What Are the Options with Commercial Truck Insurance?

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It is essential to carry commercial truck insurance if you are an owner-operator or a small business. While there are more expensive insurance options that are available, they are mainly geared toward larger businesses while basic coverage is what is required. There are many different options that are available for any commercial truck insurance chicago il that vary based on many different factors. Some of these include what type of truck is being driven, what kind of loads will be hauled, and how many years of experience the driver of the truck has. Here are a few examples of coverage that are available. 

Basic Coverage 

This is the minimum that most truck drivers have on their vehicle. It covers collisions as well as comprehensive coverage. If you are in an accident, collision coverage covers the other vehicle and parties while comprehensive covers you and your vehicle. It works in a similar was as comprehensive coverage works in a normal car. 

Non-Trucking Coverage 

There are different aspects of non-trucking coverage. Bobtail coverage covers the time when the vehicle is not being used to deliver a load. Non-trucking coverage also covers any personal items that are in the truck. Since truckers spend such a long time on the road, they usually also carry a lot of personal items that can be worth a considerable amount of money. 

Specialized Coverage 

There are a lot of different scenarios that can happen during the course of owning or operating a truck and it’s important to make sure that these are covered if they are a concern. If there are situations that are not part of basic coverage, specialized coverage can offer the insurance options that you are wanting. Some of these options include coverage for the cargo that you are hauling in addition to your truck. This is known as a commercial auto liability and it’s necessary if your company is hauling property that doesn’t belong to them. 

Premiums and Deductibles 

Depending on the type of coverage that you choose and several other factors, your premiums and deductibles could vary greatly. In general, the higher premium options will come with lower deductibles. Premiums must be paid every month in advance of the coverage. Buying insurance directly from an insurance company is generally cheaper than purchasing it through a dealer. If you have a driving record that isn’t the best, your premium may be higher. Premiums must be paid throughout the span of your coverage, but the policy can be canceled at any time. While canceling your insurance coverage doesn’t affect your credit, you still are responsible for any premiums incurred before your cancellation date. 

As mentioned before, paying a higher premium can mean paying a lower deductible when you have to make an insurance claim. In general, deductibles are usually between $500 and $2,000. If you need $4,000 in repairs and your deductible is $500, you will pay $500 while your insurance company pays the other $3,500 of the bill.


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