Thursday, April 7, 2011

Commercial Truck Insurance - The Good, The Bad and the Ugly.

Commercial Truck Insurance Varieties To Be Aware Of

Author: Patrick Winchester

Commercial truck insurance can seem overly complicated at first glance, but it's only because the truck industry itself is so diverse. It's not so complicated; there are just many specific types of insurance to meet the needs of various types of drivers (i.e. full-time, part-time, independent, salaried, and small business truck drivers).

Anyone considering purchasing commercial truck insurance coverage has to be sure that they are getting the coverage that best suits their needs, and meets legal requirements. State and federal regulations require different, various types of insurance in different regions of the country. It is important to cover your bases and make sure you have the coverage needed to protect you and your assets.

To start out, your needs will differ if you own a business with a fleet of trucks and drivers or are an independent driver that contracts out to these larger businesses from time to time. A business owner usually will have far more assets to protect and need a greater amount of coverage. Independent drivers need less extensive coverage, but that coverage must be both affordable and able to meet their needs to keep them working.

The average cost of an accident involving a semi-truck is close to $100,000. Independent truck drivers don't usually have the assets lying around to pay damages in that kind of accident. It is important to understand that just one accident, even with the best intentions, can financially wreck your life. Independent truck drivers need to make sure they are adequately protected if they want to ensure their livelihood.

Below are some of the most common and best types of commercial truck insurance to have. Feel free to read them over. This is not an all-inclusive list, but instead it's a starting point to figure out what kind of insurance you specifically need:

General Freight

Companies with large fleets of trucks all under their command need a policy like this to cover the costs associated with lost, damaged, or stolen cargo. This is a broad, general policy that is usually meant to protect a company as a whole. This isn't usually a personal policy.

Primary Liability

Primary liability insurance is a type of commercial truck insurance designed to cover the costs of damages and bodily injury sustained in an accident involving a commercial vehicle. This coverage does cover personal damages if you are the driver at fault.

Comprehensive Coverage

As opposed to primary liability coverage, comprehensive coverage ensures compensation for your own losses. In short, it covers damage to your vehicle regardless of fault, which would not be covered under your primary liability policy and keeps you from incurring the total cost of repairs.

Other Truck Insurance Coverage Options

Carriers of hazardous or extremely perishable cargo should consider separate cargo insurance. Trailers can be covered in the event of trailer interchange agreements in which haulers trade cargo and finish each other's job. Independent owner/operators should also consider non-trucking liability to provide liability coverage when they are not under contract.

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About the Author

Patrick Winchester is a freelance writer with commercial truck insurance expertise. Need to save on truck insurance while keeping legit coverage? Visit

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