Commercial truck insurance provides protection for the driver and their rig. After a truck accident, the driver or the trucking company files an insurance claim to get funds to cover accident injury expenses and vehicle repair costs. All commercial trucking companies need adequate coverage. Here are eight questions to ask before getting truck insurance.
1. How Are Premiums Calculated?
Insurance premiums are calculated according the total value of the vehicles, the liability coverage amount, and the total number of trucks added to the insurance policy. Insurance carriers help calculate premiums for coverage for accident insurance for truckers.
2. Does the Insurance Cover Non-Business Hours?
No, an accident that happens during non-business hours is not covered by commercial vehicle coverage. Trucking companies must restrict operations during business hours and ensure they have adequate coverage if an accident happens.
3. Does the Insurance Cover the Truck and Trailer?
The trucking company can get insurance to cover both, but the standard policies cover the truck only. Owners need coverage to include the trailers and cargo in the trailers during transports.
4. How Are Insurance Claims Managed?
The insurer collects information about the accident and the injured party. All invoices for the victim’s medical expenses or auto repair costs are submitted to the insurer, and a claims adjuster visits the scene of the accident and reviews the vehicle damage.
5. Are Discounts Available?
Discounts are available for safe drivers, and the insurance carriers offer multi-vehicle discounts when a trucking company adds its entire fleet to the insurance policy. Companies that add these policies to an umbrella policy might see additional savings on their monthly premiums. Short-distance transports can also lower the monthly premiums, and if the company doesn’t leave the state, they might save more than companies that drive nationwide.
6. What Are the Basic Coverage Requirements?
All states have a minimum mandate for auto insurance coverage, and the trucking company must meet these minimums when buying liability coverage. They are not limited to liability coverage, and if the fleet trucks are financed by loans, the owner must have additional coverage. Most standard commercial vehicle policies include general liability and primary liability coverage that offer protection for trucking companies and owners/operators who use fleet trucks.
7. How Long Does It Take to Update the Policy?
Most policy updates appear on the commercial account as soon as the customer provides the information. However, if they update information online, it could take a day or two for the online records to reflect these changes. Vehicle owners can add or remove fleet trucks from their insurance policies or increase coverage amounts as needed. When the trucking company hires a new driver, they can add the driver to the policy to get protection for the driver immediately.
8. Are Combined Deductibles Available?
Combined deductibles cover both general liability and primary liability coverage policies. The trucking company won’t have to pay two separate deductibles if their drivers are involved in an accident. This could save money on their deductibles if an accident happens.
Commercial truck insurance offers payments for accident costs for the trucking company and the victims involved in the accident. All trucking companies need coverage to protect against possible personal injury claims and financial losses. Learn more about commercial truck insurance from a local carrier now.
