Learn More About Truck Insurance
Trucks, like any other motor vehicle, need care and proper coverage. Keep in mind that a truck is pretty expensive and only companies with sufficient revenue can afford such a mammoth. Insuring a truck is a necessity. Can you imagine how expensive is to replace parts or to buy a new truck, if the vehicle does not have coverage? Learn more about truck insurance and get car insurance quotes online free.
As you can imagine, insuring a truck is totally different from insuring a small car, used on personal purposes. Trucks are usually covered by commercial coverage. The terms and conditions of the contract depend on the weight of the vehicle (tonnage) and its purpose.
Companies should know that there is possible to insure a fleet of vehicles under the same policies. Of course, there will be a thorough analysis of each vehicle, but the bundled price will be cheaper than paying for every different truck. The group policies can be based on Gross Revenue, monthly mileage or scheduled vehicles. The last option is recommended for small fleets of trucks. In the first case, the company will pay a fixed percentage of monthly income generated by using the truck.
Generally, a commercial truck coverage includes:
- Physical Damageinsurance is coverage for your truck and trailer. Your premium is based on the value of your equipment. Usually a percentage of the value.
- Primary Auto Liabilityinsurance is required by federal regulations. Every carrier must carry liability insurance on every vehicle. Liability insurance protects you when a third party is injured in an accident.
- Non-Trucking Liabilityinsurance pays for an accident when the driver/truck is not under dispatch. The coverage is sometimes referred to as deadhead coverage or bobtail liability.
- Non-Owned Trailer Liabilitycoverage protects the trailer you are pulling for someone else.
- Non-Owned Trailer Physical Damagecoverage insures the trailer you are pulling for someone else in the event of loss.
- Cargo Insurancecovers damage/loss to freight in transit. This coverage can have many exclusions such as unattended vehicle, maximum theft limitations on target commodities It is very important to read this policy closely in the event you think you may be covered for something and you are not.
- Terminal Coverageprotects freight located at specified terminals in the event of loss. Usually there are time limitations related to this coverage.
- Warehouse Legalcoverage protects goods stored at specified locations in the event of loss. This amount of coverage is dependent on the total amount of goods stored at the location at any one time.
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