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Transportation Insurance in Alberta
Joining the Alberta Transportation Industry:
Whether you decide to become an independent carrier or if you lease your services and your truck to another carrier, with the right Transportation Insurance policy in place, this could be a worthwhile move. With protection against the wide array of risk exposure that comes with this job, you could be on your way to an exciting and profitable future.
Of course owning a rig of your own comes at a great expense. Contact Leibel Insurance Group in Calgary, Edmonton, or surrounding areas in Alberta to make sure that you have Trucking Insurance that will cover your investment. This is a critical step that cannot be overlooked.
There is no doubt that the trucking industry is a lucrative field. However, you must consider the protection of your assets if you are ever involved in an accident or become the victim of theft. For this reason, it is a great idea to have the support of a broker with extensive knowledge in the industry to provide you with specialized coverage at an affordable price. Once you have the right transportation policy in place, you will be able to rest assured that your financial security will not be at risk when the unexpected takes place.
Do You Really Need Inland Marine Insurance?
Whether you invest in a semi-truck, a tractor trailer, or an entire fleet of trucks, you will need to invest in liability insurance for these vehicles. A industrial vehicle as large as a commercial cargo truck has the potential to cause a lot of damage in the event of an accident. Therefore, financial advisers everywhere recommend purchasing a certain amount of Transportation Insurance. Without sufficient coverage, your financial standing could be in ruins after a major collision.
If you lease your truck to another driver, then that driver will be responsible for purchasing their own liability insurance coverage. On the other hand, if the trucker that leases your truck does not carry adequate coverage, you will need your own coverage to be protected against a risk of excessive liability. We recommend speaking with an insurance professional from Leibel Insurance Group to help you decipher which transportation insurance coverage is best suited to you.
Additional Trucking Insurance Coverage To Consider
In addition to liability coverage, you may also want to think about including some of the other coverage options that are available from Leibel Insurance Group. With a firm understanding of the options, you will be able to choose the best coverage to meet you specific needs, to address your concerns, and ensure your safety. Your broker will provide you with all of the details of the coverage that you may be considering, such as:
- Coverage for physical damage – This is the type of coverage that is required by the lender if you take out a loan to purchase your commercial truck. In addition, you will need to carry this coverage throughout the life of the loan. Your driving record will be taken into consideration for your premium, the better your record, the lower the cost will be. You will receive the depreciated value of the vehicle if you are involved in an accident.
- Gap insurance – To purchase a truck of high value through financing, this coverage is required if your truck sustains serious damage or is totaled. Gap insurance will provide coverage in the event that the current depreciated value is less than the amount owed. This can assist in paying off the loan without a significant financial loss.
- Equipment insurance – In combination with a physical damage policy, you may also want to add equipment insurance to cover any additional equipment, such as tarps, chains and electronics that may have been added or installed after the original purchase. This coverage can assist in compensation of fuel in the event of an accident.
- Inland Marine Insurance – A contractual agreement can require an operator to carry a certain amount of coverage in order to protect the cargo that is hauled. The value of the cargo that is carried will determine the amount of Trucking Insurance coverage that is required.
Unsure of what coverage your truck or business may require? Contact a transportation insurance specialist at Leibel Insurance by calling 780-484-8880 or request a quote above.
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