What to Consider When Choosing Commercial Truck Insurance

commercial truck insurance policy coverage trucking protection

Each year, there are approximately 500,000 accidents involving trucks. You might think it could never happen to you. You teach your drivers to drive defensively and responsibly.

However, 80% of accidents involving trucks are actually caused by car drivers. Your drivers have less control over the situation than you think.

That's why commercial truck insurance is so important. But not all commercial truck insurance companies are the same. Let's look at how to choose the right type of commercial truck insurance for your business.


Coverage Amounts

Not all companies (or policies within the same company) will cover the same things. Of course, the more coverages your policy offers, the more expensive it will be. For this reason, overinsuring your trucks can be an expensive mistake. However, the opposite is also true, you don't want to be paying for insurance only to find that when it's time to make a claim, your policy doesn't cover your particular situation.

Common coverage options include:

  • Personal injury
  • Property damage liability
  • Towing expenses
  • Comprehensive coverage
  • Collision coverage
  • Loading and unloading liability

Choose options that work best for your situation and get a customized insurance plan. There are some coverage plans that everyone will need, like personal injury. However, if you're running a tow truck company, you probably don't need to pay for coverage for towing expenses since you can do the towing yourself. 


Watch Your Deductible

Higher deductibles mean lower premiums, which is always a nice bonus. However, you have to be able to pay those deductibles if something does happen. Be sure to choose an amount that you are comfortable with.


Find Out About Claims Coverage

You don't have time to be waiting around for your trucks to get fixed after an accident. Unfortunately, insurance companies are notoriously slow for processing claims. 

Find out your potential company's reputation and how they handle claims. These days a good company should have an online site or phone app that allows you to begin the claims process wherever you are to expedite the procedure.


The Cost of Insurance 

Commercial truck insurance costs can vary widely from company to company. Be sure to get a few quotes before deciding on an insurance company. Remember to check everything each policy covers to ensure you are comparing comparable plans.

Cheap commercial truck insurance can seem appealing — until you need it, that is.  Don't sacrifice the financial security of your business just to shave a few dollars a month off your insurance bill. 


Buying Commercial Truck Insurance

Once you've researched your coverage options and chosen a reputable company, all that's left is to buy your commercial truck insurance policy. Don't worry; this is the easy part of commercial truck insurance coverage! Once you're done you'll feel a weight off your shoulders knowing that your company is covered if anything should happen with one of your trucks while they're out on the road. Keep on trucking!