Truck insurance can become cheaper when you have the ability to grab all the discounts that are available to you. This could come in the way of no claim bonuses, loyalty bonuses, business volume discounts and so forth. In modern times, it is never difficult to find the best quotes for your needs. You can even prepare a list of questions for the insurance company/agent to answer and then determine the type of truck insurance that best suits you. Remember that the cheapest may not always be the best to keep you adequately covered. When you qualify for multiple discounts, that could potentially knock off 10% or more from your Truck insurance cost.
Physical damage insurance is either as a part of full coverage or an add on to the liability coverage. Collision insurance and comprehensive insurance are the two types of physical damage insurance available. Each of the two types have a specific purpose and pays for damages attributable to specific causes. In general, the more insurance you have, the higher will be your cost of insurance or the premium that you pay. A comprehensive coverage will pay for damages caused by a wide variety of causes while a collision cover will be limited to damages caused due to collision.
Motor carrier auto coverage can be limited to the minimum stipulated by the government. But, when you consider that significant investment is made into your trucking business and you are keen on avoiding financial shocks, it is essential that your motor carrier auto coverage pitches above the statutory minimum. Additional coverage like property damage insurance, bodily injury insurance, non-trucking liability insurance etc. will obviously cost a few hundred dollars more. In the unfortunate event of a serious accident, you will realize that the additional investment you made into your motor carrier auto coverage in fact has the potential to save your business.
Auto liability insurance is among the most important insurance needs for automobile owners. This is also mandatory in most states, although the minimum insurance value may vary from state to state. Auto liability insurances will keep you protected from claims arising from injury or damage to others in the event of an accident. In most instances, auto liability insurance comprises of two parts – liability against personal injury and liability against damage to property. Although the minimum insurance would be statutorily satisfying, it is always desirable to invest a little more into you auto liability insurance so that you can meet the eventualities without a financial challenge.
Motor Truck Cargo Insurance is to cover the commodity or freight that is hauled by a commercial/’for hire’ truck. Motor Truck cargo insurance will pay for liability arising from damage to cargo from collision, fire, striking, the load being dumped accidentally on the roadway/waterway and includes the cost of removing debris, extracting pollutants on account of the debris as well as prevention of further loss to the cargo that has already suffered damage. It can also cover legal expenses and freight charges lost by the customer, since the cargo was never delivered.
Commercial Auto liability insurance is intended to keep you protected when one of your employees or you yourself involved in an accident is held to be at fault causing personal injury or damage to property. Most states mandate a minimum commercial auto liability insurance or evidence of financial responsibility. Some states may also required uninsured/under-insured coverage to afford you protection when the driver at fault is not in a position to meet the total costs. Most commercial entities however opt for commercial auto liability insurance much higher than the minimum stipulated by the state. This way, they can meet exigencies without hurting the business finances.
The statutory stipulations for ‘for-hire’ trucks will apply in equal measure for semi truck insurance too. As in the case of other trucks, the statutory minimum may not be adequate to cover all types of risks. All though semi trucks are defined differently, for all practical purposes the amount of road risks for semi trucks remain identical and therefore the insurance needs are not far too distanced from the regular trucks for hire. The internet is a good resource point to relate your specific business and find the most appropriate semi truck insurance for you. You can also obtain best guidance from experienced transportation insurance agents.
The owner operator New Authority Insurance quotes while being similar to most other insurance products for the trucking industry, could differ marginally depending on specific circumstances. For instance, you as the owner of your truck may opt to lease it permanently to a motor carrier to ensure regular business for you. The carrier to whom you have leased the truck generally provides the primary liability insurance. However, this may not be adequate to keep you fully protected from other risks on the road. One way you can simplify the process of buying the best insurance is working with an experienced transportation insurance agent.
MCS 90 is not an insurance per-se and constitutes only a guarantee. MCS 90 is an endorsement to the commercial automobile policy or the umbrella policy issued to the carrier. The endorsement constitutes a proof of compliance with the federal regulations. However, it does not constitute a warranty by the insurer that the limits set out are in conformity with the state minimum stipulation. Oftentimes, it is mistakenly assumed that the provisions of MCS 90 apply only to automobiles engaged in interstate transport. However, a closer examination of the provisions reveal that MCS 90 requirement could apply to vehicles engaged in intrastate transport too, subject to certain conditions.
The FMCSA insurance does not constitute an insurance cover. On the other hand, the FMCSA is a regulatory body that ensures monitoring and compliance with the commercial regulations and safety of carriers including non-exempt carriers, and for-hire carriers. A USDOT number must be obtained by companies that are required to comply with safety requirements. The registration process of FMCSA requires that the type of Motor Carrier is defined by the company on a self determination basis. The company will therefore identify itself as Cargo Tank, Freight Forwarder/Shipper, Broker etc. Several online resources are available to understand the application process.
Truckers liability insurance is often limited to events occurring when the truck is used in the course of normal business. However, a grey area is when the owner driver uses his truck for going on a week end trip and is involved in an accident. Therefore, an endorsement for non commercial use is the best way to ensure adequate protection under such circumstances. The wording used by the insurance company while describing this extended cover or endorsement will be important since that could become a point of contention when a claim arises. Working with knowledgeable transportation insurance agents is one way you can avoid the blues.
Flatbed truck insurance needs careful consideration of a wide array of risks associated with the business. More importantly, you would also want to understand the ‘insurance deductible’ when a claim arises. ‘Insurance deductible’ is the initial cost of damages paid out of the pocket of the insured. When this amount is equal to or less than the ‘insurance deductible’, your insurance carrier does not make any payment. The better way to buy the perfect flatbed truck insurance is to work with experienced transportation insurance agents. This way you can avoid potential financial threats to your business.
Dry van truck insurance becomes essential when you are offering your truck for hire to transport cargo protected from the elements. If you are hiring a dry van, the truck owner/service provider generally provides insurance cover for up to $250,000. However, you should ensure that this cover is indeed available when you negotiate the freight rates. In the absence of such a cover offered by the transporter, it could be essential that the cargo owner buys the additional dry van truck insurance to safeguard himself from the potential risks. Consulting an experienced transportation insurance agent is another way to buy the perfect truck insurance for you.
Refrigerated Trailer Insurance is significantly different from a regular truck insurance. Apart from multiple risks on the road, you may also want to consider protection against events like Towing, Trailer, interchange of trailers, Refrigeration failure, coverage against unattended truck, Cargo insurance, and insurance for accessories. Refrigerated cargo movement is a lucrative business but it has its own peculiar associated risks too. Minor errors while buying your refrigerated trailer insurance could potentially cause huge losses when potential claims are not covered through adequate insurance. Specialized transportation insurance agents can be of huge help in buying the best refrigerated trailer insurance because of the significant experience that they bring along.
Containerized freight insurance can be the responsibility of the cargo owner when the goods are shipped to another destination through air or sea. However, this need not always be the case and the trucking company delivering the container from the warehouse to the airport or seaport may be required to buy insurance for the surface transportation involved at the exporting point. Once the cargo is delivered at the sea/air port, the trucker’s responsibility ceases and the insurance cover during the period of transportation by air/sea is covered by the shipper. It is therefore necessary to consider containerized freight insurance with regard to specific circumstances in each instance.