If your business uses a vehicle for commercial purposes, you likely are required to purchase commercial truck insurance rather than private insurance. More than that, there are special coverage requirements in place for commercial vehicles that you must comply with as well, and these vary by state. It is important to understand these requirements as well as any other requirements that may be in place, such as from your truck lender, before you get a quote for coverage.
The Different Types of Commercial Truck Insurance Available
Just as there are different types of private vehicle insurance available, the same holds true for commercial vehicles. Most commercial vehicle owners will be required to purchase liability coverage that complies with state laws, and these typically are different than the liability coverage requirements for personal use vehicles. In addition, commercial truck insurance can include collision and comprehensive coverage as well as personal injury and contents coverage. If your truck will be used to haul equipment, products or other items, contents coverage can be very important.
How Your Use of the Truck Impacts Coverage Needs
The use of the commercial truck will dramatically impact coverage needs, and the type of truck that is being insured will also have an effect on coverage needs. In many locations, the coverage requirements for a pick-up truck used for commercial purposes will be different than a semi-truck or 18-wheeler. The types of products that are being transported as well as if passengers will be transported in the vehicle also will impact coverage needs. Those that are used to haul gasoline or hazardous chemicals, for example, may have significantly more substantial coverage requirements than those used to haul boxes of clothing.
Insuring a Fleet Versus an Individual Vehicle
Some small businesses may only have one or two vehicles that need to be insured, but others may have a fleet of commercial trucks that need insurance. Some insurance companies specialize in insuring fleets, and they may provide you with a better overall rate in some cases when you insure the entire fleet with them. However, it is generally a wise idea to compare coverage options thoroughly to find the right plan at the right price.
If you have a commercial truck or several trucks that need to be insured, take time to learn more about the unique coverage requirements in place for each vehicle. In addition, learn about any specific lender requirements for the vehicles. These factors will provide you with the minimum coverage you need to shop for when gathering quotes, but you may consider the benefits of purchasing additional coverage even if it is not required. These tips can help you to ensure that your vehicles are fully insured and that you comply with all local rules and regulations.