- Liability Insurance – In the United States, liability insurance is required by law. Liability insurance is not only to protect the safety of other drivers but for an active business that operates 18 wheelers, liability insurance is mandatory in order to obtain permits and licenses. Liability insurance protects you and your company from having to pay for medical or property damage expenses that arise when you are at fault for an accident that your 18 wheeler is involved in.
- Bodily Injury – Bodily injury coverage pays for the medical bills and related medical expenses to other drivers that are injured in an accident that occurred with your truck. If you are the cause of an accident and other people are injured, they may need hospitalization, surgery, medical tests, prescription medication, and follow up medical care. The bodily injury portion of your commercial auto liability policy will pay for these expenses up to a set amount per person with a maximum amount per accident, or better yet known as Combine Single Limits (CSL) which offers one large amount for the entire accident.
- Property Damage – Property damage coverage pays for the other person’s vehicle or property repairs or replacement. When you are at fault for an auto accident while driving your 18 wheeler, the property damage portion of your coverage will pay for any damage you cause to another vehicle or property such as a building, fence, gate or city property. Your insurance policy will pay for repairs or replacement.
Medical Payments – Medical payments coverage protects the driver of your rig in addition to any passengers that may be aboard. If you are an independent or contracted truck driver and you are involved in an auto accident where the other driver was at fault, their insurance is supposed to pay for your medical bills and expenses. However, even if they have medical coverage on their insurance policy, it may not be enough to pay for the medical expenses sustained by you or your passengers that were in your truck with you at the time of the accident. Medical payments coverage pays for your medical expenses regardless of who is at fault for the accident; it is similar to a health insurance plan. However, this coverage varies from one state to another, so be sure to speak with one of our licensed representatives to determine whether it is appropriate or available by your company.
Physical Damage Insurance – Physical damage insurance protects your company from financial losses and burdens that are caused due to damages to the 18 wheelers you own or lease. Commercial auto physical damage insurance is particularly important for companies and owner-operators who do not own their 18 wheeler rigs outright. If you financed the truck, have a lease, or have a lien of any kind, this insurance provides you with the most protection you can get.