Truck Insurance in the United States
Truck insurance is a type of auto insurance. Did you know that trucks are involved in the majority of the fatal accidents in the United States? InsuranceCalculator.net partners with the top truck insurance companies throughout the United States to provide our users with competitive quotes. From box trucks, semi trucks, flatbed trucks, front loader trucks, garbage trucks, pickup trucks, tank trucks, tractor trucks, dump trucks, auto hauler trucks, to flatbed trailers, the insurance companies we work with will be able to assist you and customize your insurance policy based on your needs and requirements.
"We understand that you carry valuable assets when you are on the road. We want to make sure that you are protected from the unexpected," said Eric, CEO of InsuranceCalculator.net
Factors Affecting Truck Insurance Premium
Insurance companies evaluate many different factors when determining your insurance premium, which includes, but not limited to, the following.
1. Your Age - similar to typical auto insurance, individuals before the age of 25 are considered high risk drivers. Insurance premium starts to drop after the age of 25 and will continue to decline until the age of 65 when insurance companies consider one to be too old to drive. The age factor is only one of the many factors.
2. Years of Driving Experience - the more experienced you are in operating your truck, the more mileage you have put on your truck, the less insurance premium you need to pay. Insurance companies will evaluate the most your driving experience on your truck, not on your family car or motorcycles at home. In some cases, insurance companies will request employment record from the transportation companies you have worked with. If you run a transportation business, you will need to find guarantors to testify your driving experience.
3. Personal Driving Record - although your truck driving experience is the major factor insurance companies look for, some will also look into your personal driving record and history. If you have a poor driving record full of traffic violations and/or at-fault accidents, it will have a certain negative impact on your truck insurance premium. Some insurance companies will even refuse to provide coverage if you have major violations such as drinking and driving, reckless driving...etc., in the past 7 years.
4. Where You Drive - where you will be operating your truck is also a significant factor on your insurance premium. Depending on where you haul, your vulnerability to different types of losses can vary. Each state, city, or even neighborhood has a unique vehicle accident rate, truck accident fatality rate, theft rate, and vandalism rate. Even the rate on natural disasters will have an impact on your premium. If you often drive to areas of high accident fatality rate, high theft and vandalism rate, or high occurrences of tornados and twisters, your insurance premium will be higher.
5. What You Haul - the value of your cargo has a major impact on insurance premium. One of the main purpose of having truck insurance is to protect your cargo. You will pay more on insurance premium for transporting luxury vehicles as compared to transporting trees. In addition, if you transport dangerous goods such as gasoline, your insurance premium will also be higher. The concept is quite straight forward - the insurance you pay on your diamond ring will be significant higher than the insurance you pay on your laptop.
This reflects directly on the amount of coverage you need. If you are carrying a cargo that is worth $1,000,000 dollars, you need to purchase enough coverage to prepare for worst case scenarios - total loss. Your deductibles will also increase with your coverage. The more coverage you need, the higher deductibles you will need to pay during the claim process.
Truck Insurance in Different States
InsuranceCalculator.net works with a vast number of truck insurance providers and brokers throughout the United States. Each state has its own rules and regulations on truck insurance coverage such as the minimum coverage needed. It is for your own benefit to know and learn more about truck insurance in your state. Select your state below:
What to Look for in a Truck Insurance Company
Price is not the main concern when it comes to truck insurance. When something goes wrong with a commercial truck, the loss can easily run up in the $100,000 to $1,000,000 range. Choosing the right truck insurer can be a difficult task. InsuranceCalculator.net works with many truck insurance companies throughout the United States. We look at the following key factors:
1. Claim Service
- Does the insurer have a 24/7 1-8XX toll-free number for reporting claims?
- How well does the insurer provide directions in terms of pursuing the liable third party for the recovery of loss in a not-at-fault accident?
- How well does the insurer inspect for the physical damage to the truck and loss of goods in an accident?
2. Coverage Available
- Does the insurance company provide liability, property damage, cargo damage, and general liability coverage in a single policy?
- Does the insurance company provide emergency financial support for the times of need? (e.g. renting vehicles, hotel and travel expenses incurred due to an accident)
- Does the insurance company provide comprehensive coverage?
- Does the insurance company provide reimbursements for towing?
- Does the maximum amount covered surpass the total value of goods you transport?
3. Filing Process
- How many types of filing methods does the insurer support? (Fax, Email, Online, Phone...etc.)
- Does the insurer provide same-day filing service?
- Does the insurer provide coverage for costs associated with all filing needs?
4. Safety and Risk Control
- Does the insurer provide sufficient support and training to help you stay compliant to all safety regulations?
- Does the insurer provide free safety management and driver training materials?
5. Affordable Rates
- Is the premium offered within an acceptable range, after comparing with other providers?
- Does the insurer offer different types of payment options and discounts?
- Does the insurer provide additional discounts to drivers with specific training and certificates?
6. Industry Experience and Financial Stability
- Has the company been providing truck insurance for more than 20 years?
- What is the reputation of the company from other truck drivers?
- Does the company have more than $300 million in assets?
- What is the company's A.M. Best Rating? (Look for "A" rating)
- Does the company insure truckers coast to coast, not just regional?
Save More on Truck Insurance
InsuranceCalculator.net simplifies the process of finding the right truck insurance provider and getting the best coverage with the lowest rates. With your ZIP code, our system can accurately determine your location, connect with truck insurance providers near you, and display quotes from eligible providers matching your needs.