Truck owners and truck transporters need to have a variety of different types of insurance. Some of these forms of insurance are required. Other types are just advisable.
Liability insurance: This insurance pays when the insured driver causes an accident or is liable for an accident. The money from the policy is used to pay for the medical bills, lost income, and pain and suffering of accident victims. It also pays the family of the victim when the victim tragically dies. Medical bills include the costs of hospital stays, doctor visits, medical equipment, diagnostic tests, and medications. Liability insurance also pays for property damage and vehicle damage caused by the insured.
Collision insurance: This insurance pays when the owner’s truck is damaged in an accident regardless of fault.
Comprehensive insurance: This covers non-accident damage or loss to the truck such as when the truck is stolen, damaged in a fire, or when there’s vandalism.
Cargo insurance: Most trucks transport products from one company to another. If the cargo is damaged in an accident, cargo insurance pays the value of the cargo that is damaged.
Uninsured and Underinsured insurance (UM/UIM): Sometimes the responsible party doesn’t have insurance, even though they’re required to, or they don’t have enough insurance to pay for the full amount of damages. UM and UIM pay the victim(s) when this scenario happens. Unfortunately, because many truck drivers are also employees of trucking companies, the employer of the truckers will often opt out of paying for UM or UIM insurance, arguing that workers’ compensation insurance should be sufficient to cover the employee’s injuries. This is certainly not true, but they do it anyway to save money.
There are other types of insurance too, such as commercial truck roadside assistance insurance, insurance specific to the type of truck, such as dump truck insurance, workers’ compensation insurance, and rental insurance.
Norfolk truck accident lawyer Joe Miller at Joe Miller Law, Ltd., knows that the best way to make sure victims get the full and fair compensation they need following an accident is to have an experienced, dedicated personal injury attorney on their side. Whether you were injured in an accident with a large truck or 18-wheeler, or you are a truck driver who was injured on the job, Joe Miller knows how to help. Call him today at (888) 694-1671 for the aggressive, experienced representation you need.