As a truck driver or owner-operator, you must have the proper commercial truck insurance coverage in place. However, navigating the truck insurance realm can be rather difficult, especially if you’re new to the industry. To assist you, we’ve developed a list of the most frequently asked commercial truck insurance questions and offered answers to each of them. Let’s get started!
Commercial Truck Insurance: Commonly Asked Questions Answered
Learn about the various coverage options available, helpful tips for cutting insurance costs, and the factors that influence premiums.
What’s Commercial Truck Insurance and Why Is It Necessary?
Commercial truck insurance covers the risks associated with operating a commercial truck. It’s required by law since standard auto insurance policies don’t cover vehicles used for commercial purposes. Without adequate insurance, transportation companies risk exposing themselves to substantial losses in the event of an accident.
What Types of Coverage Do Truck Insurance Policies Offer?
Liability, physical damage, cargo, and bobtail are common types of coverage options available for commercial trucks. Liability coverage protects you if you’re found at fault in a collision, whereas physical damage will help cover the cost to repair your truck. Cargo coverage protects the goods being transported if they’re lost, stolen, or damaged, while bobtail insurance safeguards you when you’re operating your truck with no trailer.
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How Much Does Truck Insurance Cost?
The cost of commercial truck insurance varies based on a number of factors. For instance, the type of coverage you require, the value of your vehicle, your driving record, the goods you transport, and so on can affect your rates.
Insurance premiums are often higher in the following circumstances:
- Large trucks transporting high-dollar cargo
- Drivers who transport hazardous materials
- Drivers with a history of accidents or traffic violations
- Long-haul trucking
What Factors Can Impact My Truck Insurance Premiums?
- Your driving record
- The age and condition of your truck
- The type of goods you transport (hazardous materials are higher risk)
- Your location
- MVR records
- Your credit score (in some instances)
Are There Any Ways to Reduce the Cost of Commercial Truck Insurance?
The answer is yes! There are several ways you can lower your truck insurance premium. You could start by completing a safety training course, boosting your credit score, obeying traffic laws, installing a dash cam, and so on. Talk with an insurance agent who specializes in commercial trucking to discover more ways you can effectively lower your premium.
Can I Purchase Insurance for a Leased Truck?
Yes, you can get insurance for a leased truck! However, the type of coverage needed may be stated in your lease agreement. You should look over it carefully and consult with an insurance agent who can ensure you have adequate coverage in place.
Bottom Line
Commercial truck insurance is an essential component of running a successful trucking company. Understanding the fundamentals allows you to make informed decisions about the coverage you need to protect yourself and your business. If you have any more questions or concerns, don’t hesitate to ask one of our truck insurance professionals!
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