What Is Truck Insurance and Why Do You Need It?

Truck insurance is basically a customized commercial vehicle insurance policy. Truck insurance has been specifically designed to cover commercial trucks against any type of loss or damages caused to the vehicle as a result of accidents, natural disasters, fire, third-party liabilities, and theft.

The policy safeguards trucks that operate within a business and perform commercial activities for them, such as pick-up and drop services, goods transportation, automotive hauling, etc among others.

Simply put, a commercial truck insurance policy offers financial protection to a business that uses trucks for commercial activities in the event of unforeseen adversity.

Why Buy Commercial Truck Insurance?

Let’s assume you are running a business that involves trucks for commercial purposes. Assuming that, there are chances that you own one or more trucks as a part of your business.

• Mandatory by Law: As per the Motor Vehicles Act 1988, it is mandatory by law to at least have a Third-Party Liability Only policy in place. The aim of a third-party policy is to protect third-parties against any damages and losses that could be caused by your truck. However, considering various risk factors that the trucks can be in, it’s always prudent to have a standard package policy that will protect your own truck as well as the owner-driver in case of any damage or loss due to an accident or related incidents.
• Protects Your Business: Since these trucks are a part of your company assets, it’s vital to make sure that it is protected and covered for, therefore you or your business don’t encounter any unplanned losses in the event of an unforeseen circumstance such as an accident.
• Protection against Financial Loss: If you have a truck insurance policy, it simply means that your business will be covered in the case of any financial losses faced as a result of and by your truck. It also means that you will steer clear of any potential downtime, be able to spend money on your business growth instead and maintain a healthy profit margin.

Meanwhile, if you are looking for a good commercial truck insurance policy for the protection of your business and trucks, you can click here to check out the top policies on offer that you can avail for the best price.

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Created on Jan 27th 2021 04:16. Viewed 168 times.

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