Truck Insurance | Royalty Truck Insurance | Insurance Basics

Truck Insurance Basics:

Regardless of the distance your truck drivers drive, whether locally or long distance, truck insurance is a must.  Commercial truck insurance policies are created in order to help minimize and protect against loss in different hazards that may be encountered, such as physical damage to the truck and other vehicles, liability, cargo damage, and more.   Commercial trucking insurance also should help protect in instances such as loss of revenue due to customer refusal of delivery and other things of this nature.

Commercial vehicle insurance for trucks covers everything involved in trucking businesses from tow truck, semi trucks, delivery trucks, and more.  Insurance plans include comprehensive commercial vehicle insurance, physical damage coverage, liability insurance, uninsured motorists, underinsured motorists and medical payments.  These coverage plans vary by state requirements.  

There is also special coverage to protect the businesses such as trailer interchange commercial truck insurance which protects against physical damage for non-owned trailers being pulled by trucks.  Towing companies will need to invest in on hook towing insurance to protect trucks that tow non-owned vehicles.  Cargo Insurance is necessary in the event that freight is lost or damaged in transit.  Garage Keepers Liability Insurance is also necessary in the event that non-owned vehicles are kept at a businesses garage in order to protect against any damage caused to that vehicle while it’s there.   Royalty Truck Insurance understands the importance of covering your business A-Z, we make sure to fully review the needs of your business and provide you with the best truck insurance policy at the most affordable rate.

How are insurance premiums determined you might ask, usually this is done by taking into account factors which would cause a significant increase or decrease to the chances of a loss occurring and the potential size of that loss.  There are many key features to take into account when determining the premium.  These include drivers age, years of driving experience, years employed, driving record, accidents, years operating in name, where you drive, what you haul, equipment operated, deductibles, DOT safety record, and multiple other factors.