How Much Does a Truck Accident Cost?

According to the WHO report 2018, India has contributed to 11% of the global accidents and also ranked first in road accident death. In 2019, 13,532 road accident deaths were associated with the commercial vehicle segments. With that saying, all truck drivers need to insure their vehicle with the right commercial vehicle insurance. Read the below article to find out the cost involved in a truck accident and online truck insurance. 

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About Indian Trucking Industry 

Trucks are a primary mode of transporting goods in rural and hill areas in India. With time, trucking companies have also evolved. The giant Indian automobile manufacturers, including Tata Motors, Ashok Leyland, Force Motors, etc., are enhancing the quality of their heavy-duty vehicles to uplift the commercial vehicle industry.

However, the Indian trucking industry is the most unorganized sector, and over-speeding, illegal overloading of the freight, fatigue, and sleepiness are the causes of road accidents. Moreover, 30.3% of truck accidents are due to drunk driving or driving under the influence of intoxicating substances.

What is the Average Cost of a Commercial Truck Accident?

If you own a trucking company and ever get involved in a truck accident, the average cost of an accident tends to rise with the size of a truck. Even there is extensive damage to the vehicle and fatal injuries to the truck driver, passengers & people involved in the accidents.

According to NCBR 2020 report, India recorded 3,54,796 cases of road accidents in which 3,35,201 were injured and 1,33,201 people died.

Therefore, it shows the significance of truck insurance online as it financially covers you and your vehicle from several financial liabilities.

The average cost of a truck accident is divided into direct and indirect costs. Furthermore, other costs like- human, environmental, and psychological costs might impact your workforce and your business.

Direct Costs Involved in a Truck Accident 

Direct costs refer to the visible expenses that can be easily recognized during an accident. Here is a list of direct costs of a truck accident- 

1. Cargo Damage-While loading the cargo, the trucker must ensure that the cargo is placed or set evenly so that the truck may not lose control. If not done correctly, the truck might lose its balance if the cargo shifts or spills. Moreover, unsecured & uninsured cargo in an open-bed truck causes substantial property damage and leads to fatal injuries if it flies off the truck and smashes into other's vehicles. Therefore, as a truck owner, you must insure your cargo under commercial vehicle insurance and avoid overloading your trailers.

2. Truck Damage-When a truck collides with any other vehicle or any other object, the crash impact will be higher in the truck. Body repair damage can range from fixing minor scratches to completely replacing the body.

3. Towing Costs-Another cost associated with a truck accident is the towing expenses. Owing a trucking company means a huge liability. With the road assistance cover in your commercial truck insurance, you can get immediate help in a breakdown or an accident. Your insurer will track down your location and tow your vehicle to the nearest authorized garage. 

4. Medical Costs- If you are fortunate enough to survive a truck accident, you can suffer from fatal injuries like crushed bones, broken limbs, spinal cord injuries, or traumatic brain injuries. In India, it is mandatory to have personal accident cover for all the motor drivers to get compensated for the loss. The scale of compensation depends upon the type of injury. Therefore, to get a sum insured of Rs 15 lakh, you must have a personal accident cover. 

5. Loss to the Business Costs-If your truck gets involved in a road accident, you can experience an immediate loss of revenue to the business because an accident will hamper your daily tasks. 

Indirect Costs in a Truck Accident 

Indirect costs mean the hidden expenses that might severely hit your trucking business. Some common types of indirect expenses are- fines & penalties, legal liabilities, equipment expenses, loss of personal property, cost of hiring a replacement driver, etc. 

Is Road Accident a Crime in India?

If the victim dies in a road accident, the police will file a criminal case under Section 304A of the Indian Penal Code. However, if your truck is insured with a relevant commercial vehicle insurance policy, the insurer will take over the compensation and legal liabilities. 

Tips to Prevent a Truck Accident 

Taking safety measures on the road can help you to prevent an accident. After all, it takes nothing but being attentive, using common sense, and some mindfulness to avoid unforeseen situations. Moreover, a tip for a new driver is to plan your daily trip.

You can incorporate defensive driving techniques that anticipate and prepare you for the worst condition. Also, get the right truck insurance online to protect your truck from several unforeseen road emergencies and legal liabilities. 

You might be interested in

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School Bus Insurance
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E-rickshaw Insurance
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Final Words

The cost of a truck accident is a controllable cost that can directly create a hole in the pocket of a trucker. However, obtaining the right commercial vehicle insurance helps you reduce the substantial loss that might affect your business. 

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