Introduction
Truckers hauling high-value assets such as cars are presented with great risks on the road.
These risks are presented in terms of accidents, malfunctions, theft, etc in impacting deliveries and bottom lines.
In this article, we are going to discuss how auto hauling insurance will protect your business from the various risks faced on the road. Let’s get started!
Why Auto Hauling Insurance?
From improper loading to rocks bouncing off windshields, cargo damage is not unusual for auto haulers. But there are other problems that can arise on and off the road, too. Your insurance should be broad enough to respond in a range of situations that could arise between point A and point B, but also deep enough to ease the costly burden of a covered loss. There can be instances when you might need to pay for damages, like any accident in which you may have to pay for yourself or the other driver, any damage or theft of the auto vehicle. So, auto hauling insurance comes in to cover all these scenarios.
What does Auto Hauling Insurance Cover?
Apart from some general coverage areas like liability, physical damage, property damage, bodily injury, and medical payments, there are some areas which are specifically covered by auto hauling insurance which include:
Rental: If your truck is unusable because of an auto accident, rental insurance will pay for the temporary replacement truck.
Towing: When your carrier is damaged in an auto accident it may need to be towed away from the scene. Towing insurance pays for the cost of towing your truck to your company truck yard or to a repair center.
Cargo: The cargo that you transport on your car carrier is quite valuable. Protect it from loss with cargo insurance coverage.
How much does Auto Hauling Insurance cost?
The type of coverage you have will determine your insurance premium. Typically, a policy can cost anywhere between $12,000 and $18,000 per year.
The exact price would depend on several factors including your location and operating area, the coverages you choose, as well as your limit and deductible. Factors like your driving record and insurance claims history are also considered by the insurance company.
The Information You Will Need to Obtain a Quote
You need the following information to obtain a quote and these factors impact the cost of your insurance:
– The type of business you operate
– Whether you typically haul new, used, or salvage cars
– How far you normally drive to deliver a load of vehicles
– Whether your contracts require specific amounts of cargo coverage
– The year, make, and model of your vehicle
– The number of auto hauling trucks you own and operate
– The individual records of your drivers
– Your company’s collective number of accidents
Commercial Truck Insurance Filings
You need to understand that in auto hauling business, FMCSA requires to have a minimum liability of one million dollars. You need to file this information along with other requirements like your license and permit to operate within the states or within the federal territory. The costs for cargo insurance vary from state to state which you also need to file.
