Torrington Wyoming WY Truck Insurance Quote for Agents
The type of insurance needed will depend on the type of Owner
Operator being insured. Please see below to determine which type
of coverage you will need.
Vehicle insurance purchased for cars, trucks, motorcycles, and other road vehicles. Its primary use is to provide financial protection against physical damage.
Business auto liability insurance helps cover the financial responsibility if you or an employee is at fault in an accident and people are injured or property is damaged. A minimum amount of commercial auto liability insurance (or proof of financial responsibility) is required in most states.
Some states also require under-insured motorist and uninsured motorist coverage to protect you when the at-fault driver is unable to pay the total cost. Collision or comprehensive insurance is often optional.
Physical damage is a part of motor vehicle insurance coverage that covers damage to vehicles and their equipment such as trucks, trailers and passenger automobiles. While it is not usually required by law, most lenders will require it in order to get a loan. The recovery after an accident is usually only enough for either repairing the damaged vehicle or replacing it which would be the value minus the depreciation.
Coverage is separated into two areas: Collision and Comprehensive
Most insurance companies incorporate separate deductibles for Collision and Comprehensive so be sure to check your policy so you know how much you will be responsible for in the event of an accident. It is also important to note that if the accident is not your fault and your insurance company pays your claim, they are entitled to claim against the party whose fault it was.
Covers you for the accident itself, the covered vehicle’s impact with another subject whether an automobile or otherwise.
Also known as “All perils other than collision” is coverage for damages to the vehicle other than collision and is more of a broad coverage. It will include losses from natural disasters including flood, earthquakes, dust storms, and hail, as well as fires, vandalism, falling rocks, and collision or derailing while another vehicle is transporting the insured vehicle. This coverage will not include things like wear and tear or misuse of the vehicle. This type of coverage will also only cover equipment that is necessary for operating the vehicle itself.
Motor Truck Cargo insurance (Cargo) provides insurance on the freight or commodity hauled by a For-hire trucker. It covers your liability for cargo that is lost or damaged due to causes such as fire, collision, or striking of a load.
If your load is accidentally dumped on a roadway or waterway (Removal Expenses coverage), our coverage pays for the cost to remove debris or extract pollutants caused by the debris. We’ll also pay for costs related to preventing further loss to damaged cargo (Sue and Labor Coverage), legal expenses in the defense or settlement of Claims and even freight charges the customer loses because of not delivering a load (Earned Freight Coverage).
Accidents of particularly common types (crashing of automobiles, events causing fire, etc.) are investigated to identify how to avoid them in the future. This is sometimes called root cause analysis, but does not generally apply to accidents that cannot be deterministically predicted. A root cause of an uncommon and purely random accident may never be identified, and thus future similar accidents remain “accidental.”
If you’re under permanent lease to a motor carrier that provides your primary liability coverage, you could benefit from our Non-Trucking Liability (NTL) coverage while using your truck for a non-business purpose.
NTL coverage kicks in when you are using your truck for things like attending sporting events, visiting friends or picking up groceries. NTL offers the insured liability coverage for property damage or bodily injury to a third party. It can pay for medical and other expenses associated with injuries to others or damage to other peoples’ property that you cause.
General Liability coverage provides protection against third party (someone suffering loss who is not a party to the insurance contract) insurance claims. A standard General Liability Policy protects the insured against liability claims for bodily injury (BI) and property damage (PD) arising out of premises, operations, products, and completed operations, and advertising and personal injury (PI) liability that come within the coverage of the insurance policy.
Property insurance protects you from the financial impact of losses that occur to your non vehicles assets. Those assets are typically real property (buildings) and/or business personal property (e.g., office equipment and supplies, computers, tools, parts, shelving, inventory, etc.).
Those assets are insured for many causes of loss including in most cases, fire, lightning, windstorm, hail, vandalism, collapse, and theft to name a few. In addition, you can buy business income property insurance to replace some of your revenue stream when a covered loss at a location causes a suspension in your operations. In many cases this business income insurance will also provide extra expense insurance covering additional costs you incur to prevent or minimize the suspension of your operations.
Claims for damage to real and personal property can be valued on a Replacement Cost or Actual Cash Value basis. Limits offered must have a reasonable correlation with values of the property being insured. Property insurance is generally not required by law. However, most lenders will require that any collateral used for a loan have property insurance. Rates for this type of coverage are inexpensive relative to the amounts of insurance you purchase.