How to Get Cheap Commercial Truck Insurance

Commercial truck insurance is essential to any business that uses commercial vehicles. For the best rate, know your needs and call multiple companies.

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Whether you own and operate a single commercial vehicle, or you employ a whole fleet of them, commercial truck insurance is an important part of many businesses. As each business varies in its specific use of commercial trucks, it can be challenging to find the right policy at the right price.

By following the steps outlined here, you can determine what insurance you need and learn how to get it for the best price. Part 1 helps you evaluate your needs and Part 2 explains how to get the best price.

Part 1 of 2: How to evaluate your specific needs

If you are going to start looking into your commercial truck insurance options, you will need to be able to give insurance companies a certain level of information so that they can give you an accurate quote.

Step 1: Determine what category of truck your vehicle falls into. Different types of commercial trucks have different roles, and their insurance coverage is adjusted accordingly.

Some truck categories include:

  • Garbage trucks
  • Dump trucks
  • Semis (18-wheelers or tractor-trailers)
  • Tank trucks
  • Auto trailers and car haulers

Step 2: Be prepared to share what it is your truck hauls. Certain materials like chemicals or gasoline may require extra coverage, so it is important to be ready to disclose what your trucks do and do not carry for your business.

Step 3: Know your trucking habits. As with personal car insurance, how much you drive the vehicle factors into your insurance rate. Based on your needs and any past years’ experience, estimate how many miles your truck travels each year as well as how much you or any employees drive it.

If your employees will be driving the truck, you will also probably need to disclose their names and any certifications they have, as insurance companies will want to look up each of their driving histories.

Another driving factor is location. Be aware that a truck that only delivers locally will probably cost less to insure than a truck that delivers across a whole region.

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Types of Commercial Truck Insurance
Type Definition
Liability Covers liability risks if you or an
employee causes damage to another party;
typically includes bodily injury coverage,
property damage coverage, and
the cost of any legal defense
Cargo Covers theft or damage of materials
the truck is carrying
Medical expenses and
workers’ compensation
Covers the expenses of any recovery time
or medical bills that result from an accident
for your employees
Physical damage Covers any damage done to your vehicle;
typically includes collision coverage which
pays for accidents and comprehensive coverage
which pays for damage resulting from other causes
Underinsured motorists Covers any damage or injuries that result
from an accident that is caused by another
driver who doesn’t have enough insurance
coverage
Non-trucking liability
and bobtail
Covers those rare situations that are not
covered by other policies, such as when
something happens while a truck is not at
the time attached to a trailer or under dispatch

Step 4: Know your coverage needs. Again much like personal car insurance, commercial truck insurance has different kinds of coverage, so it is helpful to consider which kinds you need or want ahead of time.

It is also important to consider that, in the event of an accident, damages could be claimed in multiple categories (usually at least the first four included in the table), so choose your coverage with this in mind.

Part 2 of 2: How to get the best rate

Step 1: Obtain insurance quotes. Once you have gathered all of the necessary information, you can contact a prospective insurance company - one that insures commercial vehicles - and ask for a quote, which is usually free.

When contacting a company, be sure to be as detailed and clear as possible about your particular business and its policy requirements, as some companies may only provide a limited range of commercial truck insurance options, and these may or may not be sufficient for your specific needs.

Step 2: Call several different insurance companies. It is best to contact as many different companies as possible as rates can vary a lot between them. Be sure to contact at least three to ensure that you aren’t overpaying.

Step 3: Take advantage of any applicable discounts. There are a variety of discounts out there for commercial truck insurance, so be sure to find out what applies to you so that you can secure the best deal.

These can range from discounts for holding a commercial driver’s license, to discounts for being an established business, to discounts for bundling all of your business insurance under one company.

You can also sometimes save by demonstrating prior insurance if you’ve had continuous coverage for the past 12 months, or by selecting higher deductibles for your insurance policy. Keep in mind with this second option that a higher deductible, while it does means a lower premium, also means paying more out-of-pocket in the event of an accident.

Having followed these guidelines and evaluated your needs and found the best rate, you can now confidently purchase the commercial truck insurance that is both as inexpensive as possible and right for you.

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