As a new truck owner, there are many different types of truck insurance policies, but what you actually need as an individual owner is determined by your own status as an owner operator of a trucking company. If you’re an owner operator with a temporary lease on a vehicle for your own vehicles, some aspects of the insurance will already be included in the lease contract, lowering your overall costs for truck driver’s insurance from the start. The good news is that your company may be able to include these benefits into their contract or perhaps even include them as an option if they can afford it, while most companies who have an existing fleet of trucks have to pay more upfront for their insurance to ensure that their drivers are properly covered.
Many states require that all company’s truck drivers have minimum liability coverage which consists of a minimum liability and bodily injury coverage. While the minimum amount required will differ according to your state, you will probably want to look at how much the insurance covers to determine the level of coverage you actually need for your truck drivers’ personal vehicles and equipment.
You should also consider whether or not you will want to include the coverage required for uninsured and underinsured motorists (UM & UU) in your truck insurance policy. UU’s, or uninsured and underinsured motorists, include anyone who is driving your truck with insufficient coverage or a driver who is not carrying the proper insurance when you tow his or her vehicle on the back of your truck.
Your liability insurance covers the personal injuries you cause to other drivers when you’re at fault in an accident. A lot of truckers find this aspect of their truck insurance contracts a bit confusing, since many of their insurance companies have different policies and definitions of the terms, but it is something to keep in mind. In some states, your liability coverage can be included in your truck insurance contract, which is another good reason to investigate your options.
Many truck owners who take advantage of this benefit usually also have other types of coverage such as collision, comprehensive, and medical payments. These additional features are often considered optional, and most truck owners may want to add them in if they want to protect their company’s financial stability.
Medical payments may also not be necessary to some drivers, but it’s a very good idea to think about adding this as an additional benefit. so that you don’t end up with any surprises from unexpected injuries to your drivers or passengers when you’re unable to make the payment for their medical bills.
If you’re a long-term driver, you may want to look into adding uninsured motorist, or UML, as part of your truck insurance policy. This protects your company from any claims that occur from accidents caused by someone driving another driver’s vehicle without adequate coverage or being uninsured.
With the number of vehicles on the road growing, more companies are now considering these benefits as part of their truck driver’s protection plans. So now is a great time to check out what you need to know before you commit to your own coverage.
There are many insurance companies that provide these benefits, and you should do your research before choosing the right policy for your company. It’s always a good idea to compare what each truck driver has to offer and see if they offer it, before committing to any company. That way, you know that you’ll be covered in the event of an accident that you didn’t anticipate.
Make sure that you understand the specific details of what each insurance companies offer before making any commitments. Make sure you read the fine print carefully, especially if there are any special considerations such as age limits or deductible amounts.
When you are ready to purchase a truck insurance policy, take a careful look at everything that’s included in your quote, and compare your coverage options. Don’t forget to review the truck insurance contract itself to make sure you understand the full meaning of your policy.