Motor Truck Cargo Insurance


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Harold Hampton
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Keep Your Motor Truck Cargo Safe with the Best Insurance

Motor Truck Cargo insurance will provide coverage for your cargo against all external damages caused naturally or by accident. Your trucking business will benefit greatly by purchasing cargo insurance so that you can make up for losses that may have occurred to your goods. It will protect against damage to different types of cargo such as merchandise, property, wares, and so on. 

It also provides coverage in case of physical loss or theft, destruction of goods and physical damage to goods. 

Situations in which you will need motor truck cargo insurance include:

  • Water leaks in the trailer that can damage goods
  • Stolen goods
  • Breakdown of the refrigeration unit that will lead to spoilage
  • Damage to the motor truck cargo while loading and unloading 
  • Coverage for a temporary truck if your own truck goes out of commission
  • Debris removal coverage in the case that your cargo has strewn all over the highway, especially with substances like paints, foods or hazardous material


What to Ask about Motor Truck Cargo Insurance

While applying for cargo insurance, ask yourself the following questions to make sure you have all your grounds covered: 

What Goods Are Covered Under My Cargo Insurance?

Don’t assume that all types of goods may be covered under your insurance policy. Some policies don’t cover prime lucrative items such as jewelry, liquor and tobacco because they are commonly targets of theft. 

Am I under Covering or over Covering My Goods?

Sometimes it is possible that you overpay for insurance that you may not even need. On the other hand, you may not have coverages that you hadn’t anticipated before. For instance, if your truck breaks down then will your insurance cover for a temporary truck that will complete the shipment?

In the case of a Claim, How Fast Are the Services?

In the unfortunate circumstance that your goods are damaged, lost or stolen and you make a claim, is your insurance company efficient with its services so you don’t have to wait too long to recover?

Will Your Insurance Broker Assure Coverage for a New Load?

Suppose you get a rare but profitable shipment of goods motor truck cargo aren’t normally covered in your insurance policy, will your agent or company be able to get insurance for the new goods without much hassle?

A specific part of Motor Truck cargo policy that deals with perishable items and that may not necessarily be covered in your general insurance policy is refrigerated freight insurance or reefer breakdown coverage.

Reefer Breakdown Coverage and All You Need to Know about It

By now you must have realized that if your trucking business deals with refrigerated items like meat, foods, ice creams and some medicines you won’t find insurance easily. A liability known as reefer breakdown coverage offers protection from goods which become spoiled, lost or unusable. This type of insurance is also more expensive than others because of the high cost of maintenance — it requires a semi truck and trailer with a reefer.

However, if you do have shipments with one or more of these products that require refrigeration, then buying reefer breakdown coverage can prove to be very useful. In the case of a reefer breakdown, your expenses will be reimbursed by this coverage. Sometimes, it may not even be necessary that the reefer breaks down; a lot of companies may give a shipment of goods that is about to expire which the receiving companies will reject. With no fault of yours you may lose a lot of money in this process. 

Reefer Breakdown Coverage Costs

Unfortunately, the price of reefer breakdown insurance is generally high and has risen even higher over the years because of the FDA’s Food Safety Modernization Act which requires food to be of good quality. Nevertheless, shipments involving the transport of fruits, vegetables, meats, ice cream/chocolates and other perishable items can be very lucrative and give you a profit boost. 

Do note that even under reefer breakdown coverage some items like tobacco, pharmaceuticals, and some meats may not be covered under motor truck cargo. Be sure to ask your insurance company for the specific items which are covered and which are not. 


How to Reduce Rates on Cargo Insurance

Rates on motor truck cargo insurance policy can vary according to the type of items you are hauling. Typically, regular cargo insurance costs can vary but will offer limits between $10,000-$100,000 depending on the type of cargo being hauled. 

Clearly, if you are hauling foods or refrigerated items the cost will be much higher because of liability like fire or other risks. If you are hauling hazardous items such as chemicals or fertilizers, you will need hazmat insurance which can cost up to $12,000 a year. Similarly, if you are transporting livestock from one place to another, a special coverage known as livestock cargo insurance will cost you between $6,000-$12,000. Although these motor truck cargo coverages cost more, their average coverage limits are also very high.

We’re the perfect solution to all your motor truck cargo insurance requirements. We have a broad range of insurance policies to cover various aspects of your business that you would be looking to insure. Call us today for a free quote!

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