Commercial truckers insurance is a necessary expense if you own one or more trucks. In the current economic climate, it may be tempting to cut costs by eliminating some of the insurance coverage in your package. However, when it comes to protecting your trucking business, you should be aware of the risks before deciding. Commercial truckers Insurance can be confusing and we know that not all owners are fully versed in the fine print. We also know the trucking industry pretty well, so in this blog, we bust some myths to help you make informed choices.
Myth #1 – My Truck Insurance Covers Everything
Beyond the general liability insurance that every driver requires to be licensed, commercial trucking insurance is actually a combination of different types of coverage that form the total package for your truck. The combination you need depends on the kind of vehicle, the type of cargo, and who is driving. For example, hazardous cargo and refrigerated cargo, are often left out of standard truck insurance policies and require additions to be covered in case of loss or damage. So, ‘truck insurance’ does not necessarily include coverage of all scenarios. Get help from an insurance broker to ensure that you are fully protected.
Myth #2 – My Policy Covers All Drivers
Many insurance policies provide coverage to any qualified driver. However, some policies limit the coverage to drivers explicitly named in the policy or drivers with particular qualifications. If other people drive trucks that you own, check your policy to be sure of the rules about who can drive, and be certain that all of your drivers have the proper credentials to prove their qualifications.
Myth #3 – I Will Save Money by Cancelling in the Off-Season
For a seasonal business, it may make sense to save a few bucks in the off-season by cancelling or suspending your policy while your truck is parked or in storage. However, parked vehicles are popular targets for thieves, and physical, and fire damage can happen at any time of the year. Chances are that in any of these scenarios, repairing or replacing the truck will cost more than you would have paid in insurance premiums.
Myth #4 – Downtime Insurance is Not Important
You are losing money for every day that your truck is off the road due to an accident. In addition, you may be incurring additional costs such as towing, emergency expenses and the cost of renting a replacement truck. Downtime insurance can help keep you on the road after an accident by covering many of these unanticipated costs.
Myth #5 – You Are Covered With or Without a Load
If you own and drive your own truck, your truckers insurance does not provide coverage if you get into an accident when driving without a load. For that, you need bobtail insurance, which provides coverage for accidents that occur when you are on your way to pick up a load or after delivery. Not every driver needs bobtail insurance, so ask your insurance provider or a reputable insurance broker to help determine if bobtail insurance should be included in your package.
Trucking insurance is actually a bundle of different policies that differ from company to company and driver to driver. What works for one operator may be too much or too little for another. We are experts in the trucking industry, so we can advise on the specific types of truckers insurance you need to be well protected. Give us a call to talk about it. We would love to help you find exactly the right package fr your needs and your budget!
