How to Think Outside the Box with Box Truck Insurance

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Video Box truck insurance

Like a commercial auto insurance policy, your box truck insurance covers you against liabilities, property damage, and bodily injuries. So, why not simply get a commercial auto policy? Because it’s not enough. You require box truck insurance because it’s specially tailored to protect you against common perils that specifically concern box trucks.

Let’s briefly discuss what coverage is included in a standard box truck insurance policy.

Liability Insurance

Minimum liability coverage is required in all states. For example, California requires you to carry liability insurance ranging from $750,000 to $1.2 million, depending on the truck size and goods you carry.

If your box truck gets in an accident with another vehicle on the road, you can be found to be at fault. The driver will hold you liable, and you’ll have to pay for the driver’s damaged car or property. Liability insurance will cover these costs on your behalf.

There are two types of liability coverage:

  • Bodily Injury: Liability insurance covers physical injuries that people suffer when they get hurt in an auto accident. Imagine your box truck collides with another car, and the driver and/or passengers have to be hospitalized. Bodily injury coverage will take care of the medical bills, ambulance, and hospitalization costs. It will also cover any medication costs, lost wages, and funeral costs due to the accident if, sadly, it comes to that. Sometimes, burial insurance can also pay for these funeral costs.
  • Property Damage: If your truck damages another vehicle, property damage coverage will pay for its replacement or repair costs.

You can decide whether you want a split limit or combined limit policy. With a split limit policy, your insurance company may only cover say, $25,000 for injuries and up to the same amount in property damage. However, with a single claim limit policy, you are given full use of all funds available when making claims.

Medical Payments Insurance

When you drive a box truck, it’s important to have medical payments insurance. This coverage protects your company from having to pay the medical expenses if an accident happens with one of your trucks and if passengers are injured. Medical payments benefits can be paid regardless of who is at fault for the collision.

Physical Damage Insurance

Physical damage insurance will cover your truck from damage in case of theft, fire, or accident. If your truck is damaged beyond repair, your insurance will pay for a replacement. Comprehensive coverage under physical damage insurance will cover you for losses due to theft, vandalism, and other natural disasters. Collision coverage will cover you for losses that occur due to collisions and accidents.

Uninsured/Underinsured Motorist Insurance

Yes, insurance is required by law. Yes, it’s illegal to drive without a driver’s license, and yes, people will still break rules. Some people will carry liability, but sometimes not enough to pay for the full extent of damages that result from an auto accident.

Uninsured/underinsured motorist insurance exists to keep you and your fleet safe from these problems. Let’s say a vehicle collides with your box truck and damages the hood. You ask for their insurance company’s number but find out that they’re not insured. In such cases, having uninsured/underinsured motorist coverage can help you make the repairs.

Commercial Umbrella Policy

All insurance policies have certain limits after which they won’t cover your damage. If you need additional coverage, commercial umbrella insurance can cover the rest of the costs left unattended by your basic insurance.

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