A lot of people make the mistake of assuming that truck insurance policies are just like the regular car insurance policies that abound the market these days. This is just not true at all. Even if both types of policies aim to provide protection and coverage in the event of vehicular accidents, there are still differences that make them distinct from one another.
One huge difference is in the fact that most truck insurance policies are of the commercial type. Rarely would you find a truck being operated outside the commercial setting. Most trucks that you would find on the freeway are indeed being used for commercial purposes. From the delivery of fruits and vegetables to the successful cargo of motorcycles and vehicles, it is obvious that these trucks are being used to foster the successful operations of corporations and enterprises.
Another difference is in the obvious fact that trucks are way bigger than the usual cars we see being driven on the freeway every day. Since these trucks are way bigger, then they would have more mass and power, which leads to more serious destruction in the making, should a vehicular accident take place.
The types of coverage offered by these policies also differ hugely. Car insurance policies just take care of damages and injuries incurred by the driver. Depending on the coverage that you take out, these damages and injuries could also extend to that of the other party – whether this be another driver or an object or property. Truck insurance policies, on the other hand, need to take into account the cargo that it was carrying, too. Looking at the trucks frequenting our highways, there will indeed be some of them carrying flammable liquids and other hazardous materials. If these products and materials are mishandled in any way, the effects would inevitably be disastrous, and this is something that the insurance companies need to cover as well.
These are just some of the differences that these two policies constitute – but these are more than enough to set them completely apart.
The rates of truck insurance policies also differ from one company to another. The charges here are greatly dependent on the size of the insured truck, as well as the load it is assigned to carry. Obviously, if your truck carried materials or products that are combustible and flammable, there will certainly be higher risks of collateral damage in the event of a vehicular accident. Thus, this would come with higher monthly premiums.
By keeping all of these factors in mind, you will then have a clearer idea of what to expect when shopping for coverage for your commercial truck.