888-900-0205Straight Truck Insurance
A straight truck is a valuable asset to any business that needs to transport things. Whether you provide commercial moving services, sell retail furniture or transport goods and supplies for other companies, you rely on your truck to get the jobs done.
If your truck is in an auto accident, can you afford to pay for the repairs it may need? Will you be able to continue with your day-to-day business operations while it is down? Commercial auto insurance is designed to protect your company from financial hardships that arise when your trucks get damaged. A variety of different types of coverage options are available so that you can protect the truck from other hazards caused by the weather, hit and run drivers, and unexpected events. Here are the basic types of insurance you should carry on your company’s straight trucks:
- Liability Insurance – Liability insurance protects you from having to pay for repairs and medical bills when your truck is involved in an auto accident. Liability specifically protects you when the driver of your straight truck is at fault for the accident. If your truck is caught in bumper-to-bumper traffic for example, and accidentally collides with the back of another car, your liability insurance will cover the cost of damages to that car. Liability covers injuries to people as well as property damages, up to amounts you specify in your insurance policy.
- Bodily Injury – Bodily injury insurance is one of the two types of coverage a liability insurance policy provides you with. This insurance pays medical bills and related expenses for people who are injured in an auto accident that your straight truck driver caused. Your bodily injury coverage will pay for standard medical and emergency care treatment such as ambulance transport and emergency room treatments. It also pays for follow up visits to doctor’s and specialists, prescription medications, recovery and rehabilitation. Bodily injury can pay for funeral expenses when applicable, and it can also pay the injured party for pain and suffering or lost wages due to time off work.
- Property Damage – Property damage is the second part of a liability insurance policy. This section pays for the cost of repairs to damaged property. If your truck rear-ended another vehicle in traffic as in the example above for instance, the property damage portion of your commercial policy will pay for the repairs that car needs.
Liability insurance is structured as a split pay or combined single limit policy. A split limit policy places limits on how much of the policy benefits are paid to each aspect of the accident. It defines a maximum amount that is payable per person for individual bodily injuries, a maximum total amount of bodily injury benefits, and a maximum limit for paying property damages. A combined single limit policy pays up to one set maximum amount regardless of whether it is applied to bodily injuries or property damages.
For example, a split claim policy of $25,000/$50,000/$20,000 will not pay more than $25,000 for any single individual’s bodily injuries. It will not pay more than $50,000 for combined total of bodily injuries and it will pay no more than $20,000 for property damages. A single claim limit policy of $50,000 will pay no more than $50,000 for all costs associated with the accident.
When you set up your commercial liability insurance policy you will need to choose between split claim and single claim, and you will need to select a deductible. The deductible is an amount of money that you pay out of your company funds for an accident. A $500 deductible means that you will pay the first $500 of any claim. If there are expenses above that amount then your insurance policy will cover them.
Medical Payments – Medical payments insurance is not available in all areas, but it quite useful for commercial insurance policies. This insurance pays for the medical expenses of your straight truck driver and any passengers in the truck at the time of the accident. Benefits are paid regardless of who is at fault for an accident. Contact one of our licensed representatives to see if medical payments insurance is available and appropriate for your company.
Physical Damage Insurance – Physical damages insurance is a very important commercial insurance option because it protects your straight truck from damage and destruction. This is highly recommended for all companies who are still paying off a truck loan, or who lease trucks for their business because it provides the maximum amount of protection from loss.
- Comprehensive Physical Damage Protection –Comprehensive damage protection covers you in the event that your truck is stolen or vandalized. It also protects you from a variety of other potential hazards that are not caused by collisions or roll-overs. If hail damages the truck during a storm for example, or a tree falls on the truck, this insurance protects your company from having to pay for those damages.
- Collision Damage Protection – Collision damage protects is specifically designed to pay for truck damages and replacements when the truck is overturned or when it is involved in collision-related accidents. If your truck driver backs into the loading dock for example, your collision damage protection will pay for the repairs. This insurance also protects you from hit and run events.
- Specified Peril (CAC) – Fire and Theft with Combined Additional Coverage (CAC) is a limited form of non-collision commercial insurance. It protects you from losses and damaged caused by events that are specifically noted on your insurance policy.
Uninsured or Underinsured Motorist – If your straight truck is involved in an auto accident where the other driver is at fault, they are legally liable for the damages. Unfortunately, not all drivers carry basic liability insurance on their vehicles. Some drivers do carry insurance but it is minimal and cannot cover all of the repairs and associated bills that arise from the accident. An uninsured and underinsured motorist policy can protect your company from having to pay the bills when situations like this arise. It works similar to your basic liability policy but provides protection for your straight truck and the people inside.
- Bodily Injury – As noted Above
- Property Damage – As noted above
- Collision Deductible Waiver (CDW) – When you must make an uninsured or underinsured motorist claim, your policy will cover the cost of repairs and medical bills. Since you were not at fault for the accident however, you should not have to pay anything – including your insurance deductible. A collision deductible waiver is available to prevent you from having to pay this expense, as long as you carry uninsured/underinsured bodily injury protection.
Other Important Commercial Auto Insurance For STRAIGHT TRUCK:
- Rental – When your truck is damaged in an auto accident, rental insurance coverage can pay for the cost of a temporary replacement.
- Towing – If your truck is broken down on the side of the road and needs towing, your coverage will protect you with expenses, and and an evacuation vehicle.
- Trailer – Trailer insurance is designed specifically to protect the trailer that your truck is hauling.
- Trailer Interchange – By exchanging trailers with other companies through an interchange service, you haul trailers that are not owned by your company. These trailers must be protected separately from your own business assets.
- Unattended Truck coverage – Long haul drivers are required by law to stop and rest regularly. Leaving the truck, trailer and cargo unattended while the driver eats or rests puts it at risks of damage or loss due to vandalism, theft and other hazards. Unattended truck coverage protects you from these potential events.
- Cargo – Cargo insurance specifically protects the cargo your truck is hauling.
- Accessories – Your company’s straight trucks likely have accessories installed or mounted on them so that everyone can accomplish their jobs more effectively. Protect equipment such as mileage meters, GPS navigation units and CB radios from loss with accessories insurance.