There are a few important facts about truck insurance that you should know. In this article, we will discuss Physical damage, Bobtail, and Liability coverage. You should know the cost of coverage, too, but those costs may not be important to you. However, there are some additional coverages that you may want to consider. Read on to learn more. Also, we will cover the benefits of Bobtail coverage and liability. In addition, we’ll cover how to determine what type of policy to get.
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Liability coverage
In addition to the mandatory liability coverage for commercial motor vehicles, truckers should also consider additional non-trucking coverage such as bobtail insurance and occupational accident coverage. Bobtail insurance kicks in after the truck’s load is delivered. In addition, it applies to owners/operators who use a trailer to transport their cargo. Non-trucking liability insurance also protects personal items in the truck. Renter’s reimbursement is another coverage that can protect the owner/operator if an accident causes their truck to be stolen.
Physical damage coverage
If you have a loan on your truck and need physical damage coverage with the help of a truck accident lawyer, you should get collision insurance. Physical damage insurance will cover the repair costs if a collision occurs. It is usually included with collision insurance, which covers damage that occurs in the event of a collision. Collision insurance is also good for damage that occurs in rollover accidents and when hitting a pothole. Physical damage coverage is a great way to protect yourself financially if your truck is damaged.
Bobtail coverage
Bobtail coverage in truck insurance protects you when you’re not using your trailer for business. It covers you while you’re traveling between two points. Trucking companies often include bobtail insurance in their policies so they don’t have to worry about lawsuits when you’re not operating your trailer. However, bobtail insurance is not required for every trucker. Some owners lease their truck to other people and operate it on their own time and are not under dispatch.
Cost
Premiums for truck insurance increased by 12% last year, on average. The cost of insurance per mile is now 8.4 cents. According to the American Transportation Research Institute, truck insurance premiums were the second-highest carrier expense in 2018. Fuel and driver compensation came in third. However, you can find a policy that suits your budget without breaking the bank. Listed below are some tips to keep your premiums as low as possible.
Ratings
Truck insurance ratings differ by state, and the rates paid depend on the type of vehicle and its operation. Retail and service vehicles are charged lower rates than commercial trucks, while truckers with long operating distances pay higher rates. These factors are also taken into account when calculating insurance rates, as longer routes and less familiar roads present greater risk of accidents. In addition, state regulations vary, making it difficult to compare truck insurance rates across states. In this article, we’ll discuss some of the differences between regional and local truck insurance ratings.
Uninsured drivers
If you’re a trucker, you probably already know how important it is to have adequate uninsured motorist coverage. In fact, as many as 1 out of 7 drivers are uninsured. That means you’re at risk for being in an accident with someone who is uninsured. Even if you follow the rules of the road, you’re still vulnerable to getting into an accident with an uninsured driver.