The Ins and Outs of Commercial Truck Insurance

No matter whether you’re a fleet manager who’s responsible for dozens of trucks or an independent contractor managing your own truck, you have to obtain truck insurance. Truck insurance is not just legally required in practically every United States jurisdiction, it’s also a good way to save you from expensive repairs and payouts in the event of a truck breakdown or accident. Here’s what you need to know about getting an insurance policy on your commercial truck.

Types of Coverage

There are dozens of insurance companies out there that will insure commercial trucks. It’s important to understand what types of coverage are offered, as not every policy will have the same level of coverage, and you may find that some options don’t apply to you. Shopping around can help you find the policy that covers everything you need.

• Liability coverage protects you in an accident by covering damage done to other vehicles or property.
• Cargo insurance protects the items you carry in your truck from loss, damage, or theft.
• Physical damage coverage pays for the cost of damage to the truck’s body due to weather, an accident, or vandalism.
• Reefer insurance is helpful for reefer truck drivers whose contents must be kept at an even, cold temperature in the event of a motor failure.
• Bobtail insurance is important for owner-operators who park their trucks at home, as this covers damage that occurs when the truck isn’t on the road.

Premium Financing

If you would otherwise struggle to pay your premiums in one fell swoop, it can be helpful to look into financing options that will allow you to make several monthly payments in installments. Some companies may require you to place a down payment of 10% to 20% of the total policy cost up front but will allow you to make the rest of the payments over the rest of the year. Bear in mind that this option tends to add an interest charge to the cost of the policy, but it can be worth it to help with budgeting. 

Stop by our location in Sanford, FL, today to check out our wide stock of new and used commercial trucks for sale. DeBary Truck Sales is your Florida commercial truck headquarters, serving our customers in Miami, Jacksonville, and Orlando, FL, as well as Atlanta, GA.