drivers to remain insured when not covered by employers without having to purchase his or her own full primary liability policy.
Trailer Interchange
This type of truck insurance is for trailers that are exchanged from one driver to another complete a haul in a more cost effective manner.
Cargo Insurance
This protects independent haulers in the case of damage to cargo they don't own. Drivers hauling regulated goods such as food and fuel may require specialized cargo insurance.
More Specialized Coverage
In addition to the aforementioned commercial truck insurance options, there are also even more specialized forms of coverage. There is specific coverage available for tow trucks, moving trucks, dump trucks, garbage trucks, and produce hauling trucks. If you work in any of those industries, you need to look into one of those policies.
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