Truck Tractor Insurance
Truck tractors are used in many different types of businesses. Their primary purpose is to haul or transport goods from one location to another. Construction companies use them to transport heavy equipment for example.
Regardless of why your company owns a truck tractor, you need to make sure you have it as fully protected as you possibly can. Losing it in an auto accident would create a severe financial strain on your company for example, and even paying for basic damages and repairs can be quite expensive as well. Here are the most important types of commercial auto insurance you need to carry for your company’s truck tractor:
- Liability Insurance – Liability insurance is required by law so that other people do not have to pay for your mistakes. If your truck tractor driver is at fault for an auto accident, your liability insurance will pay for the other driver’s damages. It also pays for their medical bills so they’re not left to take care of it themselves. Liability insurance consists of two types of coverage:
- Bodily Injury – Bodily injury coverage pays the medical bills and associated expenses for other drivers who are injured in an auto accident that your truck tractor causes. People get hurt in auto accidents, sometimes severely so, and the medical bills can quickly add up. The bodily injury portion of your liability coverage will pay for their emergency medical treatment, hospital care, doctor’s visits, prescription medication, physical therapy and any other medical treatments deemed as necessary. Bodily injury also pays people for lost wages due to time off work, pain and suffering, and funeral expenses when a person dies in the accident.
- Property Damage – When your truck causes an accident, one or more other vehicles may sustain damages. The property damages section of your liability insurance pays for the cost of repairs to those vehicles. When vehicles are totaled beyond repair, property damages can pay for a replacement.
Liability insurance benefit limits are set when you select your policy. You can choose a single limit policy that pays benefits up to one set maximum amount per accident. Alternatively you can choose a split limit policy that defines set maximum payout limits for an individual person’s bodily injuries, the combined total of bodily injuries, and property damages separately.
Medical Payments – Medical payments insurance pays for the medical bills and care costs inflicted on your truck driver if he is injured in the accident. This coverage applies to any passengers who were riding in the vehicle at the time as well. Medical payments insurance pays the medical expenses without regard to who may have caused the accident. This insurance option is not available in all areas. Contact one of our licensed representatives to determine the availability for your company.
Physical Damage Insurance – Physical damages insurance protects you from the loss of your truck tractor. It provides coverage for a variety of things such as theft, vandalism, road debris damage, roll-over accidents, collisions with inanimate objects and more. This is important insurance coverage for any company who leases their truck tractor, or who is still paying off the finance loan. The type of coverage available falls into one of these three policy options:
- Comprehensive Physical Damage Protection – Comprehensive damage protection pays for repairs and replacement of your truck tractor when it is damaged or destroyed. It does not cover damages and destruction caused by a collision or by the truck overturning. Instead, comprehensive protects you from losses caused by theft, road debris, flying or falling debris in storms, vandalism and similar events.
- Collision Protection – Collision damage protection takes care of the repairs and replacement when your truck is damaged in a collision event, or when it overturns or rolls. If your truck runs into a business sign while turning out of a parking lot for example, collision damage protection will pay for the repairs.
- Specified Peril (CAC) – Fire and Theft with Combined Additional Coverage (CAC) protects you from only those specific perils listed on your insurance policy. Collision and roll over events are not included, nor are any other hazards or perils that are not specified.
Uninsured or Underinsured Motorist – In the United States all drivers are required by law to carry liability insurance coverage. This coverage pays for your medical expenses and repair costs when the other driver is at fault for an accident with your truck. Not all drivers carry insurance however, and some carry it but the coverage is not enough to pay for all of the damages that arise in an accident. You can prevent your company from having to pay for expenses out of pocket by carrying an uninsured or underinsured motorist policy on your truck tractor. When the at fault driver’s insurance is inadequate or non-existent, your coverage will pick up the costs.
- Bodily Injury – As covered with Liability Insurance.
- Property Damage – As covered with Liability Insurance.
- Collision Deductible Waiver (CDW) – When you carry uninsured or underinsured motorist bodily injury coverage, you can qualify for a collision deductible waiver, or CDW. This prevents you from having to pay your standard insurance deductible when making an uninsured or underinsured accident claim.
Other Important Commercial Auto Insurance For TRUCK TRACTOR Includes:
- Rental – When your truck tractor is out of service due to damages caused in an auto accident, rental insurance can pay for the cost of a temporary replacement.
- Towing – If your tractor is disabled in an auto accident and must be towed away from the scene, towing insurance will pay that additional expense.
- Unattended Truck coverage – When truck drivers stop for mandatory rest periods, they often must move away from the truck. Unattended truck coverage can protect you from losses due to theft, vandalism or other damages caused when your driver was away.
- Accessories (Ex: mileage meters, navigation units, radios) – Accessories installed in your truck are quite valuable. Communication radios, navigational units and mileage meters are examples of the types of accessories you can protect by adding this option to your commercial auto insurance policy.