Commercial Truck Insurance: Basic Coverage Definitions

Commercial Truck Insurance: Basic Coverage Definitions

Commercial truck insurance, like the commercial truck industry itself, is a varied and complex. There are loads of individual concerns one must take into account when deciding on the right type of coverage. In order to make an informed decision, you should be aware of at least the basic coverage options.

These are just a few of the available options for commercial truck insurance and why you might want to consider them.

Primary Liability

Primary liability covers the cost of damages due to accidents. If you are involved in an accident, your primary liability will cover the other party's repair and medical bills. This type of coverage is required by U.S. law for all commercial vehicles., and as such remains the most basic truck insurance policy that serves as the core to all other additional forms of coverage.

Comprehensive Coverage

This coverage is not required by law and it covers damage to drivers' trucks or property should any occur from an accident, vandalism, and theft. This serves as a complement to primary liability by ensuring that you have coverage damage to others as well as yourself. It is also referred to as physical damage insurance. Comprehensive offers the most security to drivers' own gear.

Bobtail Insurance

Bobtail insurance is a type of non-trucking liability insurance. This is a policy that's held by many independent owner/operators which covers them when they are not on the job, and therefore not covered by an employer's policy. It is an effective way to save money on insurance costs when operating as an independent driver.

Trailer Interchange

Commonly, companies will exchange trailer hauls under trailer interchange agreements. In these cases, separate insurance is needed to cover these exchanged trailers. In spite of these added insurance costs, trailer interchange agreements often help drivers and companies save money on fuel and other costs, making it a highly beneficial practice.

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