Truck Insurance Protecting Personal Assets

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Protecting personal property is important to all of us. For independent commercial truck drivers, that importance is compounded by the fact that not only is that personal property (such as their trucks) very expensive, but it is also their primary means of making a living—it’s important to be meticulous with your truck insurance policy to know when your equipment is covered and when it could be in jeopardy. If damage to an independent owner/operator’s truck does occur, it may result in hefty repair bills or force the driver to purchase an entirely new vehicle. Neither of those options are good scenarios for drivers who probably don’t have the money for such financial burdens, considering they can reach the $100,000 range.
Truck Liability Insurance

The United States Department of Transportation requires that all drivers operating commercial vehicles carry at all times a primary truck liability insurance policy. This is to ensure that if the driver causes an accident or otherwise damages another motorist’s vehicle, that person is entitled to have their repair costs covered by the at-fault driver’s insurance carrier. The catch: if the at-fault driver’s vehicle is also damaged, the primary liability policy will not cover the cost of those damages. Luckily, there is an option available for independent truck drivers apart from truck liability insurancethat will cover their assets in these cases.
Physical Damage Insurance

Physical damage insurance can be purchased to keep all personal assets covered. It will cover repair costs for trucks damaged in accidents, regardless of fault. This handy form of truck insurance also covers the truck when it is not running. If it is parked at a rest stop, for instance, and someone vandalizes it, the physical damage insurance will cover the repair costs. Sometimes physical damage is pitched as comprehensive coverage, which is basically truck insurance that includes physical damage clauses and also provisions to cover your truck in the event of fire or theft.

Whatever type of commercial truck insurance you choose, it’s important to be aware of what your policies are covering.  While most drivers assume that their truck is covered so long as they meet the financial responsability requirements set by law, in most cases they are not.

By: Patrick Winchester