When you own a business and rely on one truck or a fleet of trucks each day, it’s crucial you have the right type of commercial truck insurance to meet your needs. Just like any type of auto insurance, knowing exactly what you need and which type of insurance to pick can be challenging. There is also the added difficulty of knowing what coverage is required legally. To make sure you have the best commercial truck insurance, here are some tips to keep in mind when shopping for coverage.
Primary Liability Coverage
When shopping around for your insurance, always make primary liability coverage a top priority. This will cover third-party damage to another vehicle. This means your insurance will pay the costs associated with repairing another person’s vehicle that gets damaged by your truck. The limit for this coverage is usually around $7,000, which should give you and any of your company’s drivers sufficient coverage. If you feel this amount is insufficient, or your lender requires higher than minimum coverage, you can always increase the amount so you feel comfortable.
Shop Around
Since there are many different insurance agencies from which to choose, never decide to go with the first quote you receive for your commercial truck insurance. Instead, take some time to shop around so that you can gather several quotes and compare prices. Although you don’t necessarily want the most expensive coverage, you also may not want to go with the lowest offer. Instead, look for a coverage that is priced somewhere in the middle. Talk with other people involved with commercial truck driving to get recommendations on where to start.
Uninsured Motorist Coverage
While drivers are usually required to have insurance on their vehicles, there are always some on the road who don’t take this seriously. Due to this, you should always make sure your commercial truck insurance contains uninsured motorist coverage. Thus, if you collide with an uninsured motorist, you are covered. When examining this coverage, verify that it contains coverage for uninsured motorist property damage and bodily injury insurance. The property damage part will cover repairs to your truck, while the bodily injury insurance will cover the medical expenses needed by the third-party driver.
Cargo Insurance
Cargo insurance is offered to cover any loss of product in the event of a crash or collision. It will also protect your liability in the event of a theft from your truck. Without this coverage, you could be held financially responsible for the lost or stolen goods. If you drive a refrigerated truck, this includes coverage in the event your electrical system malfunctions and causes loss of goods. If you haul hazardous materials, you’ll need additional coverage for this. Due to the dangerous nature, larger coverage is required to protect you and those around you while driving.
Bobtail Insurance
Finally, you should always look into commercial truck insurance that contains what is known as bobtail insurance. Unfortunately, many companies fail to consider this specialized coverage, and that can be a mistake. When you have bobtail insurance, this means your truck is covered when it is not attached to hauling equipment. Should you be involved in an accident while you are on the road to pick up a new load, having this insurance coverage will be very important.
Take your time and be sure to ask these questions, plus any more you may have. This will help ensure you get the coverage you need to keep you, or your drivers, protected and safe on the road. Not to mention, protect your valuable trucks and hauling equipment on the road.
