According to statistics, approximately 500,000 trucking accidents happen each year. This is just one of the potential losses that a trucking company faces. Truck and cargo theft, third party damage and injury, and cargo damage are all areas of loss that trucking companies need to plan for and protect themselves against. This is where commercial truck insurance comes in. With the right insurance plan, you can rest assured that you can feel your protected from potential loss. However, finding coverage that will really protect you can be hard. Before you start shopping for insurance, it's essential that you understand the basics of truck insurance, as well as what to look for in providers and packages. Ready to get clued up on commercial truck insurance? Stay with us as we unpack the basics of this essential insurance type.
This is the first stop for a trucker. Not only is it a requirement by the FMCSA (minimum $750,000), but it is where your risk lies. 80,000-lb vehicles going down the road at upwards of 70 mph cause a lot of damage when they hit something.
This is for a property damage or injury claim that happens outside of the operation of your truck. Maybe you go into an office and knock over a priceless vase. The risk is low, and therefore the premium is relatively low to include in your policy.
Another essential insurance type for trucks is physical damage coverage. This covers damage to your truck, in the event of theft or an accident. You also want to make sure you’re comfortable with the deductible options.
When transporting goods, there's more to worry about than just the truck involved—there's the cargo as well. This is where motor truck cargo coverage comes in. Depending on the type of cargo insurance you get, you'll be covered against cargo theft and/or damage, debris clean up, etc.
Truck transportation often involves trailer interchange agreements. While these are becoming more and more outdated, customers like Amazon still require the coverage. If you sign a trailer interchange agreement, this is the coverage needed in case you damage the non-owned trailer.
Although motor insurance is mandatory in most of the US, an estimated 13% of drivers in the US are uninsured. In the event that your truck is involved in an accident with an underinsured or uninsured driver, this commercial truck insurance can cover your injuries and/or damages to your vehicles.
Commercial truck insurance is vital for any truck owner. However, it's not a good idea to take out the first (or cheapest) option you find. Instead, you need to comb through your options carefully to find the provider and package that will get you the most value for your premiums. Want watertight insurance at the best rates? Our certified TRS independent agents know more about truckers' insurance than 99% of other commercial truck insurance companies. Instead of searching for "commercial truck insurance near me" contact us for a quote today and see how we can win you the most bulletproof coverage at the lowest rates.
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