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When it comes to truck insurance, you need to know the basics of both primary liability truck insurance and general liability truck coverage. While these policies may seem straightforward, they differ in the requirements imposed by the FMCSA. Bodily injury coverage pays for the medical bills and legal fees of those injured in an accident while on business premises. The latter covers legal costs in the case of a commercial truck accident. In the event that your truck is at fault in an accident, bodily injury coverage can help you avoid such costly claims.
Cost of primary liability truck insurance
Your vehicle's age and type can influence the cost of primary liability truck insurance. A newer and higher-valued truck will be more expensive to insure than an older model. The cost also varies by credit history, with better credit qualifying you for a lower rate. You may also qualify for lower rates if you pay your policy in full up front. You will have to pay more each month but this is less of a hassle when you can break the total cost into smaller payments.
Having the proper truck insurance is a necessity, but not all policies provide the coverage you need. There are different types of insurance, and the type that you need will depend on your individual needs and driving history. In most cases, a primary liability insurance policy will provide up to $100,000 of coverage for bodily injury. If there are multiple victims, however, the per-accident limit will be much higher.
Having the proper truck insurance is a necessity, but not all policies provide the coverage you need. There are different types of insurance, and the type that you need will depend on your individual needs and driving history. In most cases, a primary liability insurance policy will provide up to $100,000 of coverage for bodily injury. If there are multiple victims, however, the per-accident limit will be much higher.
Per-person limit
The current per-person limit on primary liability truck insurance is inadequate in many instances, putting the burden on the injured victims in a truck accident and shifting the cost to the taxpaying public via Medicaid. This limit should instead place the burden squarely on the shoulders of the trucking company that causes the accident. What trucking experts say about the current requirements is that they do not address the true cost of trucking accidents and are only intended as guidelines.
Uninsured/underinsured motorist coverage
In addition to primary liability truck insurance, many truckers should consider purchasing uninsured/underinsured motorist (UM) coverage. This type of coverage kicks in after all other insurance limits have been paid out. Because one in seven motorists in the United States are uninsured, you shouldn't skimp on the uninsured/UM coverage. This coverage is crucial to your truck insurance policy.
Secondary liability truck insurance
If you're a trucker, you must understand the importance of secondary liability truck insurance. The livelihood of truckers depends on the ability to earn money and repair their truck in the event of an accident. Whether you're a company owner or independent contractor, you need to take your trucking insurance seriously. Whether you're looking for physical damage insurance or bobtail insurance, secondary liability coverage is a must. In addition to liability insurance, truckers should also purchase bobtail insurance, OCC/ACC insurance, and bobtail insurance.
