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What Is Truck Insurance And What Does It Covers?

23-Feb-24 12:04 PM

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Posted byPriya SinghPriya Singh on 23-Feb-2024 12:04 PM
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Commercial truck insurance protects trucks that transport commodities from one location to another. What is covered in Commercial Truck Insurance?

What Is Truck Insurance And What Does It Covers.png

Commercial truck insurance protects trucks that transport commodities from one location to another. These trucks enable enterprises to carry raw ingredients and finished goods more quickly. Due to continuous operation, which includes long-distance travel, vehicles are subject to a variety of risks, including accidents, natural disasters, and substantial wear and tear.

Many of these hazards have expenses, which can be extravagant at times. Many insurance companies provide commercial vehicle insurance, which includes commercial truck insurance.

What is commercial truck insurance?

Commercial truck insurance is a collection of specific auto insurance plans customized as per the demands of trucking companies. In the event of an accident, basic commercial truck insurance policies will protect your trucks. Most damages are covered by collision and comprehensive coverage.

Commercial Truck Insurance Plan Types

Basically, there are two types of Truck Insurance. Types of truck insurance are given below:

Third-Party Insurance - A third-party truck insurance policy is a type of commercial vehicle insurance that covers any legal responsibilities incurred as a result of third-party damage caused by the covered vehicle. It provides coverage for third-party property or person damage caused by the insured vehicle or the vehicle being transported. It also includes personal accident coverage for the owner-driver of the truck.

Comprehensive/First Party insurance- It protects the insured vehicle by covering both third-party liabilities and damage to the insured vehicle. It covers any loss or damage to the insured vehicle caused by fire, accidents, natural disasters, vandalism, or theft, in addition to third-party person and property damage coverage. This insurance also covers the owner's or driver's medical expenses in the event of an accident.

A comprehensive commercial truck insurance policy ensures that the customer's business continues to run smoothly. It enables truck drivers to manage their businesses properly and without unexpected charges.

What is covered in Commercial Truck Insurance?

  • It protects against risks such as the cost of injuries and medical expenditures for the affected party in the event that a truck driver employed by the company is involved in an accident.
  • It will also include legal coverage to protect against third-party claims, whether or not the insured's company is at fault in an accident.
  • It pays for damage to the insured's truck caused by an accident or any other adverse incidence such as vandalism, theft, and so on.
  • It covers damage or theft of items being moved by the vehicle.

In short, it covers Accidents, Theft, Fire, Natural Disasters, Personal accidents, Third Party Losses, Towing Disabled Vehicles, and many more types of damages.

What isn't covered in Commercial Truck Insurance?

It's also vital to understand what your commercial vehicle insurance policy doesn't cover so there are no surprises when you file a claim. The following situations are not covered by your insurance company:

  • Wear and tear
  • Any loss or damage to the covered vehicle caused by war, invasion, or nuclear warfare, for example.
  • Mechanical or electrical failure.
  • Any loss or damage caused outside of the policy's geographical coverage region.
  • The value of the goods vehicle depreciates as is customary.
  • Driving without a valid driver's license.
  • Drunk driving
  • Losses that are not the result of an accident.
  • Any loss that occurred to the insured vehicle while it was being used for racing or another illicit purpose.

How can I purchase commercial truck insurance online?

Online truck insurance can be purchased by following these easy steps:

  1. Submit information about your truck, such as the kind of carrier, registration information, vehicle information, and vehicle weight.
  2. Choose the insurance plan you want to purchase.
  3. Choose your preferred add-on covers (if any).
  4. Pay the insurance premium for the chosen plan online using the payment options given.
  5. Submit the documents that are requested by the insurance company.
  6. The insurance will be issued, and you will receive a soft copy in the mail.

How to Submit a Claim

  • Notify the insurance company about the damage or incident.
  • The vehicle will be physically inspected by the insurance company.
  • The service station will evaluate the repair work.
  • Following the completion of the repair work at the network garage, the insurer will approve the repair.
  • The invoice is provided to the insurance provider following the completion of the repairs.
  • Fill out the claim form and attach any relevant papers.
  • The bill will be settled with the network garage directly.

What are the advantages of truck insurance?

In the event that a truck driver hired by the company is engaged in an accident, it covers risks like the cost of injuries and medical bills for the affected party. It will also include legal defence coverage to protect against third-party claims, whether or not the insured's company is at fault in an accident.

What is Truck Insurance?

A truck insurance policy is a type of insurance policy which covers a truck from any damages such as accidents, collisions, natural disasters, fires, and thefts. The commercial vehicle also needs an insurance policy same as passenger vehicles. Commercial vehicles are valuable assets to any company because they are an essential part of the logistics team. This makes it critical to protect such valuable assets by purchasing a commercial vehicle insurance policy.

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