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A Guide to Truck Insurance Coverages

One of the most diverse and highly regulated industries in the country is the commercial truck 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. You will find different applications for the trucking industry and some of these include hauling goods, building materials, garbage, hazardous materials, refrigerated products, fuel, and others.

So, with the many applications in the trucking industry, there is also a diversity in the kinds of commercial truck insurance. With the different trucking applications, different types of commercial truck insurance are also needed. Below are some of the common types of insurance policies that owners of commercial trucks should get.

If you are an owner of commercial vehicles then you are required to get primary truck liability insurance. If your driver is at fault in an accident, this insurance covers for his injuries and damage costs for the truck.

Usually it is the business owner that provides the coverage for their 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.

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 working for a trucking business under contract and your truck gets damaged outside of your contracted job, then the best insurance to protect your asset is a non-trucking liability insurance, if the accident is your fault.

Total coverage of your own personal assets can be gained through a comprehensive truck insurance police. What is included in this comprehensive truck insurance are primary truck liability, physical damage, and other insurance clauses like prevention against 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 is only included in the basic truck insurance policy if there is a specific additional provision for it. So, truckers are aware that trailer insurance is not specifically provided for in the basic truck insurance and is a different kind of insurance.

Sometimes motor carriers or fleet include cargo insurance in the insurance coverage for their business. 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. The best way to save on annual premiums is to bundle all your insurance policies within one company.

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