Anyone in trucking will agree that the business is more dangerous now than it was in the past. vans are one of those trucks most affected by great risks. Trucks in this category are best described as the heroes of the trucking and transportation industry. They pick up where train and tractor-trailer shipments leave, transport goods from warehouses, warehouses and distributors, or transport supplies and equipment to the job site.
If you own one or more of these trucks, you should keep your investment safe by obtaining insurance coverage. Generally speaking, the cost of box truck insurance ranges from $1,100 to $2,500 per box truck per month.
Reading: How much is box truck insurance
The wide range is due to different companies offering different quotes after careful consideration of various factors. This article looks at the cost of box insurance in general and everything you need to know about the cost.
- How much does van insurance cost?
- What factors affect the cost of box truck insurance?
- How to save money on box truck insurance?
- Who needs van insurance?
- van insurance companies
- Learn more about truck general liability insurance at the best truck general liability insurance companies.
- Cargo insurance is optional. however, it is usually required by the shipper or broker
- physical damage insurance: depends on the value of your van. it is usually 3-5% of the value of your box truck. learn more about truck physical damage companies
- learn more about bobtail insurance at the best bobtail insurance companies.
- Learn more about truckers’ workers’ compensation insurance at Best Truckers’ Workers’ Compensation Insurance.
- The comprehensive damage policy covers all types of perils, including fire, theft and other risks covered by the policy.
- Collision Policy: This covers damage to your truck due to accidents.
- cargo insurance policy: this covers loss or damage to your cargo
- non-truck related liability coverage
- other policies
- bucket trucks
- bucket vans
- dry cargo
- dry trucks
- midsize vans
- straight trucks
- contractors and builders
- messengers
- furniture delivery companies
- relocations
- wholesale and retail distribution
- transport companies
- and many more.
- maintain a clean driving record or only hire drivers with a clean record
- require, maintain and monitor driving records
- Enroll in a safe driving program (apps or other devices to monitor driving), especially if offered by your insurance companies. If you are a safe driver, your premiums will decrease and you will save money thanks to your good driving habits.
- provide ongoing safety training and monitor safety best practices for your drivers
- compare multiple companies to find the best rates
- maintain your vehicles regularly
how much does van insurance cost?
There are no ideal rules for how much truck insurance should cost. the cost varies from trucking company to trucking company and also depends on the carrier involved. The large disparity is because box truck companies differ and different drivers will have different rates. therefore, when considering the price of your truck insurance, your insurance company will bring together all the factors unique to your business.
That said, box truck companies in the United States can expect to pay an average of $812 per month, or $9,744 per year, per truck for their commercial box truck insurance. These costs are general estimates based on our general market survey. In fact, depending on the various factors that we describe in detail below, you may get higher or lower prices for your van insurance premium.
The box truck business may need other coverages. Here are some estimates of other coverages a box truck company may pay:
Whether you’re an owner-operator or the owner of a growing fleet of box trucks, you should be sure to shop around to find the best rates for your box truck insurance coverage.
get quotes from a few companies or work with a leading truck insurance broker like simply business, commercialinsurance.net or smart financial to get multiple quotes for you to compare and choose the cheapest. progressive, biberk, and three are the only three companies that offer truck insurance quotes online. It shouldn’t take more than 10 minutes to get a quote on their websites. Starting your quotes online can be a good idea.
If you only drive a few days a week or month, you definitely want to get quotes from insurepro, a newer provider that offers flexible pay-per-day truck insurance coverage. you only pay for coverage when you’re on the go.
average monthly cost of box truck insurance
The average cost of box truck insurance is $1,250 per month. This includes truck primary liability, truck general liability, bobtail, truck physical damage, and truck cargo insurance. Below is the breakdown of the average cost of each coverage:
26 foot box truck insurance cost
The average cost of 26-foot box truck insurance is $475 per month. this is for truck primary liability coverage only. A comprehensive truck insurance policy for a 26-foot box truck, which includes all of the coverages listed above, costs $946 per month. the cost varies significantly depending on various factors which we discuss in detail below.
16 foot box truck insurance cost
The average cost of a primary liability insurance policy for a 16-foot box truck is $415 per month. A comprehensive insurance policy for a 16-foot box truck, including all the coverages listed above, is $820 per month. the cost varies depending on several factors, such as driving history, location, driving radius, type of cargo, etc., which we discuss in detail below.
cost of truck insurance with amazon box
More and more truck owner-operators are choosing to drive for the Amazon Relay program because the program offers several benefits. These truck owner operators have to secure box truck insurance that meets Amazon’s requirements. Truckers who drive for Amazon’s relay program typically drive a 26-foot truck.
The average cost of box truck insurance from Amazon is $952 per month. 2 different amazon box truck drivers always have 2 different insurance costs. they actually vary significantly depending on several factors that we discuss below.
what factors affect the cost of box truck insurance?
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Generally speaking, the following factors affect the cost of box truck insurance or commercial truck insurance for box trucks.
the value of your trucks
Typically, higher value box trucks will require a higher cost of insurance. This is understandable because an expensive box truck will cost more to repair or replace. Plus, older trucks cost more to insure than newer ones. That’s because as trucks age, there’s a strong chance they’ll develop failures.
To get the correct value for your truck, the insurance company may ask for the year, make, gross vehicle weight rating (gvwr), and model of your box trucks.
