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The Great Insurance Safari: Hunting down the myths about Commercial Vehicle Insurance

Get the inside scoop on why commercial truck insurance is a road-trip superhero Commercial vehicle Insurance is essential for protecting your business assets by reducing the financial burden in accidents or theft. It’s often a legal requirement in many places for operating commercial vehicles on public roads. There are a number of things involved in understanding commercial fleet insurance. It ensures financial security, preventing significant losses from unexpected accidents. Moreover, proper coverage builds customer trust, showing your commitment to their safety and increasing engagement with your business. Uncover the fascinating world of commercial fleet insurance options There are a number of trucking insurance companies that provide different commercial truck insurance coverage options including liability insurance (for injury and property damage to others), physical damage coverage (for collisions, theft, and vandalism), uninsured/underinsured motorist coverage (for accidents with insufficiently insured drivers), cargo insurance (for goods in transit), and bobtail insurance (for liability when driving without cargo or a trailer). Discover the forbidden activities that even insurance can’t handle Businesses rely on commercial fleet insurance to comprehensively cover their vehicles, safeguarding them from potential financial liabilities arising from unexpected events. However, it’s crucial to remember that certain activities usually fall outside the scope of coverage. These include intentional acts, wear and tear, employees using vehicles for personal reasons, and transportation of hazardous materials. Join the ride to dispel the wild rumors floating around commercial truck insurance It’s time to close the curtains on this conversation! Commercial vehicle insurance is critical for protecting business assets. It offers diverse coverage options that reduce financial burdens from accidents or theft. However, there are common myths surrounding commercial vehicle insurance. Businesses must understand policy exclusions listed by trucking insurance companies and invest in the right coverage tailored to their specific needs for protection against financial setbacks. Axlerate is a unified fintech platform for logistics with products including AxleTags, AxleCards, AxleDrive, AxleFinance, AxlePay, AxleDirectory and AxleMarketplace. Our solutions help to simplify toll payments, fuel purchases and fleet expenses with FASTags, prepaid cards, fuel cards, capital loans, insurance, escrow, payments, online truck booking, GPS, fleet management software and the buying and selling of commercial vehicle spare parts.

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Understanding the 4 types of commercial vehicle insurance coverage

What you need to know about commercial vehicle accidents? Commercial vehicle accidents can be a result of distracted driving, mechanical issues and the inability to identify blind spots. A blind spot is a dangerous zone surrounding the truck where vehicles are out of sight from both side-view and rearview mirrors, putting drivers at risk. While there are a number of strategies for risk management, claiming a commercial vehicle insurance policy helps to counter the financial loss.  The number of commercial vehicle accidents is quite frequent. For instance, The National Highway Traffic Safety Administration (NHTSA) reported that 8,40,000 accidents involving large commercial vehicles occur annually due to drivers not being aware of their blind spots while 300 people lose their lives in such collisions. How does insurance benefit the Logistics industry? There are a number of benefits of commercial vehicle insurance policy in the logistics industry. It  helps to protect drivers, vehicles and cargo in terms of loss or damage by meeting medical and other financial requirements. 4 types of commercial vehicle insurance coverage: There are multiple types of commercial vehicle insurance coverage including commercial liability, physical damage, motor truck cargo and non-trucking liability. Factors that influence the premium of commercial vehicle insurance: The cost of commercial vehicle insurance is determined by many factors, such as the age and condition of the automobile, its model and make, vehicle class, type of fuel it uses, insured declared value (IDV) and  location in which it is registered. You can buy commercial vehicle insurance online by choosing the best trucking insurance companies like Axlerate which provides commercial truck insurance, freight insurance coverage and health insurance for truck drivers. Let’s Wrap Up! Commercial vehicle accidents are increasing due to distracted driving, mechanical issues and trouble with identifying blind spots. However, having a commercial vehicle insurance policy will help to provide coverage for drivers, vehicles and cargo. You can buy commercial vehicle insurance online from the best trucking insurance companies in terms of commercial liability, physical damage, motor truck cargo and non-trucking liability. 

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