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PICKUP TRUCK INSURANCE
Whether your company uses small to medium-sized commercial pickup trucks or large, one ton and larger sized trucks, you rely on those pickups to help you get your work done. Pickup trucks are used in a number of commercial situations. Whether your company hauls small furniture and appliances for delivery, offers trash removal services or uses a pickup truck to carry tools and supplies, you cannot afford to have something bad happen to your truck.
With so much depending on your pickup trucks, be sure to protect them to the fullest extent with the proper types of commercial auto insurance. Here are the primary types of insurance coverage you should have:
Liability Insurance – Liability insurance protects your company if one of the pickup trucks is in an auto accident and your driver is at fault. Liability is a basic level of auto insurance that is required by law in most states. A commercial liability auto insurance policy on your pickup truck will include two primary levels of protection:
- Bodily Injury - Bodily injury coverage pays the medical bills and expenses for other people who are injured in an auto accident. If you or one of your employees is responsible for an auto accident and one or more persons in the other automobile were injured, bodily injury will pay for their medical care.
Bodily injury coverage can be set up so that it pays a set maximum amount per person who is injured along with a set maximum amount of total that can be paid out for injuries. Alternatively your liability policy can have a single claim limit that does not specify a per person payment maximum, just a per accident maximum.
Bodily injury coverage pays for ambulatory services, emergency care, ongoing hospital or physician care, rehabilitation, long-term care, funeral expenses, and pain and suffering among other things.
- Property Damage – Property damage coverage protects you from having to pay for repairs or replacement to other vehicles in an accident that you were responsible for. If for example, you or an employee is at fault for an auto accident while driving the company pickup truck and the other vehicle was totaled, the property damage portion of your liability policy will pay for that car’s replacement.
Medical Payments – Medical payments insurance pays for the medical bills and expenses of all people in the pickup truck at the time of an accident. This is a no-fault coverage option, which means it pays for expenses regardless of who is at fault for the auto accident. Medical payments coverage will pay the medical, hospital, recovery, funeral and other related bills for the pickup truck driver and all passengers that were in the vehicle with him.
Physical Damage Insurance – Physical damages insurance protects your pickup truck from damages that can be caused in a myriad of ways. Property damage protection can include one or more of the following types of coverage:
- Comprehensive Physical Damage Protection –Comprehensive damage protection pays for damages that are caused by hazards that are not collision or roll over related. For example, if your pickup truck is stolen then comprehensive protection can cover the cost of replacing it. If your pickup is damaged by bad weather such as hail, or struck by road debris such as a piece of tire, comprehensive damage protection will pay for the repairs your truck needs.
- Collision Damage Protection – Collision damage protection pays for damages caused by roll-overs, hit and run incidents, and other impact events. If your pickup truck collides with a mailbox or tree while you’re fulfilling a landscaping contract for example, collision damage protection will pay for the cost of repairs.
- Specified Peril (CAC) – Specified Peril insurance is similar to comprehensive damage protection, but it limits the scope of coverage to protect you from specific events only. Sometimes referred to as Fire and Theft with Combined Additional Coverage (CAC), this commercial insurance option protects you from losses caused by non-collision events.
Uninsured or Underinsured Motorist -While basic liability auto insurance coverage is mandated by law in most of the United States, there are drivers on the road who do not carry it. There are also drivers who carry liability, but it is not enough coverage to pay for injuries and property damages. Normally when the other driver is at fault for an auto accident, their liability insurance pays for your injuries and damages. If they have no insurance however, or they do not have adequate coverage, your company could be left to pay the bills.Uninsured or Underinsured Motorist Coverage will protect your company from having to pay all of the bills out of pocket when your pickup truck is involved in an accident with someone who is not insured, or not insured well enough. This coverage includes the following benefits:
- Collision Deductible Waiver (CDW) - Usually when your pickup truck is involved in an auto accident, your company must pay a deductible. If the damages are more than your policy deductible amount, the insurance coverage will pay the balance. When you are not at fault for an accident however, and the responsible party is not insured, your uninsured motorist policy will pay the expenses since theirs cannot. A collision deductible waiver, or CDW, makes it so that you do not have to pay the insurance deductible when the other party is at fault. You must carry Uninsured/Uninsured Motorist Bodily Injury coverage in order to qualify for a CDW.
Other Important Commercial Auto Insurance for PICKUP trucks includes:
- Rental – Rental insurance covers the cost of paying for a rental vehicle while yours is being repaired.
- Towing –Towing insurance coverage is beneficial whenever your pick is not operational and needs to be transported to another location.
- Trailer – Trailer coverage will protect a trailer that is being hauled by your pickup truck at the time of the accident.
- Cargo – Cargo coverage insures the load you're carrying. If your company is hauling equipment or furniture for a customer for example, cargo insurance will pay for the damages and losses to the cargo due to an auto accident.
- Accessories - Many companies use install or attach specialized equipment in their pickup trucks to help them conduct business. If your pickup has communications and navigational equipment for example, protect them from loss with an Accessories policy.