- July 19, 2023
- Posted by: Sergey Grushetskiy
- Category: Semi Truck Insurance
Having commercial trucks on the road is crucial for the efficiency of our supply chains — and the overall good of our economy. Their size, however, makes them a big risk. Any type of collision is going to be costly.
According to the National Highway Traffic Safety Administration, there were 523,796 large truck accidents in 2021. Some of these are more serious than others, and they do not all come at the hands of the driver. While driver fatigue can play a role, other vehicles on the road, poor weather conditions, and various hazards can also increase risk.
Understanding the basics of commercial truck insurance can ensure that you have the protection you need when you get behind the wheel.
Why You Need Commercial Truck Insurance
When you purchase a typical insurance policy for your motor vehicle, you are covered every time you drive it. It does not matter the day, time, location, or conditions. Should something happen, you know your policy will cover you.
Commercial truck insurance is different.
You are carrying cargo that could be damaged if an accident occurs. Will it be covered by the policy you have? If you are driving the truck outside of your working hours, will you be covered if an accident happens? These are just a few of the many things that you need to consider before you invest in your insurance policy.
Types of Commercial Truck Insurance Coverage
Different types of commercial truck insurance coverage are available — and all or some may be exactly what you need. This is why it is so important that you take the time to review your options, understand what it is you need if you are a lease-on owner, for instance, and do your research. Feel confident that you have the protection you need should that time arise.
Below you will find a few of the different coverage types.
Big commercial trucks have the capability of causing a lot of damage to other vehicles and property. This makes liability coverage a must when it comes to insurance. And, according to the Federal Motor Carrier Safety Administration (FMCSA), it is an absolute must — starting at a value of $750,000. Though many drivers have liability coverage much higher.
Physical Damage Coverage
Again, because of the risk of potential damage, coverage for this is also important. Physical damage coverage will cover any damage that occurs to your truck, whether due to an accident or because of a theft.
The cargo you are carrying can be lost or damaged in the event of an accident or as the result of a theft. Having a policy that will protect you where you travel and what you haul is also very implant. Another thing to consider is the cost of cleaning up any debris should it be necessary.
Uninsured Driver Coverage
Believe it or not, there are more drivers than you could imagine driving around without insurance. In the event of an accident that they cause, their insurance will not be able to cover the damages you incur — leaving you responsible.
The Costs of Commercial Truck Insurance
The cost of commercial truck insurance can vary greatly, as it will depend on many different factors. In other words, it is not a one-size-fits-all package. The company you choose for your insurance, the coverage you opt for, and more can all play a part in how much you can expect to pay.
Insurance companies will look at your commercial truck, your driving record (including prior accidents), your age and experience, and your history with your previous policies.
The good news is that you can always shop around for commercial truck insurance.
Need Commercial Truck Insurance?
Sometimes it can be helpful to turn to those who have commercial truck lease-on owner-operator insurance experience in order to find the right coverage at the right price. At 10-4 Financing, that is exactly what we offer you.
Contact us today for a quote.