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CoverWallet: Commercial Truck Insurance Review

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    CoverWallet: Commercial Truck Insurance Review

    As a commercial truck owner, protecting your fleet with insurance can help you cover the costs of expensive medical and legal fees and other losses associated with an accident. That said, buying trucking insurance can be costly and complicated if you’re unfamiliar with the process.

    CoverWallet reviews can help you identify the best trucking policies you need for business, find a budget that fits your needs, and compare a range of quotes from reputable trucking insurance providers online. 

    CoverWallet’s History

    Cover Wallet Insurance

    CoverWallet was initially founded in 2015 with the intention of making insurance policies more accessible and easier to understand for business owners. Their online platform enables users to manage and file claims online quickly. They work with small and medium-sized businesses to provide affordable insurance coverage options. 

    Aon’s acquisition of CoverWallet was announced in 2019, and it is now part of Aon's New Ventures Group.

    The Basics of CoverWallet’s Commercial Truck Coverage  

    To help you purchase the best coverage for your needs, Cover Wallet insurance reviews can help shed some light on the essential truck insurance policies for every business and why they matter. It’s important to note that CoverWallet is not an insurance company in itself but a broker that provides you with quotes from several insurance companies. 

    Coverages That Can Come With CoverWallet’s Commercial Truck Policy

    The Basics of CoverWallet’s Commercial Truck Coverage

    Since trucking insurance has plenty of coverage options that can be confusing for business owners, they need to know what their policy does and does not cover. CoverWallet insurance for trucks usually includes the basic types of truck insurance, such as primary liability, non-trucking liability, and physical damage coverage. 

    • Primary Liability - Primary Liability Insurance covers third parties affected by accidents on the road if your truck driver is at fault. It is legally required by the FMCSA to cover the cost of bodily damage and physical damage to both people and property. However, it doesn’t cover losses related to theft, cargo damage, or any damage to your own truck. 
    • Non-Trucking Liability - Non-trucking liability insurance can provide coverage when using your truck for non-business purposes such as running errands, going to a family event, or helping a friend move houses. It can cover the cost of bodily damage and property damage when your truck is not under dispatch.
    • Physical Damage - Physical Damage can cover the cost of physical damage to your truck in the event of a collision. Comprehensive damage can provide additional coverage in the event of a natural disaster, theft, or vandalism. However, this type of coverage doesn’t cover the cost of normal wear and tear, such as worn-out brake pads. 

    Additional Coverage Options to Choose From 

    In addition to these basic coverage options, CoverWallet insurance also provides other trucking coverage plans that owners should consider for extra peace of mind. While it may be tempting to invest in the minimum coverage required, having higher limits can provide you with better benefits during a worst-case scenario. 

    • Workers’ Compensation - Since workers’ compensation laws vary per state, you should carefully check the requirements for your business. This type of coverage can cover the cost of medical treatments, disability benefits, rehabilitation, and death and funeral services for your employees if they are injured or killed due to a work-related reason. 
    • Bobtail Insurance - Bobtail provides coverage for claims if you do not have a load attached to your truck during non-business use. If you want to have non-business coverage when you have a trailer or load attached, non-trucking liability is a good alternative. 
    • Trailer Interchange - Trailer Interchange insurance covers the cost of physical damage for trailers operated under a trailer interchange agreement, which is useful if you use a non-owned trailer. This includes coverage for fire, theft, and vandalism. 
    • Cargo Insurance - Trucking businesses that transport cargo can benefit from cargo insurance. It covers financial losses associated with lost or damaged cargo in the event that something happens to your load. Some causes can include natural disasters, customs rejection, cargo abandonment, and accidents on the road. 

    Discounts That CoverWallet Offers on Commercial Truck Insurance

    Discounts That CoverWallet Offers on Commercial Truck Insurance

    Commercial truck insurance often comes with discounts to help businesses save money where they can. CoverWallet offers affordable quotes from several insurance companies and insurance bundles that vary per business. However, you can also contact each provider directly to see if they can give you an even cheaper rate for your business. 

