Frequently Asked Questions – Commercial Truck Insurance

Jul 26, 2023 | Truck Insurance

Insurance coverage holds significant importance in the commercial trucking industry due to the multiple risks associated with transporting goods. Choosing the appropriate insurance policy becomes crucial for safeguarding your business and assets. However, navigating the complexities of commercial truck insurance can raise several questions that hinder informed decision-making.

This article will address some frequently asked questions to clarify commercial truck insurance.

Question: How Much Does Truck Insurance Cost?

Answer: The cost of commercial truck insurance can vary depending on several factors. Insurance companies consider factors such as the type of truck, its value, the driver’s experience and record, the coverage limits, and the location of your business. Additionally, the level of coverage you choose, including liability, physical damage, and cargo insurance, will also impact the cost.

Question: Do Insurance Companies Require CDL Experience for Commercial Truck Insurance?

Answer: While commercial truck insurance providers may consider a driver’s experience and driving record, they do not necessarily require a Commercial Driver’s License (CDL) for coverage. However, having a CDL can positively impact your insurance rates as it demonstrates professional training and experience. If you or your drivers possess a CDL, mention it to your insurance agent to potentially receive better rates or discounts.

Question: What Insurance Do I Need for My Trucking Business?

Answer: The insurance needs of your trucking business will depend on several factors, such as the size of your fleet, the type of cargo you transport, and the routes you operate on. However, there are a few essential coverage options that most trucking businesses should consider:

  • Liability Insurance: This coverage protects you if your truck is involved in an accident that causes property damage or bodily injury to others.
  • Physical Damage Insurance: This coverage helps repair or replace your truck if it’s damaged in an accident, regardless of who is at fault.
  • Cargo Insurance: This coverage protects your transport goods against damage or theft in transit.
  • Motor Truck Cargo Liability Insurance: This coverage specifically focuses on the cargo you transport and covers damages or losses to the cargo in your care.

Question: What Type of Trucking Insurance Coverage Do I Need to Repair Damages that Result from an Accident?

Answer: You would need physical damage insurance to repair damages to your truck that result from an accident. This coverage includes both collision insurance, which covers damages caused by a collision with another vehicle or object, and comprehensive insurance, which covers damages caused by incidents other than collisions, such as theft, vandalism, fire, or natural disasters.

Question: Can I Obtain Coverage for My Items Inside My Truck?

Answer: Obtaining coverage for personal items inside your truck is possible, but it may require additional insurance beyond the standard commercial truck policy. You can consider adding a rider or endorsement to your policy to cover personal belongings. However, reviewing the terms and conditions and discussing them with your insurance provider is important to ensure you have adequate coverage for personal items.

Question: If I Were to Relocate to Another State, Would I Have to Cancel and Rewrite?

Answer: When relocating your trucking business to another state, you would need to update your insurance policy to comply with the regulations and requirements of the new state. However, cancellation and rewriting of the entire policy may not be necessary. In most cases, you can work with your insurance provider to make the necessary adjustments to your policy to meet the new state’s requirements.

Trust Riverbend Insurance for Expert Guidance on Commercial Truck Insurance

For expert guidance on commercial truck insurance coverage, consult Riverbend Insurance today. Our experienced agents will help you navigate the industry’s complexities and find the best insurance solutions for your trucking business. You can contact us or call us at 855-814-0308 for more information on our services.

Also Read: Does Trucking Insurance Cover Your Fleet?

Riverbend Insurance Agency

Founded in Denver, Colorado, Riverbend Insurance is licensed in multiple states, continually expanding its reach throughout the country. We’re in the business of taking care of people in the most inopportune moments. That’s why our service starts and ends with people.