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MOST REQUESTED COVERAGE’S
Auto Liability
Motor Truck Cargo Coverage
Commercial General Liability
Medical Payments
Uninsured Motorist
Underinsured Motorist
Personal Injury Protection (PIP)
Owned Auto
Non-Owned Auto
Hired Auto
Collision Coverage
Comprehensive Coverage
Trailer Interchange
Commercial truck insurance is an important part of operating a business in Indiana. It protects your business, your employees, and the public from any liabilities associated with driving a commercial vehicle. The state of Indiana requires that all businesses that use commercial vehicles to have the minimum insurance coverage in place. This protection helps ensure the safety of everyone involved, including those riding in or driving next to the commercial vehicles.
In this document, we will explain the requirements for Indiana commercial truck insurance and provide a detailed overview of what type of coverage is necessary for your business. We will also discuss different policy options, costs, and other factors to consider when deciding on a suitable policy. Finally, we will go over ways you can save money on your premiums while still meeting your requirements.
Understanding Commercial Truck Insurance Requirements in Indiana
Commercial truck insurance is divided into several categories — liability coverage, physical damage coverage, and cargo coverage — each with its own specific requirements that must be met to ensure legal compliance in the state of Indiana.
Liability Coverage
Liability coverage protects both you and others from any claims or damages related to a commercial vehicle accident. It covers property damage and bodily injury sustained by other people as a result of an accident caused by your company’s employees or vehicles. To comply with Indiana law, the minimum insurance limits for liability coverage are:
• $25,000 for one person’s bodily injury or death per accident
• $50,000 for multiple people’s bodily injury or death per accident
• $10,000 for property damage per accident
Physical Damage Coverage
Physical damage coverage provides protection for your own vehicles if they are damaged in an accident. It also covers additional costs associated with repairing and replacing damaged parts of a commercial vehicle, such as bumpers, headlights, tires and other parts. To meet the state’s minimum insurance requirements, you must have physical damage coverage with a minimum of $10,000 per vehicle.
Cargo Coverage
Cargo coverage is an optional form of insurance that provides protection for goods being transported in a commercial vehicle. If goods are stolen while being transported in an insured vehicle, this type of coverage helps to replace them up to the full coverage limit. The minimum required limit to legally operate a commercial vehicle in Indiana is $50,000.
Types of Commercial Truck Insurance Policies in Indiana
When it comes to obtaining commercial truck insurance in Indiana, there are several different types of policies available for businesses to choose from depending on their specific needs. These include:
• Comprehensive Coverage: This type of policy covers damages resulting from theft, fire, vandalism or accidents involving the insured vehicle. It also covers any medical expenses associated with the accident up to the limits outlined under the policy.
• Collision Coverage: This type of policy covers damages to the insured vehicle due to an accident that was not caused by the insured person or entity. However, this coverage does not provide any protection against theft or vandalism.
• Non-Trucking Liability Coverage: Non-Trucking Liability Coverage provides protection if a commercial vehicle is involved in an accident while not being used for business purposes. This type of policy is often helpful if you have employees that drive a company vehicle outside of work hours.
• Motor Carrier Liability Insurance: This type of policy provides protection if a motor carrier vehicle is involved in an accident while transporting goods or services across state lines. It covers any bodily injury or property damage that occurs as a result of the accident up to the policy limits specified.
Cost of Commercial Truck Insurance in Indiana
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The cost of commercial truck insurance in Indiana varies by type of policy and coverage limits chosen. However, on average it can range from approximately $5,000 to $10,000 annually per vehicle depending on the company providing the coverage and other factors such as the driver’s experience and history. Additional costs may also apply depending on additional coverages or riders added on to the policy.
Tips for Saving Money on Commercial Truck Insurance
There are several ways to save money on commercial truck insurance when operating vehicles in Indiana, including the following:
• Taking advantage of discounts: Most companies offering commercial truck insurance offer various discounts depending on factors such as fleet size, driver experience level and more. Take time to research which discounts may be available from your provider in order to reduce your overall premium costs.
