Types of Commercial Truck Insurance & Choosing What is Best for You
If you are an owner-operator under permanent lease to a motor carrier, there are many types of commercial truck insurance you may want to consider. Your specific insurance needs may be determined by the lease agreement you have with your motor carrier. Often the motor carrier will provide Primary Liability insurance coverage, sometimes further coverage, but you can often find a better deal on additional coverage when you work with an independent insurance agent to shop the market. There are many types of commercial truck insurance that can provide additional coverage your Primary Liability insurance cannot.
Types of Commercial Truck Insurance
- Bobtail Insurance. Provides protection for a tractor when it is operated without a trailer, whether under dispatch or not. This can often be confused with Non-Trucking Liability Insurance, which covers your vehicle when you are using it for personal use.
- Limited Depreciation Coverage. If your vehicle is declared a total loss after an accident limited depreciation coverage can help to cover the gap between the fair market value that the insurance will likely pay out and what you owe on the vehicle, or the cost to replace the vehicle.
- Mechanical Breakdown Insurance. Provides coverage to assist in managing out of pocket expenses when repairs arise.
- Motor Truck Cargo Insurance. Provides coverage on freight or commodity and liability for cargo. Out of the types of commercial truck insurance, motor truck cargo insurance is a great option for for-hire truckers. This option can include coverage for losses that occurred from fire, collision, or striking. Sometimes this also includes coverage to pay for debris removal and prevention of further loss to damaged cargo, legal defenses, and freight charges lost by the customer.
- Motor Carrier Insurance. Provides protection for your trucking business when you are using permanently leased independent contractors.
- Motor Truck General Liability Insurance. Provides coverage for motor carriers or for-hire truckers. Covers bodily injury, personal injury, property damage liability, advertising injury liability, medical payments, product & completed operations, and seven days or less coverage for damage to rented properties. Types of commercial truck insurance coverage for Motor Truck General Liability Insurance will vary by plan and provider.
- Non-Trucking Liability Insurance. Provides coverage for the use of a truck for non-business purpose when using your truck on days off.
- On-Hook Coverage. Provides coverage of repairs, or replacement, of vehicles that are not owned by your business if they are damaged by collision, fire, theft, explosion, or vandalism when they are towing or hauling.
- Optional Downtime Coverage. Coverage that takes effect when your commercial truck undergoes downtime.
- Passenger Accident Insurance. Provides coverage for the driver if an accident occurs while an uninsured passenger is in the vehicle.
- Physical Damage Coverage. Provides coverage to protect your commercial vehicle when physical damage occurs, including collision, comprehensive, fire and theft, and more.
- Supplemental Towing and Clean Up. Provides additional insurance coverage for towing businesses and cleaning up of pollutants and other debris.
- Trailer Interchange Agreement Insurance. Provides coverage for damage to non-owned trailers when they receive physical damage.
Brad and Holly at Commercial and Farmers Insurance Services understand that with so many types of commercial truck insurance available it can be overwhelming and confusing to understand what you need for your specific situation. We are available to help you make the best choice.
Over the years, Commercial and Farmers Insurance Services has worked to expand our insurance offering to where we are now your one-stop shop for all your insurance needs. We want to help you make sure that you have your truck covered for all possibilities. Call us today to speak with Brad or Holly to discuss your insurance needs and the products we offer, we can explain the types of commercial truck insurance and assist you in choosing what is best for you.