Setting up a commercial trucker insurance policy requires attention to a lot of details. Liability in the industry is often based on very specific circumstances, such as whether an operator is currently hauling a load for a third party. You need to be sure your policy covers every possible scenario, and here are 5 things you'll want to know before you purchase commercial trucker insurance.
Collision and Comprehensive Coverage
Much like you would while driving your car, you'll need basic coverage to deal with any damage that might arise from hitting someone else's ride. That's known as collision, and it also covers damage to property owned by third parties.
Comprehensive coverage is meant to fix your vehicle if something happens to it. This is especially the case if the incident doesn't involve another driver, such as hitting a deer or going off the road in bad weather. Similarly, it covers repairs if an uninsured or underinsured driver is at fault for an accident involving your vehicle.
If you're hauling cargo for someone else, you'll need cargo coverage. Similarly, truckers often need specialized coverage for industry-specific issues, such as hauling cars or hazardous chemicals. It's wise to talk with an agent about the entire range of activities you expect to engage in while driving so they can point you to the right commercial trucker insurance.
There are many scenarios where you might not be covered for commercial activities once you disconnect a trailer or unload a vehicle. Coverage for these scenarios is called bobtail insurance, a reference to a tractor-trailer that is missing its trailer and has had its "tail" bobbed. Bobtail insurance covers most non-commercial activities, such as bringing a truck home after a run or taking it to the shop for service.
Occupational Accident Coverage
Dealing with trucks and trailers means fiddling with components that may harm or kill you. Occupational accident coverage provides insurance for medical bills or death in the line of work. If your hand gets pinched while working on a malfunctioning hitch during loading, for example, your medical bills would be covered.
Deductibles and Costs
A higher deductible means you'll have to pay more out of pocket before your commercial truck insurance kicks in. The trade-off is a higher deductible means you'll pay a lower monthly premium.
Never pick a higher deductible than you're sure you'll have enough cash on hand to cover. Generally, deductibles range between $500 and $2,000.