• Shopping around: Comparing rates from several different providers before committing to one particular policy can help you save money on your premiums by ensuring you get the best rate possible for your needs.
• Choosing an appropriate deductible: Opting for higher deductibles can help you save money in the long run as you will not be liable for as much if you have an accident or claim against your policy. However, make sure that whatever deductible you select is an amount that you can actually afford to pay if needed.
Below are the classifications of commercial big rig trucking policies.
• Symbol 1 – Any auto, don’t have to schedule them. Covers any auto as long
as the insured is using it. (This is rare nowadays especially for Big Rig Trucks))
• Symbol 2 – Any owned auto. Covers only autos that the insured owns.
Includes autos you acquire ownership of after the policy begins.
• Symbol 3 – Owned private passengers autos only. Covers private passenger
autos. Includes autos you acquire after the policy begins.
• Symbol 4 – Owned autos other than private passenger autos only. Covers only
those autos you own that are not private passenger and for liability for trailers
you don’t own while attached to power units you own. Includes those autos
not of the private passenger type you acquire after the policy begins.
• Symbol 5 – Owned autos. Subject to No Fault State.
• Symbol 6 – Owned autos. Subject to Compulsory Uninsured Motorist Law.
Form you attach when the state requires and insured can not reject uninsured
motorist coverage. It includes autos you acquire during the policy period after
the policy begins.
• Symbol 7 – Specifically described autos. Covers only described autos.
Coverage follows power unit. Non owned trailers have liability with this form. (Most common for Big Rig, Box Trucks and other For-Hire operations)
• Symbol 8 – Hired Auto Only. Covers auto you lease, hire, rent or borrow.
This does not include any auto you lease, hire, rent or borrow from any of your
employees, partners or members, etc.
• Symbol 9 – Non-Owned Autos Only – Coverage auto you do not own, lease,
hire, rent or borrow that are used in connection with your business. Includes
auto owned by your employees, partners, members, etc.
We can easily insure the following Indiana business types. >Click here to get your free Indiana Big Rig Truck Insurance Quote<
CEMENT CONTRACTING – COAL HAULING – CONSTRUCTION – COURIER SERVICE – COURTESY PASSENGER TRANSPORT – DEBRIS REMOVAL – DEMOLITION – DIRT, SAND & GRAVEL – ELECTRICIANS – EXPEDITERS – FARMING – FIREWOOD HAULING – BULK FLORIST Refrigerated DELIVERY – FOR-HIRE TRUCKING – FROZEN FOODS TRANSPORT – FURNITURE DELIVERY – GARBAGE COLLECTION – HAZARDOUS MATERIALS HAULING – HOTEL SHUTTLES – HOTSHOT TRANSPORT – ICE CREAM VENDOR – IMPOUND LOT – INTERIOR DECORATING – INDEPENDENT TRUCKING – LANDSCAPING – LEASED-ON BIG RIG TRUCKING – LINEN SUPPLY – LOGGING – LONG-HAUL TRUCKING – MOTORCYCLE DEALERSHIP – OWNER-OPERATOR – PIANO MOVING – PLUMBING – ROCK QUARRY HAULING – RECYCLING SERVICES – REFRIGERATED GOODS TRANSPORT – RETAIL FOOD MARKET – ROOFING – SHOPPING MALL DELIVERIES – SNOW PLOWING – TOW OPERATION – TREE SERVICE – WIDE LOAD HAULER – WRECKER SERVICES and much more.
Conclusion
Commercial truck insurance is a necessity for anyone operating a business utilizing vehicles in the state of Indiana. It helps protect both you and others from any liabilities associated with driving a commercial vehicle while providing various levels of protection depending on the type of coverage chosen. There are several types of policies available that offer different levels of coverage at varying prices so it’s important to do your research before selecting a policy and make sure it meets both your needs and budget criteria while still adhering to state requirements. Taking advantage of discounts offered by various providers and choosing an appropriate deductible are two great ways to keep costs down when purchasing commercial truck insurance in Indiana.