The overall revenue for Canada's trucking industry is, by some estimates, more than $25 billion. All the same, to maximize income, competition and savings potential, commercial truckers must protect themselves with adequate insurance. Indeed, in most cases, commercial truckers in Saskatchewan must provide proof of coverage, by law. Here's a little more information on the coverage you need.
Saskatchewan Insurance Requirements
In accordance with provincial law, truckers based in Saskatchewan must carry commercial trucking insurance. However, trucking insurance requirements vary based on numerous factors. Those influencing your coverage requirements are:
- The Vehicle Classification (Class A, C, D, LV, F, PB, PS, PC) of your truck, which is based upon the weight of the vehicle and other factors.
- Your cargo types (hazardous, non-hazardous or personal cargo).
- The weight of cargo.
- Whether you carry passengers, and how many you carry.
- Where you plan to travel (in-province, cross-province, across border with the U.S.).
- Other regulations established by the Saskatchewan Automobile Accident Insurance Act, the National Safety Code Program and the International Registration Plan (IRP).
The most-frequently required coverage elements you might need are:
- Cargo Insurance: This coverage will apply to the cargo within the truck. If you were to damage this cargo, it might cost your business and the owners of the cargo a lot of money. This coverage can help compensate those affected on your behalf, so you won't have to do so out-of-pocket.
- Commercial Third-Party Auto Liability Insurance: Suppose that you are a trucker who is at-fault for a wreck. You might hit another vehicle, causing severe property damage. The accident might also cause significant bodily injuries to other drivers, or even your own passengers. In these cases you will be able to use this policy to compensate others affected by your mistakes.
All the same, these coverage requirements often are not the only trucking insurance you might need. After you get the required coverage, consider getting:
- Physical Damage Insurance: This coverage will pay for truck damage from collisions, or other accidents — such as theft, fires or vandalism. Policies will usually offer collision and comprehensive coverage to address these types of losses.
- Medical Payments Coverage: Use this coverage to pay medical costs if you get hurt in a wreck.
- Uninsured/Underinsured Motorist Coverage: This policy will pay you if someone else is responsible for damage to your truck. Yet, it lacks appropriate liability insurance for your losses.
Don't forget, you'll also want to purchase such coverage options as non-trucking liability insurance and bobtail coverage. Non-trucking policies will cover you when you drive your truck on personal business, and bobtail liability insurance applies when you drive your truck without a trailer attached.
For more information on your trucking insurance needs and requirements, speak to your Heritage Insurance agent.