Alternatively, they may just ask for your vin. that will help them get the information about your vehicle without asking you to enter the values manually.
number of trucks you have
The more box trucks in your fleet, the more insurance you need to insure them. having more box trucks means you have a greater risk of loss. As a result, you will have to pay higher insurance costs to cover the risks.
his truckers
The type of truck drivers you have is another critical factor that determines the cost of your box truck insurance. Most insurance companies will verify the age and experience of your box truck drivers to give you a quote. The company may also request documents such as motor vehicle registrations (MVRs) and drivers’ licenses from truckers. the mvr provides a report on the driver’s fines and accidents. it essentially reports the driving history of your drivers. Generally speaking, you may get a cheaper premium if your drivers have a trucking license, plenty of truck driving experience, and a clean driving record.
the type of goods being transported
Your insurer will want to know what type of goods you are transporting in order to provide you with the correct quotes. Typically, businesses that transport expensive or perishable items will require a higher level of insurance than others. Some insurers don’t even service some box trucks that carry certain types of cargo. Also, the type of contract you have with your clients will define the type of rates you will get from your insurance company.
how long has your business been in business
If it’s a well-established company that’s been in business for a few years, the insurance provider has more information to examine and data to evaluate. a mature company with a relatively clean loss history would probably have cheaper rates than a younger one.
losses
loss run describes the history of all your losses and claims as a business. If your business has a history of claims, accidents, traffic citations, or speeding tickets, your rates may be higher. That’s because the insurance provider sees your business as a more important risk to cover. These elements, in his opinion, make it more likely that he could face a lawsuit in the future.
the location of your business
The primary location of your business will also influence your premium. Generally, rural areas tend to have less traffic, which means there is less chance of accidents. therefore, you may pay more for the cost of your truck insurance if your business is in an urban area. Another critical factor is the distance your trucks travel to do business. The greater the radius of travel covered by your trucks, the greater the chance of accidents and the higher the cost of your premium. therefore, if your box trucks frequently cross state lines, you may pay more regardless of your location.
the type of insurance you need
The final factor that determines the cost of your premium is the type of insurance coverage you want. Most companies offer basic box truck insurance policies that only cover property damage and personal injury liability. Property liability will cover you for damage to your truck in the event of an accident. On the other hand, bodily injury liability will cover injury or damage to another person in an accident caused by your truck.
Although these policies will work, they are insufficient to give you all the protection you need. As a result, you’ll need a few other policies to offer you additional protection. Some of these other coverages you will need include the following:
These additional policies are not free. they expand the level of risk that the insurance company has to assume. therefore, they attract come at a higher rate. the more additional policies you have, the more you will have to pay.
how to save money on box truck insurance?
Box truck insurance can be expensive, considering the risks involved in doing business. however, by using the following methods, you can save some money and lower what you pay for the cost of box truck insurance.
hire drivers with good driving records:
See also: Not sure if youre a life insurance beneficiary? Heres how to find out
As discussed above, box truck insurance costs are lower if your business has drivers with clean records.
buy combo packs
If you’re going to buy policies in addition to your basic box truck insurance, it’s best to buy them all together. most companies offer discounts to customers who buy multiple policies at once.
commit to an annual payment
Insurance companies would allow you to pay your monthly or yearly premiums. however, you can get up to 10-20% off if you commit to an annual plan. while this makes it cheaper, it also means you’ll be stuck with the supplier for the whole year.
find the best quote:
The best way to find affordable truck insurance is to shop around. If you have time, ask for quotes from as many companies around you. compare the costs and find the one you can afford. however, beware of insurance policies that sound too good to be true. In some cases, a ridiculous fee could indicate that the provider does not offer the best service.
Working with a top-tier insurance broker like simply business, commercialinsurance.net, or smart financial is a good way to ensure you get multiple quotes with similar coverage to compare and select the cheapest. Biberk and Progressive are the only two companies that offer a quick online box truck insurance quote. It shouldn’t take you more than 10 minutes to get a quote on their websites, so it might be worth it. If you only need box truck insurance for a few days, you should definitely get pay-per-day truck insurance from InsurePro. They’re the only provider to offer flexible trucking coverage where you only pay when you’re on the road.
Learn more about where to find commercial truck insurance quotes and the best commercial truck insurance brokers
ask for discounts
Insurance companies may lower your price for a variety of reasons. In most cases, you may be told about your options. but then if they don’t mention it, you can ask about the discounts they offer.
Learn more about the cheapest commercial truck insurance companies.
who needs van insurance?
First of all, a box truck is a commercial vehicle with separate cab and cargo compartments. the truck’s name comes from the fact that the vehicle’s cargo space is designed like a box. Although these trucks look like delivery vans or vans, they are usually much larger. Another distinction is that you can only access a box truck’s cargo box from the rear or side doors instead of the cab. other trucks that fit into the boxcar category are:
If you have one of these box trucks, you need at least minimal liability insurance. Most states require that you meet the minimum liability coverage requirements established by state law. Your box truck must meet the minimum criteria for the state in which it is registered.
You can also get additional coverages to help protect your truck and your business from other potentially costly damage if you choose. The following are examples of typical businesses that require box truck insurance or straight truck insurance:
learn more about box truck insurance requirements
truck insurance companies
There are many companies that offer commercial truck insurance for box truck businesses, whether you are an owner-operator of a single box truck or a fleet of box trucks.
We have researched and recommended the top 6 providers of truck insurance companies for your consideration.
how to find cheap van insurance?
Box truck insurance is expensive, but it’s critical protection for your trucking business and a must have. The good news is that there are several ways to save money:
