Whether you’re buying your first truck or you’ve had trucks for years but never fully understood how truck insurance works, it’s important to understand that insurance for trucks is a bit different from that of regular cars. Trucks tend to have higher payloads and trailering capacities than SUVs and do tougher jobs than most vehicles. You probably haven’t trailered anything with your sedan recently. For that reason, they are at an elevated risk for more serious damage, causing and enduring it, and insurance companies consider that when creating policies for truck owners. So if you’ve begun to wonder, “Are there trucks for sale near me?” make sure you understand every part of paying for a truck before you buy one, including the insurance.
Having a truck can be empowering. It means no longer renting a truck for moving day or borrowing one from a friend. Perhaps a truck is even necessary for your business. Trucks are tough, versatile, and highly useful, so don’t let the slight nuances of truck insurance make you shy away from buying one. Just make sure you understand it so you can be sure you’re fully covered. Here’s what you need to know about getting insurance for your truck.
Liability, Collision, and Comprehensive Insurance
In most states, you are required to have liability insurance to register any type of vehicle. The government understands that most individuals don’t have the funds to pay for major repairs or medical bills in the sum of tens if not hundreds of thousands of dollars after a major accident. So liability insurance is in place to ensure that if you cause damage to another person’s vehicle, property, or body in an accident, you’re covered.
Now, because trucks are larger, and sometimes trailer items, they can cause more damage to others in the event of an accident, so their insurance might be a bit higher. It is important to notify your insurer if you plan on trailering large items often. Some insurance companies offer additional coverage for truck owners who trailer frequently. Collision insurance will cover damage to your vehicle in the event of an accident, so you’ll want to add that as well. Because sometimes repairing a truck can be more expensive than other cars due to more complex engines and rare parts, it is advisable to get good collision insurance for a truck.
Finally, comprehensive coverage covers damage that happens to your car while you’re not even in it. So, if someone runs into your car while it’s parked and drives off, or if a tree falls on it while you’re not in it, you’ll need comprehensive coverage to handle that. If you use your pickup truck for your business, comprehensive coverage is especially important because you’ll need the flexibility to handle repairs swiftly. When your money depends on your ability to use your truck, you can’t be slowed down by costly repairs that you can’t afford out of pocket.
What Affects Truck Insurance Rates?
Not every insurance company decides on their premiums the same way; however, there are some things that traditionally impact the rate you get for truck insurance:
More advanced and luxurious trucks, such as those with high-end materials, better infotainment, and upgrades, tend to cost more to insure than more basic models.
Insurance companies like to see that your car has safety features. These reduce the chances of accidents and the chances that your insurance company has to pay out a claim. They especially like to see great driver assist features on trucks, particularly those used for trailering. Trucks are larger, so there’s more to maneuver and see around, so insurers like to see that the truck has added protection tools. While it is not guaranteed to lower your premium, having a car equipped with great safety tech will definitely increase your chances of getting a lower rate.
New trucks are typically the most expensive to insure; however, if you have a rare vintage truck, that could also be expensive to insure for obvious reasons. Just be aware that while a classic truck model is a great investment, it has an increased chance of getting into a potential accident due to its lack of modern features, or it simply hasn’t been properly maintained.
Other Tips for Truck Owners
If you do use your truck for work, it’s important to remember that your truck insurance will not cover lost or stolen items from the truck. So if you are worried that someone might steal expensive tools or cargo out of your truck bed, you might want to buy a separate policy to cover those items. It’s also worth noting that if your truck is used for business purposes, your auto insurance policy might not cover you for any damages that occur while the truck is engaged in business activities. It’s important to tell your insurer if your truck will be used for business purposes. In some cases, they might require you to get a separate policy, even if you sometimes use it for personal purposes. If other people, such as employees, regularly drive your truck or use it for commercial business, you might be required to get commercial auto insurance.
It’s also important to know that while your insurance will cover your trailer, it will not cover the trailered item. So if your boat or RV gets damaged during trailering, that would not be covered by your auto insurance policy. Trucks are often used to haul, tow, and trailer items. Remember that no matter how valuable, those items are not covered by your auto policy. Your auto policy only covers damage done to your vehicle or caused by your vehicle, or to your body, or another human. If it is important to get total coverage and you often trailer large items like campers or equipment, look into additional policies that will cover these items in the event of an accident.
In general, when buying truck insurance, remember two things. Disclose everything to your insurer up front, like how often you’ll be trailering and if it’s used for business, and the fewer bells, whistles, and upgrades, the less your insurance policy will cost. But, driver assist features can sometimes result in a discount.
Trucks Are Powerful, and Power Requires Protection
Trucks can be great assets in your life, giving you the power to tow and haul large items. This can be a major benefit to contractors, moving companies, DIYers, landscapers, and more. Because you work a truck much harder than you would a sedan, and a truck is just a lot more vehicle to manage, the insurance tends to be more expensive. It’s also important to know that you might require additional coverage beyond the usual liability, collision, or comprehensive protection.
Because your truck is an asset, you want to protect it. That’s why getting great insurance that covers every incident possible is important. Buying a truck is an exciting day and means no more having to ask to borrow somebody else’s. Just be sure to understand all the costs associated with taking care of it; that includes the truck insurance. When you have the coverage you need, you can handle your daily tasks and tough jobs with your truck with more confidence and peace of mind.