Insurance is as much a requirement for driving trucks as good brakes or fuel. It’s good business to be protected on the road, and it’s the law.
At Diamond Mitsubishi Fuso, our policy requires all trucking firms and independent truckers to have commercial insurance before renting or leasing a truck from our dealership.
However, acquiring insurance comes with several questions:
- Do small truckers need the same coverage as large corporations?
- What kind of coverage is needed?
- Does coverage vary for different types of trucks?
Basic Types of Truck Insurance, Explained
Diamond Mitsubishi Fuso recommends finding an experienced, reputable business insurance agent to answer questions specific to your business. In order to know which questions to ask, we offer these brief explanations of the basic types of vehicle insurance:
When your driver is responsible for a collision that causes property damage or injuries to individuals, liability coverage kicks in. Property damage coverage pays to replace or fix vehicles, buildings, or any type of property damaged in a vehicle collision. Bodily injury coverage can include medical bills, funeral costs, pain and suffering claims, even lost wages. Because many collisions involve both property damages and injuries, many policies offer split claim provisions that set limits on both areas of liabilities.
This type of coverage pays for damage caused that is not caused by a collision. For example, comprehensive pays if your leased or rented truck is stolen or damaged by vandals, fire, or falling objects. Claims for comprehensive coverage take into account the value of a vehicle, as well.
Other types of insurance offer additional coverage, which might be quite valuable for a transportation company, such as:
Personal injury insurance covers the medical bills of individuals who are not your employees. Medical payments insurance, on the other hand, will pay when your driver or passengers in your truck are hurt, regardless of who is at fault.
Although not required by law, uninsured motorist insurance protects your business when another driver has no insurance or inadequate coverage.
Trucking businesses are wise to explore the costs of “bobtail” insurance. Bobtail insurance provides coverage for cases in which your employee is driving a leased truck off the clock, or returning from a delivery on a so-called ‘deadhead run’, with an empty truck.
Contact Our Dealership to Find out More about Commercial Insurance for Your Trucking Business
The amount of insurance coverage you need depends on several factors, including what type of trucking business you operate, and what fits your budget. Most insurance companies will allow you to pay premiums on a month-to-month basis. For many transportation companies, that arrangement is preferable to a single upfront payment.
You may choose to pay a higher deductible in order to lower your premiums.
The agents who lease and rent vehicles at our dealership can advise you, to help you determine the type and amount of coverage you require. Then you may shop for quotes you can afford from reputable business insurers in your area.
If you want to learn more about how much commercial insurance you need for renting or leasing trucks, call 408-263-7300 today to speak to a Diamond Mitsubishi Fuso representative.