Truck Driver Insurance
Truck driver insurance is very similar to auto insurance except for the fact that it’s a specific policy to cover commercial truck drivers. There are certain legal requirements in terms of license, etc… for truck drivers to have and the nuances of policies will be a little different though you’ll find the facets are the same as an auto insurance policy you’re already more familiar with.
When it comes to policy options there are quite a few to choose from for both the commercial truck and the truck driver. It would be advisable to consult an insurance agent or broker that is an expert in this specific area to make sure you get the coverage that is legally required, advice on what types of other coverage should be purchased and the policies that will work best for the specific drivers and the companies they work for. If you are an independent truck driver they can go over a package for you for your truck and yourself.
Insurance premiums for truck drivers can be costly; however, it is a very high risk group just because of the more time on the road for one example. While money is on everyone’s mind; especially these days, the peace of mind that your insurance will cover an accident/incident, liability and others will more than be work the cost.
The insurance premium will vary and it’s best to consult an expert in the field to get the needed coverage and also shop around for quotes with said coverage to get the best possibly premium payment for the coverage contained in the policy.
When it comes to the truck driver having insurance is almost always required legally. The insurance for the truck driver will cover them from legal liability that can occur from activities on the road regardless of if the incident is the fault of the driver.
The reason that this insurance is required by law is to make sure that any damages will be paid in the event that an incident should happen and it will cover the driver specifically.
Rates will vary dependent on several factors; such as the following:
- Level of experience
- Driving history
- Areas of operation
It’s not uncommon for the truck to be insured separately from the driver. Equipment insurance is going to cover damage, theft as well as other forms of loss. This is something that is very strongly recommended as commercial trucks are very expensive when it comes to replacement and even repair.
Like mentioned before, if you’re an independent driver (owner-operator) you should have the option of purchasing a bundled-policy that will cover both you and your truck under the same policy.
Another type of insurance under the truck insurance umbrella covers the loads being hauled. Most all insurance companies aren’t going to automatically cover the loads as they are very expensive in terms of replacement cost especially depending on the merchandise being hauled.
Insurance policies covering loads are going to be expensive but well worth the price. If you should go without this coverage the trucking company or you as an independent driver would potentially be liable for every damaged or destroyed piece in the truck and most likely are financially unable to replace. If you’re independent or a small business it’d most likely going to put you out of business and into bankruptcy.