Types of Commercial Truck Insurance You Need to Know
In a case where you are an owner-operator under a permanent lease of a truck carrier, you would need to know of the many commercial truck insurance you may utilize. You may need to choose the type of insurance you need depending on the type of lease agreement with the motor carrier. While some of the motor carriers tend to provide primary liability insurance cover, very few tend to offer any further coverage. It is essential to note that finding an independent insurance agent would help you ensure additional coverage that best meets your needs. You would need to note that primary liability insurance is not enough for a truck.
In a case where you operate a tractor without a trailer, you would need to consider bobtail insurance. Most people tend to confuse bobtail insurance with non-trucking liability insurance which tends to cover a truck when one is using it for personal use. Limited depreciation coverage is also essential and tends to come in where your vehicle is declared a total loss after an accident. It tends to come to cover the gap between what the insurance will pay and the fair market value.
Mechanical breakdown insurance on the other end tends to assist in the management of expenses that come with repairs. On the other hand, motor truck cargo insurance tends to come to provide coverage on commodity or freight and liability for cargo. This coverage tends to cover losses as a result of a collision, fire or even striking. Motor truck cargo insurance tends to be one of the best insurance ones should consider. Motor carrier insurance on the other end tends to be an essential insurance cover to any business using a truck permanently leased to it.
One would also need to know of motor truck general liability insurance. A general liability insurance cover tends to cover bodily injuries, property damage liability, personal injury, medical payment, advertising injury liability, seven or fewer days rented property coverage. Among the types of commercial trucks insurance coverage tend to vary depending on the provider. One would also need to know of non-trucking liability insurance earlier mentioned. The non-trucking liability insurance tends to provide cover for trucks privately used. On-hook coverage on the other end tends to come in to cover replacement and repairs of vehicles not owned by a business in the case of an accident.
One would also need to consider optional downtime coverage insurance cover that tends to cover your commercial truck any time it undergoes downtime. There is also a passenger accident insurance that comes in to cover the driver in a case where an accident occurs with an insured passenger on board. There is also a physical damage coverage that tends to come to protect your commercial truck just in case an accident such as collision, fire, theft and more happen. One would also need to know of supplemental towing and clean up an insurance cover. The supplemental towing insurance cover tends to come in to ensure additional insurance cover for towing as well as for cleanup. In a case where you fear that a non-owned trailer will get damaged, it would be essential to consider a trailer interchange agreement insurance cover.