FAQs About Box Truck Insurance
03.09.2023
5 Frequent Questions About Box Truck Insurance
As one of the most in-demand commercial trucks, the box truck is used throughout many industries. Thanks to their compact size and powerful transportation capabilities, they are ideal for a wide range of uses, including as moving trucks, refrigerated trucks, dry freight, furniture transportation, small business transportation, and more.
Before running one of these vehicles, however, you need box truck insurance. As you begin the process of looking for box truck insurance, consider these frequent questions and then call RoadMasters for the assistance you need in finding a fast, efficient, and effortless policy that meets your needs.
What is box truck insurance?
Box truck insurance is a type of commercial trucking insurance that provides a number of coverages for box trucks and related vehicles. This coverage helps to pay for the costs of covered expenses, including collisions, theft, fire, vandalism, and even breakdowns. It is appropriate for any business or industry that uses this type of vehicle on a regular basis.
Why do I need box truck insurance?
Due to their size and weight, these trucks are capable of causing significant damage – And costing you many thousands of dollars – in the event of an accident. The right coverage can protect you from financial loss or even bankruptcy by paying for most of those damages instead of leaving you responsible for all of the expenses accrued from an incident.
For example, replacing this type of truck can cost you between $25,000 and $90,000 alone, plus these additional potential damages:
- Cost of cargo
- Medical expenses for you, passengers, or others
- Property damage
- And more
That means that a single uninsured accident can bankrupt a small business or lead to significant financial distress. On the other hand, the right trucking insurance can protect you from the burden of these expenses and keep your business afloat.
What does box truck insurance cover?
There are several types of coverages from which you can choose when selecting box truck insurance. Often, you can customize your policy to your specific needs. For example, if you have a refrigerated truck, you may want to purchase reefer insurance, but if you are using a moving truck, you may want motor truck cargo insurance. Here is a look at some of the most popular types of coverage, which you can combine to create the ideal policy for your specific needs:
Liability Insurance
This type of coverage protects you in the event that your truck is involved in an accident that is your fault. It covers both property damage and medical injuries sustained by others because of the collision. Every state has minimum liability requirements, so make sure you get the appropriate amount for your trucks no matter what other types of coverage you add to your policy. You may also want to purchase more than the minimum required amount depending upon your specific needs and budget.
Physical Damage Insurance
This type of coverage covers your truck in the event of an accident. In addition, if you purchase comprehensive physical damage insurance instead of just collision insurance, it will also cover non-collision events, such as vandalism, theft, fire and water damage.
Medical Payments
Medical payments coverage protects you from medical expenses accrued by your driver or passengers in the event of an accident. This would be in addition to liability coverage, which helps to pay for injuries to other parties in an accident.
Uninsured/Underinsured Motorist
This type of box truck insurance protects you in the event that your truck is involved in an accident that is the fault of someone who does not have enough insurance to cover the damages caused.
Reefer Insurance
Reefer insurance is designed specifically for refrigerated trucks that break down. It can cover the loss of cargo and the cost of repairs in order to get your truck back on the road.
Motor Truck Cargo
Cargo insurance, as the name suggests, protects you in the event of theft, loss, or damage of the cargo you haul. The more valuable the materials you carry, the more cargo insurance you should purchase.
Umbrella Policies
Umbrella policies can be helpful by paying for anything not covered by the rest of your box truck insurance. This type of coverage can give you the peace of mind that comes from knowing you will not be left with high expenses in the event of an incident.
How much does box truck insurance cost?
Box truck insurance may seem like a high investment when you first start requesting truck insurance estimates. However, this type of coverage can more than pay for itself in a single incident by alleviating you of the burden of paying thousands, or hundreds of thousands, of dollars in property damages and medical expenses.
The exact cost of your coverage will depend upon a number of factors specific to your business. Here are some of the most common factors that can influence your costs:
- Number of trucks in your fleet
- Driving records
- Safety features of trucks
- Condition of trucks
- The amount and type of coverage you purchase
- Your deductible
- The cargo you carry
In order to get an accurate idea of how much your insurance may cost, you should speak to an experienced truck insurance agent, who can walk you through your options and help you find the policy and the price that work best for you.
How do I choose the right box truck insurance company?
Before you start looking for trucking insurance quotes, you need to know how to differentiate the right company from the wrong company. Here are a few tips to make the process easier.
Know what you need.
Before you look for estimates, sit down and figure out what coverage you really need. Do you require a higher level of cargo protection? Do you want to add towing? Is it important to look for discounts for covering your large fleet? Sitting down with an insurance agent before you get quotes to go over these needs can ensure that the quotes you get are accurate and reflective of your requirements.
Get multiple quotes.
If you settle for the first quote you receive, you may end up paying higher rates than necessary or missing out on coverage you really needed. Get multiple quotes from several businesses in order to compare your rates and find the one that works best for you.
Find customized policies.
Often, trucking insurance companies will try to lock you into cookie cutter packages. Instead, look for businesses that pay attention to your specific needs and then customize a box truck insurance policy to those needs. Not only are you more likely to get a better customer experience, but you are likely to pay less for the coverage you really need.
Look for simplicity and customer service.
Does it take weeks to hear back from a business? Is their claims process notoriously complicated? Does talking to them leave you more confused? Then you may need to keep looking. Your experience with the right company will be simple, client-focused, and effortless.
At RoadMasters Insurance, we specialize in insurance for trucking companies. We can personalize your box truck insurance policy with comprehensive, effortless, and competitive rates. Let us get you a 24-hour quote and get your trucks on the road in days, not weeks. Contact us today for your FREE quote!
