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.
- Vehicle insurance: On average, an organization experiences annual losses of up to $70,000 due to fleet accidents (Source: G2TechMarketplace) and this could include vehicle repairs, third party injury or damage and legal fees.
- Cargo insurance: During the shipping process, it’s possible for goods to be lost, damaged or stolen due to various factors. In 2022, CargoNet reported that a staggering $223 million worth of cargo had been stolen.
- Driver insurance: Truck drivers are constantly exposed to hazardous conditions on the roads and this can lead to tragic casualties and injuries. The Save Life Foundation conducted a survey in 2020 and found that an overwhelming majority almost 93% of individuals did not receive any social security benefits, with only 1.2% receiving life insurance or health coverage.
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.
- Commercial liability: It helps to protect drivers from financial responsibility in the event of accidents resulting in injury or property damage to third-party, including legal costs.
- Physical damage: Physical damage insurance for trucks offer you financial protection from any harm caused by collisions, fires or theft. You can get compensated for the cost of repairs or replacements and in some cases, even receive the actual value of the vehicle.
- Motor truck cargo: Whether you are transporting fragile, perishable goods, hazardous chemicals or any other freight that is at risk of being damaged or stolen in transit, freight insurance coverage can mitigate potential financial losses.
- Non-trucking liability: If a driver or truck is involved in an accident during non-working hours, then Non-Trucking liability Insurance will provide coverage for injury or property damage that may have occurred.
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.