Simple & Perfect Guide for TRUCK insurance U.S 2023
Truck insurance is type of commercial insurance that protects truck drivers and trucking companies from financial losses in event of an accident. It is mandatory requirement for all commercial truck drivers in United States.
Types of Truck Insurance
There are two main types of truck insurance: liability and physical damage.
Liability insurance
Liability insurance covers cost of bodily injury and property damage that you cause to others in an accident. minimum liability insurance requirements in United States are:
- $750,000 for bodily injury per person
- $1,500,000 for bodily injury per accident
- $750,000 for property damage per accident
Many trucking companies require their drivers to carry higher limits of liability insurance.
Physical damage insurance
Physical damage insurance covers cost of repairing or replacing your truck if it is damaged in an accident or another event, such as theft or vandalism. two main types of physical damage insurance are collision and comprehensive.
- Collision insurance covers cost of repairing or replacing your truck if it is damaged in collision with another vehicle or object.
- Comprehensive insurance covers cost of repairing or replacing your truck if it is damaged by something other than collision, such as theft, vandalism or weather events.
Other Types of Truck Insurance
In addition to liability and physical damage insurance, there are number of other types of truck insurance that you may want to consider, such as:
- Cargo insurance covers cost of lost or damaged cargo.
- Non owned and operated auto liability (NOC) insurance covers you if you are involved in an accident while driving truck that is not owned by your trucking company.
- Workers' compensation insurance covers cost of medical expenses and lost wages for your employees if they are injured on job.
How to Get Truck Insurance
You can get truck insurance from variety of insurance companies, including commercial insurance brokers and direct writers. When choosing an insurance company, it is important to compare quotes from multiple companies and to choose company that has good reputation and offers coverage that you need.
Factors that Affect Truck Insurance Rates
A number of factors can affect your truck insurance rates, including:
- The type of truck you drive
- Your driving history
- Your credit score
- The location of your business
- The type of cargo you haul
Discounts on Truck Insurance
There are number of discounts that you may be eligible for on truck insurance, such as:
- Safe driving discounts for drivers with good driving history
- Multi policy discounts for bundling your truck insurance with other types of insurance, such as home insurance or business insurance
- Telematics discounts for using telematics device to track your driving habits
How to File Truck Insurance Claim
To file truck insurance claim, you should contact your insurance company as soon as possible after accident or other event. You can usually file claim online, by phone or by mail.
When filing claim, you will need to provide your insurance company with following information:
- The date, time and location of accident or event
- The names and contact information of any other people involved in accident or event
- The license plate numbers of any other vehicles involved in accident or event
- A description of accident or event
- Pictures or videos of damage (if possible)
Your insurance company will then investigate claim and determine amount of coverage that you are eligible for. If you are eligible for coverage, your insurance company will pay for cost of repairs or replacements, up to limits of your policy.
Some tips for filing truck insurance claim:
- Be honest and cooperative with your insurance company. more information you can provide, faster your claim will be processed.
- Keep record of all of your communications with your insurance company. This includes copies of all letters, emails and phone records.
- If you are not satisfied with way your claim is being handled, you can file complaint with your state's insurance department.
Tips for Choosing Right Truck Insurance Policy
Here are some tips for choosing right truck insurance policy:
- Consider your needs. What types of coverage are important to you? Do you need liability insurance, physical damage insurance or both? Do you need any additional types of coverage, such as cargo insurance or non owned and operated auto liability (NOC) insurance?
- Compare quotes from multiple insurance companies. This is best way to get best deal on truck insurance. Be sure to compare coverage, deductibles and premiums of different policies.
- Ask about discounts. Many insurers offer discounts for things like being good driver, having safe truck and bundling your truck insurance with other types of insurance, such as home insurance or business insurance.
- Choose reputable insurer. Make sure that insurer is financially stable and has good reputation.
Here are some additional tips for choosing right truck insurance policy:
- Read fine print. Before you choose policy, be sure to read fine print carefully. This will help you to understand coverage, exclusions and deductibles of policy.
- Talk to an insurance agent. If you are unsure about which truck insurance policy is right for you, you can talk to an insurance agent. An insurance agent can help you to compare policies and find policy that meets your needs.
Here are some specific questions you can ask an insurance agent when choosing truck insurance policy:
- What types of coverage do you offer for truck insurance?
- What are deductibles for different types of coverage?
- What discounts do you offer?
- What is your financial rating?
- What is your reputation in industry?
What types of coverage do you offer for truck insurance?
The most common types of truck insurance coverage include:
- Liability insurance: This covers cost of bodily injury and property damage that you cause to others in an accident.
- Physical damage insurance: This covers cost of repairing or replacing your truck if it is damaged in an accident or another event, such as theft or vandalism.
- Cargo insurance: This covers cost of lost or damaged cargo.
- Non owned and operated auto liability (NOC) insurance: This covers you if you are involved in an accident while driving truck that is not owned by your trucking company.
- Workers' compensation insurance: This covers cost of medical expenses and lost wages for your employees if they are injured on job.
What are deductibles for different types of coverage?
Truck insurance deductibles : deductible is amount of money that you have to pay out of pocket before your insurance company will start paying for claim. Deductibles can vary depending on type of coverage, insurance company and your driving history.
What discounts do you offer?
Many insurance companies offer discounts on truck insurance, such as:
- Safe driving discounts: Drivers with good driving history may be eligible for discounts on their truck insurance.
- Multi policy discounts: You may be eligible for discount if you bundle your truck insurance with other types of insurance, such as home insurance or business insurance.
- Telematics discounts: Some insurance companies offer discounts to drivers who use telematics device to track their driving habits.
What is your financial rating? | Financial rating of truck insurance companies
When choosing truck insurance company, it is important to consider company's financial rating. financial rating is measure of company's ability to pay out claims. You can find financial ratings for truck insurance companies online or from your state's insurance department.
What is your reputation in industry? | Reputation of truck insurance companies
You should also consider company's reputation when choosing truck insurance company. You can read reviews of truck insurance companies online or talk to other truck drivers about their experiences.
By following these tips you can choose truck insurance policy that meets your needs and budget.
