Truck Insurance

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What is Truck Insurance?

A truck insurance (Commercial Truck) policy is essential for companies or people that have semi-trucks, tow trucks, box trucks.etc as they usually are not covered on Commercial Auto policies. Commercial Auto is more for sedans, vans, SUVs and regular sized pick up trucks being used for commercial use. This policy is specifically for larger “trucks”. 

Truck insurance is a form of auto insurance that protects the owners and drivers of trucks and other big vehicles. This policy designed specifically for trucks employed in business operations such as delivery, pick-ups, and products transportation, among other things. It protects you against the cost of repairs or replacement. Such insurance plans cover damage and losses caused by accidents, fire, crashes, and other similar events.

Importance of Truck Insurance

It is required by law for all vehicles, including large trucks to have insurance while on the road and most lienholders also require some form of insurance. These large trucks are usually used for business use and are on the road alot, some even travel on a variety of highways and steep roads in all weather conditions. So truck insurance could protect against disasters and unforeseen circumstances by covering the expenses of repairing / replacing the damaged truck.

According to Trusted Choice (a group of independent insurance agents), the average cost of a commercial truck accident in the United States is $59,000 and some small companies can even shut down because of either no insurance or inadequate insurance.  Making sure you’re covered is a necessity especially if you are in business.

What can it cover?

The following are some of the coverages that truck insurance policies can provide, depending on the kind of policy and add-ons :

Liability Coverage —

This covers the damage you can cause to others while operating your truck, it does not cover your truck.

Trailer Interchange —

Covers a non-owned trailer being used under a trailer interchange agreement.

Uninsured/Underinsured Motorists —

This protects you in case your truck is hit by another person who either doesn’t have or doesn’t have enough insurance to cover damages to you or your truck.

Collision/Comprehensive Coverage —

This covers the costs to repair or replace damage to your truck in the event of an accident or other than collision occurrence such as fire, theft, flood.etc

Medical Payment —

This covers medical bills for you or your passenger if you are injured in an accident while on the road.

Other Add-on Coverage

Truck insurance, like many other vehicle plans, has optional coverages. You may get towing assistance coverage to aid you in the event of a breakdown or other unforeseen circumstances. You may purchase add-on insurance to safeguard the vehicle’s accessories and other components.

How much does it cost?

Unfortunately, there is no flat fee as with most types of insurance policies. Each policy is different and there a many factors that are taken into consideration to quote the premium amount. Premium is the amount of money the policy costs. Some of the common factors are :

  • Drivers (Age, Marital Status, Gender, Licensed Years)
  • The type of truck (Year, Make, Model)
  • Policy Limits and Coverages
  • Drivers History (Accidents, Claims, Tickets)
  • The use of the truck (Towing Vehicles, Transporting goods –)
  • How far you or your drivers would be driving, etc.

Get in touch with us

Contact us or get in touch with our experienced and certified agents for further details and information. We have got you covered so there is no need to worry at all. Our well-versed agents will help you every step of the way.