Understanding How Commercial Truck Insurance Works?

Are you confused about the concept of commercial truck insurance? Don’t scratch your head anymore, this blog caters to your confusion. Here you will read a complete discussion of how commercial truck insurance works.

As you know, commercial trucks work to transport goods from one place to another. They help to transport raw materials and finished goods in a faster manner. As they continuously function, these trucks are more inclined towards various risks on the road or any major wear or tear. All risks are indirectly related to a cost that can burn your pocket and you may have to stop your trucking business. That’s why commercial truck insurance comes into play to save your business. Good comprehensive truck insurance is to make sure that your commercial business runs smoothly without any hurdles. As you have read about some basics of commercial truck insurance, let’s know about areas in which this insurance coverage is needed.

Some of the Areas For Which Commercial Truck Insurance Works

  • Container hauling
  • Any Moving company
  • Delivery of frozen food or grocery
  • Automotive hauling
  • Livestock movement
  • Delivery of appliances
  • Delivery of furniture
  • Transfer of dirt, sand, or marbles

What Types of Vehicles are Covered Under Commercial Truck Insurance?

There are numerous types of transportation of things that need commercial truck insurance to protect their vehicles. Some are stated below:

  • Flatbed Trucks
  • Dump Truck
  • Tow Trucks
  • Box Trucks
  • Moving Trucks
  • Tractor Trailers
  • Tank Trucks
  • Cement Trucks

If your type of truck is not listed here, don’t worry, there are many more. Any vehicle that you use to transport things from one place to another comes under this category. 

What Types of Risks are Covered Under Commercial Truck Insurance?

This type of coverage will cover the cost of risks like injuries and medical expenses for the injured person in the truck accident. 

  • It will also cover the legal expense to safeguard you from any third-party action against you. 
  • You will get the cost of damage to the insured vehicle from any kind of collision, theft, or fire incident.
  • You can also get coverage for goods that are damaged or lost during hauling.

Rates of Commercial Truck Insurance

You can easily get the details of prices of commercial truck insurance via online quotes from different platforms. You can calculate the estimated cost by entering some of the given details:

  • Types of carrier
  • Registration details
  • Vehicle details
  • Weight of the vehicle
  • Driving record
  • Geographical location 

As a customer, you can easily compare the different truck insurance rates as per the requirements. You can do payment by any online payment mode after sending the required documents via email. As you have read about the vehicles to be covered, risks associated with the trucks, and prices depending on the factors. Now let’s have a look at the types of truck insurance to know how it works under different circumstances.

Types of Commercial Truck Insurance

Liability Insurance

This type of insurance provides coverage for injuries or damage done to other people or their property if your truck is the cause of the accident. The bodily injury part of the coverage may pay for the hospital bills or any long-term injury payment. The property damage part covers the cost of repairing or replacing the damaged items including vehicles, equipment, and buildings. You can also get to cover the defense cost if a third party sues you in an accident. 

Physical Damage Insurance

Physical damage insurance is to protect your vehicle. This includes collision coverage as well as comprehensive coverage which is related to incidents like fire or theft.

Collision insurance will cover the repair or replacement cost associated with the insured vehicle. Comprehensive coverage will protect your vehicle if it is damaged under a fire incident or in any case of theft. It is related to non-collision incidents. 

Medical Payments

It is to give you financial assistance for the medical expenses of the driver or other passengers injured in the accident.

Trailer Interchange Insurance

This insurance coverage is to provide physical damage insurance for trailers pulled under the agreement of trailer exchange. It will protect you if your trailer is damaged by theft, fire, explosion or vandalism, etc. 

Uninsured Insurance

This will protect you in any accident with anyone who doesn’t have an insurance policy or doesn’t have enough coverage to protect you from theft, collision damages, or vandalism. 

Non-Trucking Liability Insurance

Non-trucking liability insurance is to cover your vehicle within an unlimited radius for the trucks that are under permanent lease to a motor carrier. This will cover expenses of injuries or property damage. 

Motor Truck Cargo Insurance

This one is very important as it covers the goods to be hauled in the vehicle especially when you are transporting some expensive things. If the load gets damaged due to theft, fire, collision, etc. You will also receive coverage for the cost related to the defense or settlement of claims. 

Worker’s Compensation

This is one of the mandatory types of insurance coverage required by many industries. It will cover the cost of medical bills and wages if the worker is injured during work-related accidents. 

Details to Give to Get Online Quotes 

You can get quotes from any e-portal related to truck insurance if you are interested to buy one. You need to input the following:

  • Type of insurance policy
  • Name of the insured
  • Period of insurance from and to
  • Type of business
  • Geographical location to and from
  • Goods to be transported
  • Sum insured
  • Mode of packaging and transit
  • Basic contact details with address

Once you are ready to get the online quotes from various providers, make sure to gather the following items:

  • Present policy declaration page
  • The vehicle identification number
  • The license number of the driver
  • Driving history of all the truck operators

Make sure you give all the information accurately to get the claim in the time of need hassle freely. 

Bottom Line

That’s all about the whole information related to any commercial truck insurance. You can easily understand all the basic details given here before you choose a suitable policy. It’s always advisable to learn about each and everything to get the ease of claiming process in the future. Also, you need to check the insurer’s reviews and customer service support details before you partner with them. This will help you to easily get the claim whenever you need it. 

If you still have queries related to truck insurance, feel free to contact us…We will serve you happily!

Sandra Johnson

Sandra Johnson

Sandra Johnson was a few years out of school and took a job as a life insurance agent in California, selling coverage door-to-door for Prudential. The experience taught her about the technical components of insurance and its benefits for individuals and society, as well as the misunderstandings people often have about insurance. She has over ten years’ experience in the insurance industry, having worked as both a Broker and Underwriter, assisting clients across a broad range of industries. At Insurance Noon, Sarah diligently gathers all the required information and curates up pieces to provide meaningful insurance solutions. Her personal value proposition is to demonstrate a genuine interest in always adding value for clients.Her determined approach to guiding clients has turned her into a platinum adviser to multiple insurers.

Insurance Noon is the world's leading source of insurance related content on the web, focusing on industry news, buying guides, reviews, and much more.