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