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Insuring Your Fleet & Protecting Your Autos
CRANE TRUCK INSURANCE
Companies use crane trucks to provide a number of services and to fulfill commercial contracts. Crane trucks are large, heavy and expensive however, so they require a stiff capital investment to initially acquire them. Don’t risk your company’s investment in the truck and don’t risk causing financial problems for your business by neglecting important commercial auto insurance options. With the right types and levels of business insurance on your crane truck, you can protect it and your company from potential catastrophic losses. Here are the types of auto insurance you should carry on a crane truck:
Liability Insurance – Liability insurance is basic auto insurance that is mandated by law in most states of the country. This insurance coverage has to be carried so that other people can be fairly compensated when your crane truck causes an auto accident. When your truck is at fault, your liability insurance coverage will pay the bills and expenses that result from the accident. These generally fall into two areas:
- Bodily Injury - Bodily injury insurance pays for the medical expenses that arise due to an auto accident. If one or more persons is harmed in the accident, the bodily injury portion of your liability policy will pay for their care. Bodily injury can pay for lost wages due to time off work that’s caused from auto accident injuries for example. It also pays funeral expenses if a person is fatally injured. It pays hospital bills, emergency care expenses, and follow up and rehabilitation expenses among other things.
- Property Damage – When your truck is at fault for an accident that causes property damages, this section of your liability insurance policy will pay to fix the damages caused. Property damage protection pays for cars to be repaired that were damaged in an accident for example, and for other property to be replaced or repaired as well.
Medical Payments – Medical payments insurance coverage pays the medical bills and medical expenses that arise for your truck driver and his passengers. If the driver or any passenger is injured in the auto accident, the subsequent medical bills and follow up care expenses will be covered. This insurance protects your driver and passengers whether they were at fault for the auto accident or not. This coverage isn’t available in all areas, but you can determine whether it’s an option for your company by contacting one of our licensed representatives.
Physical Damage Insurance – Physical damages insurance pays for the repairs your crane truck may need when it gets damaged. It can also pay for replacing your truck if it is destroyed in a covered event. This insurance is critical commercial coverage for expensive equipment like crane trucks, particularly if the truck is leased or is still being paid off.
- Comprehensive Physical Damage Protection – Comprehensive damage protection protects the truck from a wide variety of damages, hazards and risks. If your truck is stolen for example, comprehensive protection will pay for the cost of replacement. It also pays for repairs if a telephone pole falls on the truck during a storm, or the truck is scratched and dented in a public protest. Comprehensive damages covers almost anything that is not caused by a collision or a roll over event.
- Collision Damage Protection – Collision damage protection is specifically designed to take care of you and your truck if it is subjected to a collision or roll-over. When the truck is damaged because it rolled over on a wet highway for example, this coverage can pay for the damages. If the truck collides with an inanimate object such as a building or a business sign, this coverage also protects you from those resulting problems as well.
- Specified Peril (CAC) – CAC is Fire and Theft with Combined Additional Coverage. Also known as specified peril insurance, this coverage provides you with limited non-collision protection. It protects you against only those events and perils that are specified on your insurance policy.
Uninsured or Underinsured Motorist - Uninsured and underinsured motorist insurance protects you from losses caused by drivers who do not carry insurance, or who do not carry enough insurance. If your crane truck is involved in an auto accident where the other driver is at fault, their insurance is supposed to pay for your truck’s repairs. If they don’t carry insurance however, they are unable to pay for repairs. If they do carry insurance but it is not enough to cover all of the costs, you can suffer losses as well. Your uninsured and underinsured motorist policy will prevent you from having losses in these situations. It provides coverage similar to your liability policy, but specifically protects your truck from loss instead of the other vehicles in the accident.
- Bodily Injury - As covered with Liability Insurance.
- Property Damage - As covered with Liability Insurance.
- Collision Deductible Waiver (CDW) - When you carry uninsured or underinsured motorist bodily injury coverage on your crane truck, you can also get a collision deductible waiver, or CDW. This waiver makes is to that your company does not have to pay the normal insurance deductible when you make a claim against your uninsured/underinsured policy.
Other Important Commercial Auto Insurance you need for a CRANE truck includes:
- Rental – When your truck is damaged in an auto accident it may be unusable until repairs are completed. Rental insurance can pay for the cost of a temporary replacement.
- Towing – Towing insurance protects you from having to pay the cost to have your crane truck towed away from an accident.
- Cargo - The cargo your truck carries is very valuable. Protect yourself from having to pay for damages or loss by adding cargo insurance to your commercial auto policy.
- Accessories - Crane trucks often have expensive accessories installed such as communications radios and navigation units. Protect these from loss by adding accessories protection to your business insurance coverage.