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Trucking Insurance Information
Iowa-based trucking companies are required to purchase certain minimum amounts of liability insurance coverage. Elliot-Hartman Agency helps Iowa trucking businesses understand state and Federal Motor Carrier Safety Administration (FMCSA) insurance requirements. We can help you get trucking insurance coverage tailored to meet your organization’s needs.
What Is Trucking Insurance?
Trucking insurance isn’t a single policy—it’s a group of policies designed to meet your company’s specific needs. Iowa trucking organizations must comply with state and federal laws about insurance coverage, but Iowa trucking companies require more extensive coverage than typically offered by liability policies.
How Does Commercial Truck Insurance Work?
Trucking insurance is a contract between a company and an insurer, so it’s crucial to work closely with your agent to choose a reputable insurance company.
In exchange for regular premium payments, the insurance company helps cover damages according to the policy’s rules. If you need to file a claim or are involved in an accident, contact your agent right away.
How Much Insurance Does a Trucking Company Need?
The amount of liability coverage you must purchase according to Iowa and FMCSA regulations varies according to the type of freight you haul and the type of vehicles your company uses.
Trucking insurance helps cover third-party bodily injuries and property damage. While you can purchase only the minimum required amount of this coverage, your agent may recommend buying more liability coverage to help provide adequate financial protection for your Iowa trucking company.
FMCSA and Iowa regulations mandate that Iowa trucking companies purchase the following coverage:
· Commercial auto property liability insurance helps pay to replace or repair third-party property after a covered at-fault accident.
· Commercial auto bodily injury liability insurance helps pay for third-party injuries after a covered at-fault accident.
· Public liability insurance helps cover general public claims of property damage or bodily injury for which the truck driver is legally liable.
If your company leases or finances vehicles, your lienholder requires full coverage insurance, which may include:
· Comprehensive coverage helps pay to repair or replace a covered vehicle after a non-collision-related accident such as theft, fire, weather damage or vandalism.
· Collision coverage helps pay to repair or replace a covered vehicle after it collides with another vehicle or object.
· Gap coverage helps pay the difference between the total amount you owe a lienholder and the insurance settlement if a covered accident renders the insured truck a total loss.
Depending on your needs, your agent may recommend that you also purchase the following policies and endorsements:
· Bobtail insurance or non-trucking liability
· Personal injury protection (PIP)
· Motor truck cargo insurance
· Uninsured/underinsured motorist coverage
· Trailer interchange coverage
· Hired and non-owned (HNOA) insurance
Do You Need Trucking Insurance?
Trucking insurance is required for Iowa trucking companies, and a carefully crafted group of policies can help protect your organization from common risks and exposures. Contact Elliot-Hartman Agency to get started building your Iowa trucking company’s customized policies.