Truck insurance protects the policyholder financially when an unforeseeable event results in the loss or damage of the truck during the delivery of products.
A small business or owner-operator providing trucking services must have commercial truck insurance. Insurance, typically geared toward larger businesses, may be expensive for a company that owns just one or two trucks. The alternatives available vary depending on the type of truck, the items being transported, the dangers involved, and the driver’s experience level. The insurance package you select for your company will probably include a variety of coverage kinds; knowing how they work will help you to determine the options you require.
Truck insurance benefits and features
A truck insurance policy has many advantages. Consider some of the essential characteristics of commercial truck insurance:
Cashless Garages:
Business truck insurance providers offer cashless garages. You can use it to get cashless truck maintenance services at a garage in the insurer’s network.
Claim Support:
In an emergency, the owner-driver of a motor truck cargo may contact the insurer’s support staff at any time for claim support. They work to answer all of your questions and assist you in adequately registering the claim.
No Claim Bonus:
A no-claims bonus, often known as an NCB, is a reward given to a business vehicle insurance policyholder for not filing any claims during the prior policy period. It is offered as a percentage discount that may be accumulated and used to obtain savings on the price of commercial truck insurance.
Add-On Covers:
To increase the security of a truck insurance policy, the best commercial truck insurance providers offer a range of add-on covers. It does, however, cost more for truck insurance. Zero depreciation coverage, roadside assistance, debris removal costs, etc., are a few of these add-on insurance options.
Reasons To Purchase Truck Insurance
Purchasing truck insurance coverage is crucial to be ready for any unexpected crises concerning the insured truck. Here are a few justifications for why getting commercial truck insurance is essential:
Compulsory by Law:
According to Indian Motor Law, it is a requirement that all trucks operating on Indian roads retain a current Liability-Only coverage. People who don’t have a policy that covers vehicle liability risk may face legal repercussions. If you want comprehensive insurance for your truck, you can choose to purchase a package policy.
Prevents Financial Losses:
Since vehicles are commercialized, any damage or loss incurred by or to the truck can inflict significant financial losses. Therefore, purchasing the best truck insurance for your trucks is better to prevent any financial damage to your company.
Make Plans for Unexpected Emergencies:
Unexpected emergencies may happen. They may result in death, damage, or loss of property (such as a vehicle) (truck driver). In addition, they could cause harm to a third party or lose anything. However, you can be well-prepared for any unfavorable events surrounding your business truck by having the truck insured.
What Does Truck Insurance Cover?
A commercial truck insurance policy covers the following situations for the insured truck:
Accidents:
It covers any loss or harm brought on by accident to the insured truck.
Fire:
This truck insurance protects against any losses brought on by a fire that damages the insured vehicle.
Natural disasters:
This pick-up truck insurance will cover any loss or damages brought on by natural disasters, like floods, lightning, etc., to the insured truck.
Vandalism and Theft:
The loss or damages resulting from it will be covered by this truck insurance coverage if the insured truck is stolen or vandalized in an unlucky incident.
Personal Accident:
In the event that the insured truck is involved in an accident that results in the driver’s injury or death, the commercial vehicle insurance provider will pay for the damages.
Losses to Third Parties:
This coverage will cover any injuries or property damage the insured truck causes to third parties.
Towing Disabled Vehicles:
This comprehensive truck insurance also covers any harm a car being towed by the insured heavy-duty truck may cause to a third party.
What Does a Commercial Truck Insurance Not Cover?
Commercial truck insurance providers do not always provide coverage for problems involving the insured truck. The list of exclusions included in a truck insurance policy is as follows:
Driving Without a Valid License:
If the owner-driver of the insured truck is discovered driving it without a current driver’s license, the damages incurred will not compensate.
Contributory Negligence:
Any damages to the insured truck brought on by the owner-negligence drivers will not be covered by the insurance provider. For example, you are driving a truck through the flood.
Drunk driving:
The insurance provider will not pay claims if the truck driver causes any losses or damages to himself, the truck, the truck, or a third party while operating the insured truck while drunk.
Consequential Damages:
This insurance does not cover losses or damages that the insured truck may incur that are not directly related to an accident or another covered event. As an example, truck engine damage is brought on by improper vehicle handling after an accident.
Types Of Trucks Covered by Truck Insurance:
All commercially operated trucks are covered by truck insurance coverage. Four main categories can use to categorize commercial trucks:
Mini Truck
The smallest truck size is one with an engine displacement of less than 1000 CC. It is also known as a micro-truck and is typically used for local, commercial, and hyperlocal pickups.
Light Truck
Also known as a light-duty truck, this type of vehicle is used to move goods between cities and has a payload of less than 1814 kg (4000 pounds). E-commerce businesses frequently use it for daily travel.
Medium Truck
Although larger than light-duty trucks, it weighs no more than 11,793 kilograms. It is typically used to transport more oversized items like furniture.
Heavy-Duty Truck
The largest truck size, also referred to as an Off-Road truck, is typically utilized for hauling and carrying building supplies.
Different Commercial Truck Insurance Plans
Commercial truck insurance providers offer two different types of plans depending on the degree of coverage:
Commercial truck insurance only policy
It only covers liability risks resulting from harms the insured truck causes to third parties and is known as a “truck insurance liability only policy.” It offers protection against harm done to a third party’s property or person by the insured truck or the vehicle it is towing. Additionally, it provides personal accident insurance for the truck owner-driver.
