As discussed earlier, commercial truck insurance is tricky because it can be expensive depending on what kind of vehicle you have and what kinds of coverage you have. Luckily, like any field that offers vast amounts of options, there are ways to get quality truck insurance at a much more affordable price.
Many companies offer low cost car insurance due to their-you guessed it-car focused approach to underwriting. By looking more closely at your personal information and lifestyle, they are able to determine if you are an adequate risk for accidents or not.
For instance, many insurers will look into whether you have recent traffic tickets, find yourself often going out for nights that include alcohol, or if you take lots of trips outside of town. All of these things can contribute to making you liable for an accident you didn’t cause.
This is why getting cheap auto insurance is possible! Although it may seem counter intuitive, there are plenty of ways to find a toned down policy that still covers you sufficiently should you need it.
Thankfully, we are here to help you do just that! Here are some tips for finding cheap commercial motor carrier (or “truck”) insurance in Virginia.
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Who is covered under commercial truck insurance?
The term “commercial auto” typically includes cars, trucks, vans, and other vehicles used for business purposes. These can include delivery services, taxis or ride-hailing companies like Uber or Lyft, school buses, garbage trucks, tractor trailers, and cargo trucks.
However, not all states use this terminology to describe coverage. In some states, what we refer to as a vehicle is called an operator’s policy instead of driver or liability. There are also state laws that apply to who is considered an insured person. For example, you may be able to add family members as additional drivers or named insureds on your policy.
In addition to these individuals, employees working for you can qualify as an insured party under your policy. This would cover them while they’re performing job duties related to your company.
There is no standard national definition of personal use either. Some states consider it if someone was using their vehicle for non-work purposes when involved in an accident, while others believe it if someone owns their own car but uses another one most days.
What are common commercial truck insurance policies?
Most motor vehicle liability policies contain coverage for other vehicles, usually referred to as “van” or “utility” policy coverage. These typically include uninsured/under insured motorists (UM/UIM) coverage and automobile medical expense (AME) coverage.
Many companies that offer commercial auto insurance also provide what is known as extended personal injury protection (PIP) benefits. This covers things like hospitalization, ambulance rides, doctor visits, and rehabilitation costs for injuries inflicted due to negligence of another driver.
Some additional features that many carriers offer these days are roadside assistance, theft protection, and lost mobile phone coverage. All of these add up and can start adding significant extra cost to your business if you don’t have coverage!
So how much does commercial auto insurance cost? It depends on several factors, such as: type of policy, deductibles, length of time frame, location, etc. But overall, car insurance premiums continue to rise because of all the added risk drivers pose. By being familiar with commercial truck insurance in Virginia, you will know whether or not you need it and what kind of coverage you have.
What are common commercial truck insurance terms?
Most states require you to have certain levels of liability, comprehensive, collision, fire and theft coverage on your commercial vehicle. These types of coverages protect against accidents that could physically or financially harm others, damage to other vehicles, and loss or destruction of your business’s most important assets- usually the trucks themselves.
In addition to these basic requirements, many states also mandate you to have additional types of coverage. For example, some state laws require you to carry personal injury protection (PIP) for yourself and others when you are involved in an accident with another driver. This coverage can include things like medical payments, rehabilitation expenses and mileage reimbursement.
Many states also require you to have cargo policy coverage. Cargo policies typically cover the costs of getting your truck back after it is vandalized or stolen during off hours. More expensive premiums get you higher coverage limits which help ensure your business will be protected in case of a large incident.
Who is not covered under commercial truck insurance?
The first thing to recognize about commercial vehicle insurance policies is that they are very complex!
Most people do not understand how important it is to have adequate coverage. Luckily, we can help you find the right policy for your business!
At Allstate Indoor Football League (AIF), our team of professionals works hard to make sure that every employee has full access to all levels of coverage. This way, if something happens at work and someone files a claim, there are no gaps in protection.
We also take care of their personal belongings while they are away from home. A lot of employers will provide this service through an organization like ours or via what is called extended benefits. These are usually paid for by the employer through company resources or through individual health plans.
If you’re looking to add additional coverage to your existing policy or create a new one, make sure to look into these services. An easy way to do this is to compare mobile phone apps. You can choose between ones with limited features, fully featured premium packages, or a combination of both.
What are the different types of insurance policies?
Most commercial trucks have two to three types of coverage depending on how much liability, physical damage, or personal injury protection (PIP) you want for your vehicle. These coverages typically go by something like “liability”, “physical damage only”, or “partial PDI/PD2” (sometimes referred to as “limited PDP”).
Liability is what covers other people when they sue you because of an accident that you were involved in. This can include things such as bodily injuries, property damage, medical expenses, and legal fees. Some states do not require liability insurance, but most do at least to be licensed.
Physical damage only (or just “damage only” policy) means that your truck would only pay to fix or restore the parts of the car that got damaged in an accident. It will not compensate anyone else for their losses.
What are the different types of coverage?
One important thing to know about commercial truck insurance is that there are several different levels or types of coverage. A few examples are you have cargo liability, vehicle theft protection, collision/damage coverage, business income protection (BIP), and personal injury protection (PIP).
Cargo liability covers your truck if it’s vandalized or stolen with all the contents. This can also include damage due to an accident caused by someone with no insurance.
Vehicle theft protection usually costs around $1,000 extra as a one time fee per truck. It typically includes 24 hour roadside assistance and towing up to three years. Some even cover security systems!
Collision/damage coverage comes in the form of either low rider or extended warranty. Low rider means your company will pay for repairs to the interior and exterior of the car, but not anything else such as the engine or body work. Extended warranties cost more, but have higher limits than low riders.
What are the different types of trucks?
Trucks come in many shapes and sizes! Most people associate cars with drivers, but that is not the case at all. There are actually over 50 million heavy vehicles registered across the world. This number includes everything from large diesel tractor-trailers to small pickup trucks or SUVs.
Trucks play an important part in our daily lives. They help us get around town, go shopping, run errands, and do business. Many of us rely on them for work as well!
Commercial vehicle owners need adequate commercial truck insurance. The type of policy you have depends on what kind of truck you own and how it is used. Here, we will discuss some common truck types and what coverage they may include.
What are the different types of cargo?
The next level of coverage is determining what kind of cargo your truck carries. You can carry almost anything, but there are two categories that most companies include as minimums: commercial use or non-commercial use.
Commercial use means carrying goods for business purposes. A company selling products would have this type of insurance.
Non-commercial use includes things like delivering food to restaurants or moving furniture at home. These kinds of policies do not cover additional expenses while using the vehicle for personal reasons.
Most companies will ask about the size and make of equipment in their car policy, so they can add on extra features such as heavy duty brakes and wheel bearing replacements for heavy use.