Frequently Asked Questions – Commercial Truck Insurance

Answer: The cost of commercial truck insurance can vary depending on several factors. Insurance companies consider factors such as the type of truck, its value, the driver’s experience and record, the coverage limits, and the location of your business. Additionally, the level of coverage you choose, including liability, physical damage, and cargo insurance, will also impact the cost.

Answer: While commercial truck insurance providers may consider a driver’s experience and driving record, they do not necessarily require a Commercial Driver’s License (CDL) for coverage. However, having a CDL can positively impact your insurance rates as it demonstrates professional training and experience. If you or your drivers possess a CDL, mention it to your insurance agent to potentially receive better rates or discounts.

Answer: The insurance needs of your trucking business will depend on several factors, such as the size of your fleet, the type of cargo you transport, and the routes you operate on. However, there are a few essential coverage options that most trucking businesses should consider:

• Liability Insurance: This coverage protects you if your truck is involved in an accident that causes property damage or bodily injury to others.
• Physical Damage Insurance: This coverage helps repair or replace your truck if it’s damaged in an accident, regardless of who is at fault.
• Cargo Insurance: This coverage protects your transport goods against damage or theft in transit.
• Motor Truck Cargo Liability Insurance: This coverage specifically focuses on the cargo you transport and covers damages or losses to the cargo in your care.

Answer: You would need physical damage insurance to repair damages to your truck that result from an accident. This coverage includes both collision insurance, which covers damages caused by a collision with another vehicle or object, and comprehensive insurance, which covers damages caused by incidents other than collisions, such as theft, vandalism, fire, or natural disasters.

Answer: Obtaining coverage for personal items inside your truck is possible, but it may require additional insurance beyond the standard commercial truck policy. You can consider adding a rider or endorsement to your policy to cover personal belongings. However, reviewing the terms and conditions and discussing them with your insurance provider is important to ensure you have adequate coverage for personal items.

Answer: When relocating your trucking business to another state, you would need to update your insurance policy to comply with the regulations and requirements of the new state. However, cancellation and rewriting of the entire policy may not be necessary. In most cases, you can work with your insurance provider to make the necessary adjustments to your policy to meet the new state’s requirements.