If you own or operate a commercial rig in North Carolina, it’s important that you maintain the proper rig insurance.
As an rig owner operator you’ll put in a lot of time behind the wheel. The more road time you book, the more likely you are to encounter a problem that could injure others, damage their property, or leave your rig out of commission indefinitely.
You need rig insurance that will protect you from these complications and more.
As you probably know, commercial truck and rig insurance is mandatory in North Carolina. When you register a commercial vehicle you must show compliance with North Carolina’s financial responsibility laws. As a rig owner operator, you are required to maintain coverage with a minimum $750,000. liability limit. Your rig insurance policy must be in force from the time you register your vehicle until that registration expires.
Compliance with North Carolina’s financial responsibility laws is necessary to maintain your driving privileges in North Carolina. If you are found to be in violation of the statute, you may lose your license. That’s an important reason to keep insurance in force. Here are a few additional points to consider.
You need liability insurance to protect others
An accident between a private passenger vehicle and a commercial rig can lead to heavy damages and devastating injuries. If you are found legally liable, you would want the injured persons to receive proper medical treatment, money for their lost wages, and care for any long term disabilities.
If an accident is your fault, your commercial liability insurance carrier will provide those benefits to the injured parties. If you don’t have rig insurance in force at the time, you could be called upon to pay them out of your own pocket.
You need protection if someone sues you
Accident claims with serious injuries can go unresolved for years. If the injuries are severe enough, they may require long term treatment and constant care. Some accidents can leave an injured person permanently disabled and unable to earn a living.
Insurance companies try to settle serious cases, but often they end up in a courtroom. When a person files a suit against you, it’s your responsibility to pay a defense attorney’s fees, court costs, and other legal expenses. When you have the right rig insurance in place, the insurance company will pay your defense costs as well as any judgment, up to the amount of your policy limits.
You need to protect your ability to make a living
If you are involved in an accident and have liability coverage in force from your rig insurance, it can keep you from losing your North Carolina license; and that can keep you on the road. But what happens if your truck is heavily damaged in an accident? Your ability to earn a living can still be compromised.
Commercial rigs are expensive high-tech machines. If your rig is damaged, it could take a great deal of cash to get it back on the road. If you don’t have rig insurance to cover the damage, your repair options may be limited. You can pay for the damage out of your own pocket. You can get a loan and pay for it in monthly installments. You can let your truck sit until you figure out another solution. Insurance is the better option.
You need protection for you rig
It’s important that you have the right insurance coverage for your commercial truck or rig. It’s also important to work with a company that knows your business and knows exactly what you need.
We know all about rig insurance for commercial truck owner operators in North Carolina, among other states.
Contact us and we’ll be happy to help.