Your Guide to Commercial Truck Insurance
When securing commercial truck insurance, a business owner needs to know what is required and what is expected in these policies. According to this video, each commercial truck is required at the federal level to carry auto liability coverage. Depending on what these trucks carry and their freight load, minimum requirements must be met.
These policies cover property damage to the company’s commercial truck. While it’s not required at the government level, lenders require it if there’s a loan on the vehicle. This protects it in the event of an accident with an underinsured driver or a single-vehicle accident where the truck is damaged.
Another important part of commercial truck insurance is motor truck cargo insurance. This protects any products or cargo you’re carrying while traveling. If the cargo is damaged, stolen, or lost, this part of the policy will cover these expenses so that they can be covered and replaced if the business is found responsible. Another important part of this insurance is trailer interchange coverage. This protects against any damage that happens to trailers that the driver is hauling and does not own. This can be fire, theft, or collision accidents that cause the damage. In order to get this coverage, there needs to be a trailer interchange agreement in order to get the coverage from the insurance policy.
