The U.S. federal law requires all commercial trucks weighing more than 10,000 pounds to carry truck liability insurance. Trucks hauling normal cargo, hazardous compounds, and tanks exceeding 3,500 gallons need 750K/1M/5M or $750,000, $1,000,000, and $5,000,000 worth of liability coverage, respectively.
However, truckers facing significant logistical risks might need more. To ensure continuity, you should also have enough insurance to cover repairs if your trucks break down. The costs vary depending on the damage, but most issues would set you back by $10,000 to $20,000. This amount should cover the labor and replacement parts needed.
Do your drivers have enough protection? Assured Standard emphasizes that protecting workers takes precedence over insuring your vehicles. Check out our guide on bodily insurance policies for commercial truckers.
Frequently check your commercial trucks for the following issues:
If you’re having trouble starting up your truck, then your primary suspect would be alternator failure. A new alternator would only cost around $500 to $1,000. However, if multiple units in your fleet act up, you might end up with a five-digit bill.
Never delay brake repair. Faulty, worn-out brakes not only compromise your truck and cargo but also endanger the lives of your drivers.
This issue easily ranks among the most problematic truck issues as it calls for an engine overhaul. With air and fuel mixing, you would have to rebuild your engine.
U.S. federal law mandates that all commercial trucks weighing more than 10,000 pounds carry at least $750,000 to $5,000,000 worth of liability coverage, depending on the type of cargo.
Truckers facing significant logistical risks or carrying high-value cargo may need more liability coverage to ensure business continuity.
Alternator failure, worn-out brakes, and exhaust gas recirculation failure are some common issues that can cause commercial trucks to break down.
Delaying brake repair can compromise the safety of the truck, the cargo, and the drivers.
Reducing policy limits to the minimum may result in out-of-pocket expenses if repair costs exceed the coverage, which can be a financial burden.
Individual owner-operators often reduce their policy limits to the bare minimum so that they can get lower premiums. This strategy yields negligible results. Focus on using insurance to mitigate business risks instead of keeping your premiums down. Otherwise, you might end up paying out of pocket if your truck breaks down and the repairs exceed your coverage.
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