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GEICO Commercial Truck Insurance Review

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    GEICO Commercial Truck Insurance Review

    Commercial trucking insurance is crucial for any aspiring trucking service provider. Sufficient insurance protects you from first- and third-party liabilities caused by road accidents, plus most states mandate a minimum coverage of $750,000 to $1,000,000 before hauling cargo. You cannot hit the road underinsured — much less uninsured.

    As you research the best truck insurance coverages in the market, you’ll likely come across GEICO commercial vehicle insurance. They rank among the most well-known insurance providers in the country. However, before you sign up for a policy, we suggest reviewing their history, coverage offers, and company strengths first to grasp their overall reliability.

    GEICO’s History

    GEICO Truck Insurance

    GEICO was founded by husband and wife Leo and Lillian Goodwin in 1836 — in the midst of The Great Depression. The decade-long economic slump caused significant financial distress among many Americans. Not many had sufficient emergency resources during these troubling times, so GEICO seized the opportunity to serve as the provider that the country needed.

    Although Warren Buffet purchased his initial GEICO in the early 1950s, the company only became a subsidiary of Berkshire Hathaway, Inc. in 1996. Afterward, the company started undergoing tremendous growth. New clients came in by the millions per annum — eventually adding up to nearly 20 million active policies this 2021.

    The Basics Of GEICO’s Commercial Truck Coverage

    Should you get your commercial truck insurance from GEICO? Read the ins and outs of standard GEICO dump truck insurance, GEICO cargo insurance, and GEICO semi-truck insurance policies and see how they stack against their competitors!

    Coverages That Can Come With GEICO’s Commercial Truck Policy

    Coverages That Can Come With GEICO’s Commercial Truck Policy

    Newbie truckers often find commercial trucking insurance confusing because it encompasses a broad range of claims. Commercial hauling comes with significantly more liabilities. As such, insurers have to offset the insurability risks with added insurance protection.

    Before we dive into the benefits of getting truck and cargo insurance from GEICO, let’s first identify the scope and limitation of their insurance coverages:

    • Liability: Truckers can use liability coverage to mitigate third-party financial liabilities following road accidents. Most states require a minimum of $750,000 worth of coverage to ensure that traffic accident victims always receive fair compensation. Of course, you can increase your liability coverage depending on your overall insurability. Otherwise, you’ll have to pay fines out of pocket if the liability claims exceed your coverage.
    • Bodily Injury: Bodily injury falls under liability coverage. As its name suggests, it provides liability in road accidents wherein the insured injures third-party motorists or pedestrians. Similarly, bodily injury coverages may also include death. You can file liability claims if the injured party passes away, although these claims may exceed the state-mandated minimum insurance coverages.
    • Property Damage: Property damage is the other form of liability coverage. It provides liability protection if you cause third-party damages while operating your truck. Coverages are not limited to vehicles. In truck insurance, property damage encompasses trucks, vans, sedans, motorcycles, bikes, storefronts, road signs, and fences. Consult with GEICO for a more explicit definition of third-party property.
    • Uninsured/Underinsured Motorists: Uninsured/underinsured motorist compensates you in road accidents wherein the at-fault driver does not carry sufficient insurance. Unlike liability coverage, this clause provides first-parry protection. Not all states require uninsured/underinsured motorist coverage, although most insurers automatically include these in their policies.
    • Medical Fees: The medical payments clause covers your passengers’ hospitalization and treatment fees — regardless of who the at-fault driver is. Consult GEICO about their definition of the term “passenger.” Most commercial truck insurance providers require covered passengers to have a specific role in the insured’s hauling operations.
    • Collisions: Collision coverage pays for repairs and replacements if your commercial truck sustains damages following a collision. Most lenders require collision coverage on mortgaged units.
    • Comprehensive: Comprehensive insurance covers the damages and repairs that your truck sustains from non-collision damages. Cases involving fires, theft, vandalism, or hail typically fall under comprehensive insurance.

    Discounts That GEICO Offers On Commercial Truck Insurance

    When it comes to commercial insurance, GEICO offers an extensive lineup of insurance discounts and premium reduction programs. You’ll get the best rates as long as you cooperate. The best GEICO truck insurance rates are typically awarded to trucking companies that improve their insurability and minimize their overall associated risk factors. 

    Some GEICO commercial truck insurance discounts and premium reductions to watch out for include:

    • Customer Loyalty Discounts
    • Discounts for Driving History and Habits
    • Driver Affiliation Discounts
    • Driver’s Education Discounts
    • Emergency Deployment Discount
    • Federal Employee Discount (Eagle Discount)
    • Military Discount
    • Vehicle Equipment Discounts
    Discounts That GEICO Offers On Commercial Truck Insurance

    GEICO’s Financial Strength

    Financial strength ranks among the most crucial factors to consider when exploring your truck insurance options. Stability directly affects an insurer’s ability to pay claims. In the worst case, insurers can deny multiple claims if they do not have sufficient financial resources to fund contracts or policies.

