For any company that operates in the logistics industry having delivery vehicles is imperative. The vehicles you use will be carrying goods and people all the time, and in such situations, Tractor Trailer Insurance can be an important part of keeping your business running.
What is tractor trailer insurance?
Trucking insurance is a policy that comes under the auto insurance category, but it covers more areas including the goods carried. It requires that a company adheres to stringent rules including having properly maintained vehicles and qualified drivers.
What is insured?
When you get an insurance policy, there are certain areas that will be covered. The amount of the coverage depends on the premiums that are being paid, the value of the vehicle and the intended value of the goods being hauled.
The vehicle
The insurance will cover any damages to the vehicle in case of an accident. Depending on the value of the truck the insurance company may reimburse you up to 100% of the value in case something happens.
The driver & passengers
A policy will also cover the driver and any passengers in case of any injuries sustained due to a road accident. These will include medical expenses and other areas that may help the driver recover faster.
Goods
Depending on the goods that are hauled, you can tell the insurance company that you want to a certain amount as the coverage. It could be $10,000 to $1,000,000 or more. You will need proper insurance for the goods hauled if you want to offer your clients a reliable delivery service.
Third parties
There are many times that you can have accidents that will cause damages to third party property. In such cases, you will need this cover so that you or your company will not have to pay for these costs that can run into thousands of dollars.
Selecting an insurance company
Selecting an insurance companyIf you want to get insurance for your trucks and trailers, you will have to find a reputed company that is known for settling claims made by those insured. If they are an agent, you must ensure they have a strong reinsurer.
Look at the fine print
Insurance policies have so much text, terms, and conditions that many people do not bother to read them. It is important that you read the complete details or have it explained to you so that you know what the exclusions are and how you can actually make a claim.