Monday, November 8, 2010

What Type of Trucking Insurance Do You Need?


Image : http://www.flickr.com


Whether you've been in the trucking industry for years or are entering it for the first time, insurance is something you've probably thought about quite a bit. But understanding the different types of trucking is insurance is difficult, even for the most seasoned trucker. Once you understand the different kinds of insurance that truckers usually buy, consider, or are concerned about can help you better customize your insurance package.

1. Primary Liability Insurance

Primary liability insurance is the type of insurance needed for a driver in the United States to stay legal while on the road. Drivers with these types of policies have coverage for others' injuries and damage to others' vehicles as a result of an accident. For truck drivers to drive legally, they must have $750,000 worth of coverage. This means that their insurance will cover up to $750,000 of damage or injury to the other party in an accident. If the accident is determined to be your fault, and more than this amount of damage is caused, then the injured party's lawyers may seek further compensation from your personal wages and savings. For this reason, some truckers choose to purchase more than the minimum primary liability insurance. Truckers can also purchase greater degrees of liability insurance that will pay for the damages that occur to a trucker's own rig, in addition to the truckers' injuries in the event of an accident.

2. General Liability Insurance

Accidents don't just happen when truckers are on the highway. Truckers spend a great deal of time parked in truck stop lots, waiting in rest stops, or loading and unloading. While truckers are either in or away from their rigs, accidents can occur involving another vehicle and your parked vehicle. In addition, thefts and vandalism are also possible. Truckers who want insurance to cover damages in these conditions should consider general liability insurance, which covers the vehicle in conditions other than on-the-road driving. Different insurance companies offer different types of general liability insurance that cover truckers during different conditions. Truckers who are interested in this type of insurance should consult with different insurance companies to view their options.

3. Motor Truck Cargo Insurance

This type of insurance does not cover your vehicle, but instead the cargo that you're carrying. This offers both the transportation company and the client the assurance that the items will get to where they need to be, or their loss will be compensated. If you are an owner operator, your company may require that you carry this type of insurance, to a specific amount.

4. Non-Trucking Liability Insurance

Also called bobtail or deadhead insurance, this type of insurance covers your vehicle when you're not working. Typically, the company that you're working for covers your vehicle when you're on the job, but if the truck is parked in your driveway, getting it repaired, or otherwise not working. You might want to pick up this insurance to protect your investment in all circumstances.

5. Legal Requirements

Like any other job, truckers are not only tasked with meeting the requirements of their employers, but also they are required to meet legal requirements in order to stay on the road. Because driving can be a hazardous activity that causes death, injury, and damage, motorists must meet speed limits, safety equipment standards, and registration requirements. Like these legal conditions, insurance is mandated by all 50 states. This requirement is not devised simply to charge truckers more money. Instead, it is a way of protecting drivers who are involved in an accident that is not their fault. In addition, it also protects the driver of the vehicle that caused the accident by protecting personal property and funds from going to pay for accident damages.

But how can you find out what kinds of insurance requirements are necessary for your type of commercial vehicle, and if you're a fleet or company owner, how do you ensure that each of your drivers is properly insured?

Many private insurance companies contain information regarding what types of insurance truckers need to stay legal. For instance, the National Independent Truckers web site lists the insurance regulations needed for truckers to obtain ICC/ MC Authority. The requirements are separated into the following weight classes: "Vehicles with a Gross Vehicle Weight Rating of 10,000 pounds or more", and "Vehicles whose GVWR is less than 10,000 pounds"

Truckers need to meet these requirements, as ICC/MC Authority is necessary for any commercial vehicle. While truckers can certainly used the National Independent Truckers web site for research purposes, truckers can also visit more official sites to confirm the insurance requirements necessary. Regulations.gov, a government web site, allows truckers to find all sorts of federal regulations having to do with the transportation industry. Because government regulations can be difficult to understand, and insurance companies can stretch the truth in order to get your business, you can also call your local DOT and BMV representatives in order to ask questions.

When searching for legal requirements online, just remember that different types of vehicles require different types of truck insurance. Make sure you're getting the right type for all your needs, including weight, your cargo, and your company.




Commercial Truck Insurance quotes are available at Truckertotrucker.com which specializes in Trucks For Sale.

0 comments:

Post a Comment

 
Feedbase