    • Bundled policies - CoverWallet may offer discounts between 5 to 10% from the insurance company to choose to work with if you purchase several insurance policies from them.
    • Driving history - Some insurance companies can also offer discounted rates if your truck drivers have a clean driving history — few to zero accidents — and any other citations that can raise costs.
    • Tech features  - Insurance companies can also be more partial to companies that are willing to provide them with GPS data on the road and other safety features that can reduce risks.

    CoverWallet’s Financial Strength

    Since CoverWallet provides your business with several quotes from various insurance companies, you should check the financial strength of each company you’re willing to work with before making a decision. Businesses with a poor financial reputation might give you trouble when filing claims.

    CoverWallet is an insurance broker that works with the following major insurance companies: Progressive, Hiscox, Chubb, Nationwide, Hartford, Liberty Mutual, and AmTrust. 

    The Benefits of Working With CoverWallet 

    According to most Cover Wallet insurance reviews, the main benefit of working with an insurance broker is that they can simplify the application and filing process. Knowing the different types of trucking insurance and what they cover can help you make the best decision for your business in the long run. 

    • Help with filing claims - CoverWallet’s online dashboard provides users with an overview of their insurance coverage plans, but you can also get help from a personal advisor at their firm if needed. 
    • Easy signup process - CoverWallet reviews state how it is relatively easy to signup and set up your account online so that everything is in one place, especially for businesses looking to get started right away.
    • Access to insurance documents - For proof of coverage, you can quickly access insurance certificates and download them from your CoverWallet dashboard, which can be handy for trucking businesses.
    • Plenty of coverage options - Since managing several policies can be confusing and time-confusing, having it all on your CoverWallet account can help you access info, file claims, renew policies, and file claims online.
    • Free quotes - The ability to compare quotes from several of the biggest companies can save you valuable time, effort, and money. They also don’t charge any broker fees. 
    • Good customer support - CoverWallet provides customers with several different avenues to seek aid, including chat, call, and email options that can help you if you have an insurance-related issue. 

    Frequently Asked Questions

    If you’re looking for an overview of trucking insurance basics, these are some of the most commonly asked questions from trucking businesses. 

    Does CoverWallet cover cargo vans?

    Yes. CoverWallet caters to businesses looking for insurance coverage for commercial vans, including cargo vans, courier vans, refrigerated vans, and more. However, the cost of coverage depends on the value of your cargo and the size of your van. 

    What insurance is needed for a box truck business?

    A box truck business will need to invest in primary liability insurance to provide coverage for the cost of property damage and bodily injury and legal defense. Physical damage insurance is another recommended type of insurance since it can pay for damage to your box truck in the event of a collision or natural disaster. 

    How does cargo insurance work?

    Cargo insurance protects the cargo you are transporting in your truck and provides coverage for any loss, damage, or delay during the process. If you don’t have cargo insurance, the shipper will face the potential cost of expensive damages that can occur during cargo handling, storage, and transport.

    How is cargo insurance calculated?

    Cargo insurance is primarily calculated depending on the total shipment value of goods in addition to 10%. This number is then multiplied by the amount of the insurance premium which is quoted by the provider, giving you a final value for the coverage cost. 

    What is bobtail insurance coverage?

    Bobtail liability insurance provides coverage for trucking owners and operators after a load has already been delivered and the truck is being used for a non-related purpose.

    The bottom line is that CoverWallet provides business owners with several trucking insurance policies to choose from all in one place. This allows them to select the best deals, especially for first-time insurance shoppers. Benefits from CoverWallet reviews include their easy-to-use platform, competitive deals, and accessible quotes.

    However, advanced features from CoverWallet can be an added expense, and some quotes take between 1-2 days to complete if you have unique coverage needs. Despite this, CoverWallet can be a good starting point for those who want to bundle together several policies and look for cost comparisons. 

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    To access more info on commercial truck insurance and help you decide which coverage options are best suited for your trucking business, browse our other articles on Assured Standard today! 

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