It goes without saying that trucks are essential to Canada’s economy given the rise in the number of commercial loads being transported by road. There are several dangers involved with owning and operating a truck or commercial vehicle because of the vastness of our country and the prevalence of road freight.
Having the appropriate coverage in place will guarantee that those who depend on their truck or fleet for their financial security are safeguarded in the event of an accident. Let’s examine the types of truck insurance that top Insurance companies in Calgary like Pioneer Trucking Solutions have to offer.
1. Primary Auto Liability
Federal requirements stipulate that all commercial trucks must be covered by primary car liability insurance. In the event that a third person is hurt in an accident, your liability insurance coverage will protect you.
2. General Liability
General liability insurance is a requirement in every state for commercial trucks. The coverage protects a truck owner against the bodily or property liabilities of your driver. The activities of the driver on the property of other parties, such as loading docks, truck stops, and improper loading, are also covered.
3. Physical Damage
A commercial vehicle and trailer are covered by physical damage insurance for harm caused by;
- Crash;
- Theft;
- Vandalism;
- Natural catastrophes
In the event that your truck is irreparably destroyed, the coverage pays for the truck’s worth. The premium you pay to the insurance company is based on the truck’s worth.
4. Bobtail Protection
When the owner-operator is not covered by the primary liability coverage, bobtail insurance will protect an off-the-dispatch driver or a driver of a vehicle without a trailer. Bobtail and Non-Trucking Liability Insurance, which covers a truck used for personal purposes, are sometimes misunderstood terms.
5. Insurance For Mechanical Failure
It’s an insurance plan that protects the owner of a vehicle from out-of-pocket costs when the truck needs maintenance and breaks down.
6. Limited Depreciation Coverage
If your truck is deemed a total loss or write-off, it fills in the difference between the cost to replace it and the amount you still owe on it.
7. Freight Insurance
In the event that the goods you are transporting in a truck are lost or destroyed, you need cargo insurance to shield you from culpability. The surcharge varies according to the kind of freight.
8. Insurance for Trailer Exchange Agreement
Physical damage insurance for non-truck owners, trailer interchange insurance covers trailers used in accordance with the terms of the trailer interchange agreement. The trailer is protected by insurance against theft, fire, collision, vandalism, and fire.
9. Insurance for passenger accidents
If the truck is involved in an accident while carrying an insured passenger, the policy protects the driver.
10. On-Hook Protection
When carrying or towing, the insurance will replace or fix any third-party motors that are not owned by your company. Theft, collision, explosion, vandalism, and explosion are all covered by the policy.
So, choose the right cover as per your needs that too from one of the top Insurance companies in Calgary, your favorite go-to trucking solutions provider, Pioneer trucking solutions.