Commercial Truck Insurance: Cut Through The Confusion
Commercial Truck Insurance: Cut Through The Confusion
Both motor carriers and independent haulers understand the need for commercial truck insurance coverage. It guarantees against loss or harm and provides both drivers and companies with a proper sense of security. Nobody wants to be the party held responsible to pay for a costly accident. Accidents involving semi-trucks are usually the most expensive accidents, sometime reaching into the hundred-thousand dollar range. Truck insurance companies take on this responsibility so drivers and employers do not have to.
Choosing the right type of coverage can be tricky because the truck industry is so highly differentiated, but this clear cut list may help you determine what coverage you need.
General Liability
This type of policy is purchased by trucking companies to protect company employees and vehicles by covering costs associated with damages and injuries caused by other drivers. It is a more broad type of coverage than primary liability (below). It is kind of like a company insurance policy.
Primary Liability
This covers the cost of damages and bodily injury sustained in a specific accident. This is the most basic type of commercial truck insurance and is required by law for all commercial truck drivers to have. For example, if you cause damage to other vehicles and/or people, this type of truck insurance exists to cover those costs. Primary liability insurance is the first and best way for drivers to protect themselves and their assets.
Independent Concerns
Not all purchasers of commercial truck insurance are large-scale motor carriers. A huge portion of truck drives operate their truck independently. Independent owner/operators also need to see that their basic coverage needs are met. These needs may include covering their trucks, maintaining liability coverage off the job, or covering the cargo that they don't own.
Physical Damage
This 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 is similar to "comprehensive" coverage for auto drivers. If anything happens to your truck, (i.e. a scratch, a dent, a major auto collision) physical damage insurance coverage will take care of it even if it was your fault.
Bobtail Liability Insurance
This covers independent drivers when not being covered by a trucking company's primary liability insurance for which they are contracted. This is truck insurance for those "in-between" times for after a driver is off the clock or has delivered his or her load. His or her employer's truck insurance coverage stops and the driver either get bobtail insurance or drives uninsured. This is a very important type of insurance. It saves independent drivers from having to purchase a full, round the clock policy, and only pay for personal insurance when it's needed.
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. No one wants to pay for a lifetime supply of milk. Cargo insurance protects against these and other mishaps that happen to even the best of drivers sometimes. Insurance Companies in Australia – How to Make the right decision Fast Insurance Quotes - From a Insurance Mediator Acquire a cheap quote through online bike insurance Figuring Out the Small Business Insurance Who Gains With Insurance? Utilizing A Visitor Insurance Disability Insurance for Psychotic Disorders The Advantages Of Taking Out Errors And Omissions Insurance: What To Look For In A Colorado Springs Insurance Company Finding The Right Ohio Insurance Agent Tips For Talking To An Insurance Agent Trailer Interchange Insurance: Understanding How It Works Backpackers Insurance Advice and Details