Oregon Commercial Truck Insurance
Every day truck drivers are out on the road making a living. Whether they are driving locally or over the road, they are taking a risk every time they fire up their big rig. Around every curve there is the possibility of a devastating traffic accident. With so many people talking on cell phones, texting and not paying attention, the risk is greater than ever because 18 wheelers cannot stop on a dime and swerving could cause the truck to jackknife or overturn.
When your livelihood and the well-being of your family depends on your truck, a single accident could mean no food on the table. The only security that you can depend on is a top quality commercial insurance policy.
All trucking professionals on the road, whether they are responsible for a single truck or an entire fleet is at risk. To reduce the downfall from such risk is to wisely invest in the right commercial vehicle insurance.
Knowing Which Trucking Insurance You Need
For the most part, commercial insurance is pretty basic. You know that you are going to need to invest in liability coverage and coverage against physical damages. However, there are some more important details and issues of which you also need to be informed. This includes things such as out of state workers compensation, cargo insurance and truckers general liability.
All commercial truck insurance policies will have to include liability coverage. This type of coverage will ensure your protection against property damage or injuries that you or your drivers cause to others. The minimums for the necessary liability coverage that must be included in your commercial vehicle insurance policy is mandated by New York state law. However, if you cross state lines on a regular basis, then you will need to obtain a policy that also meets the minimums that are mandated federally.
The minimum requirements for Trucking Insurance liability coverage depends on the vehicle weight class as well as the type of materials you are hauling in the truck. For instance, a five-ton semi that is loaded with hazardous materials will need a minimum coverage that is higher than a lighter truck that is hauling general commodities.
In addition to the liability insurance that you are required to purchase, there are also a number of additional options that you will also want to consider when your policy is being built, such as:
- Bobtail insurance - This type of commercial vehicle insurance will cover the tractor when it is not pulling a trailer. It does not matter if the vehicle is being operated for personal or commercial use for this coverage to apply.
- Equipment insurance - You may want to purchase this type of coverage as an addition to your physical damage policy. It will offer you protection against damage or loss of a driver's property that may be stored in the vehicle. It will also provide coverage for equipment like tarps, chains, navigational and electronic devices. You may also be covered against fuel spills.
- Medical payments insurance - This coverage will pay the medical costs for you or any of your drivers and passengers incurred in an accident involving your truck. You may be required to submit a complete list of the people who will be driving the truck so the rates can be adjusted according to their driving records.
- Motor truck cargo insurance - This is the type of coverage that you need to protect the cargo that you are hauling against damage or loss while it is in your possession. The federal government requires a minimum of five thousand dollars in cargo coverage, yet a shipper may require additional coverage.
- Non-owned trailer insurance- When the trailer that you are pulling is owned by a third-party, this is the type of Trucking Insurance that you will need for adequate coverage.
- Non-trucking liability insurance - While you may have liability through another company that you lease your services to, you need this coverage to protect you when you are not on a job.
- Occupational accident insurance - This supplemental coverage to workers compensation will proved drivers and their families with additional protection against on-the-job injuries.
- Physical damage insurance - This type of coverage is typically a requirement of the lenders if you finance the purchase of your truck for the duration of the loan. It will offer you coverage in the event that you rig is damaged in an accident, no matter who is determined to be at fault. In addition, you will also have comprehensive insurance that will cover the cost of loss or damage that is the result of fire, natural disasters, vandalism or theft.
Your Trusted Trucking Insurance Advisors
Ferranti-Graybeal Insurance Agency, Inc. has more than forty years of experience in commercial truck insurance. We are quite familiar with USDOT as well as state Oregon state requirements, filings and more. We can do certification with such great speed that you will be able to have them in hand before you pick up your load. All you have to do to get started is click on the quote request button now free of any obligation.