Doing business with truck is very much risky as truck often needs to travel from one place to another whether it is a known place or unknown. Hence a truck owner as well as a truck driver needs insurance so that they may get at least some help if they meet any accident.
Rating of truck insurance companies
 Progressive
www.progressive.com
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 Ooida
http://www.ooidatruckinsurance.com
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 Allstate
http://www.allstate.com
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 Nationwide
https://www.nationwide.com
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 Safeco
https://www.safeco.com
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 Farmers
https://www.farmers.com
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 Metlife
https://www.metlife.com
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 Erie
https://www.erieinsurance.com
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Rating of truck insurance companies
If you are starting a commercial truck business either with a single truck or using a fleet of trucks, the first thing you need to consider is get your trucks covered with the best possible insurance policy that covers all aspects of your business. Your business may involve delivering goods inside the state or conduct cross-country freight trips and no two business is the same and hence you need to understand that one policy is not the same for different companies. The amount of risk and the type of coverage needed is different for every truck business.
But selecting a commercial insurance company that can fulfill all your business requirement can be a very tough task. You need to browse various companies’ policies and compare the plans and pricing before coming to a final decision. You need to consider various factors before finalizing on an insurance company as it is not only the pricing of the plans, other factors including, customer satisfaction, financial strength and the various coverage options offered by the insurance company. Hence, we’ve come up with a review of some of the best commercial truck insurance companies in the country that provides some of the most comprehensive coverage solutions for your trucking business.
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Types of Commercial Truck Insurance
Commercial truck insurance comes in various forms including:
- Bobtail Insurance: Type of insurance provided to tractors that are operated without a trailer.
- Limited Depreciation Coverage: This option covers your vehicle when it declared a total loss after a collision or accident, where the coverage will help you in getting a fair market value Mechanical Breakdown Insurance. Covers all your expenses related to mechanical breakdown issues.
- Motor Truck Cargo Insurance: Covers your freight and the liability for the cargo. It is one of the popular insurance for trucks among other types, as it covers all kinds of losses resulting from fire, collision. It also includes for debris removal, legal defense payments, and freight charges.
- Motor Carrier Insurance: Provides protection for your business when you are hiring permanently leased independent contractors.
- Motor Truck General Liability Insurance: Covers all kinds of bodily injury, personal injuries, property damage liability, medical payment, advertising injury liability, product & completed operations, and seven days or less coverage for damage to rented properties.
- Non-Trucking Liability Insurance: Covers your trucks when you are using for non-business purposes.
- On-Hook Coverage: Covers for all your repairs and replacements for vehicles that are not owned by your business.
- Optional Downtime Coverage: When your trucks undergo a downtime period, this coverage takes care of covering for that.
- Passenger Accident Insurance: Provides coverage for the passengers in your vehicle in case of accidents.
- Physical Damage Coverage: This type of coverage covers for any physical damage to your vehicle related to any collision, theft, fire or any other perils.
- Supplemental Towing and Clean Up: Provides coverage for towing of your vehicle or cleaning up of debris after a collision.
- Trailer Interchange Agreement Insurance. For non-owned trailers that receive any physical damage.
- These are some of the various budget truck rental insurance coverage options that are available in the market and choose the options that best suits your business.
Commercial truck risks
Running a commercial truck business is like being inside a hot oven, as you are always in the heat. You can face all kinds of problems during your trip due to flat tires, engine breakdowns or running out of gas in the middle of a desert. But these are common problems faced as other major problems include that there is an increasing number of people getting injured in truck-related accidents causing grievance to people and also damage to truck cause a major problem to truck owners.
According to a recent survey, it has been revealed that
- Every year around 1,30,000 people get injured in truck-related accidents.
- Around 70% of truck accidents result in property damage.
- Severe injuries are caused by around 22% of truck-related incidents.
- A commercial truck can cost anywhere between $55,000 - %60,000.
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Bobtail insurance and Non-trucking insurance are similar in many extents and hence people often get confused regarding liability and coverage of these two insurances. Generally the basic liability coverage insurances are very much needed for the truckers.
Motor truck cargo insurance is a cargo insurance coverage. It provides insurance to the cargo carried by trucks or multi wheeled trailer in case these goods are damaged, stolen or lost. These goods are insured throughout the process of transportation until they reach the buyers.