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The Basics of Commercial Truck Insurance

When it comes to choosing the right commercial truck insurance provider, there is a plethora to choose from. Every individual driving a vehicle with a license should have insurance. However, according to the National Association of Insurance Commissioners, an estimated 13% of drivers in the U.S. are uninsured. It is important to protect your property and the public from the damage the trucks can cause, and that is why commercial truck insurance providers are so important. Data from research by Automotive Fleet Magazine reveals that the annual accident rate for commercial fleets is around 20%; 500,000 trucking accidents happen each year, and with industries such as pharmaceuticals, the annual accident rate comes in higher than 20%. Not only is it important for trucking companies to have insurance, but they also need to choose the right one.

There are so many different factors to account for when it comes to choosing the right commercial truck insurance provider. Making sure you choose the correct provider and package is crucial in making sure you are covered. There are several different types of commercial truck insurance. The primary ones are Truckers' Primary Auto Liability Coverage, Truckers General Liability Coverage, Physical Damage Coverage, Motor Truck Cargo Coverage, and Trailer Interchange.

Basic Coverage

Truckers' Primary Auto Liability Coverage is usually the first stop for a trucker. This type of coverage is a mandatory requirement by the FMCSA and comes at a minimum of $750,000. Pricey, yes, but it is where your risk lies. If your truck were to hit another vehicle, building, guardrail, or cause injury or death, this is the type of coverage that would be needed.

Additional Coverages

Truckers General Liability Coverage is for damages or injury claims that happen outside of the operation of your truck. The risk is relatively low in this case, so the premium is relatively low in your policy. Physical Damage Coverage is for damage to your truck if theft or an accident occurs. It is important to take note of the deductible options with this coverage. Motor Truck Cargo Coverage is coverage for cargo during transport. This coverage helps protect you against cargo theft and damage. Trailer Interchange is for coverage for non-owned trailers.

When it comes to choosing the best commercial truck insurance provider, making sure you are getting a good deal, you receive prompt claims processing, and choosing the correct specialization are just a few of the things to consider. Be sure to research different providers to understand which coverage options they offer. There's nothing more important than safety and security, but knowing your commercial truck insurance provider has your back is a great way to boost your -- and your drivers' -- confidence.