Truck insurance is a little different from ordinary auto insurance because it does not only cover the truck and driver. Usually, this type of policy also includes the trucking company, cargo, and other specific instances that are not applicable to automobile coverage. As a truck driver or owner, you should know and understand what types of policy package will fit the needs of your truck under certain circumstances.
The most common and probably cheapest truck insurance is primary liability insurance. This is similar to the more familiar liability coverage for auto insurance since it also pays property and physical damages of the other party in case of accidents. However, a stark difference would be in rates. Since trucks have a higher possibility of damaging another vehicle and injuring people in an accident, insurance coverage is higher.
Truck drivers are only allowed to drive legally if their truck has $750,000 worth of insurance coverage. In case of an accident and a trucker was at fault, any damaged property and physical injury from another party will be paid by his policy. However, if coverage was not enough, an injured party’s lawyer may obtain compensation from the driver’s savings or credit account. Because of this, many truck drivers do not only apply for minimum liability insurance. They can also get greater degrees of liability coverage that would shoulder their own expenses because of an accident.
Another type of truck insurance package is general liability insurance. Unlike the first one, this policy covers trucks when it is off the road. Because the main purpose of trucks is for cargo transport, much time is spent in warehouses and parking lots. In instances like this, accidents such as a bump between a vehicle and your parked truck can never be prevented.
Vandalism and theft are also common especially in cases of parked vehicles. That is why you need protection to avoid spending a fortune trying to repaint or fix your truck; insurance will provide you financial assistance. If you are interested in this type of coverage, you can ask several companies for offers or quotes.
If your truck is transporting valuable cargoes, you may need to get this kind of policy package – motor truck cargo insurance. Unlike ones discussed earlier, this insures the cargo your truck carries. If an accident happens and cargo gets destroyed or stolen, a surety company will compensate your loss.
Those are only some of the truck insurance packages around. Plenty more are out there, just make sure you look for the best offers along with best service.