Big truck insurance is specifically purposed for big rig. It means the policy is distinct particularly if we compare to regular auto insurance. A lot of people may think that both of them are just the same, but this is the truth. It can be seen from the types of coverage.
To prevent from endless arguing, this article will clarify the differences and what types of coverage that is best chose to protect our investment from accidents and loss.
About Insurance for Big Rig Trucks
The main difference between auto insurance and big rig insurance lies on their purpose. This insurance is particularly purposed for trucks utilized for commercial usage. Its policies then are purposed to protect the trucks so that the business owners are safe from a great loss causing them to fall into bankruptcy.
In terms of the risks, big trucks are exposed at more risks to get an accident or damage. We can see it from the size of the trucks and what they haul. The bigger size than common cars makes big trucks create a serious destruction when they are involved in an accident. That is the main reason for why big truck insurance is relatively more expensive than auto insurance in general.
Types of Insurance Policies
When it comes to the policies, insurance for big trucks not only covers bodily injury and property damage, but also the cargo that the trucks are carrying. We often see trucks driving on the high way. Many of them are hauling flammable liquids and other hazardous materials. For those reasons, the types of coverage are also different from general auto insurance.
Big truck insurance policy had better include one or two types of coverage. One of them is comprehensive insurance. This type of coverage is purposed to cover non-collision accidents like vandalism, smoke, fire, lightning, animals and other incidents.
When you have to face an unfortunate situation that causes you a great loss triggered by theft or destroyed items and damage, you will need to include replacement cost into your policy.
Only then, the hauled materials will be entirely covered and replaced if they are destroyed. However, liability insurance is the one that most truckers include into their insurance policies. Compared to two types above, liability is a lot cheaper and becomes the most recommended coverage of all.
Facts about Big Truck Insurance Market
Likely, market is the only similarity of car insurance and truck insurance. When it comes to purchasing this insurance, you will find that insurance policies are varied from one company to another. Of course, there are some factors that affect your insurance cost.
Mainly, it depends on the size of your big rig trucks and the hauled materials. The bigger the trucks are, the insurance cost is becoming higher. That also applies when the hauled materials are prone to be hazardous.
However, the market also provides you a great way to reduce your big truck insurance cost. No matter you likely get an expensive rate, there some types of discounts that you may be qualified in.
The most common discounts offered by insurance companies consist of multi-unit discount, completion of safety course discount, multi-policy discounts and renewal discounts.
Each insurance company offers you different type of discount. So, you had better shop around prior to making the last decision. To get you the best deal, you may begin with requesting quotes from A-listed insurance companies.
Make sure these companies are experienced in providing services of truck insurance. After the quotes are already obtained, compare them and you will find your best deal. Get any information you need including the available discounts.
If you stick to these processes, you will be able to find an insurance policy that meets to your need and budget. In the end, you can take advantage of this big truck insurance.