WHAT IS COMMERCIAL TRUCK INSURANCE & HOW MUCH WILL IT COST YOU?
WHAT IS COMMERCIAL TRUCK INSURANCE?
Commercial truck insurance is a type of insurance that provides coverage for trucks and other commercial vehicles used for business purposes. This type of insurance is typically purchased by businesses that own and operate commercial trucks, such as trucking companies, delivery services, and contractors.
WHAT COMMERCIAL TRUCK INSURANCE COVERS
Commercial truck insurance covers a range of risks that are associated with operating commercial trucks, which are often used for business purposes. Here are some common types of coverage that are typically included in a commercial truck insurance policy:
Liability coverage: This is the most basic form of commercial truck insurance and is required by law in most states. Liability coverage provides protection for bodily injury or property damage that occurs as a result of an accident caused by the truck driver. It covers the cost of legal defense, court fees, and settlements or judgments against the insured.
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Physical damage coverage: This coverage protects the commercial truck itself from damages caused by collisions, theft, fire, vandalism, or other covered events. Physical damage coverage typically includes collision insurance, which pays for damages to the truck in the event of a collision with another vehicle or object, and comprehensive insurance, which covers non-collision incidents, such as damage from theft or natural disasters.
Cargo insurance: This type of coverage protects the cargo being transported by the commercial truck. It covers loss or damage to the cargo due to theft, fire, or accidents.
Medical payments coverage: This coverage provides payment for medical expenses incurred by the driver and passengers of the commercial truck in the event of an accident, regardless of fault.
Uninsured or underinsured motorist coverage: This coverage provides protection against drivers who do not have sufficient insurance or do not have insurance at all. It covers damages or injuries caused by uninsured or underinsured drivers.
The specific coverage included in a commercial truck insurance policy will vary depending on the needs and risks of the business. Commercial truck insurance is essential for businesses that rely on commercial trucks for their daily operations, as it protects them from financial losses due to accidents, theft, or other incidents.
WHAT COMMERCIAL TRUCK INSURANCE DOESN’T COVER
While commercial truck insurance provides coverage for a range of risks associated with operating commercial trucks, there are certain types of damages and losses that are not covered under most policies. Here are some examples of what commercial truck insurance typically does not cover:
Intentional acts: Commercial truck insurance policies do not cover damages or losses that are intentionally caused by the insured or the driver of the commercial truck.
Personal use: Commercial truck insurance policies only cover commercial use of the vehicle and not personal use. If the driver of the commercial truck is using it for personal reasons, any damages or losses that occur during that time may not be covered by the policy.
Wear and tear: Commercial truck insurance policies do not cover the normal wear and tear of the vehicle. Maintenance and repair costs are the responsibility of the business or owner of the commercial truck.
Overloading: Commercial truck insurance policies may not cover damages or losses that occur due to overloading or exceeding weight limits. Businesses or owners are responsible for ensuring their trucks are not overloaded and adhere to weight limits.
Employee theft: Commercial truck insurance policies may not cover theft or damages caused by employees or others who have been entrusted with the truck or its cargo.
Certain types of cargo: Some types of cargo may not be covered by standard commercial truck insurance policies, such as hazardous materials or livestock. Specialized insurance may be required for these types of cargo.
It's important to carefully review the terms and conditions of a commercial truck insurance policy to fully understand what is and isn't covered. Speak with your insurance agent or broker for more information and to ensure you have the appropriate coverage for your business's needs.
HOW MUCH IS COMMERCIAL TRUCK INSURANCE?
The cost of commercial truck insurance varies depending on several factors, including the type of truck, the cargo being transported, the driving history of the truck driver, and the coverage needed. Here are some of the factors that can affect the cost of commercial truck insurance:
Type of truck: The make, model, and year of the commercial truck can affect the cost of insurance. Newer, more expensive trucks may cost more to insure than older or less expensive models.
Cargo being transported: The type of cargo being transported can also affect the cost of insurance. Hazardous materials or high-value cargo may require additional coverage, which can increase the cost of insurance.
Driving history of the driver: The driving record of the truck driver can also affect the cost of insurance. Drivers with a history of accidents or traffic violations may be considered high-risk and may have higher insurance premiums.
Coverage options: The types and amount of coverage selected will also affect the cost of commercial truck insurance. Policies with higher limits and additional coverage options will typically cost more than basic policies.
On average, commercial truck insurance can cost anywhere from $5,000 to $15,000 per year per truck. However, the cost can vary significantly depending on the factors mentioned above. It's important to shop around and compare quotes from different insurance providers to ensure you are getting the best coverage for your business at the best price.
