Truck Insurance Isn’t A Luxury
For truck owners and operators, truck insurance isn’t a luxury – it is a necessity. Every independent or fleet driver of a delivery truck, semi- truck, tow truck, or other trucking vehicle needs to obtain insurance that will provide coverage for the driver, the truck, the cargo, and any other drivers involved in accidents. Federal and state laws dictate that a specific amount of truck insurance must be carried by truck drivers. However, this minimum amount is likely to be much less than what it would be wise to carry. Thus, a number of decisions will need to be made depending on an individual’s insurance needs. Among other things, individuals will need to consider “the who” (which agent and which insurance company to choose),” “the what,” (which types of policy or policies) to choose, “the when” (what dates are needed for the policy or policies to be in effect) and “the where” (the location of the agency).
The following truck insurance options offer possibilities that should be
considered:
- Primary Liability Truck Insurance – In the event of an accident, Primary Liability covers damage and injuries to others. As a rule, this type of insurance is required by state and federal laws.
- Comprehensive Physical Damage Truck Insurance - In the event of collision, fire, theft, vandalism, mischief, earthquake, hail, and windstorm, Comprehensive Physical Damage covers the necessary repairs or replacement of a truck or trailer.
- Motor Truck Cargo Coverage Truck Insurance - In the event of lost or damaged freight, Motor Truck Cargo Coverage covers the truck owner and or driver.
- Non-Trucking Liability Truck Insurance – Also known as Bobtail Coverage, Non-Trucking Liability, offers a limited amount of liability insurance for owner operator truck drivers who drive trucks that are permanently leased to an ICC (Interstate Commerce Commission) regulated carrier.
- Department of Transportation (DOT) (Formerly Provided by the ICC Authority) - The ICC used to be the governmental transportation operating authority. Today,the Department of Transportation (DOT) is the federal regulatory agency that allows truckers to transport regulated freight across state lines.
- Trailer Interchange Insurance – Under Trailer Interchange Agreements, truckers are provided with coverage in the event that non-owned trailers and equipment in the insured’s possession sustains losses or damage.
- Garage Keeper’s Liability Truck Insurance – Garage Keeper’s Liability Insurance comes into play when non-owned vehicles that are kept at business garages are damaged while being stored there.
It’s best to choose an insurance firm that specializes in truck policies, charges a fair price, responds quickly to communications, and has verified financial stability. Additionally, truck insurance purchasers should seek out agents who have established expertise, experience, and integrity. For truck owners and operators, having the proper truck insurance must be viewed as an exceptionally high priority.
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