Trucking Insurance
For motor carriers or even independents, insurance for trucks can seem difficult to assemble. The trucking industry is subject to many laws and regulations set by the Federal government, state governments and governing bodies such as the National Highway Traffic Safety Administration, (NHTSA), and the Federal Motor Carrier Safety Administration, (FMCSA).
On top of that, commercial trucks vary so greatly in terms their uses and applications. A dump truck and a tow truck are two completely different vehicles, despite being a part of the same industry. That said, tow truck insurance versus dump truck insurance will be quite different as well.
For most trucking industry businesses, truck insurance can become greatly simplified if broken down into four categories. Insurance for trucks, trailers, cargo and business operations. Here are some things to look for when focusing on insurance for trucks.
Trucking Liability Insurance
Trucking liability insurance coverage is the central form of commercial trucking insurance that all policies will be built off of. Primary trucking liability insurance coverage is required by law and the most minimal form of commercial truck insurance possible. Theoretically, a motor carrier could save money by just purchasing trucking liability insurance for trucks operating under their authority - assuming no accidents ever occur. But since accidents do occur, it’s important to make sure damages to your own vehicle are taken care of as well - something primary trucking liability coverage doesn’t provide.
Physical Damage Insurance
Physical damage insurance can be added to your primary liability truck insurance coverage to ensure your vehicle’s damages are taken care of, regardless of accident fault or whether or not the other driver had viable insurance. Physical damage policies are essential in commercial truck insurance policies for all drivers and fleets since damages can end up being so costly. Visit our dedicated physical damage insurance page for more info on this type of coverage.
Comprehensive Coverage
Comprehensive coverage can oftentimes be interchanged with physical damage trucking insurance provisions, but there is a slight distinction. While comprehensive truck insurance will cover damages to your own vehicle in the case of accidents, it will also cover damage to your vehicle in cases of theft, vandalism, fire and other disasters outlined in your policies.
Choosing comprehensive commercial truck insurance for all of your motor carrier’s vehicles is the best way to maximize your truck insurance dollar to payout dollar ratio, as comprehensive coverage is usually only marginally more expensive but covers much more potential damages. Check out more info on our dedicated comprehensive coverage page.
Specialty Insurance
It’s important to be aware of specialty insurance for trucks as well. Specialty insurance for trucks is geared toward distinct vehicles in the trucking industry. Tow truck insurance, dump truck insurance, big truck insurance and moving truck insurance are all examples of specialty insurance for trucks.
In essence, these specified forms of commercial truck insurance consist of liability, physical damage, trailer insurance and cargo insurance policies up to appropriate amounts for the specific vehicle.
Specialty truck insurance makes arrangements for unique equipment, such as refrigerated trailers in produce haulers insurance. It also sets provisions for unique cargo insurance needs, for instance, in the case of hazardous materials insurance.
Check out more info on basic commercial trucking insurance policies or contact an agent today for free commercial truck insurance quotes!
