How to Choose the Right Truck Insurance for Your Business
Posted by admin | Posted in Truck Insurance | Posted on 30-01-2009
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First, let’s consider what is important when you need to insure your commercial vehicle, fleet or haulage business. Of course, price is important for any business in the current climate. With the so-called ‘credit crunch’ and the threat of recession forever in the headlines, business operating costs can weigh heavily on our minds. It is, however, of equal, if not higher importance that you make sure you get the right insurance policy and level of cover for your business.
It is a legal obligation to have vehicle insurance on British roads however you may also require additional cover for goods in transit and public liability to ensure that you and your business are fully protected in the event of an accident or damage of goods in your care. Prospective customers may enquire about the level of protection that you have in order to inspire confidence that any goods you may be transporting on their behalf are fully protected.
For your truck insurance cover, there are a number of things that may help to reduce your premiums.
- No Claims Discount. You can earn anything up to 60% discount if you have had previous claim-free truck insurance. This is taken into consideration when calculating your insurance premium and could result in a significant saving. You may also be entitled to a discount when insuring your own truck if you have experience of driving a company-owned vehicle. Ask for details when speaking with your broker.
- Driving Restrictions. If you restrict the number of drivers who use your truck you are more likely to save on your insurance premium. Restricting the cover to insured owner/driver only or insured and named drivers tend to cost less than any driver policies.
- Use Limitation. You may receive a discount if you restrict your business use to the UK mainland. Cover is, however, also available for drivers who require use throughout Western Europe.
- Voluntary Excess. Generally speaking, the higher the voluntary excess that you are willing to pay, the lower your truck insurance premium will be. There is likely to be a compulsory excess, too, which is usually around £500. You should, however, bear in mind that you will be liable to pay any excesses in the event of a claim.
There are other types of insurance cover that you may need to consider include:
- Goods In Transit Insurance. Your truck insurance does not cover the contents of the vehicle. For this, you will need a separate policy for goods in transit which, as it’s name suggests, covers the contents being transported against loss or damage. When buying your goods in transit policy, you need to consider the value of the goods that you are likely to carry and ensure that you have the right level of indemnity to cover the cost of any potential loss or damage.
- Public Liability Insurance. Whilst your haulage insurance policy covers your vehicle and a goods in transit policy covers the contents of your truck, public liability insurance provides extra cover for any incidents that may occur while loading or unloading your vehicle. This cover may not be compulsory but will give you extra cover and peace of mind.
Watch the video related to truck insurance
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Help answer the question about truck insurance
Tree damaged truck. How do I keep truck and collect insurance?A tree fell on my truck. The damage consists of a cracked windshield and a few dents/scratches on the top of the truck, hood, etc. This vehicle is my commuter, and I only plan on keeping it for another year, although it is quite reliable. If I make an insurance claim they will likely total the vehicle.
Is it possible to get a claim (even if it totals the vehicle), take the cash, and keep the totaled vehicle?
Company said "Act of God, file a claim w/ your own insurance."
Truck is a 1993 Chevrolet S-10 with 160k miles on it. It still runs great and gets 27mpg (not bad for a V-6, much less being 14 years old). So, although the paint is wearing a little thin, what some may see as a "creampuff" makes for a very reliable daily driver.
I know of 4 insurance companies that do not cover U-haul. American Family, Geico, Liberty Mutual, Allstate. You need to check with your agent first. Make sure you tell them if you are going out of state. I had a customer who was told she was covered, then stopped in after she got the truck and told them she was going out of state, and they said she was not covered. I had another customer who did not take the insurance, and was backing into the drive of his destination, and hit a large rock damaging the truck, it cost him almost $300. Even if someone hit you, you are responsible for the truck. But on the other hand, it is an option. I have heard of several dealer who add the insurance without the customers approval. So I am glad to see you asking questions. I had an insurance agent rent from me, and when I asked him about the insurance he said yes so fast it shocked me. He stated that if something did happen it would not ding his auto insurance.
U-hauls SafeMove insurance covers damage to the truck, the cargo in the truck, and also has medical/life coverage. The SuperSafeMove also includes $1 million in liability coverage.
I wish you luck in your move and safe driving.
Depends. You will need full coverage if the truck is not paid for entirely. You also need to cover any and all employees driving the truck and you also need to have coverage for the customers personal property you are moving.
Based on your driving record and age, you will pay between $160 – $225 per month plus an up front fee to be insured right a way.
Not true.
Each state sets the minimum time limit for a policy. Most insurance companies don't want to bother writing a policy for shorter than six months.
So, if you want to get a six month policy – assuming your state allows it – get your quote, and then cancel the policy after however long you want.
But keep in mind, they're ALL going to want two months down. AND, if you cancel the policy, most states you'll be charged both a short rate penalty (about a month's premium) AND a cancellation fee (varies from $50 to $100 depending on state). And of course, if your state requires car insurance, as soon as your policy cancels, the DMV gets notified (well, within a couple weeks) and your plates get cancelled.
you know the truck what you want to buy get quotes before buying and most insures will let you print a temp insurance certificate online this will be for about 24-48 hr period untill your proper certificate arrives
Almost always…
Trucks have a significantly higher theft rate……
Also, trucks tend to be in a higher percentage of accidents…probably because truck drivers as a group are more aggressive than small car buyers.
Which stickers are you talking about (Ca, dot, fuel, registration, base plate?). I would contact the O/O companies you might go to work for and talk to them, about the stickers, how/when/how much they pay(RUNAWAY from a company that offers you a "percentage of the load"- those are the cheapskates in the industry) I would seriously evaluate the industry and how much you make as an O/O, verses a "company driver".The companies usually have newer equipment and take care of the maintenance & issues every 90 days(unless there is an out of service write up) I have known several O/O's who went out of business when the fuel shot up to 3.00+ a gallon, even with the fuel perdium.(fuel costs come out of your pocket before you ever see it on your check).
I forgot to ask how long you had been in the industry, hopefully 3-5 or more years (just to have a good understanding of the industry). The best piece of advice (from the O/O's I have talked to) is to BE SURE you have a book keeper who KNOWS the trucking industry (what can and cannot be a write off). Good luck to you and your company driver !
Call some insurance agents in your state. Ask for a commercial auto policy for a tow truck. Call some of the big companies, like State Farm, Farmers, Auto Club, ect and get some quotes.
Good Luck.
Not enough information. Are you long haul trucking? Bobtail? Deadhead?? Which state are you in? How far do you go?
Not all companies write in all states. Depending on the type of "independent contracting" you do (trucking? Or are you an electrician?), some companies may or may not be willing to write you.
Bottom line -you have to buy commercial insurance, through an agent or company licensed to do business in your state. Even Progressive won't sell a commercial policy on line. So go to your local agent for quotes.
You're not going to have a whole bunch of companies willing to write a retail delivery truck that size. Rather than trying to find a company, you're best off trying to find a local agent, and letting THEM try to find a couple companies.
Coverage for the truck is going to depend on the gvw, which permits you need, how far you drive, how old the drivers are, etc.