Everything that has a motor has to be insured. Commercial trucks are no different. But what kind of commercial truck insurance is best for you and why is it important?
Commercial truck driving is a lucrative business. One can work for a major company or be an independent contractor and work for hire. Commercial truck drivers can work alone or in groups, as well. There are several types of commercial truck insurance plans for drivers. The most important motor coverage is primary liability, which can cover a driver across state lines. Primary liability is required for all drivers. Tractor-trailers need, at most, $750,000 in coverage to operate. In the case of an accident, this type of coverage is used to cover property damages and bodily harm. An individual’s driving record, desired coverage, and the type of business operation can determine premiums.
Motor truck cargo insurance is another type of safeguard specifically for for-hire truck drivers. It is meant for liability in case your cargo is lost or damaged because of fire, collision, or load striking. It also covers debris removal and pollutant extractions from the road and water. When you buy a policy, you set a limit. It is not legally required, but the company you work for may request that you get it. Types of vehicles covered by this safeguard include dump trucks, box trucks, cement mixers, cargo vans, and car haulers. It does not cover garbage trucks, limousines, hearses, buses, passenger vans, or ice cream trucks. Vehicles that carry pharmaceutical-related items, live animals, and art items are also not covered.
Insurance can be bought either individually or through an employer. It can be issued to you the same day. It may also take up to one week, depending on the case log and information needed to proceed. Not having insurance for a moving vehicle can have negative consequences for the driver, from suspended licenses to jail time.
Payments are also accepted in many forms, especially check, credit card, and money order. Some can be paid over the telephone, online, or by mail. Check with your insurance carrier on what payment types are accepted, how they are accepted, and if there is a charge for paying commercial truck insurance by telephone or online, as some may charge a nominal fee.
Whoever you get your coverage from, make sure they are reputable. Ask around with other truck companies, check out other customers’ reviews, the Better Business Bureau, and state agencies. Choose a company that has grown over the years and is willing to grow with you and walk you through the process. More importantly, choose a company that, preferably, specializes in truck and fleet insurance. That can make a difference for claim purposes!