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Three Things to Know When Choosing Truck Insurance
As a semi truck driver, you own a very large vehicle that needs it own specialty insurance. The need for the right coverage is made to protect you and your vehicle as well as the drivers on the road around you. Since an eighteen wheeler is more than an investment, it is a livelihood, it is no wonder the a special type of insurance policy is needed.
However, there is much detail to truck insurance, and you could find yourself confused by all of the policy information and the great number of decisions you will have to make. In order to make your life and your choices easier, below is a compiled list of three things that you need to know when you are shopping for and purchasing truck insurance.
1. Unlike standard auto insurance, this type has to cover a vehicle that is being used for commercial purposes. This means that the insurance has to be more in-depth and detailed. Because of this, there are actually nine different types of policies you will need to consider in order to fully protect your truck. While only one of these types is required by law, the others are strongly suggested for the safety of you and your vehicle. Here is a short breakdown of each of types along with a short definition.
The type that is required by law is called commercial auto liability. This type of policy is made to protect other people who may be involved in a collision with your truck. If you are in a collision that is your fault, and the other party suffers property damage or personal injury, this policy will pay for the expenses.
Warehouse legal, cargo, and terminal coverage are all policies made to carry the load that you are transporting in various parts of the trip and storage times. If you are in an accident that damages this load, the insurance policies will pay for replacement.
Trailer interchange, non-owner trailer liability, and non-owner trailer physical damage are policies that are usually sold in a group package. These policies cover the actual trailer of your rig, whether you own it or not.
Non-trucking liability is a type of policy that will cover your truck when it is not in commercial use, or has not been dispatched to haul a load.
The final category is called physical damage, but it is easier to understand when compared to collision insurance for other regular vehicles. This is the policy that will pay for repair or replacement of your truck if you are involved in a collision.
2. While every state law is going to require that you have at a very minimum, the commercial auto liability coverage on your truck, the exact minimum required can be different from one state to another. When you choose your truck insurance, make sure you are aware of the minimum required in your state so that you can stay within the law. Otherwise, you could run into very large legal problems if you are involved in a collision.
3. Not all truck insurance policies will cover any personal belongings you keep inside. More than likely, you will have personal belongings with you since you could be on the road for several days and nights at a time. When you choose your coverage, you will need to find out whether or not personal belongings will be included. If not, you may want to consider adding it just in case you are a victim of theft or vandalism.
Personal belongings policies are, of course, not required, but they could save you a great deal of money, especially if you regularly keep quite a bit of your own items within your rig.
Because commercial trucks are more expensive, can accrue greater damage, and can cause greater damage, the types of insurances available and needed are quite different from standard auto policies. In order to make sure your truck is correctly covered, you will need to choose he right policies and you will need to make sure you have at least the minimum required coverage by your state laws. By choosing the right insurance, you could save yourself a great deal of money and stress in the future.
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