Commercial Trucking Insurance is made up of several types of coverage. The coverage you need for your specific trucking company can depend on many factors such as what you haul, how far you go, and etc. Today I am going to talk about the core coverage types that are found on almost every trucking for hire policy.
- Commercial Auto Liability – Commercial Auto Liability coverage pays out when you are liable for damages or injury caused by contact with your truck with another vehicle or object.
- Uninsured Motorist Coverage – Uninsured Motorist Coverage pays out when you are involved in a motor vehicle accident with another motorist and they are deemed at fault. If they other party is not carrying enough liability insurance to pay for your injuries or damages you can turn to your uninsured motorist coverage.
- Medical Payments – Medical Payments coverage is a first party coverage for you or your drivers in the event you are involved in a motor vehicle accident. Medical payments coverage will pay out even if the accident does not involve another motorist.
- Personal Injury Protection – Personal Injury Protection covers you or your drivers in much the same way as Medical Payments Coverage does. This coverage pays out if you or one of your drivers are hurt in or on a covered motor vehicle.
- Comprehensive Coverage – Comprehensive Coverage is physical damage coverage that pays out in the event your property is damaged by an act of god or some other peril out of your control (Examples would be hitting a flying object, hitting an animal, hail damage, fire, and etc.).
- Collision Coverage – Collision Coverage is physical damage coverage that pays out in the event your property is damaged in a collision with another object. This can be a collision between two vehicles or the collision between the car and a stationary object.
- Motor Truck Cargo Coverage – Motor Truck Cargo Coverage is coverage to pay for damaged or stolen goods that you are transporting. In order for cargo coverage to pay out the goods almost always have to be owned by a third party.
- Trailer Interchange – Trailer Interchange Coverage pays out in the event that you are pulling a trailer that you do not own. If you damage the trailer or if it is stolen while in your care trailer interchange coverage kicks in to pay the owner of the trailer for the damages.
There are several other unique coverage types available on commercial trucking policies depending on your unique situation. The list above represents the core coverage common to almost any freight hauler policy.