Truck Insurance Package Policy
By covering both personal vehicle damage and third-party truck insurance, this commercial truck insurance offers total protection for the covered truck. It also covers any loss or damage to the insured truck resulting from fire, accidents, natural calamities, vandalism, or theft. This coverage is in addition to the coverage for third-party person & property damage. This policy offers the owner-driver of the truck personal accident coverage, much like the liability-only plan does.
Different Types Of Coverage:
Basic Coverage
Collision insurance and comprehensive insurance make up the foundation of coverage. If you have an accident and cause damage to another car in addition to your own, the collision damage insurance will pay for both. Like standard auto insurance, comprehensive insurance pays for repairs to your vehicles up to a specific maximum value when not the result of an accident.
Comprehensive Coverage
Commercial trucking insurance providers have a wide range of specialized alternatives. You require insurance covering every eventuality that could affect your truck while keeping the cost within your budget. For example, the trucker who transports merchandise on behalf of clients requires commercial motor liability coverage in addition to standard insurance, which covers bodily injury and damage to third parties’ property. The cost of cargo insurance is based on the kind and value of the cargo and covers loss or damage to the cargo.
Non Trucking Coverage
Bobtail insurance, non-trucking liability coverage, occupational accident coverage, and coverage for personal goods in the truck are coverage types unrelated to cargo transportation. Following the delivery of the truck’s load, bobtail insurance is required if the truck is being used for personal purposes or is driving without a trailer or freight. It is comparable to non-trucking liability insurance, which is used when a vehicle is not towing a trailer or hauling freight. In addition, owner-operators are protected against accidental death or dismemberment while driving a truck by occupational accident insurance.
Premiums
The insurance premiums for the plan you select are due each month in advance. If you purchase the insurance through the dealer, payments may be merged with truck payments, although this option may cost more than purchasing straight from an insurance provider. For the duration of the policy’s life, premiums are due. You can cancel at any time, and it won’t harm your credit score, but you’ll still be responsible for paying any premiums that are past due before the cancellation takes effect. If you or your driver has a poor driving history, your premiums may be higher.
Whether leased or operating on the authority, owner-operators can get commercial truck insurance through Commercial Coverage Plus. We offer the most comprehensive coverage in the industry for trucks at highly affordable prices.
What are additional coverage options there for truck insurance?
Every commercial truck insurance policy has a few add-on covers that may be used to supplement the current protection provided by the policy. A higher premium must be paid to provide more coverage, though. The add-on coverages that commercial truck insurance providers provide are listed below:
Zero Depreciation Coverage:
This option guarantees that you will get the complete claim amount without any deductions for the truck’s age or for items that have been repaired or replaced.
Roadside Support:
If there is an emergency while driving, you can use this coverage’s roadside assistance service. These services range from spare keys to flat tire help, battery assistance, basic repairs, and fuel assistance.
Return to Invoice:
Your ability to collect a claim amount equal to the invoice cost of the truck at the time of purchase is made possible by this coverage, which bridges the gap between the market invoice value and the IDV of your truck.
No Claim Bonus Protection:
This program ensures you can keep your NCB even if you filed a claim in the prior policy year.
Engine and Gearbox Protect:
With this plan, you can increase the scope of your insurance coverage by shielding the truck’s engine and gearbox against incidental harm.
Revenue Loss:
With this insurance, you are protected against any revenue losses due to the insured truck being repaired in a garage.
Debris Removal Expenses:
This insurance covers any costs associated with clearing the scene of the accident, cleaning up the mess, or shifting products from the insured truck to another vehicle if the truck is no longer fit to transport them.
Get The Budget Friendly Commercial Truck Insurance Coverage
We at the Commercial Coverage Plus in Holbrook, New York work with big and small business owners to create unique commercial truck insurance coverage.
Tractors, pickup trucks, tow trucks, box trucks, dump trucks, vans, and many other commercial vehicles can all be insured for commercial transportation with our help. In addition, we can assist you with whether you need a more basic policy or need to add cargo coverage, liability, rental reimbursement, or trailer interchange.
There are limitations and exclusions in every commercial truck insurance coverage. You must comprehend your coverage, and our neighborhood representatives take the time to review the details so you can choose wisely. You can reduce your commercial vehicle insurance’s monthly expenses by choosing the appropriate coverage levels, limits, deductibles, and optional coverage.Our top priorities as your business partner are to give you the best insurance value for your money and give you excellent customer service. So our experts balance your needs with budget-friendly programs offering unparalleled coverage and protection.
Getting the right insurance if you want to protect your trucking company or yourself as a driver for hire is essential. Insurance doesn’t have to be an expensive expense, whether you require primary truck insurance or add general liability; adding it to your business expenditures could help you withstand the financial weight of an accident or disaster.
An insurance professional will take the time to walk you through types of coverage and explain your alternatives. However, Primary is also necessary. General liability may be suggested or required, and any additional endorsements will strengthen your protection.
At Commercial Coverage Plus, all the professionals live and work in the neighborhood and put in a lot of effort on behalf of the clients. We are always willing to assist and ready to go above and beyond the call of duty. We’ll go the extra mile for you, so call today to see if you can find a better deal on commercial truck insurance.