Getting the best insurance for your truck is one of the most crucial things out there.
However, the increasing number of options in the market can be a confusing thing for most people. At the same time, there are only a few truck insurance packages that offer comprehensive coverage and other features without costing too much.
Truck Insurance Exchange, often called TIE, is one of those packages you can choose. The last time we checked, so many truck drivers and organizations relied on the Truck Insurance Exchange.
Nevertheless, many of us are unclear about how the insurance package works. More importantly, there is a looming doubt whether the coverage options from Truck Insurance Exchange are worth all the hype it receives.
We like to answer the doubts once and for all through a detailed Truck Insurance Exchange review. This review considers the company background, coverage options, pricing, customer service, competitive performance, and other aspects of Truck Insurance Exchange.
We believe the review will help you understand whether you should choose Truck Insurance Exchange over other insurance options in the market. We will get started with a thorough overview of the company.
Company Overview: Truck Insurance Exchange
Truck Insurance Exchange is an insurance firm that is based in California, United States.
One of the famous names in the insurance industry, Truck Insurance Exchange, is a part of Farmers Insurance services. We must note that TIE is one of the many companies that work under the label of Farmers Insurance.
A variety of other insurance-related services are available from Farmers Insurance, including but not limited to Farmers Homeowners’ Insurance and Business Insurance. In this review, however, we will be looking at what Farmers Insurance is offering in the auto insurance sector.
The company has been authorized to function in California since 1935. When we consider that the host company, Farmers Insurance, started its journey in 1928, the decades of experience TIE has does not surprise us. Of course, it also means that the insurance company has seen significant trucking and auto insurance changes.
In addition, it would not have managed to stand the test of time without offering credible insurance services. This additional experience is a reason for the current popularity of the company. It is worth noting that Truck Insurance Exchange is almost always known as the subsidiary of Farmers Insurance instead of a standalone insurance package.
Truck Insurance Exchange offers some other financial services in addition to its truck insurance policies. The net income of $70.5 million and the total assets of $17.02 billion are impressive, for sure.
The services are available in many areas, including Chattanooga, TN, Birmingham, AL, Chicago, IL, Austin, TX, Tampa, FL, Victoria, TX, Sacramento, CA, and Milwaukee, WI. The insurance company seems to be expanding its coverage area every month. So, you should check if the service is available in your area, in a direct or indirect sales manner. We hope this is a good overview of the Truck Insurance Exchange.
Let us now look at the insurance coverage you receive from Truck Insurance Exchange.
We must tell you that Truck Insurance Exchange offers an impressive variety of insurance options, including custom-made ones. It is thus completely normal that your policy provides more or fewer coverage options.
Accident Caused by You
If you cause a minor collision while driving the car, the other party may require coverage for the damages to their vehicle and bodily injury.
At these times, Truck Insurance Exchange can cover you, paying for damage to property as well as physical damage. It may also cover other problems caused by the collision.
Sometimes, you may cause accidental damage to the vehicle.
In the worst-case scenarios, you may even get a useless truck in the end. You can count on the packages from Truck Insurance Exchange to cover the repair charges or overall compensation in these instances.
Sometimes, weather-related emergencies can damage your truck. For instance, a hailstorm, flood, extreme rain, etc., can damage the vehicle.
In these instances, the comprehensive coverage from TIE will ensure the maximum repair costs and value compensation.
While driving your truck, you may come across uninsured drivers who cause problems. Although the driver cannot pay you due to the lack of insurance, TIE insurance will extend the coverage. You can get coverage for bodily injuries as well as vehicle damage.
In addition to these, Truck Insurance Exchange policies may include a few other layers of protection. It may include, for instance, Personal Injury Protection. It would come in handy when you have to through therapy or different kinds of medication due to an injury while trucking. If you are an individual truck driver, you may receive compensation for the loss of wages.
As you can see, the insurance coverage from Truck Insurance Exchange is quite comprehensive.
Here is an overview of how much it costs to get truck insurance from the Truck Insurance Exchange. You have to keep in mind that we are talking about the cost of insurance only. If you want to use the ‘exchange’ platform, you may have to pay extra fees as deemed by the platform [more about that later.]
Truck Insurance Exchange, like other products from Farmers Insurance, focuses on customized insurance plans. Therefore, you cannot find ready-made plans on the website. Instead, you will have to contact the customer service team of Truck Insurance Exchange to find a plan that suits you.
It is excellent that you can find combined insurance packages and multi-policy benefits while buying from TIE. For instance, you can get a few umbrella insurance policies from the company for enhanced coverage. You may also receive some extra discounts if you want to use the truck in certain states. Last but not least, you can have additional benefits by signing up the Exchange platform by Truck Insurance Exchange from Farmers Insurance.
