Truckers: Protect Yourself From Gaps in Insurance Coverage

 

Commercial Truck Insurance

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The demand for commercial truck drivers is high right now, and many new truckers are hitting the roads. If you’re new to commercial trucking, you may not know what insurance coverage you should have (check out some basic information here). Today we’re going to take a closer look at two types of commercial truck insurance you may need to protect yourself from gaps in coverage.

Trailer interchange

Trailer interchange coverage provides physical damage coverage if a semi-trailer you do not own is damaged by accident, fire, theft, or vandalism while under your care, custody, or control. Say for example, you have a contract with XYZ shipping company to haul between Tampa and Orlando. You drive your tractor truck to Tampa, pick up a trailer and drive it to Orlando and drop it off. You then pick up another trailer and bring it back to Tampa.  Since you don’t own these trailers they will not be covered under the physical damage portion of your insurance policy.

The company that owns the trailers you haul may require you to have trailer interchange coverage, and will likely set the amount of coverage required. Trailer interchange coverage is not necessarily more or less expensive than the cost of insuring your own trailer.

Non-trucking liability

If you’re under contract with a motor carrier company, you should have primary liability coverage through them (your contract will indicate this). In order to purchase non-trucking liability, you must have primary liability coverage through the company you are contracted to. Non-trucking liability covers you when you’re not doing something that benefits the company you have a contract with. For instance, if you have an accident while driving your tractor truck home at the end of the day, non-trucking liability would pay for damages or injuries you cause to other people or their property.

Insuring a tractor truck you use for commercial purposes can be a complicated business, but Lakewood Financial can help. We are independent agents who represent several quality commercial trucking insurance carriers. Give us a call at 941-747-4600, or contact us online and we’ll be happy to answer your questions or give you a quote.

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