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Commercial Truck Insurance Near Me – TLTR: Semi truck insurance is mandatory in almost all 50 states of the country. It can be tempting to just buy the minimum requirements and be done with it. But is it worth it? Let’s talk about choosing the right insurance rather than choosing coverage options.
At Agency Heights, we believe insurance is highly personal—yes, even commercial auto insurance for semi trucks. If you are careful about the health insurance and dental insurance you purchase, why not take the time to curate your commercial truck insurance? Your trucking business is your bread and butter. Don’t let a bad collision bankrupt you.
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An insurance company offers personalized policies to businesses and individuals alike, but most of the time, documents are filled with insurance jargon that you can’t make heads or tails of. You may find buying insurance confusing and scary.
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If this is your first time buying semi-truck insurance, you definitely need an agent to help you. Sure, you can request insurance policies from companies on your own, but do you have time to compare multiple quotes yourself? Even if you’ve purchased policies in the past and decided to stay with your provider, are you sure you’re not paying too much for your coverage?
Insurance agents work around the clock to bring you competitive, easy-to-read and affordable insurance. Insurance agents can talk about a number of ways they can help you find the right insurance coverage.
Semi-truck insurance is designed by insurance providers to protect truck drivers from various liabilities incurred while driving or storing them. Like tow truck insurance or box truck insurance, the policy covers liability, property damage, collision, and comprehensive liability.
Of course, in most states, liability insurance is required and the rest is optional. However, we recommend speaking with an agent to get the right coverage for your company. Here are some of the types of coverage that semi-truck insurance offers:
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Primary liability insurance covers any third-party damage that occurs while you are driving – the average coverage limit for primary liability. For example, you damage someone’s car while driving out of a parking lot and their vehicle needs repairs. Your insurance will cover those costs for you. The usual limit for the primary limit is $7,000.
It covers damages to your truck in case of collision, theft, vandalism, accidental fires, natural calamities and more. Bodily damages are limited to $3,000.
Regardless of who caused the accident, you and your passengers need medical attention. Your passengers will depend on you and your insurance to pay their medical bills.
General liability insurance is generally required for all companies in the United States. This will not only cover your truck but also your business. You may pay about $1,000 a year for general liability insurance.
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Sometimes, standard coverage limits may not be enough for your trucking business. For example, your truck driver hits several vehicles in a parking lot. Your primary liability insurance will only cover a portion of the repairs. Commercial umbrella insurance, if you have purchased it, will cover the remaining costs.
It’s not unusual to get into an accident with someone who doesn’t have insurance. Uninsured motorist coverage will protect you in the event of a collision with such drivers. Uninsured motorist property damage will pay for repairs to your truck. Likewise, uninsured motorist bodily insurance will cover any medical expenses claimed by a third party as a result of an accident with you.
Insurance policies when your truck is not at work or carrying a load. Bobtail insurance will cover you when you travel between jobs.
Semi trucks are heavy machinery with a lot of liability associated with them. If you’re driving, you’ve bought some insurance on it. Without an insurance agent, many important fine print items may go over your head, or you may miss out on deductibles. Here are some reasons why you should get an insurance agent to help you purchase semi-truck insurance…
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When you’re shopping for insurance on your own, chances are you’ll be overwhelmed with more information than you’d like. It will be difficult to navigate through those muddy waters. You may not be sure how much coverage is enough for you.
An insurance agent typically handles multiple trucking business insurance inquiries in a day. They have insider knowledge of which businesses need what coverage. An agent can help you buy the right policy without skimping on coverage options or coverage limits.
Did you know that every year your insurance provider can increase the price of your insurance? This means you pay extra for your loyalty! There are many mistakes in your policy that can rob you in broad daylight. Insurance agents are aware of these issues and want to help you.
Moreover, there are different insurance terms and coverage options that may seem alien to you. Insurance agents know these terms inside and out and can help you understand them better.
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Independent insurance agents work with many insurance providers to bring you multiple quotes. If you only buy semi-truck insurance, you may waste hours each day requesting and comparing policies.
But insurance agents can request quotes on your behalf and compare them so that you can easily buy the one that suits you. They can also help you get the best quotes at the most affordable rates.
Insurance providers offer exclusive discounts if you purchase multiple policies from them. Let an insurance agent curate the bundle that’s right for you so you, your trucks, and your trucking business can be protected all at once.
For example, you can buy your own primary liability insurance. Indeed, this is an important coverage. However, it will not cover damage to your truck. An insurance agent can bring you general liability insurance, collision coverage, comprehensive coverage and more.
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Collision coverage is provided regardless of who is at fault in the event of a collision. Comprehensive coverage will cover damages other than collision incidents like theft, fire and more.
Insurance agents are usually from your local area, which means they have experience in the insurance market in your state. They can better understand your vulnerability and come up with the right policies for you.
Also, be it for buying insurance or for after sales service, they are available to you anytime. You can ask for help when you have problems, need to file a claim, or want to make changes to your policy.
According to TBS Factoring Service, LLC, a new high-end semi-truck can cost about $200,000, while a used one costs about $180,000. Repairs and maintenance can add thousands of dollars to your costs. If you want to add to your fleet, you can spend at least a million dollars on the trucks alone.
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Fit Small Business claims owner-operators typically pay $8,000 to $12,500 annually for insurance. International Used Trucks reports that insurance for a used semi-truck ranges from about $9,000 to $15,000 per truck.
Of course, your insurance agent can help you get discounts, but most insurance providers only allow a small percentage. Some agencies, like Renegade Insurance, offer discounts of up to 20% on all commercial truck insurance policies. However, there are things you can do to lower your price.
Many factors affect your truck insurance policy, one of which is your drivers. Insurance providers prefer low-risk clients, and they consider responsible, experienced drivers to be low-risk.
If you drive your truck, make sure you’ve been a responsible driver for the past few years. If you hire drivers, make sure they have a valid driver’s license and are responsible drivers.
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Sometimes your company may be under the weather without some money to invest in insurance. However, a missed premium can result in your coverage being cancelled. Some providers may also raise your rates unless you opt out.
If possible, agree to offer higher discounts as well. A deductible is the amount you pay if a claim occurs before your provider pays.
When transporting cargo, your drivers can drive for hours. The more time you drive, the more likely you are to get into an accident. Insurance providers consider your business route as one of the factors in deciding your premium. Avoid highly populated areas, areas prone to robberies, areas prone to bad weather and natural calamities, etc.
New businesses may pay higher prices for semi-truck insurance than those who have been in the industry longer. Of course, in the off-season or between jobs, you may be tempted to shut down or close your business permanently. However, the longer your business operates, the more likely the insurance provider will consider you a low risk.
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Finding a good semi-truck insurance agent near you is critical to getting the coverage your company needs. Look for an agent who is familiar with the industry’s insurance needs, has access to the best semi-truck insurance companies, and is eager to provide personalized service.
You should make sure the agent is licensed and bonded and that he or she is willing to spend time explaining your coverage options and answering any questions.
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