Insurance for trucks is particularly for truckers or business owners who use trucks as commercial equipment. It becomes highly essential to get the trucks protected against accidents and loss. Since the coverage extensions of one’s personal auto policy does not include the trucks, we have to purchase it separately.
When we are to purchase truck insurance, we need to be aware of the insurance coverage and cost. A lot of people find it more expensive than car insurance, so we have to be wise when determining the coverage that meets to our need, but we still can afford it. This information below will help you a lot to get the best decision made.
Generally, there are three types of coverage, but when you are looking around insurance companies, these three types may have different names, but the aims are still the same. The details of the coverage sometimes are different from one to another depending on the provider.
First, the Federal Regulations require you to carry liability insurance. It protects you against the third party’s claim for his/her bodily injury. It is needed for both leased trucks and trucks under your authority. Nevertheless, this coverage of insurance for trucks does not protect you against loss and damage.
Then, you will need physical damage coverage that is used to protect you trucks when you are involved in an accident. This is an optional coverage so it is not mandatory, but if your trucks are leased or financed, perhaps the lien holder will require you to carry this coverage.
There are some other types of coverage that you may need to consider. They consist of non-trucking liability, trailer interchange liability and owned trailer liability. You have ever heard deadhead coverage, and this is just another name of non-trucking liability.
This coverage of insurance for trucks protects you against an accident when your trucks are delivering items or not under dispatch.
Talking about the amount, it depends on your budget allowance. However, liability insurance has the minimum amount. It is the least amount that you are mandatory to carry to make you legal on the roads.
However, the amount of physical damage coverage is based on the value of your trucks. Its cost is obtained from the percentage of the total value of the equipment. If you want to include this coverage of insurance for trucks, be wise when determining its amount.
Only with sufficient protection, your equipment is entirely protected. Fewer amounts, on the other hand, will just spend money without any benefits.
Cost is the second thing you have to take into consideration since it closely related to how much you can afford your truck insurance. Not to mention, truck insurance cost is generally more expensive than common auto insurance.
The cost you get will vary depending on several factors and the insurance company. Primarily, if you want to get low cost, you have to employ drivers with good driving records. One driver with bad record results higher cost of insurance for trucks.
Not to mention, when you decide to carry more than required coverage, it affects your insurance cost. Especially, if you carry physical damage and your equipments apparently have high values. The distance travel impacts your insurance cost as well.
Of course, in the end want to get the low cost, but we carry more coverage. Each of us stands a chance of obtaining low cost insurance but with several conditions. Experienced drivers with good driving records are incredibly required.
Then, you will need to compare quotes between some companies. Quotes tell you more than what are advertised. With accurate quotes, you will get the best quote with better coverage of insurance for trucks.