Georgia
WHEN | CLIENT’S CASE | PRICE PER TRUCK |
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04 / 2023 | Proudly licensed and ready to serve you in this great state! |
WHEN | CLIENT’S CASE | PRICE PER TRUCK |
---|---|---|
04 / 2023 | Proudly licensed and ready to serve you in this great state! |
Driving under high winds can be dangerous, especially for truck drivers. While most people think that snow and ice are the most dangerous weather conditions, driving a semi-truck in heavy wind can be just as hazardous. It’s essential to take safety precautions while driving during these conditions.
Truckers play a vital role in keeping our economy moving, but driving a large commercial truck comes with unique challenges and responsibilities, particularly during hazardous weather conditions. According to the U.S. Department of Transportation, weather-related accidents account for around 21% of all auto accidents nationwide, leading to nearly 5,400 deaths and 418,000 injuries each year. Of these fatalities, 82% were not occupants of the truck. It’s clear that all drivers, including truckers, have a duty to take extra precautions to protect themselves and others on the road. By following these high wind driving safety tips, truckers can help ensure everyone arrives at their destination safely:
Per below table shared on Reddit, there are recommendations for high-profile vehicles based on wind speeds. These suggestions can serve as a valuable reference for truckers and other high profile vehicle drivers who may encounter high winds on the road
As a business owner, it’s important to have the right insurance coverage to protect yourself from financial losses. One of the methods that’s often overlooked is the endorsement of a policy with additional insured status.
An additional insured status provides coverage to a person or organization that is not listed as an insured under the policy, but who could be held responsible for damages or injuries. For example, if you hire a trucking company to transport cargo for your customer, you may want to be added as an additional insured on their insurance policy to ensure that their coverage will defend you in the event of a lawsuit.
It’s important to note that additional insured status differs from additional named insured. An additional named insured is a person or organization that is added to the policy as a co-equal policyholder, with the same rights and responsibilities as the original policyholder. On the other hand, an additional insured is typically a third party that doesn’t have the same rights and responsibilities as the original policyholder.
Here’s another example of how additional insured status can be useful: suppose you’re a property owner and you’re renting out space to a tenant. You could require the tenant to add you as an additional insured on their insurance policy to protect yourself from potential claims or lawsuits arising from the tenant’s operations.
In summary, adding an additional insured status to insurance policies is an important tool to protect yourself when working with third parties. If you have any questions about insurance-related topics, be sure to contact your trusted GIA agent for guidance.
STATE | CLIENT’S CASE | PRICE PER TRUCK |
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Pennsylvania | Car hauler, liability, physical damage and cargo | $9,400 |
Illinois | Non truck liability, physical damage for brand new truck, new venture with at fault accident | $7,800 |
Pennsylvania | Cargo van, liability, cargo, physical damage and general liability | $7,300 |
Ohio | Refrigerated goods, small fleet with elevated safety and prior claims, liability, cargo and physical damage for newer truck | $21,700 |
Pennsylvania | Non truck liability, physical damage for newer truck | $2,300 |
Florida | Physical damage for a new truck | $5,900 |
Pennsylvania | Dry van, new venture, liability, trailer interchange, general liability and cargo | $11,500 |
Ohio | Dry van, amazon hauler with OOS, liability, trailer interchange, general liability and cargo | $12,900 |
New Jersey | Car haulers, hotshot operations auto liability and motor truck cargo | $16,100 |
Ohio | Dry van, auto liability, cargo, physical damage, trailer interchange and general liability | $11,110 |
North Carolina | Dry van, small fleet, liability and cargo | $12,000 |
Navigating the world of truck insurance can be complicated, with various coverage options available to safeguard your vehicle and finances. Comprehensive and collision coverage are two essential types that truck owners often consider. In this article, we’ll explore the differences between comprehensive and collision coverage for trucks and provide examples of each to help you make informed decisions about your truck insurance policy.
Comprehensive coverage is an optional truck insurance component that protects your vehicle from damages caused by incidents other than collisions. It covers a wide range of events, including:
Example: Imagine your parked truck is stolen, and you need to replace it. In this case, comprehensive coverage would help cover the costs of the stolen truck up to the actual cash value of the vehicle, minus your deductible. Let’s say your truck is worth $50,000, and you have a $1,000 deductible. Your insurance company would pay up to $49,000 to replace your truck, and you would pay the $1,000 deductible.
Comprehensive coverage is particularly useful for truck owners who want to ensure their vehicle is protected from unexpected and uncontrollable events.
Collision coverage is another optional truck insurance component that covers damages to your vehicle resulting from a collision, regardless of fault. This includes collisions with:
Example: Suppose you get into an accident with another vehicle, and your truck is damaged. In this situation, collision coverage would help cover the costs to repair your truck up to the actual cash value of the vehicle, minus your deductible. Let’s say your truck is worth $50,000, and you have a $2,500 deductible. Your insurance company would pay up to $47,500 to repair your truck, and you would pay the $2,500 deductible.
Collision coverage is essential for truck owners who want financial protection in the event of an accident involving their vehicle.
While both comprehensive and collision coverages protect your truck from damages, the main difference lies in the types of events they cover:
When deciding whether to include comprehensive and collision coverage in your truck insurance policy, consider factors such as the value of your truck and trailer, your financial situation, and the risks you’re willing to take. It’s essential to strike a balance between having adequate protection and maintaining an affordable premium.
By evaluating your unique needs and risk tolerance, we can determine the right mix of coverages to keep your truck and other assets well-protected. Consult with a GIA trusted insurance agent to discuss your options and find the best policy for your situation.
