Insurance is something you may not want to pay for at first, but it is excellent to have if and when something goes wrong. And let’s face it, in this day and age, anything can go wrong quickly at any given time. Having the best commercial truck insurance will help alleviate your concerns and provide you peace of mind when it comes to your valuable cargo.
Commercial trucks are the most popular road transportation to carry raw materials, finished goods, waste, and many other materials, all of which need to be insured.
Even though more imposing in size than regular cars, commercial trucks are vulnerable to accidents, theft, and vandalism. Commercial trucking insurance is now mandatory for companies and individual contractors. You need to decide which type of insurance is best for you, your cargo, and your driver.
Here is everything you need to know about finding the best commercial truck insurance.
What Are the Classifications?
There are a few common types of commercial trucking insurance for businesses and independent truckers:
- Primary Liability: This will cover any physical injury and damage in an accident. Law mandates that all truck drivers carry this type of insurance, much like how all car drivers must be insured. Also called “third-party liability insurance,” this is the most common type of insurance and covers damage caused by the insured vehicle to the third party.
- General Liability: This is a broad variant of primary liability. General liability is more of a company-oriented type of insurance. It covers customer injury, customer property damage, and advertising injury (libel, slander, etc.), and protects your small business from the high costs of lawsuits.
- Physical Damage: Covers fire, theft, and collision damage to the truck.
- Bobtail (Non-Trucking) Liability: Bobtail liability refers to coverage for an owner/operator after a load has been delivered and while the truck is not being used for trucking purposes. For instance, the truck driver might be using their truck for personal use or to get home after dropping off their cargo.
- Motor Cargo: Used mainly by independent truckers to cover damage or theft done to the cargo.
- Trailer Interchange (Exchange): This covers a non-owned trailer used with a trailer exchange agreement. A trailer interchange agreement is a contract that arranges to transfer a trailer from one trucker to another in order to complete a shipment as planned.
- Garage Keeper: Optional coverage for business owners offering towing services or who operate service stations.
- Comprehensive: As the name implies, this is total insurance coverage for the owner, driver, and third-party liability.
There are various policies to keep your truck and cargo as safe as possible. You can choose one policy or any combination of them depending on your shipping needs.
What Are the Benefits of Commercial Trucking Insurance?
Here are some of the benefits of commercial trucking insurance:
- Insurance Claim Assistance: Get fast and convenient assistance with your claims.
- Cashless Vehicle Repair: Conveniently have your truck repaired without paying directly for it at any garage supported by the insurer.
- Add-on Insurance Cover: You can choose to add on specific policies that suit your needs.
- No Claims Bonus (NCB): A no claims discount or no claims bonus is a discount that can be applied to an insurance policy based on the number of consecutive years the policyholder has gone without making any claims.
TR Insurance Agency offers top rates and the best commercial truck insurance around. We provide proper coverage for you and your cargo and peace of mind with our many comprehensive commercial trucking insurance policies. Click the link below to get a quote from TR Insurance Agency.
Why Should You Buy the Best Commercial Truck Insurance?
Having commercial truck insurance is always a good idea. In fact, it is mandatory. However, there are a few other reasons to get it.
Having insurance will mitigate your losses should anything happen to the truck. It also helps protect you if there is a more serious accident involving loss of life and any legal ramifications and reparations that could come with it.
What Does Commercial Trucking Insurance Cover?
Here is a list of everything commercial trucking insurance covers:
- Accidents (damage caused by the car)
- Vandalism and theft
- Natural disasters
- Third-party losses
- Personal accidents (injury or death caused to the driver/owner)
- Towing (if coverage is selected)
What Does It Not Cover?
Some items are specifically not covered by commercial trucking insurance, so take note and plan accordingly.
- Drunk driving
- Driving without a valid license
- Contributory negligence
- Consequential losses or damages (damage or loss not directly linked to the accident)
What Questions Should I Ask My Insurance Agent?
Always do your research when purchasing commercial trucking insurance. Doing your due diligence beforehand will significantly reduce any surprises should an accident or theft occur or if your truck sustains damage when transporting your cargo. Here is a list of questions you should ask your commercial trucking insurance agent:
- Does your company specialize in trucking insurance?
- Is this a comprehensive (or unlimited) policy?
- Is there an additional deductible?
- What is your insurance company rated?
- Does your company have 24/7 claims reporting available?
- What type of cargo is included in your policies?
- Do you have any references I can see?
If your business needs to ship freight across the country, trucks are the No. 1way to get it there. However, you need to protect your cargo, trucks, and drivers, as you never know what could happen. Finding a commercial truck insurance that fits you is the best way to ensure you are protected from almost everything that could occur.
Many commercial trucking insurance policies cover a broad spectrum of items related to the truck, cargo, driver, and other drivers and their vehicles. Make sure you get the coverage that is right for you.
At TR Insurance Agency, we can provide you with the best commercial truck insurance rates. With over 20 years in the business, we’ve sold over 50K policies and insured over 15,000 businesses.
TR Insurance Agency offers insurance protection for all your commercial trucking, transportation, and towing requirements. We are your one-stop-shop for all your insurance needs.
Click the link below to get a quote from TR Insurance Agency to get the best commercial trucking insurance rates possible.