Table of Contents Show
- Types of Truck Insurance
- Commercial Truck Insurance Online
- Who to Insure Your Truck For?
- How to Find the Best Truck Insurance Company for You
- Finding the Cheapest Truck Insurance for Small Vehicles
- Which States Are Worth Insuring a Small Vehicle in?
- What about Collision and Comprehensive Coverage?
- 18 Wheeler Insurance Companies
- State Farm
- Bottom Line
If you’re reading this, there’s a good chance that you own at least one small truck. Maybe it’s a utility vehicle or an ATV. Whatever it is, you probably don’t need a large fleet of heavy-duty trucks and trailers to transport your goods. This makes you ripe for the picking when it comes to insuring your small vehicles.
In most states, your home insurance company can also insure your small car or motorcycle under its regular auto policy with only a few minor changes. With that being said, not all companies are created equal when it comes to insuring smaller vehicles like yours. And, unfortunately, the costs of insuring a smaller vehicle aren’t always worth the added expense for many insurance companies either.
So, how do you know who to trust? Here are some things you should keep in mind when looking for insurance companies to insure your smallest vehicle:
Types of Truck Insurance
When it comes to insuring a truck, you’ll find there are really only two types of policies to choose from: commercial and personal. Commercial truck policies are meant for businesses, not individuals like a homeowner’s policy. They cover vehicles used to transport goods, raw materials, and materials to a manufacturing facility. The policies can be very expensive and usually require a hefty up-front payment.
This can be a big problem for smaller companies that simply don’t have the funds for a $5,000 to $10,000 premium. When it comes to personal truck policies, you’ll see a lot of confusion. These policies are actually meant for cars and light trucks, not full-size trucks or commercial vehicles. They’re also meant for individuals and not businesses. So, they’re great for people who own a few cars and small trucks but not a large fleet of heavy trucks.
Commercial Truck Insurance Online
If you’re fed up with dialing up your agent just to find out if they can even offer commercial truck insurance, you’re not alone. Thankfully, this is something that you can do on your own as well. How do you do it? Well, you first have to figure out which commercial vehicle you own. Commercial vehicles are cars and trucks that are designed, modified, or used to transport goods, raw materials, and materials to a manufacturing facility.
That means that a small pickup truck is a commercial vehicle, as well as a FedEx or UPS truck. Next, you’ll want to go through your agent and see what sort of policy you already have. It could be a homeowners or auto policy.
If it is, you can simply ask your agent if there’s any way to add commercial truck coverage. You’ll likely be surprised at how many companies don’t even ask their agents if adding a commercial policy is even possible.
Who to Insure Your Truck For?
There are two answers to this question. One is that there’s no right or wrong answer. The other is to simply choose your own company. As long as you’re sure that you want to deal with one company, there’s no reason to be bound to the commercial truck insurance policies of one company.
If you find a company that offers a better deal, you can simply switch over to them without having to go through any paperwork or hassle. You may be surprised at how many companies will even offer you a better deal when you tell them that you’d like to switch over to their commercial truck insurance. What’s more, if you’re able to find a better deal, you may want to keep it in mind for next time as well.
How to Find the Best Truck Insurance Company for You
Since there are really only two types of truck insurance to choose from, you’ll have to look at each company and decide which one you like best. There are a few ways to go about this. The most common way is to simply call each company and ask them to rate their commercial truck insurance policy.
You can also do this online if you prefer. You should also consider the amount of experience each company has with insuring commercial trucks. Experience matters a lot when it comes to insuring your vehicle. If they’ve had a lot of accidents or claims, chances are they’ll be a lot more expensive than a company that’s new to the game.
Finding the Cheapest Truck Insurance for Small Vehicles
So, you’ve narrowed down your options and you’ve chosen your best option. Now you just have to compare rates to find the cheapest truck insurance for your small truck. And don’t worry, it’s actually a lot easier than you think. All you have to do is find out how many miles your truck gets per year and multiply that number by the cost of one mile of travel.
So, let’s say you have a small, light truck that gets only 10 miles per year. That truck would cost you $100 per year for the insurance company to insure. And that’s the most expensive you can go, since you’re in the smallest truck class. If you want to find the cheapest truck insurance for your small truck, you simply need to do two things: find out how many miles your truck gets per year and find out how much one mile costs.
Which States Are Worth Insuring a Small Vehicle in?
As we mentioned at the start of this article, it may be worth your while to insure your smaller vehicles in a few select states. And luckily, these few states are easy to find thanks in part to our good friends at the Federal Trade Commission.
You see, the FTC has a handy tool that lets you search for the cheapest state to insure your vehicle. Simply enter your vehicle information and let the data do the work. This tool can help you find the cheapest states to insure your vehicle. The cheapest state may surprise you.
What about Collision and Comprehensive Coverage?
While all the above is interesting, it doesn’t really matter which state you insure your truck in or how much coverage you have on your truck. All that matters is that you have enough coverage to cover your vehicle in case of a crash. And, when it comes to that, there are really two types of coverage you want to make sure you have: collision and comprehensive.
Collision coverage pays for the damage your vehicle does to other vehicles. It also pays for the deductible you pay for the repair. Comprehensive coverage, on the other hand, pays for damage to your vehicle that isn’t caused by an accident. This is the kind of coverage you want to keep on your policy even if it’s only a few dollars. This is especially important if your car gets a lot of scratches and dings.
18 Wheeler Insurance Companies
When it comes to insuring your small trucks, it’s important that you consider a few key factors. One of those factors is what type of vehicle you own, which will help you narrow down your options. One thing you’ll want to do is consider what type of vehicle you own. That way, you can make sure you’re insuring the right type of truck.
The final factor you’ll want to consider when finding the best insurance companies for insuring your small truck is price. It’s important that you find an insurance company that’s going to offer you the best price for your coverage.
By utilizing state-of-the-art technology, CoverWallet is able to help businesses understand and buy customized coverage, get significant savings, and conveniently manage their insurance online.
To ensure you are covered for all of your needs, CoverWallet has businesses complete a quick assessment so the company can explain what you need to minimize exposure to risk.
CoverWallet is the best option for comparing multiple best-in-class insurance carriers. These carriers include Progressive, Liberty Mutual, Berkshire Hathaway, Chubb, Travelers, and more.
If you are looking for an easy way to quickly compare affordable commercial truck insurance plans, CoverWallet can be right for you.
Aside from their consumer, home, and life policies, State Farm also has commercial vehicle coverage. Their policies include bodily injury, liability, and more – but they don’t cover your cargo, which may be a deal-breaker for most commercial trucking companies.
Their commercial coverage mostly offers the same protections you would get with a consumer auto policy without many of the additional things that Progressive has specifically for large trucks.
State Farm misses the mark in terms of both features and customer service. Consumer Affairs rates the company at only 3 stars based on over 3,000 reviews. If you’re hauling cargo, you’ll likely need to go elsewhere.
The Owner-Operator Independent Drivers Association offers several policies and coverage options for small business truckers.
Whether you’re an owner-operator with authority or a lease, OOIDA has a full range of options. All underwriting is in-house with a fast turnaround and competitive rates.
Since its total focus is commercial truck insurance, OOIDA has some of the best and most specialized policies on the market. The company received an A+ rating from the Better Business Bureau.
As you can see, insuring a small truck is no walk in the park. You’ll have to do a lot of research and make sure you’re comparing apples to apples to make sure that you’re getting the best deal possible on your coverage.
Once you’ve gotten all the information you need and you trust that you’re going to get a good deal, you can simply choose the best truck insurance company for you.