How Does Semi Truck Insurance Work?

Like most fleet owners, their truck is their most vital assetAny resource owned by an individual or a business that is expected to provide future economic benefi.... It is responsible for carrying out its daily business operations and serves at the forefront of its businesses. When an accident occurs, these massive assets can face devastating hurdles that are difficult to overcome alone, this is where a semi truck insurance company comes in.

What is Semi Truck Insurance?

Now, do I need car insurance if I drive a semi truck for a company? The answer would be yes, you definitely need one.

Semi Truck insurance companies are responsible for coverage of your semi truck and third-party instances during an unforeseen accident. In these accidents, many things can happen, such as:

• Bodily injuries
• Property damageInsurance coverage that pertains to damage or destruction of buildings, vehicles, and other physical...
• Cargo damage
• Vehicle damage

The goal of a semi-truck insurance company is to ensure that you receive the best possible assistance during this time and that you, as the client, remain out of the way of bills that pile up.

Legal and medical bills are some of the most expensive additional costs that occur during these accidents, and partnering with a semi-truck insurance company that assists you are fundamentally important to the success of your business.

What is Insurance Used for and How Can It Help My Business?

The best semi truck commercial insurance company can assist you in getting back on the right track and repairing what was once lost. This assists your business in fire times of need and ensures that you receive all the help possible on returning to the normal business day.

Without the right coverage, a business owner could face losses that are difficult to recover from. Adequate research and knowledge of the truck insurance companies that provide coverage are important for securing a good policy that will assist you in the future.

Truck accidents happen frequently, and receiving the help that you need—when you need it is a vital tool toward achieving a successful and healthy business structure.

What Types of Insurance are There for Semi-Trucks?

It is a legal requirement for all semi-trucks to have certain forms of insurance because of the massive risk that they pose during an accident.

A semi-truck has devastating power and can cause a lot of damage to the surrounding environment, property, vehicles, and people, so having insurance not only protects the semi-truck owner but it assists everyone that was injured or had property damaged during the accident.

There are two common types of coverage that a semi-truck can have, and having both is a great means to ensure comprehensive coverageProtects against damages to a truck from non-collision-related incidents such as theft, fire, vandal... for every situation that may occur during an accident. The two forms of coverage options are:

• Basic
• Specialized

We will be exploring the two types of coverage and how they assist in the event of an accident.

Basic Coverage

Basic coverage is similar to that of your generic car insurance. This mandatory type of coverage handles any damages that may occur during a collision toward your personal vehicle and the other vehicles that were a part of the accident.

This coverage is essential because the destructive power that a semi-truck has during these accidents is phenomenal, and having the correct comprehensive insurance to assist you during this time is a life-saver. 

Bills that go toward the repairs of trucks and other vehicles can very quickly pile up and pose a financial risk. It is put in place to ensure that your financial loss during this process is not as exceptionally high as it would have been without the insurance.

Depending on the policy that you have, the basic coverage will assist you up to the maximum value of your coverage limitThe maximum amount an insurer will pay under a policy for a covered loss..

Specialized Coverage

Specialized coverage is additional coverage that adds to the basic coverage. As mentioned before, trucks have devastating power during an accident, and as such, there are a lot of damage can occur.

Specialized coverage includes insurance that covers areas of:

• Bodily injuries
• Property Damage
• Environmental Damage
• Cargo Damage

Each area of coverage is specific to certain circumstances, and understanding why insurance is needed in these scenarios is a good stepping-stone toward securing an insurance plan that matters.

Bodily Injuries

These are any physical injuries that may occur during the accident to any third parties as well as the driver. Personal injuryLegal liability for injury other than bodily injury, including false arrest, detention or imprisonme... protection and physical damage coverageOften bundled with NTL, this covers damage to the truck itself when not in commercial use. are important during this process to ensure the safety and well-being of the driver and any third party involved in the accident.

Medical bills can amount to exceptionally high amounts, and as such, having coverage for these bills will assist you in lessening the load placed on your shoulders.

Property Damage

Property damage includes damage to any signs, fencing, or personal private property that may occur during the accident. This covers any cost of repair that may be needed for third-party damages.

Environmental Damage

In the aftermath of an accident, there is often a need for environmental clean-up. This coverage assists with the cleaning process, and garbage disposal needed, as well as any other expenses related to the surrounding environment.

Cargo InsuranceInsurance that covers loss or damage to freight during transit, which is critical for motor carriers...

When you are transporting cargo from one location to another, your job lies in the safe transportation and arrival of these items. When an accident occurs, this cargo may be damaged, and the client may seek compensation for the loss that their business incurs.

Although some cargo already has insurance attached to it, this is not always the case. It is important to have some form of cargo damage insurance as it lowers and mitigates the potential risk of needing to pay for any damages that occur during the accident completely.

Frequently Asked Questions:

What is semi-truck insurance?
Semi-truck insurance is a type of coverage for your semi-truck and third-party instances during an accident. It can cover bodily injuries, property damage, cargo damage, and vehicle damage.

How can semi-truck insurance benefit my business?
Semi-truck insurance helps your business recover from accidents by covering repair or replacement costs. Without adequate coverage, businesses could face substantial losses.

What types of semi-truck insurance are available?
There are two main types of semi-truck insurance: Basic and Specialized. Basic coverage handles damages during a collision, while Specialized coverage includes insurance for bodily injuries, property damage, environmental damage, and cargo damage.

What does basic semi-truck insurance cover?
Basic semi-truck insurance covers any damages to your vehicle and other vehicles involved in an accident. It helps mitigate financial loss, covering up to the maximum value of your coverage limit.

What is covered under specialized semi-truck insurance?
Specialized semi-truck insurance covers bodily injuries, property damage, environmental damage, and cargo damage. It provides additional coverage for specific circumstances that may occur during an accident.

Securing a Comprehensive Policy that Assists You in Your Time of Need

Choose only the best semi truck insurance company that covers all aspects of an accident that may occur whilst providing its clientele with the knowledge and information necessary to remain confident.

SoCal Truck Insurance has decades of experience in being at the forefront of providing trucking companies with the best in trucking insurance. Being an industry leader in providing excellent customer service ensures that you and your business receive adequate coverage in the event of an accident.

Not only does SoCal trucking insurance provide you with the package that is directly suited for your needs, but they also go above and beyond with the information and tools necessary for your vehicles and drivers to receive the care that they deserve in the event of an accident at competitive rates.

Need help in finding the best semi-truck insurance? Visit our article about what to consider when looking for semi-truck insurance for help.

If you are a fleet manager, leased owner-operatorA truck driver who owns and operates their own truck and business, contracting with motor carriers o..., private carrierThe entity that physically transports the freight from one location to another, hired by a freight b..., independent truck driver, or commercial driver, then get in contact with our team to receive a quote on your insurance. Email us at [email protected] or contact us at 888-891-4304 at SoCal Truck Insurance today!