Since trucks carry a wide variety of cargo throughout their journeys, it’s hard to figure out how much coverage they’ll need. If you’re a trucker, keep in mind that the amount and value of your cargo changes pretty frequently. That’s why it’s important to invest in a quality cargo insurance policy that fits your needs.
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.
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.
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.
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.
No matter what upfront costs insurers show on their websites, the actual commercial truck insurance cost is different or hidden. It happens because there’s certain variables that influence commercial truck interest rates. However, the good news is that truckers can take certain measures to reduce their rates.
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.
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.
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.
A flatbed truck is a giant vehicle with a flat and open bed. The bed doesn’t attach any roof, sides, and railing. This feature makes flatbed trucks ideal for carrying or delivering awkward, heavy loads that don’t fit into trucks with railings. The open flatbed enables loaders or drivers to load and unload things easily.
Of course, the goods and loads that a flatbed carries are not susceptible to wind or rain damage. It’s because it’s not fragile. The tie-down hooks in a flatbed truck not only fasten to the load but also secure it.
While a flatbed truck is an easy and convenient solution to carry heavy loads, it typically has a higher percentage of getting involved in accidents. It mostly happens if the cargo is strapped or tied incorrectly or it’s hard to see around it. Therefore, the higher risk of crashes and accidents leads to higher insurance costs.
If you own a flatbed truck or run a fleet, learning about flatbed truck insurance costs can help choose the right insurance company.