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Commercial Truck Insurance

Truck drivers are the backbone of several companies. They spend hours delivering items back and forth across the country in some cases. Without them, some businesses may not even have a chance to survive. If this is the case for your employees, you are definitely going to want to look into commercial truck insurance. Even if your employees occasionally drive a truck for deliveries or appointments, you still will need to protect them with this type of insurance. It is vital and provides valuable coverage for you and your finances. But despite how important it is, you may be a bit lost as to where to begin with truck insurance. The guide below will assist you with determining what type of coverage you need and how you should budget to cover premiums.

Your Business Needs Commercial Truck Insurance

Truckers spend hours on end braving the open road. Due to their higher risk of getting into an accident, if you regularly utilize commercial trucks to conduct business, you need commercial trucking insurance. It protects you, your employees, and your vehicles in the event of an accident. Insurance helps to cover your assets, so you do not end up liable for an accident. Commercial vehicle insurance offers higher coverage limits, making it a better option to cover commercial vehicles as opposed to a personal auto insurance policy. Nearly every state requires drivers of all types to carry auto insurance, and failure to do so can be detrimental to your business. If your business relies on trucks to operate, a commercial truck policy is right for you.

Types of Trucking Operations Covered by Commercial Insurance

When it comes to company truck insurance, pretty much any truck you can think of will be covered. As long as you are using it for business purposes, your commercial truck will benefit from a company truck insurance policy. Listed below are some common types of trucks you can purchase insurance for.

  • Dump trucks
  • Tow trucks
  • Garbage trucks
  • Long-haul/short-haul trucks
  • Delivery trucks

Many trucking operations require specific coverages along with add-ons to strengthen protection following an accident. Truck insurance can be a broad type of commercial auto insurance. It includes coverages specific to the trucking industry with policy add-ons that can then be utilized to protect the type of truck(s) your business uses. For example, if you use refrigerated trucks, there is a chance you can purchase refrigerated truck insurance. This insurance acts like any other commercial auto insurance but also provides you protection for your refrigerated cargo specifically. Figuring out what type of insurance you need comes from analyzing your business and what industry you are established in.

Customize Your Truck Insurance Coverage

Every business and its trucks are different, meaning the truck insurance you purchase needs to be customized to fit your company. There are a couple of different types of coverage truck insurance offers your company. While every vehicle on the road needs to meet its state’s liability insurance requirements, there are multiple ways to expand coverage. Outlined below are the standard types of coverage along with trucking-specific insurance business truck policies offered.

  • General Liability - Liability insurance is comprised of coverage for bodily injuries and property damage. It pays out for damage you cause to another driver following an accident you have found to be at fault for.
  • Physical Damage - Physical damage refers to comprehensive and collision insurance. Comprehensive coverage pays for damage to your truck following non-collision-related damage. This includes things like theft and extreme weather. Collision coverage pays for repairs to your truck after an accident. Both of these payouts, no matter who was found to be at fault.
  • Motor Truck Cargo - This type of insurance will cover any loss of property that occurs while the items are in transit.
  • Hired & Non-Owned - If your company does not own their trucks and regularly rents them, hired and non-owned auto insurance will protect your drivers when they are driving a truck the company does not own.
  • Trailer Interchange -Trailer interchange insurance provides coverage for any trailers your trucks are pulling. It includes both comprehensive and collision damage.
  • Rental Reimbursement - If your truck has been damaged in a collision and needs to spend some time in the shop, rental reimbursement will provide you with funds to rent a vehicle while you wait for yours.

How Much Does Commercial Truck Insurance Cost?

The cost of commercial trucking insurance ranges depending on the circumstances surrounding your trucks. If you are an owner-operator with a permanent lease from a motor carrier, you could be paying around $3,000 to $5,000 per year for truck insurance. That breaks down to be about $250 to $417 per month for coverage. If you are an owner-operator on your own authority, insurance rates will be drastically higher. The cost for commercial truck coverage has been steadily increasing over the years.

There are other factors about you and your business that will go into determining your insurance premiums. Your insurance provider will ask for the following information:

  • Truck type - Make, model and year of your truck(s) will play a role in how much you pay for insurance. Larger trucks may cost more to insurance than smaller ones. The number of safety features in the model will also be considered.
  • Usage - What you are hauling and how often you are driving can be taken into consideration by your insurer. If you are trucking heavy, expensive equipment across the country, you can expect to see higher rates. The type of industry you operate in will also affect your rates.
  • Driving records - Both you and your employees’ driving records impact your annual premiums. If your drivers have poor records, you will be paying more for insurance.
  • Location - Where your business operates will affect your rates. If you are somewhere with a dense population and high crime rates, you can expect your premiums to be more expensive than your neighbors.
  • Coverage limits - Simply put, the more insurance you want, the more you will be paying. But do not let this discourage you from purchasing the insurance coverage you need.

Information Needed to Purchase Commercial Truck Insurance

What you will need to provide to get a quote for commercial trucking insurance is a bit different than what is needed for general auto insurance. Since you are dealing with commercial insurance, further information regarding your vehicles and employees will be requested. You should be prepared to present the following information:

  1. Current insurance policy (personal auto insurance or commercial insurance)
  2. Driving history and drivers license numbers (both you and all your employees)
  3. VIN numbers of vehicles (including a list of safety features on each vehicle)

If you are missing any of the above information, you can still get a quote. It would have to be based on rough estimations and will not be as accurate. What you actually end up paying once you successfully purchase insurance can be a bit different than what you were quoted. It is best to present as much information as possible about your business and trucks in order to get an accurate insurance quote.

Get a Truck Insurance Quote Today

Ready to get a commercial truck insurance policy? Contact us today to get a free truck insurance quote. Make sure you let us know your zip code, details of your business, and information on your truck(s). By providing us with all this, we can get a better idea of the coverage you need. Quotes are available either at one of our many locations or online in just a few clicks via our website and mobile app. We are also just one call away. Get your commercial trucks insured today and drive worry-free tomorrow.

*This product may not be available in every state, please call an agent for more information.