Finding the right insurance for your truck starts with an independent insurance agent who will help you find a policy to suit your coverage and budget needs.
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What Kind of Insurance Do You Need for Your Truck?
Truck insurance is a specialized automobile insurance policy designed especially for owners of small trucks that are driven for personal use.
This vehicle insurance is typically more expensive than insurance coverage for passenger cars because these are larger, heavier vehicles that are known to cause more extensive property damage in a collision.
If you use your truck for commercial purposes, even if you just attach a snowplow and help people clear snow off their driveways for a few months each winter, you will need to find out if you need a separate commercial truck insurance policy, which has additional coverage requirements.
All of the following are considered commercial trucks.
- Semis (tractor-trailers or 18-wheelers)
- Dump trucks
- Garbage trucks
- Car haulers and auto trailers
- Tow trucks
- Flatbed trucks
- Tank trucks
- Box trucks
Either way, there are general insurance coverages that all drivers need, and others that are optional based on the type of vehicle you drive and what you'll be using it for. For both pickup trucks and commercial trucks, the following insurance is mandated by most states.
- Bodily injury liability: A car accident that causes injury to passengers, pedestrians, or other drivers will be covered by bodily injury liability, which pays for medical expenses and lost wages.
- Property damage liability: If you or another person who has permission to drive your truck gets into a car accident causing property damage, a liability policy will pay to replace or repair the vehicle or structure. However, property damage liability will not repair or replace your own car.
For commercial truck insurance, bodily injury and property damage liability coverage will be packaged together under a commercial truck liability policy.
Some states also require the following insurance.
- Medical payments/Personal injury protection: Medical payments or personal injury protection (PIP) coverage assists in paying for medical bills that are associated with getting in an accident. It doesn't matter whether you were at fault and it is required in some states.
- Uninsured and underinsured motorist coverage: Uninsured and underinsured motorist (UM/UIM) coverage pays for damage to your vehicle if the other party does not have enough insurance coverage. Even in states where coverage is mandatory, there are countless UM/UIM claims.
If you're using your truck for a business, it's possible that other insurance will be required to fully protect your business and your drivers.
- Collision insurance: This covers the cost to repair or replace your vehicle if it is damaged in a collision, regardless of fault. In most cases, this coverage is for the actual, depreciated value of your truck, but if your vehicle is newer, some insurance companies may permit you to purchase replacement value coverage.
- Comprehensive insurance: This coverage provides compensation if your vehicle or anything kept inside it is lost or damaged due to causes other than a collision. This includes coverage for losses due to fire, natural disasters, vandalism, and theft. It also includes things like falling or flying objects, such as items falling off the back of a truck.
- Commercial truck drivers will purchase physical damage coverage that includes both collision coverage to pay for damage from a crash and comprehensive coverage to pay for damage from theft, vandalism, and "other than collision” causes.
- Glass coverage: Replacing the windshield on your truck could cost anywhere from several hundred dollars to several thousand dollars. Instead of paying that cost yourself, you could have your windshield replaced with zero-deductible glass coverage. This policy endorsement is inexpensive and may only cost you a few extra dollars per year.
- Gap insurance: If you are financing or leasing your truck, then you will want gap coverage. This policy endorsement pays the difference between your car's value and the amount owed to the financing company. If you're in an accident and your vehicle is a total loss, gap insurance will pay the remaining amount owed on your loan. Without gap insurance, you'll be responsible for paying the difference yourself.
- Truck cargo coverage: This covers damage or theft of items that your truck is hauling.
How Much Truck Insurance Coverage Do I Need?
Because of the increased potential to cause damage during a collision, truck owners often find that the minimum liability coverage required by their states is insufficient to cover their risks.
If you cause bodily injury or property damage that exceeds your liability limits, you will be responsible for making up the difference. For this reason, truck owners are often advised to purchase as much liability coverage as they can comfortably afford.
Whether or not you should purchase additional, optional coverage depends largely on your personal situation. If you are driving an older truck that has little value, collision coverage may not be necessary, whereas if your truck is new, your lender may require it.
If you bought your truck without taking out a loan, you may still want to have this added coverage as a way to protect your investment.
What Determines the Cost of Truck Insurance Premium?
When you request a quote for a truck insurance policy, an agent or insurance company representative will ask you to supply information about yourself and your truck. This is because there are many different factors taken into consideration to determine the cost of your premiums.
If you drive more than 10,000 miles a year you could be facing more expensive insurance premiums. The more often you drive, the greater the risk that you will file a claim.
A clean driving record means lower premium rates. Even one violation can affect your rates. Most violations fall off your record after a certain amount of time, and your independent insurance agent can help you understand when that might be.
