Assured Standard Logo
FREE Quote

What Is Loss Of Use For Commercial Truck Insurance?

What Is Loss Of Use For Commercial Truck Insurance

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.

Types of Vehicles That Commercial Truck Insurance Usually Cover

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.

Options For Commercial Truck Insurance Coverage

The following are some of the usual coverages included in a commercial truck insurance policy: 

Frequently Asked Questions:

What does "Loss of Use" mean in commercial truck insurance?

"Loss of Use" is a type of coverage that pays for rental vehicles or other transportation methods while the insured truck is being repaired.

Is "Loss of Use" coverage automatically included in commercial truck insurance policies?

No, "Loss of Use" coverage is not automatically included and must be added to the policy.

What is the cost of adding "Loss of Use" coverage to a commercial truck insurance policy?

Generally, "Loss of Use" coverage is a low-cost supplement to a commercial truck insurance policy, costing only a few dollars more per month.

What types of vehicles are typically covered by commercial truck insurance?

Commercial truck insurance typically covers semi-trucks, flatbed trucks, dump trucks, tow trucks, and box trucks, among others.

What are some common coverage options in commercial truck insurance policies?

Common coverage options include Tow Truck Insurance, Pickup Truck Insurance, Non-Trucking Liability, Physical Damage Coverage, Trailer Interchange, Own Authority, Comprehensive Insurance, and Owner Operator Insurance.

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!

Was this article helpful?
YesNo
About the Author
assured standard logo
Assured Standard will protect your business with the right insurance, depending on your needs. Now more than ever, it’s crucial to have the right general liability insurance experts on your side. Protecting the future of your business starts today.
Commercial Truck Insurance
Business Insurance
Copyright © 2023 Assured Standard. All Rights Reserved.
cross linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram