Find the right truck insurance coverage with this checklist

It can be hard to figure out what kind of truck insurance coverage you need. Different types of trucking businesses need different types of insurance to make sure they’re protected from the various risks they face. Here’s a handy checklist that details a few different types of businesses and the insurance that’s important for them.

Are you an owner-operator?

If you are an owner-operator, then you need special truck insurance coverage. Here are some coverages that you might need.

  • Non-trucking liability – If you are under a permanent lease to a motor carrier, then you will likely need non-trucking liability. This covers you when you are using your vehicle for personal use and not under dispatch.
  • Trailer interchange insurance – This coverage is for truckers who pull a trailer under an interchange agreement. It provides coverage for non-owned trailers.
  • Physical damage coverage – This insurance usually includes two parts, comprehensive and collision. It provides coverage to your truck should it be damaged in an accident in which you are at fault. This insurance is a must if you operate under permanent lease to a motor carrier because their coverage may not pay for damages to your truck in an at-fault accident.

If you drive under your own authority, then you will need to have the following truck insurance coverage:

  • Auto liability – This insurance is mandated by law. It covers damages to other parties’ vehicles or property in an at-fault accident. Liability also pays for medical expenses for the driver and passengers of the other vehicle.
  • Motor truck general liability – Motor truck general liability covers damages to property because of activities that are not directly related to your truck.
  • Motor truck cargo – This insurance coverage pays for damages to cargo in the event of a loss like a fire or a collision.
  • Physical damage coverage – As noted above, this coverage pays for your truck to be fixed in the event that it is damaged in an accident or covered incident.

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Do you drive a tow truck?

Do you earn your income by towing disabled vehicles? Are you a:

  • Auto club contractor
  • Roadside assistance provider
  • Auto repair shop
  • Auto salvage hauler
  • Auto body shop

If the answer is “yes,” then you might want to consider the following insurance coverages for tow trucks:

  • On-hook towing insurance – This coverage applies to vehicles that you are towing while they are “on-hook”. If you have an accident while towing a vehicle, on-hook coverage will pay for the vehicle to be repaired.
  • Auto liability insurance – Liability insurance is a must for tow truck operators. It covers damages that you cause to other vehicles or property. It also pays for medical expenses for third parties that are injured in an accident in which you are at fault.
  • Physical damage coverage – Tow trucks are expensive to repair and replace, which is why you need this coverage if you operate one. Physical damage coverage will pay for damages to your tow truck if it is totaled or damaged in an accident. It can also cover losses like theft, vandalism, fire, animal strikes, and falling objects.
  • Garagekeepers insurance – Garagekeepers insurance covers your clients’ cars while they’re in your care, custody, or control – for example, if they’re being stored on your premises. It covers claims like fire, theft, and vandalism.

Do you haul hazardous materials?

If you haul hazardous materials, then you need hazmat insurance. This insurance is specially designed for hazardous materials or waste transporters.  You are required by law to carry hazmat insurance. The exact amount depends on the class of materials that you haul. Contact us today for more information.

These are just a few scenarios that might require you to get truck insurance. But of course, these aren’t the only coverages you can consider or might need. We can help you find out what coverages you need for your business and get you multiple quotes for your truck insurance. Get started with your quotes by giving us a call or filling out our online form.

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