Getting Commercial: An Insurance Blog

If you're ready to purchase or lease a semi-truck of your own, you'll need to select your insurance coverage first thing. You'll want to find a company that understands the trucking industry so they can help you get the coverage you need. Here are some important types of commercial semi-truck insurance you'll want to consider.

Physical Damage Coverage Pays For Repairs To Your Truck

Physical damage coverage pays for damage done to your truck. You'll probably want to add uninsured motorist coverage too in case the driver at fault doesn't have insurance. Repairs on a semi-truck can be expensive, so having adequate insurance is important.

One way to control the monthly cost of your insurance is to choose a higher deductible. However, be sure to understand what the deductible covers. In some cases, it may cover the truck, trailer, and cargo, while other policies may have a separate deductible for each.

Cargo Insurance Covers The Loss Of The Goods You Haul

Cargo insurance can be broad coverage that includes anything you're hauling or it can be for specific types of loads. If you haul a variety of goods, broad coverage is probably better even though it costs more. However, if you always haul goods that are listed specifically in your policy, you might want specified peril cargo insurance so you can save money.

Liability Insurance Pays For Damage Caused By You

Liability insurance covers damage when you're at fault. If you have an accident at a loading dock or on the road, and you're the one responsible, liability insurance helps pay for damage after you meet the deductible. However, it only pays for damage to others and not your truck.

Non-Trucking Coverage Kicks In When You're Not Hauling

This is also called bobtail coverage. This pays for accidents when you're using your truck without a trailer when you're not hauling loads. You'll need this insurance if you use your truck for personal use or when you drop off a trailer and drive the truck to a different location to pick up a new trailer.

Reefer Coverage Pays For Damage To Your Refrigeration System

If you plan to buy a refrigerated truck, you'll need reefer coverage. This covers damage to the refrigeration system in your truck. If your truck is out of service because the refrigeration system needs to be repaired, you might get your rental costs covered when you rent a replacement truck if you have renter's insurance added.

Commercial semi-truck insurance is more complicated than auto insurance. Since you're dealing with a large investment and the potential for expensive repairs, it's important to understand what type of coverage you need and how much you should buy. Cutting corners isn't a good idea since that could give you a big financial hit if you're ever in an accident whether or not it's your fault.