12 Reasons You Should Get Insurance for Your Truck

12 Reasons You Should Get Insurance for Your Truck

You work hard for your money, so why would you risk driving a truck without insurance? If you have a truck and drive it for your business, then it is crucial to protect both the truck and its driver. In this blog post we will discuss 12 reasons that buying an insurance policy is beneficial!

1. Property Insurance

Insurance is cheap in the long run because it protects your truck and equipment. If a tree falls on a big rig or a car crashes into you, then all of the damage can be rolled into one claim.

2. Financial Protection

Injuries, vehicle theft, and property damage can put a huge dent in your bank account. With truck insurance, financial problems can be reduced and managed.

3. Protect Your Job

A collision with another vehicle is all it takes to end your career as a truck driver if you don’t have the right insurance policy. Damages could make it impossible for you to find work again in the industry; but when you drive insured, you can pay to repair or replace your rig and get back on the road.

4. Driving Without Insurance

Your policy could be voided by simply not having insurance because you are driving truck for business purposes. If you are caught without the proper coverage, bad things can happen like getting ticketed or worse; combined with other charges, not having insurance could land you in jail.

5. Your Trucking Company’s Insurance Excludes You

Many trucking companies have policies that do not cover their employees when they are driving for business purposes in their personal vehicles. If this is the case, then you should purchase your own policy to avoid being personally liable for damages when you are on the job.

6. Fines from the DOT

In order for a trucking company to have a DOT number, then they must have insurance that is compliant with state and federal regulations. Without the proper policy in place, they could be shut down or fined by law enforcement agencies. Either way it’s a bad situation for you as an owner-operator.

7. Unstable Economy

Just like any other business, trucking companies are affected by the stability of the economy. If there’s a recession or another financial crisis, then many carriers will not be able to stay in business and they will drop their drivers. With no job, you won’t have insurance; however with an insurance policy protecting your truck, you could find another carrier when it’s time to get back on the road.

8. Company Bankruptcy

As a company owner-operator, you are your only employee in most cases. If your company goes out of business because they were not able to pay bills or because they filed bankruptcy, then you could face steep financial penalties. Without insurance, you would find yourself in even worse shape.

9. New Opportunities

The trucking industry is highly competitive and it’s difficult to predict what might happen next. If your rig was damaged or involved in an accident that wasn’t your fault; then you could lose the opportunity to take advantage of a new opportunity because you lack coverage.

10. Combination Event Coverage

Carriers usually offer comprehensive insurance to cover trucks that are involved in a combination event; this type of policy is ideal if you need protection after an accident where the other driver was at fault for damages and injuries sustained by others. Without proper coverage, you could be held responsible for everything if something like this were to happen.

11. Insurance is Required by Law

Every state in the United States requires truckers to have some sort of driving liability insurance; however, not all carriers provide it for their drivers. This means that you could be held personally liable for damages and injuries sustained from accidents if your company does not supply this type of coverage.

12. Insurance is Required by Your Customers

Many companies require their drivers to have liability insurance before they hire them; if you don’t have the proper policy in place, then you could lose out on work opportunities. It’s important that your own policy is compliant with state and federal regulations so that you can continue running safely and successfully.

Which carriers require their drivers to have insurance?

Many companies in the trucking industry expect all of their employees to carry liability coverage. This includes for-hire, private, and flatbed carriers among others.

How do I know which company to buy from?

You should research companies extensively before choosing one to carry your policy. Find out about their financial status as well as the kinds of services they provide; this way, you’ll be able to make a decision about what carrier is best for you.

How much can I expect my policy to cost?

The cost of coverages varies depending on the factors involved; carriers usually give customers an idea about monthly costs at the time of application. However, drivers can lower rates by taking advantage of discounts for things like good driving records and proper training.

Can I save money on my policy?

Many carriers provide reduced rates to drivers who work directly with them. If you sell loads, then you may qualify for reduced rates if your company offers this benefit.

Which company should I choose?

Reputable carriers that supply their drivers with all necessary coverages are usually a good choice. However, it’s important to do research about the company’s financial stability and track record before purchasing any type of coverage from them.

What types of coverages are included in a standard policy?

There are many different types of coverage possible with any type of insurance plan. Many carriers include extensive medical benefits to help their drivers get the best care possible after an accident or injury. They may also provide collision, liability, workman’s compensation, and other options for protection.

How will I get reimbursed if my truck is involved in an accident?

Most carriers will pay their drivers to get back on the road quickly after a crash or other incident. However, not all companies provide this type of coverage; therefore you should be sure that you’re covered before something like this happens.

Where can I purchase truck insurance?

Depending on your state, you can buy an adequate policy from a local agent or through a carrier directly. If you sell loads, then you may be eligible for reduced rates if you work with a certain company.

What should I consider when buying the right policy?

There are many different types of policies available for purchase; it’s important to understand the benefits of each one and the possible downsides before making a decision.

By And By

Let’s face it, you don’t want to be in a position where your truck needs repairs and you can’t afford them. Insurance offers peace of mind so that the unexpected doesn’t become an expensive reality. If you have any thoughts on why someone should invest in insurance for their vehicle, please comment below!

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