Commercial truck insurance is a must-have for any business owner. You never know when an accident might happen when an employee uses a work truck on the job. Many businesses use commercial trucks to deliver goods to clients and to take products from warehouses to stores. You can even have trucks that you use to transport clients and on job sites. Now is a good time to look at how much a policy will cost and what it offers in terms of protection. While commercial truck insurance is higher than personal auto insurance, you can save on your new policy.
Median Cost
Looking at the median cost of commercial truck insurance is an easy way to get an idea of how much you might pay. The median cost today is around $142 per month. Keep in mind that this amount factors in self-employed individuals who have just a single vehicle, as well as major businesses that have dozens of vehicles in their fleets. You can usually request an estimate and provide some information about your needs. Insurers will estimate the amount you pay based on the coverage you need and how many vehicles you own.
Coverage Types
One factor that affects your cost is the coverage you choose. Your policy must include both liability and property damage coverage. Liability coverage pays for anything you or a worker is liable for due to an accident. If you ran a red light and caused the accident, you’re liable for any injuries they have and their medical bills. The property damage coverage pays for damage to personal or business property, such as another driver’s vehicle or a mailbox you knock down. You can adjust the amount of coverage you have and how much they pay out as long as you have the minimum amount of coverage your state requires.
Other Insurance Types
Choosing other types from Milepost insurance or another insurer can also affect your cost. One example is hired liability, which pays for damages caused by someone who works for you. If you let anyone in your company drive a work vehicle, you need this type. It covers any vehicles you own as well as those you rent for work. Another option is uninsured motorist coverage, which pays after accidents caused by someone who does not have auto insurance. You may want to add roadside assistance to your policy, too.
Vehicle Options
When you compare truck insurance costs, keep in mind that your cost will depend on the types of trucks you own. Cargo and delivery vans and trucks are cheaper to insure than semi-trucks are. On the other hand, if you own a semi-truck and operate it, you’ll pay more than a company that owns a fleet of trucks will. The insurer views you as a higher risk than the company owner.
Save on Commercial Truck Insurance
While you can’t adjust the number of trucks in your fleet or spend more on newer trucks, you can still save on a commercial policy. Always take to as many insurers as possible and get quotes from each one in writing. You can often take a quote to a different company and get a matching price or a lower quote. Look for ways to bundle your coverage, such as buying business liability and truck insurance from the same company. You can also look for insurers that offer devices that track your driving. They require that you install the device in each truck and record how much you use the truck as well as your driving habits over a few weeks or longer. If you have safe drivers working for you, this can help you save a lot of money.
Commercial Truck Insurance is Expensive
Commercial truck insurance is expensive because it covers commercial vehicles that usually cost more than personal vehicles do. They can cause more damage during accidents, too. The price you usually pay is around $140 a month, but it depends on your driving record, credit score, location, and dozens of other factors. When you get quotes from multiple agents or insurers and bundle your coverage, you can often bring down the cost of the commercial truck insurance your business needs.
