Commercial Truck Insurance

We have been involved in multiple claims where a waiver was signed however, the truck driver was still found to be liable for the goods. If you are regularly carrying freight than we always recommend you have some form of carriers protection on your truck insurance policy.

Truck insurance is priced relative to the risk that it  posesses. The main contributing factors to your insurance premium are:

1. The replacement value of your truck
2. The type of truck that it is
3. The goods that you regularly carry/what your business is
4. Your previous claims history

No, they are different. The liability section that is included under a truck insurance policy is only referring to the liability of your truck. This is designed to cover you should you bring down a power pole, hit an overpass bridge or cause other damage with your truck.

Truck insurance is a type of vehicle insurance specifically designed for trucks. Truck insurance typically covers the same types of perils as standard auto insurance, but may also include coverage for things like cargo loss or damage. Because trucks are generally larger and heavier than passenger vehicles, they can cause more damage in an accident, so it’s important to have adequate protection in place.

The cost of truck insurance will vary depending on a number of factors, including the type of truck you drive, your driving history, and the amount of coverage you need. In general, however, you can expect to pay more for truck insurance than you would for standard auto insurance.

With the current market how it is, we strongly recommend that all truck insurance policies should have this section included. This is mainly due to the current wait times on equipment, trucks and parts. If this isn’t included in your cover than there will be no payment made to you while the truck is waiting for repairs to take place. In some circumstances, it’s taking upwards of 6 months for the delivery of a new truck.

As soon as you hold a financial interest in the truck you should consider putting a truck insurance policy in place. A truck is an asset to your business and as such should be treated like one with the appropriate protection.

Most truck insurance policies will be written as either a sum insured or market value which ever is the lesser. You can also insure for an agreed value. You should always insure for the realistic replacement value as if you under insure the truck and list this as your sum insured the insurer will only pay you the lesser amount even if the market value comes in higher than the sum insured.

There are a number of different types of truck insurance coverage available, including liability, collision, and comprehensive. You can also purchase additional protection for things like cargo loss or damage, towing, and rental reimbursement. Talk to Priority today about the needs of your business and we’ll help you determine what types of coverage are right for you.