Protect your company with los angeles commercial truck insurance
Commercial truck insurance in Los Angeles is a complex policy tailored to your specific business needs. It is essential to have protection when operating any motorized vehicle on public roadways, whether moving goods to and from your business or for personal use.
A commercial truck insurance company must insure the truck driver before driving on any public roadways, highways, or interstates of America. This means that all new and current drivers of commercial trucks must carry some form of commercial vehicle insurance coverage to protect themselves and other drivers on the road.
Commercial truck insurance policy coverage consists of indemnity (compensation) and/or liability insurance coverage; however, they are two different types of policies that protect the driver and company from liability claims.
What are the liability limits, and how should they be determined?
When choosing the limits of liability for your commercial truck insurance company, you must consider what size company you are and how risky your business is. Generally speaking, the larger your business or more expensive your goods are, the higher limits of liability you will need to protect yourself from big claims filed after an accident; this is because of the cost and value of your product(s) and/or services.
What is indemnity coverage?
Indemnity coverage provides compensation for injuries to drivers, passengers, pedestrians, or other parties involved in an accident with your company’s truck. When you’ve decided on a liability limit, the injured party or parties will be paid that amount. For example, if you have a limitation of $1 million and a claim filed against your company for damages totaling $2 million, your insurance company would pay out the total of $1 million to cover the costs.
What is liability coverage?
Liability coverage is an umbrella policy protecting your business from claims filed against you for bodily injury and property damage. You can also choose to include uninsured motorists’ coverage to protect yourself if a hit-and-run driver or another motorist does not carry any commercial truck insurance Los Angeles coverage at the time of the accident.
If you want to add more protection for your business, you can get commercial truck insurance that will cover;
- The physical damage amount covers damages your vehicle does to other people or property.
- Third-party liability limits that help protect you against medical costs and lawsuits because of injuries or property damage caused by an accident for which you are responsible.
- The uninsured/underinsured motorists amount to help compensate you if you’re involved in an accident caused by a driver without insurance; and
- Medical coverage pays for any injuries that happen to people riding with or near you due to a car accident that is your fault.
- Damage or loss to goods being hauled by your vehicle.
- Accident benefits coverage if a driver is hurt in an automobile collision while driving your company’s truck; and
- Liability umbrella policies will cover any claims filed against your firm regardless of the reason.
As soon as you own a commercial truck or begin driving it for your company, you must have this type of insurance coverage.
How much does commercial truck insurance in Los Angeles cost?
Los Angeles Commercial Truck insurance is expensive, and rates differ based on various criteria, such as the coverage you pick. It’s important to compare multiple quotes from reputable companies before making a decision. When speaking with an agent, it’s essential to be upfront about what type of work your business does and where the vehicles are located to apply for coverage properly. If you’re unsure about what you need, an agent can help walk you through your options and determine which best policies for your business.
Aspects for legal tender
When purchasing any form of commercial truck insurance Los Angeles coverage, whether compensation or liability coverage, both policies must have some aspects for legal tender. These elements are also required by law from the Department of Transportation with United States (U.S.) Congress and the Federal Motor Carrier Safety Administration (FMCSA).
- Proof of financial responsibility: This means that a policyholder must show evidence that they have purchased, at minimum, the coverage amounts needed for legal tender; this includes both compensation and liability insurance.
- Bodily Injury: This type of coverage must include protection for bodily injury to others by paying damages such as medical expenses, lost wages, funeral costs – when a driver is deemed liable (negligent). This covers passengers in other vehicles, pedestrians/cyclists on public roadways, and other drivers/passengers in vehicles involved in an accident.
- Property Damage Liability: This type of coverage protects damage to other vehicles, public roadways, and other drivers/passengers involved in an accident involving the truck.
- Uninsured Motorist Bodily Injury Coverage is compulsory when a commercial truck policyholder purchases Bodily Injury Liability insurance coverage. Suppose a driver causes an accident and lacks enough liability coverage to cover the entire amount of damages and injuries. In that case, this coverage covers bodily injury claims made by passengers in other vehicles, pedestrians/cyclists on public roadways, and other drivers/passengers involved in the incident.
- Personal Injury Protection: This type of policy provides personal injury protection for the driver and passengers in their vehicle, as well as coverage for medical expenses, lost wages, funeral costs – when a driver is deemed liable (negligent).
- This type of insurance also covers bodily injuries to other drivers/passengers involved in an accident involving the truck.
- Uninsured/Underinsured Motorist Coverage is compulsory when a policyholder purchases Bodily Injury Liability coverage. This type of insurance protects the policyholder when they are in an accident with another driver who has no liability coverage or enough coverage to cover the total damages and injuries.
- Comprehensive Coverage: This type of policy protects from theft, damage from incidents other than accidents involving a truck, such as fire/lightning strikes, windstorms, hail storms, vandalism, or robbery. Comprehensive coverage also protects non-vehicle property that is scheduled to be transported by the truck.
- Collision Coverage: This type of policy covers damage to a commercial truck from a collision with another vehicle or object – it does not include non-vehicle property scheduled to be transported by the car.
- Medical Payments/Personal Injury Protection (PIP): This type of policy provides personal injury protection for the driver and passengers in their vehicle and coverage for medical expenses – when a driver is deemed liable (negligent). PIP applies regardless of who was at fault.
- A Motor Truck Cargo Insurance: This type of policy covers non-vehicle property scheduled to be transported by the truck.