The value of your truck
The higher the value of your truck, the more it will cost to insure. Pickup trucks are not inexpensive vehicles. The following is the cost of the most popular trucks on the market right now.
|Toyota Tundra||$33,825 - $53,200|
|Chevrolet Colorado||$25,200 - $43,200|
|Chevrolet Silverado||$34,900 - $62,600|
|Ram 1500||$32,245 - $69,995|
|GMC Sierra 1500||$30,000 - $59,400|
|Toyota Tacoma||$26,250 - $46,880|
|Ford F-Series||$34,230 - $84,390|
The safety of your truck
This vehicle insurance is typically more expensive than insurance coverage for passenger cars because these are larger, heavier vehicles that are known to cause more extensive property damage in a collision. The safety of individual trucks varies greatly, so it's important to look into the safety ratings of the model you choose. However, several truck models have ranked well on crash and rollover tests by the National Highway Safety and Traffic Administration and Insurance Institute of Highway Safety.
- Honda Ridgeline: Picked as an IIHS Top Safety Pick in 2019.
- Ford F-150: Aced all six of the IIHS crash tests.
- Ram 1500: Aced all six of the IIHS crash tests.
- Nissan Titan: Aced all six of the IIHS crash tests.
Where you live with your truck
It may come as a surprise that where you live can affect your insurance premiums. While some states are naturally more expensive for insurance than others, whether you live in a big city or a small town can also affect your rates. Driving busier roads and being more susceptible to traffic, theft, and vandalism can all impact the cost of your insurance premiums.
What Information Do I Need to Provide to Insure My Commercial Truck?
Your agent will be able to quickly do the legwork to get several different quotes that match your commercial truck insurance needs. There is so much to consider when insuring your commercial trucks. To get accurate quotes, your agent needs to know this type of information.
- Which employees will be driving your trucks?
- What kinds of certification or training do your drivers have?
- Will they be in hard-hat areas or construction sites?
- Will they be hauling heavy equipment or hazardous materials?
- How many miles will they be driving your commercial trucks each year?
- Will they cross state boundaries?
Questions like these, as well as the driving records of your employees, will help your agent gather a range of quotes from several different companies, including various commercial vehicle discounts that may be available to you.
Average cost to insure a truck
The average annual cost to insure most truck models is fairly affordable. These costs could go up or down depending on whether you're a high-risk driver or are willing to take a higher deductible.
- Compact pickup truck owners paid $1,439 per year, or $119.98 a month
- Mid-size pickup truck owners paid $1,445 per year, or $120.48 a month
- Full-size pickup truck owners paid $1,509 per year, or $125.75 a month
- Full-size heavy-duty pickup owners paid $1,600 per year, or $133.40 a month
How Can I Save Money on My Truck Insurance Policy?
The best way to ensure that you are not paying too much for your policy is to compare quotes from a variety of truck insurance companies before making a selection.
In many cases, insurance companies will offer deals and discounts to their customers. Be sure to ask about any discounts you may qualify for when requesting truck insurance quotes. Here are some ways to lower your costs.
- Take advantage of multiple policy discounts. When you combine your truck insurance with other policies, such as your homeowners or renters insurance, you can usually save money on all policies you carry with your insurance company. You can often pay for all your premiums with one combined payment, making this a time saver too.
- Select a higher deductible. Your deductible is the amount that you must pay out of pocket before your insurance coverage kicks in. The higher your deductible, the lower your insurance premium will be. To save money, you should set your deductible to the highest amount you can comfortably afford to pay if you need to file a claim.
- Opt for automatic payments. Many insurance companies will give you a discount when you agree to have your payments automatically deducted from your bank account each month. Choosing to do so can also prevent late payment fees.
- Use anti-theft devices such as GPS tracking. When your truck is equipped with anti-theft devices, it is less appealing to a car thief and more difficult to steal. Your truck insurance company may offer you a policy discount on your comprehensive coverage if you have installed such a device.
- Ask about discounts for memberships or affiliations. When you request a quote, be sure you ask each truck insurance company if they offer discounts for affiliations with certain groups or organizations. You may find that having certain memberships, such as professional groups, alumni associations, or credit unions, can result in a discount on your premiums.
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How Can I Find the Best Truck Insurance Agency?
Insurance professionals recommend getting quotes from at least three different insurance companies when comparison shopping for truck insurance. Because you must provide each insurance company with your personal details each time, rate shopping can often prove time-consuming and frustrating.
Working with an independent insurance agent in the TrustedChoice.com network can simplify this process. You need only provide your details and information once and then your agent can do the comparison shopping for you.
In addition to providing several competitively priced quotes for you to compare, your agent can also answer your insurance-related questions and will even advocate for you during the claims process if the need should arise.
TrustedChoice.com network agents can be found in thousands of locations across the United States, so it is easy to find a representative close to home.
Find your local agent today to get answers to your questions and compare truck insurance quotes for policies specifically tailored to your needs.