Truck Insurance
Commercial truck insurance is different from car insurance when it is used as a business vehicle. An independent owner-operator will also have a different type of coverage than someone who needs a business insurance package. Truck insurance also differs between local and long-distance freight drivers. Companies that offer commercial vehicle insurance may have plans for small fleets of ten vehicles or less and up to fifty vehicles. These are just a few reasons why you need an experienced agent to help you choose different options when insuring heavy goods vehicles.
What types of vehicles are covered by commercial insurance?
Commercial truck insurance varies by service provider and the amount of coverage required. Most sole proprietorship and fleet owners receive liability and cargo insurance coverage. Plans range from minimum limits to combined single limits (CSL). Most people think of trucks or delivery vans when they think of commercial trucks, but the truck insurance plan covers several types of weights and bodies, including:
– Garbage trucks
– Long haul trucks
– Delivery trucks
– Tractor / trailers
– Refrigerated Trucks
– Cisterns
– Motor transporters
Other types of commercial trucks, such as courier vehicles, light pickup trucks, and small vans, even if they are part of the fleet, are usually protected by your commercial insurance rather than your auto insurance. Part of your freight insurance depends on how the vehicles are valued. Commercial truck ratings include:
– Coverage requirements
– Driving history
– Truck type
– Cargo type
– USDOT authority
– Operating radius
How to save money on your commercial insurance?
Truck owners and fleet owners are not left out of the insurance discount market. There are a number of ways to reduce your monthly or annual car insurance premium as well as money saving incentives. Multi-vehicle packages are available for fleets, and there are insurance discounts for companies with long-term business experience or commercial drivers (CDL) if you are an independent owner / operator. Insurance companies provide individual vehicle insurance packages for:
– Rental compensation, including downtime
– Trailer exchange
– Liability insurance
– Liability for motor vehicles
– Liability of motor carriers