Driving a commercial truck is undoubtedly different from driving a family sedan. Large, dangerous, and potentially uncontrollable, these big rigs allow Americans the freedom to enjoy their consumer goods. As an essential part of the U.S. economic engine, commercial trucks deserve special protection. Their role in keeping the consumer economy and other industries well and alive gives them the privilege of having special insurance protection.
Not all auto insurance companies are willing to take on providing coverage to big rigs. For many providers, these commercial trucks present more of a risk than what they are willing to handle. Their large size, strong engines, cargo, and the special skills needed to drive one can work against the insurance firms’ accepted risks. For these motorized behemoths, special truck insurance coverage is a must.
Insurance companies take into consideration several factors when coming up with rates or premiums for commercial trucks. Providers pay close attention to the age and condition of the vehicle. Well-maintained trucks are less likely to figure in an accident and are less likely to cause car crashes. Older trucks can also pose more danger especially if they are not well kept.
Of course, a newer big rig needs to be protected from a wide range of dangers, including natural disasters, unexpected damage, and even vandalism. Hence, truck insurance coverage should also include collision and even collision protection. Having these additional options can help save thousands in the long run. Older big rigs, on the other hand, can make do without these options.
Insurance rates for commercial trucks are also determined by companies based on the cargo they carry. Most big rigs transport consumer goods that may cost millions of dollars. Providers would often consider the value of the cargo being transported to come up with premiums. If a truck gets in an accident and the cargo are damaged or destroyed, then insurers may pay for the losses. This particular truck insurance coverage is convenient and recommended for businesses who rely greatly on their cargo getting to their destinations.
Finally, a good truck insurance coverage should also provide ample protection in case the trucks are carrying potentially toxic or dangerous materials. A mishap involving a commercial big rig transporting toxic materials can spell ecological disaster. To help minimize the potential damage brought by this situation, insurance companies often have to pay millions to clean up spills and avoid ecological tragedies. Insurers also have to protect they clients from any lawsuits resulting from such incidents.