In 2018, the trucking industry employed almost 7.5 million Americans. While being a commercial truck driver has many benefits, there are many risks that come alongside this occupation.
This is why it is important to have commercial truck insurance that you can rely on! Keep reading to learn what you need to know about buying big rig insurance.
What Is Commercial Truck Insurance
Commercial truck insurance is a way to protect your trucking company. Because each type of business needs a specific type of insurance, trucking insurance was made specifically to protect your business and vehicles in the event of an accident.
Because there are so many types of coverage, it is important to understand what coverage you need to protect your company.
Review The Types of Coverage
There are many different options and levels of coverage that you can choose from when buying commercial truck insurance. Choosing the right amount of coverage is vital when you are responsible for an accident.
Primary Liability
Primary liability is basic insurance coverage that only covers injuries or damage to others when you are the person at fault in an accident. This type of insurance is often required to get a CDL, also known as a commercial driver’s license.
Having primary liability insurance will protect others in the event of an accident, but will not protect your own property.
General Liability
This type of liability insurance is used to pay for damage done to someone on your property or when damage is done to someone’s property while your truck is present.
This is also used to protect you in case of a lawsuit, false advertising claim, or other types of slander targeting your business. Again, this type of insurance coverage won’t protect the drivers of your truck, but it will pay for damage done to others.
Physical Damage
When you are in an accident and your own truck is damaged, physical damage coverage will pay to fix the damage or replace your truck. While this coverage may be a bit more expensive, it will protect you in case you are at fault for an accident.
Not only will it protect your property, but it will also protect your livelihood. If you don’t have this coverage, an accident may cost you thousands and thousands of dollars in bills and new equipment.
Insurance Costs
Depending on what type of coverage you select, your truck insurance costs will vary. Typically, commercial insurance will cost several thousand dollars each year.
Some other things that may change the cost of your insurance are your age, the condition of your equipment, state requirements, and what things you haul with your commercial trucks. For example, car hauler trucks often require more insurance because you are carrying more property.
What Insurance Covers
If you choose to get a policy that covers general liability, you will be covered when your accident causes damage to someone else or their property. For example, if your truck hurts someone, this coverage would pay for their bodily injury and medical bills.
If your truck damages someone’s property, general liability will cover the cost to fix or replace what was damaged.
While this type of insurance will cover damage to others, general liability does not cover injuries to your truck driver, the cost of damage to your own truck, commercial vehicles that aren’t trucks, or even loss of the cargo that your truck is carrying.
If you want some of these things protected, you will need to get insurance with better coverage.
Learn How To Keep Costs Low
Because there are so many costs associated with commercial trucking, it may be overwhelming to choose a provider. However, there are many things that drivers can do to lower the costs of commercial trucking insurance.
Get Quotes
Getting quotes is one of the easiest ways to find options for cheap 18 wheeler insurance. Most companies will offer free quotes on their website to help you find the best insurance option for your company or property.
Focus On Your Driving Record
Your driving record is one of the biggest things that will determine how much you will pay for your insurance. Especially when you are driving a large commercial vehicle, it is important to practice safe driving.
Some of the main things that insurance companies will take into consideration are how many speeding tickets, fines, and traffic offenses you have had in recent years.
Pay Your Insurance Upfront
While it may be difficult to pay a large chunk of money to your insurance company, this is one way to save money on your payments! Many companies would rather have the money from your insurance policy paid upfront and will offer you some sort of discount.
Not only will this save you money on your policy, but it will also save you from forgetting to pay your insurance in the future.
Insure Your Vehicles With One Company
Multi-car insurance policies can make it less expensive to pay for your insurance. Rather than paying separate policies for each of your vehicles, bundle them together and use one company for your insurance needs. Some multi-car discounts can even give you up to 25% off your payments.
Where To Buy Big Rig Insurance
If you are looking for a reliable insurance company to cover your commercial cargo insurance or commercial truck insurance in Florida or Georgia, Forerunner Insurance Group can help!
We cover any type of commercial vehicle from car hauling trucks to dump trucks to semi-trucks. Contact our team today for a free quote for your commercial truck insurance!
