Commercial Truck Insurance is typically an arrangement or plan made by a company to compensate for any damage to your vehicle in the course of running your business which requires payment of premium over time. There are different insurance coverage plans for commercial trucks. It all depends on the type of business you are running and it ranges from basic coverage to specialized coverage, down to non-trucking coverage. Note, however, that each coverage plan has its own policy which you need to understand before going for the desired plan. To land the best deals on commercial truck insurance, Houston TX, you need the help of an insurance agent will be indispensable if you must completely understand the mostly ambiguous terms used in the policy so that you don’t get underpaid when it is time to file a claim.
Why Do You Need Commercial Truck Insurance?
Insurance is a defensive measure taken against likely eventuality. Likely eventualities could be accident, loss of goods, theft, damages etc. Choosing the right insurance for your commercial truck is very important if you must avoid unexpected loss. Insuring your commercial truck ensures the protection and the stability of your business which by helping you manage risks. However, there are some factors that determine the type of insurance coverage you should choose and the premium to pay. The factors are haulage type, years in business, the driver’s driving history, type of vehicle, business location, are they going to be using the truck out of the state in which it is insured, the current value of the truck, the garage where you are parking the truck, the radius of operation of the truck etc.
Types of Commercial Truck
Depending on use, there is insurance coverage for the following types of trucks:
- Flatbed Trucks
- Box Trucks
- Dump Trucks
- Tow Trucks etc
Read More : Tips for Save on Commercial Truck Insurance
Commercial Truck Insurance Coverage
Depending on the company you choose to patronize, there are many types of commercial truck coverage are available in the industry. Below are some of the most popular ones.
- Physical Damage Coverage: This coverage provides protection for your truck in the event of an accident and this requires comprehensive insurance. If your truck is adequately insured, your insurer will be responsible for the repairs up to the value of your premium or as stated in the policy.
- Cargo Coverage: It covers the goods in your truck against damage or theft while on transit.
- Liability Coverage: This is very important to business owners. Holders of this policy are protected from any liability they incur through the truck as the insure will be financially responsible for it all.. However, there are fines levied against any truck owner without this insurance.
- Bobtail Coverage: This is also referred to as Deadhead Coverage, because it is not mandatory that you insure your truck under this coverage as it only covers it when the truck is on the road without any cargo.
Other Aspects of Commercial Truck Insurance
Having known what this insurance is all about, and its types, we may now consider other terms and concepts that relate to commercial truck insurance.
Purchasing a Policy
Getting your commercial truck insured begins with giving insurance agent detailed information about your business because it gives them larger picture about the business they want to insure. They want to know the type of business you are doing, the types of haulage you transport, business history; financial status, year of establishment, its current liability etc.
So, don’t be shy to tell them the truth about your company as it will help them decide on the perfect insurance policy to recommend for your business and the exact premium to pay.
MC Number
This number, which is given by Interstate Commerce Commission (ICC) gives you the license to use your truck to transport cargo across states once you qualify to get the number. Summarily, you need to have comprehensive insurance on bodily injury and property damage based on the size of the load the truck would be carrying before you can be given accredited number for interstate.
Commercial Truck Insurance Premium
This is an amount of money a commercial truck owner pays an insurance company to insure his truck. The premium is determined after due consideration of the information supplied by the owner of the truck. Furthermore, if the business owner or the would-be river of the truck has a bad driving record, it will definitely increase the amount the policy holder pays in premium. However, when the premium is duly paid, the truck becomes a liability to the insurance company who must be responsible for expenses when the need arises.
Commercial Truck Insurance Claim
It simply means a formal request by a policy holder to the insurer, demanding financial help as a result of damages to the insured commercial truck. When a claim is made, your insurer reviews the terms and conditions attached to the policy you subscribed for and if your claim falls within the provision of the policy, they fulfill their own end of the bargain which is to repair the truck. Before dishing out money, however, the insurance company will interrogate the driver for details of how the accident happened such as the parties involved, the party at fault etc.
Only after analyzing these facts, and proving beyond reasonable doubt that the claim is a legitimate one, will the company fulfill its side of the agreement. However, if the driver of the other vehicle is at fault, and the damages suffered are enormous, your insurer will file a claim to the insurance company of the other driver.
To make a claim, the following are very necessary:
- How the accident happened
- The names of people involved
- Information about the insurance company of the other driver
- Information about the vehicles involved in the accident, and many more
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In conclusion, you need to get a better understanding of the policy you want to subscribe to. A simple search for Commercial truck insurance Houston Tx on Google, will yield a lot of helpful results. Although the internet is a good place to start from, you are free to ask insurance agents when you call them for a quote. Another information you need not neglect is customer review of the company you wish to purchase from. Every insurance company claims to be the best but only one group of people can attest to their authenticity and quality: their previous or current customers.