Will Truck Insurance Include Uninsured Coverage?
In every state, laws exist that require drivers to maintain liability insurance. Even in no-fault states, if a driver causes significant damage to another’s vehicle, they may be responsible. However, as a business owner, you may wonder what happens if someone without proper insurance strikes your vehicle. Will your commercial auto insurance help cover your losses? This depends on various factors.
Protecting Your Vehicle and Risks
As a business owner, you know the importance of having complete auto insurance for your vehicles. You want to keep your drivers safe. You also want to minimize financial loss from damage caused to your vehicles.
Business owners with vehicles are at a higher risk. They cannot control the driver’s actions or be there to monitor conditions. Yet, you have commercial auto insurance to help you. If someone else lacks that coverage, it could mean you take a financial loss.
One way to avoid this is with uninsured and underinsured motorist coverage. Most drivers should carry this coverage. It applies in situations where someone else is at fault for a wreck. That person causes damage to you or your truck. He or she lacks any insurance or not enough of it. This policy helps to fill in some of the gaps, then, associated with your losses.
It May Not Automatically Be There
Some companies assume that a commercial auto insurance policy will cover this. That is not always the case. Be sure to speak to your business insurance agent about it. It is not always a requirement. As such, you may need this coverage but not have it. If your current policy is lacking, it may be possible to add coverage to it that includes uninsured and underinsured drivers.
Most policies should also include auto liability insurance to cover property damage and bodily injury damage caused by your driver to another party. Physical damage and collision coverage helps protect your vehicle. And, many companies should also have medical payment coverage. Do not assume your policy includes these components. Verify it before you hit the road.
If you are in an accident, gather as much information as you can from the other driver. Your insurer will work to recoup losses from that party if he or she is responsible. That may help ensure you have enough coverage for the losses you sustain. It may be time to update your commercial auto insurance.