As a trucking or towing company operator, it’s important to have the right insurance coverage to protect your business in case of accidents or losses. Two key types of insurance for protecting property in your possession are cargo and on-hook coverage.
Here’s a side-by-side comparison of these two types of coverage:
Cargo Coverage: Protects the goods that are being transported in your truck or trailer. This can include client’s items such as equipment, merchandise, automobiles, and other cargo.
On-Hook Coverage: Covers damage to non-owned vehicles that you’re towing. This can include damage to the vehicles caused by an accident, theft, fire, or other covered losses. On-hook coverage applies while the vehicle is being towed, transported, loaded or unloaded.
Both types of coverage do not cover damage to the insured’s own property, intentional acts, or losses caused by illegal activities.
Examples:
Cargo Coverage: Suppose your truck is transporting a load of expensive equipment, and it is stolen while parked overnight at a truck stop. Cargo coverage would help cover the cost of replacing the stolen equipment, up to the policy limits minus the deductible.
On-Hook Coverage: Suppose your towing company is hauling a customer’s car, and it becomes damaged during transport. On-hook coverage would help pay for the repairs or replacement of the damaged vehicle, up to the policy limits minus the deductible.
It is crucial for truckers and towing companies to protect against unforeseen events. For more information on what coverages you need, contact your trusted GIA agent who is always ready to help.
When it comes to operating a business that involves the use of trucks, having the right insurance coverage is crucial. Two common types of insurance policies that businesses and truck drivers need to be aware of are Commercial Auto Liability and Non-Trucking Liability (NTL). In this article, we’ll break down the differences between these two types of insurance and explain why they are essential for businesses and truck drivers alike.
Commercial Auto Liability Insurance is designed to protect businesses when their trucks are involved in accidents while performing work-related tasks. This type of insurance covers damages or injuries that the business’s vehicle might cause to other people or property.
For example, if a company-owned truck crashes into another car while making a delivery, commercial auto liability insurance would help cover the costs of repairing the other car and any medical expenses for the people involved. This coverage is essential for businesses that own, lease, or rent vehicles for business purposes, as it helps protect them from financial losses due to at fault accidents.
Non-Trucking Liability Insurance, also known as «bobtail» or «deadhead» insurance, is specifically designed for truck drivers who are leased to a motor carrier. This type of coverage comes into play when the truck is being used in home state for non-business purposes, such as personal use or when the driver is not under dispatch.
For instance, if a truck driver goes to the grocery store while off duty and causes an accident, non-trucking liability insurance would help cover the damages and injuries to others involved in the accident. NTL insurance is crucial for leased truck drivers because it provides protection during their personal time when the primary commercial auto liability coverage provided by the motor carrier does not apply.
In conclusion, Commercial Auto Liability and Non-Trucking Liability Insurance is essential for businesses and truck drivers. By obtaining the appropriate insurance coverage, businesses and truck drivers can protect themselves from potential financial losses resulting from accidents. Always consult with our insurance agents to ensure that your specific needs are met, and you have the right coverage in place to safeguard your business and personal assets.
After reporting a claim to your insurance company, the next steps typically include:
It’s important to keep in mind that the process and time frame may vary depending on the specifics of your claim and your insurance policy. You should contact your insurance company for more information and guidance on what to expect. Additionally, it’s important to cooperate fully with your insurance company during the claims process. Failure to do so could result in your claim being denied or coverage being reduced.
A coinsurance clause is a provision often included in insurance contracts, which requires the policyholder to maintain a specific level of insurance coverage relative to the value of the insured asset, in our case it is the insurable value of the truck and trailer.
The coinsurance clause is typically expressed as a percentage. For instance, an insurance policy might have a coinsurance clause of 80%. This means that you are required to have insurance coverage for at least 80% of the truck’s actual value. If the truck is insured for less, then then you will be responsible for a portion of the claim proportionate to the degree of underinsured amount.
In addition to coinsurance, insurance policies usually include a deductible, which is the amount you will pay out-of-pocket before the insurance coverage kicks in. Deductibles are designed to reduce the number of small claims and encourage policyholders to share the cost of a loss.
Here’s an example that demonstrates how a coinsurance clause and deductible work in case of a claim:
Truck value: $100,000
Coinsurance requirement: 80%
Required coverage: 80% of $100,000 = $80,000
Actual coverage purchased by the policyholder: $60,000
Deductible: $1,000
Loss incurred: $20,000
To determine the amount that the insurance company would pay for this claim, first, calculate the ratio of coverage purchase to required coverage:
$60,000 (purchased coverage) / $80,000 (required coverage) = 0.75 (75%)
Now, multiply this ratio by the amount of the loss, then subtract the deductible:
($20,000 (loss) ✖ 0.75 (coverage ratio)) — $1,000 (deductible) = $14,000
In this example underinsurance, the insurance company would pay $14,000 for the claim. The policyholder is responsible for the remaining $6,000, which includes $5,000 due to failure to insure the truck at 80% of the value and the $1,000 deductible.
Versus a fully insured scenario, If the truck owner had purchased adequate coverage (i.e., at least $80,000) and the deductible remained the same, the insurance company would have paid $19,000 ($20,000 claim — $1,000 deductible).
It’s crucial for policyholders to be aware of the coinsurance clause and to maintain sufficient coverage to avoid paying out-of-pocket expenses in the event of a claim.
WHEN | CLIENT’S CASE | PRICE PER TRUCK |
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02 / 2023 | Non truck liability and physical damage for new tractor trailer | $5,700 |