Trucking Insurance and Insurance Rates

Welcome to truckinsurance.org! Our Web site is dedicated to bringing you the most up to date information on truck insurance on the planet, or anywhere else that insures trucks for that matter. So whether you’re an owner operator that’s looking to insure his own rig, or you’re a corporate accountant looking for deals to cut cost on your fleet, we’re the right place to look. If you have any questions on anything we cover here; or you see something that you think we should talk about on our site, please send us an email. Who knows, the next time you stop by you could see a published answer to your inquiry!

The concept of insurance is not a new one. In fact, insurance has been a common practice for millennia. The Babylonians and ancient Chinese utilized insurance with their traders. Not so much a shop owner, but when a trader undertook a journey he would insure his caravan against loss to bandits, fire, earthquake, or other unpreventable loss. Later on, with the rise of the shipping trade, merchants who would be utilizing the same ship would pool money to insure the shipment. Then if anything were to happen, any merchant whose cargo was lost could recoup the cost.

This became the first regular usage of insurance as a business. Those with money would charge a fee, called a premium, to insure a merchant against loss. The contract was called a policy, and it spelled out under what conditions the insurer would pay out to the insured. It was necessary to do this because much of a merchant’s wealth would be tied up in any given trading endeavor. This would prevent a single lost ship or caravan from bankrupting a merchant.

As the insurance industry matured, it was found that you could insure any bit of property, as well as a person’s life. Insuring property would allow the owner to rebuild if a disaster should wipe out their house. Insuring life was at first just a method to make sure that the burial expenses for your loved one were taken care of. As time moved on, men would insure themselves for enough to take care of their widow should they pass away.

Today, the most common form of insurance is auto insurance. It is the most common because it is required by law that anyone wishing to drive a vehicle has it. You would think that trucking insurance would be similar to auto insurance. In fact, the vehicular aspect of it is only part of the equation. The other half of the trucker’s insurance harkens back to the first usage, where a merchant would insure their cargo. You see, accidents can happen to trucks, and if the person who’s paying the truck to ship their merchandise loses the entire shipment in that accident, it comes across as a very large loss. That is why trucks have their cargo insured, to prevent that loss from being taken by the trucker or their client.

You will often see steeply discounted “as is” truckload sales. These sales are orchestrated by the insurance companies that have had to pay out for damaged shipments. They are attempting to recoup some of the cost by selling off the merchandise for a portion of what it cost to insure. The items may or may not be in good condition, and regardless of what they are, they won’t carry a warranty after being written off by the company. So beware when shopping at these sales. This goes for items like wheels and tires as well. When you are purchasing items such as custom rims, you are more likely to have a good outcome if the end result is clearly communicated.

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