The truck insurance industry can be confusing for independent owner/operators and motor carriers alike.
There are tons of specialized policies to account for the vast variation and high regulation of the commercial trucking industry. While most of these specialized policies are designed to protect motor carriers and truckers from overpaying and being under-covered at times, unscrupulous agents can oftentimes trick customers into policies or coverage amounts they don’t really need.
Purchasing commercial truck insurance doesn’t have to be that confusing or expensive though-just keep in mind you need insurance to cover primary liability, your truck and your cargo. Once you know that, it can be easier to pick specialized policies geared toward your industry with a little more confidence.
One policy that every trucker and motor carrier should look at when assembling their truck insurance coverage is comprehensive coverage-here’s a little about why.
Comprehensive trucking insurance coverage is very similar to what comprehensive coverage is within your auto insurance. Just remember comprehensive means “all encompassing,” as such, comprehensive coverage is that little gem that pays you for your OWN losses in the event of an accident.
Comprehensive commercial truck insurance is the difference between having a wrecked, fixed or replaced vehicle in the event of an accident regardless of fault. If you don’t have it, you’re stuck with a wreck. If you do, your own investments are protected.
What Comprehensive Covers
Additionally, comprehensive coverage usually takes care of you financially if your truck gets damaged from trucks for trailers vandalism, natural disasters or fires.
What Comprehensive Won’t Cover
Comprehensive insurance for trucks won’t cover your cargo or oftentimes your trailer, unless the trailer is specifically listed in the policy. Since most independents switch trailers and don’t use the same one or even one they own each haul, it’s rare for comprehensive to include trailer damage.
Other Policies You May Need with Comprehensive Coverage
Primary Liability is a must by law. Most truckers will want to have some type of cargo insurance as well, such as general freight or a specific cargo coverage like produce hauler’s insurance.