Description

Cargo insurance, also known as motor truck cargo insurance and freight insurance, provides coverage for potential damage to the property of others while in transit or during loading or unloading. This coverage provides protection for accidents like collision, load strikes, fires and more.

It’s made for for-hire truckers hauling someone else’s property. It can also cover some pollution removal and loss-recovery expenses. In this guide, we’ll discuss who might need cargo insurance, its importance, different types, and more.

Who Needs Cargo Insurance?

Many risk managers now require cargo insurance from truckers. This coverage is designed for for-hire trucking operations. For-hire truckers using the following types of vehicles commonly need cargo coverage.

• Box trucks
• Cargo vans
• Flatbeds
• Car haulers
• Tractor-trailers

• Dump trucks
• Most trailers
• Cement mixers
• Dually pickups

Why You Need Cargo Insurance

Cargo insurance serves as a vital safety net for trucking companies. It saves them from the financial burden of cargo damage, loss, or harm during transport, loading, and unloading.

It also extends its protective reach beyond cargo. For instance, if a truck gets into an accident on the highway, and the cargo and debris end up on the road, cargo insurance may help cover the cleanup expenses. Cargo insurance protects from these unexpected costs, making it a valuable asset for trucking businesses.

Cargo Insurance Coverage Types

Explore the various cargo insurance coverage options provided by GEICO. This includes motor truck cargo insurance and motor truck cargo insurance with refrigeration breakdown.

• Motor truck cargo insurance: For-hire truckers use this insurance to protect the goods they transport. It helps covers loss to property owned by others due to situations like collisions , fires, stolen cargo, or accidents that harm the cargo.
• Motor truck cargo insurance with refrigeration breakdown: This insurance helps cover losses to items caused by spoilage or change in temperature due to sudden and accidental breakdown of refrigeration or heating units on the covered auto. It is commonly needed for goods like fresh or frozen food, live plants, and certain electronics that need to stay cold.

Exceptions and Restrictions

Motor truck cargo insurance may not be offered in all states. Contact us for specific information about your area.

Motor truck cargo insurance does not cover certain vehicle types like limousines, buses, and ice cream trucks. There are also exclusions for specific cargo types, such as:

• Valuables: Precious and semi-precious metals and stones, art, jewelry, money, or valuable papers or documents.
• Restricted substances: Marijuana, contraband, pharmaceuticals, tobacco, and alcohol
• Live animals
• Mobile and modular homes

• Cargo under another carrier’s custody
• Property or goods owned by the insured
• Cargo not listed in the bill of lading
• Storage exceeding 72 hours
• Shipping containers
• Explosive or radioactive materials
• Property carried without a charge

How much does Cargo Insurance Cost?

The cost of cargo insurance can vary on factors like the type of cargo you’re transporting.

Several key factors influence the pricing of your cargo insurance premium:

• Cargo type: Insurance prices are affected by the type of cargo being transported. Riskier cargo can increase premiums. Stable cargo tends to be cheaper to insure.
• Coverage limits: You can choose more coverage, which changes the cost. Some haulers might need more coverage, making the premium go up.
• Loss history: Your past claims and losses can affect your premium. Insurance providers will assess your history when calculating your coverage cost.

Box Truck Insurance

Driving a box truck or straight truck for your company means you will need commercial automobile insurance which acts as a safety net protecting you in case of accidents, repairs, or medical bills.

What Is Commercial Box Truck Insurance?

Commercial box trucks are insured on a commercial auto insurance policy. It’s made to protect box trucks used in your business. This includes protection both while on the road and when parked.

It offers protection in different settings, including accidents. Different coverages available on the policy can help pay for things like damage to property, injuries, medical costs or even your cargo.

Businesses That Might Need Box Truck Insurance

Box truck insurance serves a wide range of industries. Some of the businesses that commonly rely on box trucks include:

• Landscapers use these trucks for carrying tools and plants.
• Furniture companies use box trucks for delivering large furniture items.
• Distributors and wholesalers use box trucks to carry large amounts of goods.
• Retailers use box trucks for stocking. They also use it to send out goods.
• Delivery and courier services use box trucks to easily deliver goods.

Types of Box Trucks and Straight Trucks

Box trucks come in special types, each serving a unique purpose. At GEICO, we provide commercial truck insurance for different kinds of trucks, including:

• Straight trucks
• Tilt cabs
• Refrigerated box trucks
• Cargo cutaways
• Sleeper box trucks
• And more

Start a quote for commercial truck insurance to learn more about GEICO’s available coverages for these types of box trucks.

Box Truck Commercial Insurance Coverages

Different types of coverages are available for box truck commercial insurance. The options for trucking insurance vary based on location. They also rest on whether you haul your own products or work as a hired trucker.

• Liability insurance coverage: This coverage shields you and others in case of a work-related truck accident. It helps cover property damage and injuries.
• Physical damage coverage: This insurance covers your box truck against harm from accidents. It covers repairs or replacement costs. This includes times when your truck might roll over.
• Cargo coverage: Cargo coverage ensures the safety of the goods or cargo you transport. It offers protection in case the items are damaged or lost during the journey. This coverage is also available for refrigerated box trucks and will cover the loss to cargo due to a sudden and accidental breakdown of refrigeration or heating units on the vehicle.
• Uninsured/underinsured motorist coverage: This coverage helps in case an accident occurs with another driver who doesn’t have good insurance. It helps cover medical bills and truck repairs. This coverage is useful for incidents where the other driver does not have insurance.
• Medical payments coverage: This provides financial support after an accident. It helps with medical bills and funeral costs. This coverage extends to both you and your passengers. It makes sure everyone’s bills are paid after an accident occurs.
• Comprehensive coverage: This insurance covers your truck for damage caused by fire or natural disasters. It also protects against theft and vandalism.
• Collision coverage: This coverage assists with repair costs for your box truck in case of accidents, regardless of who is at fault.

