Important Commercial Trucking Insurance Terminologies You Should Know
When it comes to the search for the best commercial trucking insurance available, being able to find the best commercial truck insurance is not just enough as being able to understand its ins and outs should also become one of your main priorities. Here are several terminologies you should know. Many drivers have found these to be very helpful.
Maybe you already know this;
Auto liability covers property damages and physical injuries caused by the one who is insured.
Actual Cash Value
Actual cash value means the total amount that is required to fully pay the damages done by the insured to the property. This also includes the total amount that is required to pay a lost property caused by the insured. The total amount computed is based on the replacement value of the property, the depreciation of its price due to obsolescence, and general wear.
Auto Physical Damage
This is a type of collision coverage that insures the insurance owner when a collision occurs by overturn or with another object. A comprehensive version of this coverage also insures other perils caused with a collision that occurs by overturn or with another object.
Refrigeration breakdown is a type of coverage that can be included on a trucking insurance policy so that the failure or the breakdown of a refrigerating unit in a truck or in an automobile is also part of the insurance.
There still are a lot of terminologies that you should be knowledgeable about when it comes to trucking insurance so that you get to fully understand how everything will benefit you. Moreover, knowing these terms will help you a lot in understanding the trucking insurance you will be acquiring.
Jack Goldhammer is an Insurance Contractor and loves to write a lot about commercial trucking insurance and commercial insurance quote.