subject: Commercial Truck Insurance: The Pros and Cons of Comprehensive Coverage [print this page] Commercial Truck Insurance: The Pros and Cons of Comprehensive Coverage
Comprehensive insurance coverage is one of the most basic forms of commercial truck insurance coverage available. In essence, it is no different than the comprehensive coverage you would have on your car. It helps to cover you in the event of damage to your vehicle due to a variety of factors.
Comprehensive coverage does not, however, cover everything and it is important to know what your individual needs are before deciding that this type of truck insurance coverage is right for you.
What Comprehensive Insurance Can Do For You
Primary liability insurance covers you in the event that you damage another person's property or harm another person in an accident. As opposed to primary liability coverage, which is required for all commercial trucks by law, comprehensive coverage ensures compensation for your own losses. In short, it covers damage to your vehicle that would not be covered under your primary liability policy and keeps you from incurring the total cost of repairs.
This type of truck insurance is very important as it can mean the difference between having the means to fix your damaged truck (whether it was damaged in an accident, natural disaster, or due to vandalism) and being left without your livelihood.
While it's an additional expense to your insurance portfolio, the cost increase compared to the risk of damages in case of an accident is fairly marginalmost commercial trucks encroach a 6-figure price tag.
What Comprehensive Insurance Doesn't Cover
While comprehensive truck insurance will cover the cost to fix your truck, it often will not do so for damage to or loss of cargo. This is a huge factor when considering this type of policy.
Another important consideration is your trailer. Unless otherwise specified, trailers are often not covered under these types of policies. This due, primarily, to the fact that most independent owner/operators do not use trailers that they own on every job and may even switch trailers at some point.
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