Loss of use is a type of commercial truck insurance coverage that may be added to the insurance policy of a truck owner (often referred to as the "insured") that pays for rental vehicles or other modes of transportation while the insured's truck is being repaired.
Thus, if an insured's truck is damaged and their policy contains loss of use coverage, the insured may file a claim with their insurance company for a rental or substitute vehicle to be provided while their truck is being repaired.
As a result, it is critical to read your insurance policy agreement carefully to determine whether it includes loss of use coverage, as this coverage is not automatically added to your policy.
Generally, loss of use coverage is a low-cost supplement to a commercial truck insurance policy, typically costing only a few dollars more per month. Purchase of loss of use coverage for a company car or fleet of business vehicles, on the other hand, will be more expensive and require a more complex business insurance policy. Additionally, rental auto insurance may provide compensation for loss of use.
Various trucking insurance companies cover a variety of commercial vehicles, but most provide coverage for semi-trucks, flatbed trucks, dump trucks, tow trucks, and box trucks, among others.
The following are some of the usual coverages included in a commercial truck insurance policy:
If you want to learn more, check out the rest of Assured Standard's resources on the different types of commercial truck insurance coverage today!