What are some different types of truck insurance?

Types of truck insurance include commercial auto liability insurance, which covers drivers who haul cargo for others against personal injury and damage to third-party property, and physical damage insurance, which compensates policyholders if their trucks are damaged by accidents, hail, vandalism and other adverse events, explains InsureMyRig.com.

Basic commercial truck insurance consists of collision coverage, which compensates third parties for accidents caused by the policyholder, and comprehensive coverage, which pays for the cost of repairs to the policyholder’s truck, explains the Houston Chronicle. Specialized forms of commercial insurance include cargo insurance and commercial auto liability cover.

Non-trucking coverage includes bobtail insurance, non-trucking liability coverage and occupational accident insurance, notes the Houston Chronicle. Bobtail insurance covers trucks during non-work periods when the trailer is unattached, such as after delivery of cargo. Similar to bobtail insurance, non-trucking liability insurance provides protection during non-work periods, but the coverage applies even when the trailer is attached. Occupational accident insurance covers truck owners and operators for bodily harm and accidental death.

Premiums are payable every month in advance, according to the Houston Chronicle. Insurance companies typically charge higher premiums for truck owners or drivers with poor driving records. While it's possible to combine premiums with truck payments in situations where the driver purchases insurance from a dealer, such arrangements are generally more expensive than purchasing cover directly from an insurance company.