    How does GEICO fair when it comes to financial strength? The answer: excellent. Assessing the financial capacity of an insurance company involves perusing countless documents involving their revenue, claims processing, and company value. However, clients don’t have to perform these assessments themselves.

    Truck insurance companies receive financial ratings from independent agencies. These ratings are data-driven and objective, so you can count on them to accurately depict an insurer’s likelihood to pay long-term contracts.

    GEICO commercial insurance and its parent company Berkshire Hathaway received the following financial ratings:

    Standard & Poor's Financial Rating

    • Financial strength rating of its subsidiaries: AA+
    • Corporate credit rating: AA+

    Moody's Financial Rating

    • Berkshire Hathaway holds Aa2 rating
    • Aa1 rating for Insurance Financial Strength

    AM Best Financial Rating

    • Debt rating on company's existing debt securities: aaa
    • Financial strength rating: A++ (Superior)

    The Benefits Of Working With GEICO 

    There are dozens of insurance providers in the market. While a diverse range of options enables applicants to make personalized choices, first-timers might feel intimidated. They might not even have a starting point.

    To help you make well-informed decisions about getting a GEICO semi-truck insurance policy, we’ve listed the most prominent benefits of working with GEICO.

    • Customer Service: GEICO has a responsive customer service department. You can contact their 24/7 hotline (800) 841-2964 or use GEICO Mobile to request roadside assistance, ask questions about your policy, or submit complaints. They also have an email option for less urgent messages.
    • Reliable Claims Processing: GEICO takes pride in its swift claims processing. It has a 24/7 claims processing department, so your request can get approved in just less than 48 hours. You can also file claims through their streamlined, convenient platform.
    • Strong Financial Reputation: GEICO commercial insurance received some of the best financial ratings from well-known, reliable, independent agencies like Standard & Poor's Financial Rating, Moody's Financial Rating, and AM Best Financial Rating.
    • Discount Availability: Negotiate your policy premiums if you need GEICO cargo insurance, GEICO dump truck insurance, or GEICO semi-truck insurance on large fleets. GEICO fleet insurance rates typically cost less than insuring individual units. 

    Frequently Asked Questions

    Don’t worry if you haven’t made up your mind about GEICO commercial truck insurance yet. Check out the commonly asked questions truckers have about GEICO truck insurance to get an even clearer grasp of whether their policies suit your needs.

    Does GEICO cover cargo vans?

    You can use GEICO fleet insurance policies to cover cargo vans. They apply to all fleet sizes, even if you offer specialty services involving construction, towing, or landscaping.

    How do commercial trucks save money on insurance?

    Commercial truckers save money on insurance by comparison shopping. Apart from requesting GEICO commercial vehicle insurance quotes, explore the other truck insurers in your area. You can save thousands per month just by choosing the right provider.

    How can I get my truck insurance lowered?

    Commercial trucking companies can minimize their monthly premiums by improving their overall insurability. Avoid getting into road accidents, boost your credit score, stimulate a positive cash flow, hire truckers with clean driving records, and promptly settle all your traffic violation tickets.

    Why is trucking insurance so expensive?

    Trucking insurance premiums generally increase due to commercial insurance trends. Insurers typically lose money on claims. They have to offset their losses by charging new applicants a bit more for insurance protection.

    Is commercial auto insurance cheaper than personal?

    Whether you purchase your commercial insurance from GEICO or not, it will cost more than your average personal auto coverage. Commercial entities carry heavier liability risks. Insurers cannot take on significant risks without charging a sufficient premium increase. 

    GEICO In A Nutshell

    Overall, GEICO is a reputable insurance provider backed by a solid track record. This insurer has maintained financial stability and excellent customer service over the past seven decades. Trucking companies of all sizes would do well to explore their policies. Whether you tow truck, commercial auto, semi-trailer, or cargo insurance, GEICO has you covered.

    If you still find yourself on the fence about getting your commercial truck insurance from GEICO, consult other truck insurance providers. GEICO is an excellent company. However, each trucker has varying insurance needs, and you cannot force yourself onto insurers that offer minimal overall compatibility.

    Are you ready to explore your trucking insurance options? Assured Standard can help! Use our other trucking insurance guides as a starting point on finding the best insurance solutions for your trucking business.

    Get a Free Commercial Truck Insurance Quote
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