Buying insurance for your commercial truck is similar in many ways to buying insurance for any vehicle, but there are some additional things you need to consider. Working with a commercial truck insurance broker is one way to make sure you cover all your bases and get the coverage you need for your truck.
Basic Insurance Coverage
Commercial truck insurance needs to cover the truck you drive every day in case it is involved in an accident. Because the truck is your source of income, you need to make sure that you have enough coverage to get it repaired quickly should you be involved in a collision.
Often, there is a starting point that your insurance broker will suggest for coverage on the truck, but they may suggest additional coverage for special situations, or if you own the trailer you pull, adding coverage that extends to the trailer is something you may want to consider. In most parts of the country, the minimum insurance coverage is going to be decided by state laws. If you haul loads across the country, there may be federal laws that regulate your insurance coverage as well.
Insurance to Cover The Load
Commercial truck insurance covers your truck and often your trailer, but it is also essential to have insurance coverage that extends to the cargo you are carrying. If you are involved in an accident, and the load is not appropriately insured, you could be responsible for a significant amount of money. In some cases, the loss of a single load is enough to shut down a small, independent truck driver.
Don't assume that the commercial truck insurance you have will cover the cargo you are carrying. Talk to your insurance agent or broker and verify that you have the coverage you need or have them add the additional coverage to your insurance policy.
You may want to consider adding damage coverage to your commercial truck insurance. This would cover damage done by your truck. If you are backing into a tough loading dock or have to drive over some grass, you could cause damage that you will be liable for. Having insurance coverage that will cover damage done by your truck during normal operations is often a good idea.
The insurance company will most likely offer this insurance with a deductible that you will have to pay out of pocket, but the insurance covers most of the damage. It is important to note, intentionally doing something that causes damage may be grounds for the insurance company to deny the claim.
For more information about commercial truck insurance, reach out to a local insurance agency.