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What is Commercial truck insurance

Commercial truck insurance acts as coverage for trucks that are used to convey or transport produce and goods to different locations. Purchasing this insurance for your trucks does not only come off as the right move, it is a means of shielding you from unnecessary financial expenses and drawbacks. 

Many things could go wrong especially as those trucks ply the road regularly while carrying out commercial needs. So, owning a fleet of trucks or a single truck still validates the importance of this insurance plan.

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Let us look at the whys and advantages of purchasing an insurance plan for your commercial truck.

Why do you need commercial truck insurance?

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As a new commercial truck owner or still thinking about investing in a commercial truck, you need to stay covered. Commercial truck insurance can come in handy because the road and business can be unpredictable.

First, your commercial truck used in transporting goods can get involved in an accident and destroy properties or lives. Your insurance plan will be the only reason you are not paying for loss, repair, and damages from your pocket.

More so, those goods they are conveying before the accident may become spoiled and lose value. A clause in your commercial truck insurance will save your pocket from getting drained when paying for the goods.

When you have other drivers driving your commercial truck, the same insurance plan covers you from liability should your drivers get into an accident. However, you need to inform your insurance provider so that your drivers can go through a driving evaluation.

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That said, before you get commercial truck insurance for your truck or fleet of trucks, you must ensure that the insurance provider has your best interest. There are great truck insurance companies that can serve this purpose while you focus on your business.

Types of coverage offered by commercial truck insurance companies

Insurance companies offer different types of coverage policies for commercial trucks. Before you pick an insurance provider, ensure you know what they cover and then, the cost. 

You can get all these by asking for a quote from the company. Below are the types of coverage you can get from a company for your commercial truck.

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Liability coverage

Liability insurance is divided into two parts: The primary liability covers your truck in the event of an accident. This way, it will pay for all the expenses of the damage caused to properties, goods, and people.

The general liability coverage provides more extensive coverage to your truck and every other thing involved during the accident.

Uninsured/underinsured motorist coverage

This coverage protects your commercial truck if it gets into an accident with an uninsured or underinsured motorist.

Trailer interchange coverage

This coverage also offers good benefits. It protects your truck from damage during haulage.

Cargo coverage

The cargo coverage protects your truck from any expenses incurred from damaged or lost goods caused by an accident or fire.

Collision insurance

Collision coverage does not ask who is at fault. It pays for any liability from the collision of any of your trucks to another vehicle or object.

Comprehensive coverage

Comprehensive coverage protects you from loss caused to your truck from accidents, fire, property damage, theft, and other liabilities.

Best companies that offer commercial truck insurance

We made a list of some excellent truck insurance companies that have served truck owners in the United States well. Let’s go through a few of them.

  • Allstate
  • CoverWallet
  • Progressive 
  • Sentry

Allstate

Allstate insurance company offer commercial auto insurance policies for financial setbacks caused by accidents. Their coverage extends to repairs and medical bills which was incurred by the accident.

The company offers their insurance according to the laws governing each state on coverage policies. However, among these policies, the most common ones you can get from them as a commercial truck owner include:

  • Collision coverage
  • Comprehensive coverage
  • Liability coverage
  • Uninsured/underinsured motorist coverage
  • Rental car coverage

Say you wish to go for this insurance company, you are entitled to know what will not go under coverage when you purchase their policy.

  • Contents inside your vehicle
  • Repairs for rental vehicle you rented
  • Medical bills that are not part of the accident
  • Accidents from personal vehicles driven by the insured employee

CoverWallet 

CoverWallet has a well-laid-out website where they provide knowledge and offer online quotes for potential customers needing policy guidance. The company has some specific areas it covers for commercial auto. This includes:

  • Medical coverage
  • Comprehensive coverage
  • Bodily injury

Progressive

Here’s another excellent commercial truck insurance company. Progressive has done excellently well to insure commercial autos in the states of America.

They provide insurance according to your state regulations and have many insurance claim adjusters at your service. Opting for this company means you must use the help of an agent to help you access policies faster.

Here are some of the coverage from Progressive Insurance:

  • Liability coverage
  • Medical bills
  • Collision
  • Heavy truck roadside assistance
  • Comprehensive
  • Uninsured/underinsured motorist
  • Garage Keeper’s legal liability
  • Non-trucking liability

Sentry

If you have a fleet of trucks, go check out Sentry Insurance. This insurance company has its focuses on trucking and provides extensive coverage for trucks in the United States of America.

Some of the coverage they offer includes:

  • General liability coverage
  • Non-trucking liability coverage
  • Motor truck cargo coverage
  • Physical damage coverage

Conclusion

In summary, whether you are new to the trucking business or not, commercial truck insurance should not be overlooked at any point in your business.

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