Different Types of Truck Insurance Coverages
The truck industry in the country is a very diverse and highly regulated industry. The reason for this is that commercial trucks can be used in many different applications and all of these truck applications should have truck insurance coverage amounts which are required. These applications include hauling goods, building materials, garbage, hazardous materials, refrigerated products, fuel, and many other uses of commercial trucks.
The commercial truck insurance also varies according to the usage of the trucking business. Special types of insurance are needed for the different ways that commercial trucks are used. Here are the basic insurance policies that commercial truck owners should purchase.
Primary truck liability insurance is the most basic insurance required for all commercial vehicles. This covers drivers for injuries and damage costs if the truck is involved in an accident where the truck driver is at fault.
It is the owner of the trucking business that gets insurance for his employees. Even if the truck is owned by an individual truck operator who is under contract by the company, he is also covered in this type of insurance. The only thing about this set up is that the truck owner needs additional coverage to protect his personal assets and insurance when they are off the job.
In the event of truck damage, whoever fault the accident was, the independent truck owner would do well with a physical damage insurance. In order to be able to repair your truck when it gets damaged in an accident, then this insurance coverage is important.
If you are an independent contracted driver, you can get coverage when you are not on the job with non-trucking liability insurance.
If you want to provide total coverage of all your own personal assets, then you should get a comprehensive truck insurance. This includes primary truck liability, physical damage, and other insurance clauses that prevent against disasters like fire, vandalism, or theft.
Motor carriers usually include trailer insurance in their basic insurance policy because most of these businesses have a trailer. Trailer insurance are usually not included in the basic truck insurance if there are no specific additional provisions. So, truckers are aware that trailer insurance is not specifically provided for in the basic truck insurance and is a different kind of insurance.
Some trucking companies also include cargo insurance coverage in their basic truck insurance. However, independent trucks should get cargo insurance because they will not benefit from the cargo insurance of their hiring fleet if cargo is damaged.
Motor carrier insurance includes coverage for all types of vehicles used for your business. The best way to save on annual premiums is to bundle all your insurance policies within one company.