Axlerate Logo

trucking insurance companies

Image of a form, toy car and key to denote commercial vehicle insurance

The Great Insurance Safari: Hunting down the myths about Commercial Vehicle Insurance

Get the inside scoop on why commercial truck insurance is a road-trip superhero Commercial vehicle Insurance is essential for protecting your business assets by reducing the financial burden in accidents or theft. It’s often a legal requirement in many places for operating commercial vehicles on public roads. There are a number of things involved in understanding commercial fleet insurance. It ensures financial security, preventing significant losses from unexpected accidents. Moreover, proper coverage builds customer trust, showing your commitment to their safety and increasing engagement with your business. Uncover the fascinating world of commercial fleet insurance options There are a number of trucking insurance companies that provide different commercial truck insurance coverage options including liability insurance (for injury and property damage to others), physical damage coverage (for collisions, theft, and vandalism), uninsured/underinsured motorist coverage (for accidents with insufficiently insured drivers), cargo insurance (for goods in transit), and bobtail insurance (for liability when driving without cargo or a trailer). Discover the forbidden activities that even insurance can’t handle Businesses rely on commercial fleet insurance to comprehensively cover their vehicles, safeguarding them from potential financial liabilities arising from unexpected events. However, it’s crucial to remember that certain activities usually fall outside the scope of coverage. These include intentional acts, wear and tear, employees using vehicles for personal reasons, and transportation of hazardous materials. Join the ride to dispel the wild rumors floating around commercial truck insurance It’s time to close the curtains on this conversation! Commercial vehicle insurance is critical for protecting business assets. It offers diverse coverage options that reduce financial burdens from accidents or theft. However, there are common myths surrounding commercial vehicle insurance. Businesses must understand policy exclusions listed by trucking insurance companies and invest in the right coverage tailored to their specific needs for protection against financial setbacks. Axlerate is a unified fintech platform for logistics with products including AxleTags, AxleCards, AxleDrive, AxleFinance, AxlePay, AxleDirectory and AxleMarketplace. Our solutions help to simplify toll payments, fuel purchases and fleet expenses with FASTags, prepaid cards, fuel cards, capital loans, insurance, escrow, payments, online truck booking, GPS, fleet management software and the buying and selling of commercial vehicle spare parts.

Image of a person filling a form to denote commercial vehicle insurance coverage

Understanding the 4 types of commercial vehicle insurance coverage

What you need to know about commercial vehicle accidents? Commercial vehicle accidents can be a result of distracted driving, mechanical issues and the inability to identify blind spots. A blind spot is a dangerous zone surrounding the truck where vehicles are out of sight from both side-view and rearview mirrors, putting drivers at risk. While there are a number of strategies for risk management, claiming a commercial vehicle insurance policy helps to counter the financial loss.  The number of commercial vehicle accidents is quite frequent. For instance, The National Highway Traffic Safety Administration (NHTSA) reported that 8,40,000 accidents involving large commercial vehicles occur annually due to drivers not being aware of their blind spots while 300 people lose their lives in such collisions. How does insurance benefit the Logistics industry? There are a number of benefits of commercial vehicle insurance policy in the logistics industry. It  helps to protect drivers, vehicles and cargo in terms of loss or damage by meeting medical and other financial requirements. 4 types of commercial vehicle insurance coverage: There are multiple types of commercial vehicle insurance coverage including commercial liability, physical damage, motor truck cargo and non-trucking liability. Factors that influence the premium of commercial vehicle insurance: The cost of commercial vehicle insurance is determined by many factors, such as the age and condition of the automobile, its model and make, vehicle class, type of fuel it uses, insured declared value (IDV) and  location in which it is registered. You can buy commercial vehicle insurance online by choosing the best trucking insurance companies like Axlerate which provides commercial truck insurance, freight insurance coverage and health insurance for truck drivers. Let’s Wrap Up! Commercial vehicle accidents are increasing due to distracted driving, mechanical issues and trouble with identifying blind spots. However, having a commercial vehicle insurance policy will help to provide coverage for drivers, vehicles and cargo. You can buy commercial vehicle insurance online from the best trucking insurance companies in terms of commercial liability, physical damage, motor truck cargo and non-trucking liability. 

Image of a paper with an umbrella symbol to denote trucking insurance coverage

The importance of trucking insurance coverage for logistics

Why do logistics companies need to care about risk management? Workplace accidents within the premises lead to loss of life, money and machinery. But major activities of logistics companies operate outside the premises and are even more vulnerable to casualties, theft and disasters compared to other workplace settings. Therefore, trucking insurance coverage in logistics is of prime importance to avoid heavy losses owing to unprecedented circumstances. According to research, 37.15% of logistics companies want to invest more in systems to automate risk identification and issue resolution (Statista, 2021). However, the predominant method of mitigating risks is to understand the importance of insurance for logistics and to adopt insurance policies to meet fleet expenses during a crisis.  What trucking insurance coverage do transport and logistics companies need? The prime reason leading to a crisis in logistics operations is the lack of visibility. According to research, 69% of companies do not have total visibility over their supply chains (Source: FinancesOnline). However, though visibility can be increased by installing and adopting tech solutions, a major portion of risk can only be mitigated using freight insurance coverage. Logistics companies usually need freight insurance coverage in terms of cargo damage, cargo theft or hijacking, transportation delays and even loss of sensitive data. What are the challenges of processing logistics insurance manually? Manual processing of commercial truck insurance by trucking insurance companies has its own challenges in terms of time, enormous amounts of paperwork, errors and even lack of insights on risk prediction to craft a holistic or personalised freight insurance coverage for specific industries or operations. Logistics is a complicated industry in terms of risk owing to the fact that most operations occur outside the premises. Therefore, with manual processing, logistics owners may not be able to claim benefits on time or even get enough coverage for all the risks involved in the industry. Why is utilizing fintech in trucking insurance coverage essential for logistics? In simple terms, digitization or automation saves time, money. Fintech solutions provide insights to trucking insurance companies, banks or third-party lenders on creating firm-specific commercial truck insurance, freight cargo insurance or health insurance for truck drivers by predictive analysis of risk using big data. Moreover, fintech leverages the potential of artificial intelligence, machine learning and blockchain technology to provide, record and analyse asset data in real-time and store it in a secure database that cannot be tampered. This sort of visibility and security with automated fraud detection prevents asset theft or fraudulent activities in data exchange which is of prime importance in claiming freight insurance coverage benefits. Let’s Wrap Up! Logistics industry is comparatively the most vulnerable to risks and therefore risk management in logistics is a matter of concern. The predominant means of mitigating risks is through trucking insurance coverage.  However, manual processing of commercial truck insurance, freight cargo insurance or health insurance for truck drivers lack maximum coverage for all fleet-related risks and is prone to errors, enormous amounts of paperwork and loss of time. Therefore, digitisation or automation of the process with fintech solutions help in crafting personalised, holistic and best insurance for logistics and speeds up the entire process! Axlerate is a unified platform for Logistics management, payments and services. Our solutions help to simplify tolls, fuel purchases, fleet expenses, loans, insurance, escrow, payments, truck booking, fleet management and the buying and selling of logistics products and services.

Scroll to Top