What Truck Insurance Coverage Should You Get?
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. There are special types of insurance for each applications of commercial trucking. Below are some of the common types of insurance policies that owners of commercial trucks should get.
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.
It is the owner of the trucking business that gets insurance for his employees. This type of insurance also covers independent operators who is under contract by the company. 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. The importance of this insurance is obvious; every truck owner needs to protect his asset.
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. 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.
Trailer insurance is often included in the insurance policy of a motor carrier because most trucking companies own 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. 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.