Insurance For Box Truck Drivers

If you are going to be driving a box truck professionally, you will need to get box truck insurance to protect your business from liabilities.

This guide will go over the different types of box truck insurance, and discuss factors that can impact your box truck insurance costs. We will also direct you toward where you can apply for competitive quotes on box truck insurance.

Do Box Truck Drivers Need Insurance? (Yes)

Is box truck insurance optional, or is it something you need to run your business? It is definitely a requirement.

For starters, if you want to be able to carry a wide variety of freight, then you need to apply for a commercial driver’s license (CDL) and an interstate authority.

The FMCSA requires you to get at least $750,000 of Auto Liability insurance to qualify for an MC authority, along with a certain minimum amount of Cargo Coverage based on your freight type.

So, those are the minimum commercial box truck insurance requirements if you want to apply for your MC authority.

On top of these legal requirements, you also need box truck insurance for practical reasons. If you get into an accident, or if someone or something damages your vehicle or cargo through other means, you will be glad that you can fall back on your policies to pay for some of the damages. This is essential to keeping your business running as smoothly as possible.

What Types of Trucks Can You Cover with Box Truck Insurance?

Box truck insurance can be used to cover:

• Regular box trucks
• Flatbed trucks
• Straight trucks
• Tilt cabs

You may be able to use it to cover some other type of vehicles as well.

Types of Box Truck Insurance Coverage

Here are the different types of box truck insurance. You may not need every type of coverage, but you will need at least the most essential types we go over at the top of this list.

• Liability insurance (bodily injury coverage and property damage coverage): This is a type of box truck insurance everyone needs. It includes bodily injury coverage, which pays for medical expenses if you injure another person, as well as property damage coverage, which helps pay for repairs or replacements if you damage someone else’s vehicle.

• Physical damage insurance (comprehensive coverage, collision coverage, and specified peril coverage): This is a type of insurance you need to cover your own vehicle. Collision coverage can pay out if you get into an accident, while comprehensive coverage can pay out if your truck is damaged by weather or vandalism, or is stolen outright.

• Medical payments coverage: You can get this type of coverage to pay for medical costs regardless of who is determined to be at fault for an accident.

• Coverage for uninsured motorists: Normally, if you are injured or your vehicle is damaged in a collision, the other motorist’s insurance would pay out. But what if they are uninsured or underinsured? This type of coverage can pay out in these situations.

• Cargo insurance: This type of insurance protects the cargo itself in case it is damaged, stolen or lost.

• Accessories coverage: If you have valuable accessories, you may want to purchase insurance for them as well. That way if they are damaged or stolen, you can receive a payout toward repairs or replacement.

• Towing coverage: If you need your box truck to be towed, it can be a big help to be able to pay some or all of the costs with towing coverage.

• Rental coverage: You may decide to rent a truck to finish a delivery while your own truck is in a repair shop. This type of insurance can help pay for it.

• Trailer coverage: Get this type of insurance to cover your trailer.

• Trailer interchange coverage: You need this type of insurance to protect non-owned trailers if you take part in trailer interchange services.

• Unattended truck coverage: If something happens to your truck when it is unattended (i.e. at a truck stop, while you are not in it), this type of coverage protects you.

How Much Does Box Truck Insurance Cost?

We have seen a pretty wide range of costs for insuring box trucks. The cost to insure a single truck could start as low as $230 a month, or range up to $1,000 a month.

What impacts the box truck insurance cost per month?

• Type of vehicle: As we discussed, box truck insurance can be used to cover more than one type of vehicle. The specific type you need to cover will affect your costs.

• Size of fleet: If you have a fleet with multiple vehicles, you will have to purchase box truck insurance for each of them. That will add up to higher overall costs.

• Type of cargo: The types of cargo you haul and the value of that freight will have an impact on what you have to pay for your insurance, especially if you are directly insuring the cargo. If you are hauling hazardous materials, that will likely increase the cost of your insurance too.

• Service area: The geographical areas in which you are driving in your box truck will have an effect on your insurance costs. Some areas may pose more risks than others, and thus require you to pay more for insurance. This could also apply if you drive longer distances.

• Types of coverages: The types of insurance policies you buy and how many of them you get can raise or lower your costs.

• Maximum coverage: Every insurance policy you get for your box truck will have a maximum cap. You can lower your monthly insurance costs by lowering that cap, or you can choose to pay higher monthly premiums for a higher cap. It is up to you to decide what to do based on how you assess your risks.

• Deductible: Another aspect of an insurance policy you can customize to some degree is the amount of the deductible, which is what you have to pay before the policy will pay. You can raise your deductible to lower your monthly premiums. Just keep in mind what that will mean if you need to use your policy.

• Bundling and discounts: Many insurance carriers will allow you to save some money by bundling some of their policies together. They may also offer other discounts if you take certain measures to drive safely, and/or if you have no claims on record for a certain number of years. Be sure to ask about what discounts you may qualify for when you apply for insurance.

• Your driving record and claims history: A clean driving record and a history free of claims will help you get a competitive price for your box truck insurance policies.

• Underwriting: One more factor that can affect your insurance premiums is the particular set of underwriting procedures that a company uses. For this reason, it is smart to get quotes from multiple carriers so that you can find the one that will give you the best deal on your box truck insurance.

Where to Get A Box Truck Insurance Quote

If you are ready to get on the road with your business, it is time to apply for box truck insurance. To shop box truck insurance policies from our top recommended carriers, click any of the links below for personalized quotes.