Becoming an Adult

Insuring Your Commercial Truck

9 May 2019

Robin King

Commercial truck drivers are essential for the economy. However, operating a large commercial truck can have sizable liabilities that will need to be managed with commercial insurance coverage. Yet, new truck drivers often drastically underappreciate the need to be thorough when they are buying this type of insurance protection.

Meet Your Local Insurance Requirements

As with personal automobiles, there are legal requirements concerning the amount of insurance that individuals are required to carry. Being underinsured can result in you being fined and potentially having your licensed revoked. Furthermore, you can be personally liable for damages that exceed your insurance coverage, which can be another important reason for carrying ample insurance coverage. Due to the potential hazards of commercial trucks, there are often varying levels of insurance coverage that are required based on the size of the truck as well as the potential hazards of the cargo.

Match Your Insurance To Your Cargo

Truck drivers will have the added responsibility of needing to safeguard the cargo that they are transporting. In the event of an accident or other damage to the cargo, you may find yourself personally liable for the costs of the lost cargo. One way to reduce this liability is to make sure that your insurance provides cargo coverage. Furthermore, this insurance will need to be matched to the type of cargo that you carry. This is especially true for those that regularly carry hazardous cargo materials. Also, this coverage will need to match the value of the cargo loads that you will be transporting. In the event that you undergo a major career change or you start carrying different cargo, you should make it a point to review this part of your insurance. Otherwise, you may find yourself driving the truck while being underinsured.

Attend Safety Training Courses For Commercial Drivers

The costs of insuring any vehicle can be fairly high, and individuals that need to carry commercial quality insurance will benefit from taking steps to reduce the costs of their premiums. One of the more effective options for reducing commercial truck insurance premiums will be to take a safety course. These courses emphasize defensive driving and other safety techniques. Some insurance companies will allow individuals to take these courses annually while others may only allow for this discount to be used a single time. While completing one of these courses may cost you a couple of days of your free time, it can substantially reduce your insurance costs while also helping to make you a safer driver.

Reach out to a commercial truck insurance agency to learn more.

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