CDL Truck Insurance
While most motor carriers will have fleet insurance, operators leased to motor carriers and owner operators in business for themselves will want to purchase commercial truck insurance. They should make sure that this insurance covers them, the driver, and that they can take it with them if they change motor carriers. When signing on with a motor carrier, drivers should ask which types of truck insurance the carrier offers. Most motor carriers will provide primary liability insurance and cargo insurance.
The federal government requires that each truck be covered for $1 million of primary liability insurance. Primary liability insurance protects the other driver in an accident. It covers the cost of any personal injury or property damage that they might incur in an accident with the insured truck. In addition to that, drivers will want physical damage insurance. Physical damage insurance covers the truck for damages due to things such as: collision, fire, theft, hail, windstorm, earthquake, flood, mischief or vandalism. Physical damage insurance is limited to the market value of the vehicle and the premium of the insurance is related to that value.
Along with those two types of truck insurance, drivers will also want to be certain that they have cargo insurance. Cargo insurance covers any freight in the vehicle while the truck is en route or when the driver is stopped on a break. There is also warehouse legal coverage and terminal coverage insurance to consider. These protect the cargo while they are being stored at a warehouse or terminal. Any business insurance agent should be able to provide the coverage you need, or recommend someone who can.