What is going to be the impact on commercial truck insurance? Among many significant changes, the proposal will reduce the amount of hours per day and per week that a truck driver can operate. Additionally, the time it takes to load and unload the truck would now be considered as a section of a driver’s specific driving hours, potential limiting productivity. After certain transportation companies put together to be consistent violators of training regulations, federal regulators began requiring violating companies to install GPS Truck Tracking Systems. These recorders should monitor the hours that truckers are behind the wheel, and prevent trucking firms from fudging paper record books.
As a commercial truck insurance provider, we know much better than anyone just how regulated the market is. In the middle of an economic depression where paying truck insurance costs are the least on most truckers problems, many drivers are involved these new ratings regulations could not came at a worse time. Commercial truck insurance seems like an awfully specific term, but anyone who works from the trucking industry which is required to hold some type of truck insurance coverage by law recognizes that it is a very, very general terms the fact is, there are hundreds of different kinds of commercial truck insurance, each extremely specialized to the type of truck being insured and its function.
Finding the right truck insurance can often be difficult because there are a lot of specializations across the world of commercial truck insurance. The specialties exist for a couple of reasons. Largely because commercial trucks are used in such varying capacities, and largely because of the federal and state governments dictate coverage amounts to protect people from the capacities commercial trucks are being used. If this commercial truck insurance specialization confuses you, dont sweat it. Just remember, whatever your truck and situation, you truly just need primary liability truck insurance and probably some type of trailer and cargo insurance. If you need assistance finding out what coverage amounts you would like, just contact 1-800-513-3135 one of our agents to help clear it up!
The answer depends partially on which area of the commercial trucking industry you usually operate within, but will got a bit of simple tips the independent driver can follow to be sure they’re always carrying the right commercial truck insurance to cover their rig in most scenario. Additionally, there are numerous different employment situations for commercial truck drivers are those that work independently and contract themselves out vs. those that work with motor carriers. In various instances, the responsibility of financial responsibility falls on either the operator or motor carrier.
With more than three million drivers that require commercial truck insurance out there, we at bestcommercialtruckinsurance.com have started to see the business pretty well. Unfortunately the trucking industry was no exception to layoffs and job closures at the dawn of our current recession the biggest in this country since the Great Depression. Shipping needs dropped by about 20% right away with the recession, but recent statistics and quarterly business earning published by the big shipping conglomerates appear to suggest that the market is picking back up, so much so that they’re suggesting a current shortage of truck drivers.