Start a quote for commercial truck insurance to learn more about GEICO’s available coverages for these types of box trucks.

Box Truck Commercial Insurance Costs: Key Factors and Pricing Details

The cost of your insurance premium is influenced by several factors. These vary depending on the specifics of your business and its operations:

• Coverage limits: Your premium depends on the coverage amount you choose. Higher coverage means more protection but also higher costs.
• Truck type: The age and model of your truck can impact your premium. Newer trucks might cost more to insure compared to older trucks.
• Driving records: The driving history of your employees is a big factor. Drivers with no traffic violations usually get lower rates. Drivers with past driving mistakes may pay higher insurance costs.
• Claims history of your business: If your business often makes insurance claims, insurers might see it as a higher risk. This could result in increased premium rates.
• Type of cargo: The type of cargo hauled is an important factor in the cost of your cargo coverage. For example, high valued items such as electronics have higher replacement costs.

Each factor affects how much it costs to insure your box trucks. That is why understanding and managing them well is important.

 

What is Dump Truck Insurance?

Dump truck insurance is a type of commercial auto insurance policy that caters to construction industry experts. It is designed for heavy-duty vehicles that haul things like dirt, sand, and gravel. You need this insurance coverage in case you cause property damage at a site or cause an accident on the road. In this guide, we’ll explain the importance of dump truck insurance and what is covered.

Who Needs Dump Truck Insurance?

Both owner-operators and hired truckers need dump truck insurance. In addition to dump truck insurance, many owner-operators will also need liability insurance which provides both bodily injury and property damage coverage.

Liability insurance is required, but you might not have to purchase bodily injury and property damage if the company you work for already provides it.

Dump trucks serve various industries, including:

• Construction
• Home renovation contractors
• Junk removal
• Snow removal
• Landscaping
• For hire, dirt, sand & gravel
• Debris haulers

What is Covered by Dump Truck Insurance?

Dump truck insurance includes coverage for medical bills, collisions, and more. However, the required coverage can vary by state. Here are some key coverages you can expect:

• Bodily injury liability coverage: This covers harm to others if you cause an accident.
• Property damage liability coverage: It covers damage to someone else’s property in an accident.
• Combined single limit (CSL)/ Split limits: GEICO offers both split limit and combined single limit liability. Policy holders have a choice in coverage limits. Split limits (i.e., $100,000/$300,000/$50,000) represent three-dollar amounts. The first dollar amount represents the coverage limit for any one person injured in one incident or accident. The second dollar amount represents the total coverage limit for all people injured in one incident or accident. The third dollar amount represents the total coverage limit for all property damaged in one incident or accident. A combined single limit (i.e., $300,000) represents the total amount for all damages to people or property in one incident or accident.
• Medical payments, no-fault, or personal injury coverage: helps pay for you and your passenger’s medical expenses, regardless of who is at fault. It is important to note that these coverages are subject to selected limits.
• Uninsured/underinsured motorist: This helps protect you if you are injured due to the negligence of an uninsured driver or your injuries exceed the amount of coverage on that driver’s policy. In some states uninsured motorist coverage also protects you if a hit-and-run driver causes property damage.
• Comprehensive coverage: This covers physical damage to your vehicle when you are involved in an accident that is not caused by a collision, such as hitting a deer or a tree limb falling on the vehicle. It may also cover damage like theft, vandalism, fire, or floods.
• Collision coverage: This covers repairs to your vehicle if you’re hit by another vehicle or you hit another vehicle or object.
• Motor truck cargo: If your truck gets into an accident, and the cargo and debris end up on the road, cargo insurance may help cover the cleanup expenses. You are protected when the cargo is in your physical custody and control while in the course of transit or during loading or unloading.

How Much Does Dump Truck Insurance Cost?

The cost of your dump truck insurance can vary based on several factors, including:

• Type and size of your trucks
• Coverage needs
• Cargo hauled
• Distance traveled
• Driving record
• And more

Check out our commercial truck insurance cost page to learn more about the factors that may impact cost.

Filings for Dump Truck Operators

Businesses that need dump truck insurance may also need to apply for state or federal operating authority and provide proof of financial responsibility, or filings, to regulators. Filings are provided by your insurance company, and they let the government know that you have the required liability insurance protection needed to meet state and federal requirements. At GEICO, we can provide you with the state and federal filings your business needs.

 

Truck insurance has never been easier to get

Who needs commercial truck insurance?

If you own a trucking business, you need a commercial truck insurance policy. Valid insurance is important for all trucking companies, whether they’re just starting or have been around for a while. Truck insurance is necessary to meet both federal and state regulations and can help pay for future events such as accidents or fires that damage the truck or its cargo.

What types of commercial truckers do we insure?

We offer truck insurance for different types of drivers:

Owner-Operators Under Permanent Lease to a Motor Carrier

If you work for a company, they usually provide basic liability insurance while you are hauling. You can add extra protection like coverage for personal use and damage to your truck.

Private Carriers-Not for Hire

If you only haul goods for your own company, like a farmer or manufacturer, it’s still important to have insurance that helps protect you when you’re in an accident or injure someone else.

Owner-Operators with Their Own Authority

If you operate your own trucking business, you need your own insurance policy to protect you in case of accidents, cargo loss, and more.