As a car hauler owner, you know how important it is to protect your investment. Whether you’re hauling classic cars or new vehicles, accidents can happen. That’s why it’s essential to have the right insurance coverage. In this article, we’ll discuss the four types of car hauler insurance you should consider.
Liability Insurance
Liability insurance is the most basic type of insurance you need as a car hauler owner. It covers damages and injuries you cause to other people and their property. If you’re involved in an accident and it’s your fault, liability insurance will pay for the other person’s medical bills, property damage, and legal fees if they decide to sue you.
Liability insurance is required by law in most states, so make sure you have enough coverage to meet your state’s minimum requirements.
Physical Damage Insurance
Physical damage insurance covers damage to your own vehicles. It includes collision coverage, which pays for damages caused by a collision with another vehicle or object, and comprehensive coverage, which covers damages caused by theft, vandalism, or natural disasters.
If you’re financing your car hauler, your lender will likely require you to have physical damage insurance. Even if you own your car hauler outright, it’s a good idea to have this coverage to protect your investment.
Cargo Insurance
Cargo insurance covers the vehicles you’re hauling. It protects you in case the vehicles are damaged or stolen while in transit. It’s important to note that cargo insurance only covers damages caused by external factors, such as a collision or theft. It doesn’t cover damages caused by the vehicles themselves or their contents.
If you’re hauling valuable cars or high-end vehicles, cargo insurance is a must-have. Make sure you have enough coverage to protect the full value of the vehicles you’re transporting.
General Liability Insurance
General liability insurance covers your business against claims of bodily injury or property damage that aren’t related to your car hauling business. For example, if a customer slips and falls in your office or warehouse, general liability insurance will cover their medical bills and legal fees if they sue you.
General liability insurance isn’t required by law, but it’s a good idea to have it to protect your business from unexpected events.
Conclusion
As a car hauler owner, it’s essential to have the right insurance coverage to protect your investment. Liability insurance, physical damage insurance, cargo insurance, and general liability insurance are the four types of insurance you should consider. Make sure you have enough coverage to meet your state’s minimum requirements and to protect your business from unexpected events.
