Truck insurance offers coverage for the driver, truck, and the cargo being transported. Although insurance premiums are one of the highest expenses for truck drivers, in the long run it is cheaper than having to replace the whole truck and cargo due to an accident. To avoid that situation it is crucial to have adequate liability coverage.
Liability coverage is a federal requirement and is punishable by law if truck drivers do not have it on their policy. This coverage will also protect the driver from being personally responsible for the damages incurred in an accident.
Liability coverage comes in more than one type. Damages and injuries can be incurred in accidents or events even when you are not currently driving your truck. Some types of coverage will give you benefits for damages that happen even while you are away from your truck.
You will also want to look into having insurance for your cargo. You will not want to be left financially responsible if it is ruined in an accident or stolen.
Some insurance providers may be hesitant to insure cargo that is at high risk of being stolen. If your company transports these types of materials, your premiums may be higher but it will still be cheaper than having to replace the whole load due to a loss.
You will be asked to submit the value of your truck when you are applying for truck insurance coverage. Make sure that you are honest about the true value. If you overvalue then your premium will be more expensive than is needed. However if you undervalue your policy will only cover the amount that you disclose even if the truck is actually worth more.
If you have any questions about truck insurance coverage contact an insurance broker. Brokers will be able to help you obtain the adequate type and amount of coverage for the best price.