Commercial Truck Insurance Rates

“Operating a business that uses heavy-duty automobiles requires careful planning,” Emma Rita Kimonodes admonished. Emma Kimonodes  founded and directs Yes Insurance.

“You need to ensure that you’ve got everything covered. This means you have to make plans to enable bounce back if something bad happens” Emma continues. 

Unexpected situations like a vehicle damaging or breaking down, motor accidents, or robbery may occur and these situations may affect your business operations. You might be forced to stop business for a while or stop completely.

When you have reliable truck insurance, your mind is at rest because you are covered financially. You will be able to start your business again.

The Average Cost of Truck Insurance

It is quite tricky to give specific truck insurance rates. The reason is that there are different types of vehicles that can be covered by commercial truck insurance.

“A big courier, prime moving vehicles, and a small truck are covered by Yes Insurance,” explained Emma Kimonodes.

Most commercial truck insurance premium rates fall between $2,000 and $2,500. 

Factors That Affect The Rates of A Commercial Truck

If you want to know the premium rates of commercial truck insurance, the client needs to bear this in mind.

• Vehicle type
• Carrier type (example, a vehicle used to carry hazardous items, common cargo, trade equipment).
• Vehicle value
• Length of traveling (is it within the state or interstate?).
• The total amount of uncovered years on the vehicle.

Commercial Truck Liability Insurance

It can be defined as the most vital aspect of a commercial truck insurance plan. The plan covers the driver, the truck, and the business owner from any problems on the road.

Illustration: Your trucking firm is a freight firm and a driver of yours got into an accident. The goods he’s carrying is a public liability. If the goods got spoiled, the insurance company has to pay the compensation cost to the driver. They would have to compensate for the damaged goods also.

Why You Need an Insurance Broker

Why do you need an insurance broker or a brokerage firm?

There are lots of advantages to using a broker.

• They work with reliable underwriters that are employed in commercial insurance firms. They can get the best insurance deal through negotiation.
• Insurance brokers get sole access to underwriters who have deep understandings of the trucking industry.
• They conduct business with various types of companies no matter how small or large it is.
• They carefully listen to what you want and comprehend your business needs. They can get you specific insurance plans or normal insurance plans.
• Insurance brokers are highly experienced and work with hundreds of insurance companies. They know which policy is right for you and which to reject.

Commercial Truck General Liability Insurance

Common liability insurance coverage extends to legal costs, judiciary fees, and compensation plans. It also extends to damages, mishaps, or other issues that might occur.

Types of General Liability Insurance

The type of insurance plan you choose will determine the insurance rates.

Bobtail Compensation Plan: It is a plan for truckers who drive trucks without attaching trailers. Drivers have to be on continuous lease contracts. Primary liability plans cover owners who operate under them.

Physical Destruction plan: If a truck collides with another vehicle, it falls under the physical damage plan. If it is either vandalized or stolen, it also falls under this category. 

Trailer Switch Policy: If you are not the owner of the trailer, this policy covers you in case of any problem.

Non-Trucking liability plan: This plan is for the days when you are not on the road and something happens. It gives you financial compensation to cover your losses. Even if you don’t work, you get compensated.

Cargo Liability Policy: If you operate a freight trucking business, you need this insurance. It protects the vehicle and the goods. Anything can happen on the road. The vehicle might get into an accident. Goods might get lost, stolen, or damaged. It encompasses waste removal, cargo costs, and different boundaries.

There are many insurance companies for trucking businesses that transport dangerous items.

Fleet Coverage: For those who have a fleet of trucks, this is the perfect insurance plan. It is more cost-effective than coverage for each vehicle.

Fridge Damages Coverage: Protect businesses who lost goods due to damaged refrigerators. When a fridge or freezer is damaged, it gets hot and spoils the goods inside it.

Coverage for a device that is forever affixed to the vehicle: This covers extra tools that are a permanent feature on your vehicles.

Downtime Compensation Plans: This plan compensates for the out of operation businesses. You might temporarily need to stop working due to accidents or damages. If you rent trucks to resume business, this plan covers you. You get paid a particular sum of money every day for a specified time.

Other compensation plans that don’t cover specific occasions include:

BOP (Business Owner Policy): It is a bunch of plans that combine more than one insurance plan. This policy is particularly meant for the type of business you operate. The plans are customized according to the client’s needs.

Umbrella Coverage Plan: The plan compensates you for additional costs incurred beyond legal fees. It helps you out if your insurance liability plans do not cover the legal fees.

Employees Compensation Plans: These are put in place to protect workers employed in a trucking organization. A company that has workers must insure them. The coverage includes medical bills, on-the-job injuries, and accidents.

Conclusion

Truck insurance policies protect not only the owner but the workers, drivers, and vehicles. Contact Yes Insurance Group and get a quote.