What Truck Insurance Coverage Should You Get?
The truck industry in the country is a very diverse and highly regulated industry. Because of the diversity of applications of commercial trucking, their insurance coverages are also diverse and every application is required to have one. 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. There are special types of insurance for each applications of commercial trucking. Here are the basic insurance policies that commercial truck owners should purchase.
All commercial vehicles are required to be covered by the primary truck liability insurance. With this insurance, the driver is covered for his injuries and damaged to the truck if it is involved in an accident where the driver is at fault.
Coverage for truck drivers and other trucking employees are provided by the business owner. 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. 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. This is important because the truck is the most valuable asset of a trucker and the truck has to be well maintained and can be repaired if something happens to it.
If you are an independent contracted driver, you can get coverage when you are not on the job with non-trucking liability insurance.
Total coverage of your own personal assets can be gained through a comprehensive truck insurance police. In this comprehensive policy, you will have primary truck liability, physical damage, and other insurance clauses that prevent against theft, vandalism, or fire.
Since most motor carriers have a trailer, then trailer insurance is included in their insurance policies. Trailer insurance is only included in the basic truck insurance policy if there is a specific additional provision for it. For trailer owners it is important to get trailer insurance if your basic truck insurance does not include this.
Cargo insurance is also included in some insurance policies of motor carriers or fleets. 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. If the trucking company or motor carrier want to save on annual premiums, then it is good to bundle all their insurance policies within one company.