18 Wheeler Insurance
Owning your own 18 Wheeler Truck may be a lifelong dream come true. As an independent truck driver you have the option of being on the road as often as you’d like. Your truck may even be your secondary home when business is good.
Some companies own one or more 18 Wheeler trucks and hire drivers to pick up and deliver goods or truck trailers locally and around the country. Whether you are an independent trucker with an 18 Wheeler or you are a company who owns a small fleet of trucks, the type of insurance you carry can make or break your business. Without proper truck insurance, your company can face severe financial hardships when accidents happen. To protect your trucks and company as fully as possible, here are the types of 18 wheeler insurance you should carry:
- Liability Insurance – Liability insurance is required by law in most states of the nation. In fact, you may not be able to get the appropriate truck permits and licenses without proof that you carry liability insurance on your 18 wheeler. This coverage is designed to protect other drivers from suffering financial losses when you or your truck is at fault in an auto accident. If your truck causes an auto accident, your liability insurance will pay for injuries and damages inflicted on the accident victims.
- Bodily Injury – Bodily injury is the part of your liability truck insurance that pays for the cost of medical care when someone is hurt in an accident that you caused. Bodily injury coverage pays for the cost of emergency transportation, emergency medical care, ongoing medical care, rehabilitation, physical therapy and any other costs that are deemed necessary for the victim to make a full recovery. Bodily injury insurance also pays for pain and suffering, and lost wages when the victim is unable to work due to recovering from the accident. If a person’s injuries are fatal, bodily injury coverage will pay for the funeral.
- Property Damage The property damages portion of your liability insurance pays the repair bills. When your 18 wheeler is at fault in an auto accident, this part of your insurance covers the costs of repairing the vehicles you damaged, or replacing those that are destroyed.
Medical Payments Medical payments is truck insurance that focuses on paying the medical bills and associated expenses of your driver and his passengers. This coverage pays the bills no matter who is at fault for the accident that caused the injuries. It isn’t available in all areas however. Contact one of our licensed representatives and we’ll help you determine if medical payments coverage is available for your 18 wheeler insurance policy.
Physical Damage Insurance Physical damages insurance protects your truck itself. It goes beyond general business auto accident insurance coverage however, and provides protection for a number of other potential risks, hazards and perils that you might encounter as a truck owner. This is the highest level of protection you can have for your 18 wheeler, and as such it is particularly useful for companies and drivers that are still making payments. Whether you lease the your business truck or you’re still paying off the original auto loan, physical damages insurance can keep you from losing it and still having to pay off the balance.
- Comprehensive Physical Damage Comprehensive damages provides you with truck insurance for a wide variety of potential risks. It protects you from losses caused by theft of your truck for example, and it pays for repairs when the truck is damaged by vandals. It pays for repairs if the truck is damaged due to storm debris and other unexpected events as well. It covers almost anything that is not caused by a roll over or collision.
- Collision Damage Collision damage protection is specifically designed to pay for repairs and replacements needed for your 18 wheeler after it collides with another object or if it overturns.
- Specified Peril (CAC) Specified peril is truck insurance that provides you with protection for only those perils listed on your business auto policy. It is sometimes referred to as Fire and Theft with Combined Additional Coverage, or CAC.
Uninsured or Underinsured Motorist This business auto insurance prevents you from having to pay the medical or repair bills for your driver and truck if another motorist is at fault for an accident. When the other driver does not have liability insurance, he is uninsured and he may have no personal funds to pay for the damages he caused. If the driver carries insurance, it may fall short of being able to cover all of the damages. This is referred to as an underinsured motorist. You can protect yourself from these potential losses by carrying an uninsured or underinsured motorist policy. This coverage will pay for injuries and damages inflicted on you and your property when the other driver is not capable of paying.
- Bodily Injury As explained for Liability coverage.
- Property Damage As explained for Liability coverage.
- Collision Deductible Waiver (CDW) As long as you carry uninsured or underinsured motorist bodily injury insurance, you can qualify for a collision deductible waiver. With this, you will not have to pay your standard insurance deductible when making a claim of this type.
Other Commercial Auto Coverage You May Want To Consider Includes:
- Rental Rental insurance pays for the cost of renting a replacement truck when yours has been damaged in an accident.
- Towing If your truck must be towed away from a big auto accident, towing insurance pays for that expense.
- Trailer Trailer insurance protects you from losses caused by damage or destruction to the trailer your 18 wheeler is hauling at the time of an accident.
- Trailer Interchange If your company participates in a trailer exchange service, trailer interchange insurance protects you from potential losses of trailers that do not belong to your company.
- Cargo Cargo insurance pays for the cost of replacing or repairing cargo that is damaged in an auto accident.
- Unattended Truck If your truck or trailer is vandalized, broken into or stolen while your driver is away, this coverage takes care of the losses or damages.
- Accessories Adding accessories coverage to your 18 wheeler insurance will pay for the cost of repairing and replacing expensive equipment such as radios, GPS units and weigh station automation equipment.