Friday, April 10, 2020

Physical Damage Coverage - Trucking Insurance In The United States of America

Physical Damage Coverage — Provides coverage to repair or replace damage to your equipment in the event of an accident or theft.

Non-Trucking Liability Coverage — Coverage for damages or injuries to others while the truck is not under dispatch from the company you are currently leased on with.

Motor Truck Cargo Coverage — When protecting your cargo, make sure your insurance covers you no matter the risk — stolen goods, wet load, refrigeration breakdown, debris removal, etc. It’s very important to have a cargo policy that is Broad Form and not Specified Perils (more on that later).

Trailer Interchange — Covers a non-owned trailer being used under a trailer interchange agreement.

Medical Payment — This covers medical bills if you or a passenger is injured while driving or riding in the tractor (this coverage varies from state to state).

Uninsured/Underinsured Motorists — This coverage protects you if someone hits you and does not have liability coverage to repair whatever you need repaired.

Trucking insurance for an owner operator with their own authority generally runs anywhere from $8,000 to $14,000. But on the surface, that number means nothing.

Because you might end up paying a whole lot more later.   

You should understand how to properly compare the price of insurance. Insurers may throw out a quote that sounds great, and far cheaper than competitors.

But you should keep the old saying in mind: if something sounds too good to be true, it probably is.

How much does commercial truck insurance ACTUALLY cost?
With insurance, some money saved upfront can easily turn into a lot more money spent later on. It’s important to consider your total potential costs when deciding which policy really gives you the best value for your money.