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 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.
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!
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:
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:
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:
Moody's Financial Rating
AM Best Financial Rating
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.
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.
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.
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.
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.
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.
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.
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.