Now that we know where to go to get insurance on commercial trucks, how do you know what kind to get? It’s best to play it safe when it comes to these kinds of vehicles, considering that so much depends on them, so while just the minimum liability for the state is required on them just like any other car, it’s best to think ahead and get more extended coverage.
Now, this applies even if you’re leasing your equipment. You may not be the one actually using your truck, but you’re still required by federal law to have primary auto liability, so that it’s covered if there’s an accident and someone’s injured or another vehicle is damaged. In most cases, the equipment provider will deal with this type of insurance, so you don’t have to worry about it.
You can also get physical damage coverage. This the law doesn’t require, but if you’re financing your equipment the financer just might. What it does is cover the damage to the truck or the trailer, and the premiums cost a percentage of the market value of the vehicle.
Then there’s cargo coverage insurance, which is just as important as the rest. This covers the damage or loss of any cargo being transported, and can save you from having problems beyond just your truck in the case of an accident. This coverage usually doesn’t extend to damage or loss when a truck is left unattended, and many insurance companies will put a cap on the amount of coverage you can get.
Terminal coverage protects cargo only at a specific location, and comes with a time limit (as high as 3 days) for loading or unloading. Warehouse legal extends this coverage for longer.
Cheers,
Fashun Guadarrama.