How Much Does a Truck Accident Cost?

truck accident

Determining the cost of a truck accident and how it may impact your business is essential. Even a minor crash can be financially detrimental. When determining how much an accident costs, it’s important to remember that the cost varies from incident to incident. It’s very hard to determine or predict the exact amount, but a number of factors can affect it. Here we will discuss the direct and indirect costs of a truck accident and how it can affect your reputation.

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Why You Need Uninsured Motorist Coverage for Your Truck

trucking accident

Accidents on the road are far too common, especially among truck drivers. Given the type of vehicle they’re driving and the cargo they’re hauling, you can see why accidents happen frequently.

Given the amount of accidents that occur, you would think the drivers would have proper insurance coverage. While that’s certainly the case most of the time, there are exceptions. If the at fault truck driver doesn’t have insurance or they’re underinsured, you’ll be in a tough spot. Regardless, here’s what to do if you ever find yourself in this situation.

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Commercial Auto Insurance vs. Personal Auto Insurance

busy highway

Personal auto insurance covers most four-wheel vehicles such as trucks, vans, and cars that are for personal use only. However, if these vehicles are for business use then commercial auto insurance is required. All businesses require some sort of insurance for their vehicles.

Commercial auto insurance is required in the trucking industry because it offers unique coverage that personal auto wouldn’t. Specifically, it  protects against the many risks involved with operating a large truck carrying expensive goods.

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Canal Insurance Company Improves Credit Rating

Did you know that recently AM Best improved Canal Insurance’s financial strength rating from a B++ (good) to A- (excellent?)

It has an impact on the long-term insurance rating of Canal Indemnity and Canal Insurance, collectively known as “Canal Group”. The improved rating shows the strength of Canal’s balance sheet. AM Best has determined their sheet and credit rating as stable and stronger in contrast to their previous ones.

In addition to the balance sheet, Canal Insurance Company has strengthened its limited business profile, operating performance, and enterprise risk management. Typically, the upgraded ratings reflect an improvement in operational performance. These took place due to re-underwriting initiatives the management introduced many years ago.

Management is now manifesting these initiatives shown in reported results. The management used to be more conservative in terms of reserving practice and eliminating the past year’s reserves loss development. However, things have changed significantly with their strengthened financial position.

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How to Lower Your Truck Insurance Rates with Technology

Did you know that unwarranted lawsuits, damage from crashes, and costs that come with transporting goods has spiked significantly?

This has caused commercial transportation insurance to rise, making this subject the biggest concern for fleet leaders. According to the American Transportation Research Institute, increasing insurance costs is the fifth largest issue truckers face.

Due to an increase in claims being filed, most insurance carriers have increased their premium rates. Increasing insurance premiums has gradually turned into a trend over the years.

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5 Ways to Save Money on Insuring Your Food Truck

It's important to have the right food truck insurance.

When deciding to venture into business ownership, there’s a lot of financial decisions that must be made, including how much insurance you should purchase. It’s possible to save money on food truck insurance without sacrificing the protection provided by the policy. Below, there are five ways to save money on insuring your food truck so it doesn’t break the bank.

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According the FMCSA, New Safety Devices for Windshields May be Underway

The FMCSA’s  new proposal is looking to change the rules and allow for increased windshield area to apply safety technology devices. According to the proposal, devices can be mounted or placed on the interior windshield in commercial motor vehicles.

If accepted, the proposal will make temporary exemptions (fixed number) for motor carriers, technology companies (established before 2017), and truck manufacturers. In addition to that, the proposal will incorporate items to broaden the horizon of vehicle safety technology. These items are typically a response to a rulemaking petition that Daimler Trucking North America issued.

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When Was the Last Time You Had an Annual Insurance Review for Your Trucking Company?

Do you own a trucking company or a business with a trucking fleet? When was the last time you had an annual insurance review? In case you never did or forgot to, then you are not alone. Most trucking companies often forget to look into insurance reviews resulting in a lapse in their coverage and costing them a hefty sum.

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