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CAR CARRIER (Car Hauler) INSURANCE
Car carrier trucks are used by transport companies, car dealerships and repossession companies to name a few. Buying a car carrier for your company is a large investment that can pay off well over time. Car carriers are expensive however, and if yours is damaged in an auto accident you may find it difficult to pay for the repairs your truck needs.
Commercial auto insurance is meant to help ease the suffering of your company by protecting assets such as your car carrier truck. By carrying the proper types of insurance at the right levels, you can prevent most types of loss and financial strife that is caused by accidents or other perils. Here are the primary types of auto insurance you need to fully protect your truck:
Liability Insurance – Liability insurance is required by law in most states, and the amount of insurance you are required to carry might vary depending upon the state your company is based out of. Many states will not issue your truck permits and licenses without this basic level of protection. Liability insurance is there to pay for injuries and damages inflicted on other people when your car carrier is at fault in an auto accident. By paying for the damages that are created, this insurance also protects your company from having to pay everything out of pocket. Liability insurance consists of two primary parts: Bodily Injury and Property Damages.
- Bodily Injury – Bodily injury coverage pays for physical injuries and harm that is inflicted on one or more people as a result of an auto accident. If your car carrier is involved in an auto accident with two other vehicles on the freeway for example, and the driver of your truck is at fault for the accident, your bodily injury coverage will pay the medical bills that arise for the people injured in the other vehicles. Bodily injury covers standard medical bills created by an accident, such as hospital transport and emergency room care. It also pays for physician’s bills, prescription medications and rehabilitative care needs. This coverage also pays injured people for losses in wages if they have to take time off work for recovery. It pays for pain and suffering as well as funeral expenses when applicable as well.
- Property Damage – Most auto accidents result in property being damaged. If your truck runs into another vehicle for example, that vehicle is likely to sustain damages due to the collision. The property damages portion of your liability auto insurance pays the repair bills when this happens, and can pay for the replacement of property that is completely destroyed.
Your liability insurance benefits are limited to a total amount that you select when you set up the policy. You can select a combined single limit policy so that there is one flat maximum amount that will be paid on a per accident basis. Alternatively you can select a split payment policy that designates a maximum per person benefit for bodily injuries, a maximum total of all bodily injuries and a third maximum benefit for property damages.
Your liability policy will also have an insurance deductible attached to it. You select the deductible when you set up your policy. The deductible is an amount of money that your company personally pays for an accident before your insurance coverage will apply. If you choose a $1500 deductible for your liability policy, your company is responsible for up to $1500 of damage payments for an accident. For example, if your truck causes an accident that creates $500 in property damages, your company would pay the $500 and your insurance would pay nothing.
Medical Payments – Medical payments insurance protects your car carrier driver and any passengers in the truck when an accident happens. This insurance does not depend on who is at fault for the accident. It is there to pay the medical bills and treatment expenses for anyone who was in your truck when an accident happened.
Physical Damage Insurance – Physical damages insurance protects your truck itself. This coverage is particularly useful for protecting a car carrier that is still being paid off, or that is under a lien contract, because it provides the most possible protection from loss.
- Comprehensive Physical Damage Protection – Comprehensive damage protection provides coverage for almost all conceivable hazard and perils your truck might encounter aside from collision and roll over events. Comprehensive protection covers you for theft for example, and pays for the cost of repairs if your truck is damaged in a storm. If vandals spray paint the side or slash the tires, comprehensive coverage pays for those repairs too.
- Collision Damage Protection – This insurance is designed to take care of your truck when it gets damaged from overturning, or from colliding with another object. If, for instance, your car carrier turns too sharply into a truck stop and scrapes the side of a building, your collision damage protection will pay for the cost of the repairs.
- Specified Peril (CAC) – Specified Peril coverage protects you from events that are specifically listed on your insurance policy. It does not provide coverage for collisions and roll overs. This coverage is also known as Fire and Theft with Combined Additional Coverage, or CAC.
Uninsured or Underinsured Motorist – Uninsured or underinsured motorist coverage protects you from losses that are caused when other drivers are at fault in an accident. If the other driver does not carry basic auto insurance, your uninsured motorist policy can pay for the repairs your truck will need as well as for medical care if your driver is injured. If the driver at fault does carry liability insurance but it is not enough to pay for all of the damages and injuries inflicted by the accident, your uninsured motorist policy will make up the differences.
- Collision Deductible Waiver (CDW) – When your company is not at fault for an accident, you should not have to pay your insurance deductible. If you carry uninsured/underinsured motorist bodily injury protection, you can get a collision deductible waiver to prevent you from having to pay that.