Commercial truck industry is one of the biggest and most diverse industry. Mainly due to the reason that commercial trucks are used for a variety of applications. Trucking companies are responsible for transporting household or standard goods, hazardous materials, fuel, refrigerated product, garbage, building materials and many more things.
Due to the varied application of usage, the insurance coverage amount for the vehicles will also vary. This varied specialized usage of commercial trucks have led to the rise of various different types of special insurances, like Progressive truck insurance review. Below we will go through some of the most common and typical types of policy you will find and need.
- Primary Truck Liability Insurance
Primary truck liability insurance is the one that the government wants all commercial vehicles to have. It provides financial coverage for damage costs and injuries in case of an accident where the truck driver was at fault.
Most companies provide this coverage to their employees and even independent operations are eligible for the coverage while they are under contract. However, they may require additional coverage to cover their personal assets or for the time they are not contracted.
- Physical Damage Insurance
For an independent operator, their most valuable personal asset is his or her truck. It is important for the truck to be in good shape and be well-maintained for most part. It needs to be repaired almost immediately to work in case of an accident.
Physical damage insurance makes sure that the cost of the damage caused is covered regardless of whether the driver was at fault or not.
- Non-Trucking Liability Insurance
As liability coverage is mandatory by law at all times to drive a commercial truck on the road and moto carriers case to provide protected to their independent contracted drivers after the end of contract, additional liability insurance becomes a necessity to buy. With the non-trucking liability insurance, drivers can get themselves covered without having to pay when they are already covered by the motor carriers.
- Comprehensive Truck Insurance
Comprehensive truck insurance is similar to physical damage insurance. Comprehensive coverage policies are the combination of physical damage, primary truck liability and other insurance policies that protect against circumstances, such as vandalism, theft or fire. If you want a complete coverage of your personal assets, a comprehensive policy is the perfect policy for you.
- Trailer Insurance
Usually independent operations/owners don’t actually operate their own trailers. Trailers are more commonly owned by actual shippers or trucking companies, so trailer insurance becomes a commodity included in motor carrier insurance policy. However, it is still important to differentiate trailer insurance from motor carrier insurance. Most basic truck insurance policy doesn’t typically contain insurance for trailers without additional specific provisions.
- Cargo Insurance
Similar to trailer insurance, it is something more beneficial for motor carriers, working as a blanket coverage for their business. There is no benefit for an independent trucker in this insurance policy as they will fall under the insurance policy of their hiring fleet if there is a cargo accident.
- Motor Carrier Insurance
Motor carrier insurance incorporates the same policies as mentioned above for their regular trucks, however, motor carriers usually have to cover all their vehicles that they employ. By bundling truck, cargo, trailer and general liability policies, the insurance companies can save a significant amount of annual premium.
If you are thinking about getting a commercial truck insurance, it is best that you do your research and find out which policy you want. You can also get into the details with the company that you are getting the insurance about. Various insurance companies have made their presence on the web and you can find their websites, such as this site, on the internet and choose an insurance policy.