Iowa Truck Insurance

Truck Insurance in Iowa

With rising insurance rates, it’s increasingly important that you find the right policy that fits within your budget considerations. Hiring qualified drivers and keeping your company’s trucks in good condition are an important part of that process. But protecting both drivers and your big rigs with the right levels of insurance and coverage is imperative.

According to the FMCSA, in 2018, the “number of large trucks and buses in fatal crashes . . . increased by 48 percent from its low of 3,432 in 2009.” And according to the Iowa Department of Transportation Motor Vehicle Division, 2019 saw 62 crashes involving commercial vehicles, resulting in 71 fatalities. So it’s not a matter of whether or not you should be insured, but how to find the best value for your money while keeping you and yours protected on the road.

Insurance, of course, is important no matter where you drive, as every state has its own special regulations. Let’s review why you need Iowa truck insurance and why you should use an independent insurance agent when protecting your trucks and drivers.

Why do I need Iowa Trucking Insurance?

  • Truck Liability Coverage

    All states mandate the purchase of liability coverage for your trucks, though the exact specifications vary. Purchasing liability insurance is clearly in your best interest, even with these differences. When your truck is involved in an accident, liability insurance covers any injuries or damage sustained by the other driver or vehicle so you don’t have to. In Iowa, truck drivers and businesses are required by law to hold a minimum level of liability insurance, determined by what you haul and where. For example, if your truck doesn’t cross state lines and is over 26,000 GVW, you must have an intrastate-only USDOT Number and be insured.

  • Physical Damage Coverage

    Physical damage coverage may not be required by law, but it’s just as necessary as liability coverage. When a big rig is involved in an accident, the damages can definitely be costly. According to the FMCSA, “The average cost of all large truck crashes is about $91,000 per crash.” That average can rise to nearly $200,000 when the crash involves injuries, and it can even reach millions of dollars in the case of fatalities. Physical damage coverage is designed to protect you from these extraordinary losses, especially when a truck is put out of service for an extended period of time.

  • Motor Truck Cargo

    For-hire truckers need motor cargo insurance to properly cover the value of the items they are transporting. How this usually works is the party that owns the product being transported is responsible to insure it—since they are the ones risking the loss. This ensures that their assets will be covered if damaged or stolen. Depending on the transported cargo, you may need specific endorsements. For example, if you transport refrigerated goods, you will need to make sure you have “reefer breakdown” coverage. This might cover a $50,000 load of frozen pizza when the reefer unit breaks down along I-80. When considering any line of insurance for an 18-wheeler, cargo insurance is the one you need to understand and pay the closest attention to detail. Some carriers make a long exclusion list that specifically excludes coverage for certain events, depending on which tier of insurance you buy. Make sure you have a clear understanding of exactly what coverage you need and that what you are paying for will cover it. The two most popular cargo insurance forms are called broad-form cargo insurance and named-peril cargo insurance. Broad form covers everything except a specific list of exclusions, and named-peril coverage will only cover the list of scenarios (perils) listed on the policy. No matter what type of commercial vehicle you are driving, if you are hauling goods on a for-hire basis, you need motor truck cargo insurance to make sure you and your clients’ goods are covered. The limit you need is determined by the value of the goods in transport. Most dry van and reefer truckers have around $100,000 limits, but carriers hauling machinery and electronics could need limits of more than $1 million.

  • Truckers General Liability

    This coverage can be a bit harder to decipher, but here is the simplest way to understand it: Truckers’ general liability insurance is designed to protect your company from any damage that might occur when there is not a driver behind the wheel of your truck. On the other hand, your auto liability coverage would cover your business when you are driving. If you have other aspects of your business—such as a quarry or a consolidation warehouse—you will need a more robust general liability insurance policy that considers exposures outside the realm of trucking.

Why Should I use an Independent Insurance Agent?

Find Insurance Programs Specific to Your Needs

No matter what or where you’re driving, if you are diligent in searching out all the options, you can find an insurance program that caters to that specific type of vehicle and its needs. In the long haul, this will benefit your business more than trying to force a general insurance program to fit your needs. For example, TIS specializes in the trucking niche and provides market access to numerous specialty truck insurance programs, including programs for the following:

Instant Certificates of Insurance with our Mobile App

Insurance is something you may take for granted much of the time, but when something happens and you do need it, it is such a relief to know you have the necessary coverage. The last thing you want is to be waiting for hours in the middle of the night for an insurance agent to return your call or get back into the office. That’s why TIS is available 24/7 to issue your certificate of insurance through our mobile app. Regardless of where you or your drivers may go, we’re right there with you for every mile of your journey.

Get Assistance with your Iowa Truck Permits & Filings

With so many regulations and laws, it can certainly be a challenge to ensure that you stay compliant—but not staying compliant can turn out to be extremely expensive. The right agent is there to not only make sure you’re insured but also help you keep all of your permits valid and up to date. At TIS, our permit department is knowledgeable in all aspects of Iowa truck insurance, and we are constantly staying on top of the ever-changing system for updates that might trip you up. We ensure our clients have all of the required Iowa trucking permits and keep you informed of all changes made to laws and regulations.

Additionally, as an independent brokerage, TIS has access to nearly every carrier under the sun. No matter what kind of truck you’re driving, we can partner you with the carrier right for your business. Contact us today to learn more.

Iowa Truck Insurance Quote

Here is what Our Happy Customers have to say

Kelli was very helpful, and great in responding to any questions we had in a timely manner and overall made the process extremely easy on our end. Very professional and responds quickly. She had the best customer service and made everything go smoothly.
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Rachel was very nice, happy, professional, helpful and above all she was very quick to get the job done. Time is everything in this business and the quick response is very important.
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