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COMMERCIAL TRUCK INSURANCE
Whether you are an entrepreneur with one commercial truck or your company uses a fleet of trucks, you need commercial truck insurance tailored to your business and your risks. Perhaps you have drivers who make deliveries, or you have trained and certified commercial truck drivers who drive tractor trailers and deliver freight cross-country. No two businesses are alike in their use of vehicles, their specific risks and the amount and type of coverage needed. Businesses need to have truck insurance as various commercial truck risks run in the course of business –
1. About 130,000 people are injured each year in truck accidents
2. 70 percent of truck accidents report only property damage
3. 22 percent of truck accidents result in injuries
4. The average cost of a commercial truck accident is about 59,000 dollars
5. Progressive Commercial Truck insurance
Various discounts are available here which could save you up to 5 percent on your truck insurance quote.
a. Business Experience Discount – If your business has been up and running for more than three years, you’re eligible for the Business Experience discount, which could save you as much as 5 percent on your commercial truck insurance.
b. Commercial Driver’s License CDL Discount – If you have a Commercial Driver’s License (CDL), you can save 2 percent on your commercial truck insurance.
OOIDA
In addition to its aggressive representation on behalf of truckers, the Owner-Operator Independent Drivers Association offers a complete range of affordable truck insurance to small-business truckers. OOIDA is the most experienced commercial truck insurance specialist in the country and has been at the forefront of developing low-cost insurance products for owner-operators since the mid-1970s.
1st Guard Commercial Truck Insurance
1st Guard is an A rated commercial truck insurance company selling Physical Damage & Nontrucking Liability insurance DIRECT to truckers. The company claims to have the best rates, best claims service and best technology for truckers.
Sentry Insurance
Sentry Insurance boasts of customized trucking insurance coverages. As a leader in the trucking insurance industry, Sentry has the expertise to design the individualized protection of a company’s trucking operation needs. The insurance company also claims to give clients access to customized coverages, specialized safety programs and expert claims administration.
Like many auto insurance policies, commercial truck insurance comes with several types of coverage, each of which is specifically designed to protect your business and your personal assets from catastrophic loss. The coverage you need includes commercial truck liability insurance, physical damage coverage, uninsured or underinsurance motorists coverage and truck cargo coverage. In addition to these types of coverage, you will have many other options as you structure your policy to cover your specific concerns.
1. Bobtail & Non Trucking Liability
Non-Trucking Liability otherwise known as Bobtail is Commercial Auto Liability coverage that covers a specified unit while it is not under dispatch or operating in the business of trucking. This could be when you are taking the unit to the shop for transporting the unit from one motor carrier’s facility to another.
2. Commercial Auto Liability
This is the coverage that protects an insured from damages that may be incurred in a crash involving a covered unit. This coverage will pay for damages to physical property or for bodily injury to the extent that the insured is found negligent. The coverage can be written on a specified unit basis or can be blanketed for larger fleets. All motor carriers are required by FMCSA regulations to carry this coverage to protect the public from any damages caused by an insured unit. 49 CFR part 387.303 clearly spells out the limits of coverage that are required under different circumstances for those trucking companies operating as interstate carriers.
3. Physical Damage
Physical Damage Insurance is a general term for a group of insurance coverages that protect your vehicle. It includes Collision, Comprehensive or the more limited Fire and Theft with Combined Additional Coverage insurance.If you have a loan on your truck or want to fully protect your investment, you should choose Physical Damage Coverage.
4. Motor Truck Cargo
Motor Truck Cargo insurance provides legal liability coverage for truckers, whether common or contract, while they are transporting property of others. The policy protects the insured trucker and the covered property cargo. This insurance is protection as required under the Motor Carrier Act of 1935.
5. Occupational Accident
Occupational Accident Insurance covers eligible on-the-job accidents that owner-operators or contract drivers sustain while under dispatch or working on/around their truck. The coverage can be customized under this program to cover the unique risks motor carriers and drivers confront every day.
6. Trailer Interchange
Trailer Interchange coverage provides Physical Damage Insurance for trailers you do not own while they are in your care, control, or custody. If you have a trailer interchange agreement you need Trailer Interchange Insurance to protect you while you have the trailer or container in your possession since those trailers are not covered under your regular Physical Damage Insurance. The policy protects you if the trailer is damaged by collision, fire, theft, explosion, or vandalism. Trailer Interchange coverage is required by most Intermodal Shipping companies to protect their trailer/container while on the road.
Common questions
Who is insured under a commercial truck insurance policy?
The people covered under a commercial truck insurance policy can vary and are specified in the policy. Any employees that drive your trucks in addition to yourself are known as permissive users, and must be listed on your policy.
After I start a policy, how long does it take to get my filings issued?
Filings are usually completed within 48 hours of the request.
Does truck insurance cover personal use?
It depends. Coverage for the personal use of a commercial truck depends on whether the driver is operating under their own authority or they’re leased to a motor carrier. If they’re operating under their own authority, they’re covered for all personal use under their policy. If they’re leased to a motor carrier, they’re usually covered for business use only, but they could get Non-Trucking Liability insurance to cover their personal use.
What is bobtail truck insurance?
Bobtail truck insurance is a coverage that protects your truck when it’s being driven without a trailer for a business purpose, like a trucker returning to their depot after dropping off a trailer.
