Posted by Priya Singh on 16-Mar-2023 12:26 PM
Commercial truck insurance protects trucks that transport commodities from one location to another. What is covered in Commercial Truck Insurance?
Commercial truck insurance protects trucks that transport commodities from one location to another. These trucks enable enterprises to carry raw ingredients and finished goods more quickly. Due to continuous operation, which includes long-distance travel, vehicles are subject to a variety of risks, including accidents, natural disasters, and substantial wear and tear.
Many of these hazards have expenses, which can be extravagant at times. Many insurance companies provide commercial vehicle insurance, which includes commercial truck insurance.
Commercial truck insurance is a collection of specific auto insurance plans customized as per the demands of trucking companies. In the event of an accident, basic commercial truck insurance policies will protect your trucks. Most damages are covered by collision and comprehensive coverage.
Basically, there are two types of Truck Insurance. Types of truck insurance are given below:
Third-Party Insurance - A third-party truck insurance policy is a type of commercial vehicle insurance that covers any legal responsibilities incurred as a result of third-party damage caused by the covered vehicle. It provides coverage for third-party property or person damage caused by the insured vehicle or the vehicle being transported. It also includes personal accident coverage for the owner-driver of the truck.
Comprehensive/First Party insurance- It protects the insured vehicle by covering both third-party liabilities and damage to the insured vehicle. It covers any loss or damage to the insured vehicle caused by fire, accidents, natural disasters, vandalism, or theft, in addition to third-party person and property damage coverage. This insurance also covers the owner's or driver's medical expenses in the event of an accident.
A comprehensive commercial truck insurance policy ensures that the customer's business continues to run smoothly. It enables truck drivers to manage their businesses properly and without unexpected charges.
In short, it covers Accidents, Theft, Fire, Natural Disasters, Personal accidents, Third Party Losses, Towing Disabled Vehicles, and many more types of damages.
It's also vital to understand what your commercial vehicle insurance policy doesn't cover so there are no surprises when you file a claim. The following situations are not covered by your insurance company:
Online truck insurance can be purchased by following these easy steps:
In the event that a truck driver hired by the company is engaged in an accident, it covers risks like the cost of injuries and medical bills for the affected party. It will also include legal defence coverage to protect against third-party claims, whether or not the insured's company is at fault in an accident.
A truck insurance policy is a type of insurance policy which covers a truck from any damages such as accidents, collisions, natural disasters, fires, and thefts. The commercial vehicle also needs an insurance policy same as passenger vehicles. Commercial vehicles are valuable assets to any company because they are an essential part of the logistics team. This makes it critical to protect such valuable assets by purchasing a commercial vehicle insurance policy.
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