However, the pricing plans from Truck Insurance Exchange are pretty reasonable. When combined with factors like good driver discounts and umbrella insurance discounts, you can easily save up to a few hundred dollars every year.
As we mentioned earlier, Farmers Insurance has been active in the industry for several decades. One of the reasons for its success is the excellent customer service, indeed.
Over time, Farmers Insurance and all its subsidiaries have improved the customer service options. Therefore, you can expect the same quality when you get truck insurance from Truck Insurance Exchange.
Before we mention the customer service, we must say a few things about the customer experience that people have had from Truck Insurance Exchange. It is one of the few companies to get an A+ rating from the Better Business Bureau, and you can find three positive reviews as well.
The number of complaints regarding the company is also low compared to the volume of business it handles. Therefore, you may not face many issues while using the insurance coverage and other services from TIE. If you do, there are options.
You can use the official website of Truck Insurance Exchange to receive customer support from the company. There are options for live chat, but you would have a better experience by connecting to an agent directly. The company follows the same structure when a customer wants to know the pricing for a specific insurance plan.
In short, the customer service options from Truck Insurance Exchange are impressive, indeed. At least, you do not have to worry about unanswered queries. Of course, you can always log into your account dashboard and get a more personalized support option. The company’s official website contains a wide range of support data and Knowledge Bases as well.
How Does It Compare to Competition?
We will now look at a few factors that make Truck Insurance Exchange unique from other insurance packages in the market.
Truck Insurance Exchange from Farmers Insurance is not a simple insurance provider. On the other hand, it acts as an exchange where customers can exchange truck insurance policies with each other. This exchange is an innovative space when you think about it from an insured’s perspective.
According to the law, someone insured for the coverage cannot sell the insurance packages or accept the premium payments. The exchange makes it possible by becoming the mediator between two customers. Therefore, it is easy to stay away from legality.
It needs to be noted that customers are the owners of the exchange. If you are a customer who needs many policies over time, the exchange would be a beneficial factor, indeed. However, if you need a standard cover of insurance for your truck, it would not be a bigger problem.
As we mentioned earlier, Truck Insurance Exchange offers a better set of options for customizations. Instead of choosing one of the pre-designed insurance packages, Truck Insurance Exchange allows you to select the types of protection you need. It is a great way to save money as well.
The problem with pre-designed packages is that you may be paying for coverages that you do not necessarily need for your truck. On the other hand, with TIE, you can bring together the protection packages from more than one policy if you want.
The customization aspect is excellent when you want to protect other resources you have. For instance, it will be easy to get some Farmers Insurance packages for your loved ones, recreational resources, or even different types of assets.
Compared to other insurance providers that deal with such volume, Truck Insurance Exchange receives only a few complaints. It refers to the quality with which the company conducts its business. As you can guess, a user would not have to wait for long to make insurance claims.
We also noticed that getting in touch with Truck Insurance Exchange is not a difficult task. The User Interface is straightforward and contains every bit of information. As we mentioned earlier, you have to get in touch with the support team via multiple channels. We believe it is a tremendous advantage for starters.
Here are some of the other advantages you can get from Farmers Insurance:
- Farmers Insurance has an impressive accident forgiveness plan. It means the insurance premium will not skyrocket even if you come across an accident. It means you do not have to worry about making a claim when you encounter unforeseen events.
- Unlike other insurance agencies, Truck Insurance Exchange values the steps you have taken to protect your vehicle better. You can notice a change in the premium if you have a good driving record and have added security measures to your truck. Anti-theft devices are one of them.
- Depending on the number of policies you want to purchase, you can get additional discounts from TIE. These are pretty helpful when you have a fleet of trucks and want to ensure everything under a single roof. It would make management a hassle-free process as well.
- Farmers Insurance for trucks also gets a few advantages. For instance, you can install the official app to get more discounts on the premium. Based on how well your driving behavior is, you will receive noticeable rewards.
- As we have pointed out, Truck Insurance Exchange can easily be clubbed with other insurance plans from Farmers Insurance. Therefore, you can protect all your assets from a single space, reducing the number of dashboards you need to worry about.
Considering its performance in different sections, Truck Insurance Exchange is one of the best truck insurance options you have in the market.
If you can make some extra efforts in driving habits and multi-policy management, you can get these insurance plans without spending too much. It is also significant that you can manage your multiple policies from a single space without worries.
Last but not least, you can benefit from the exchange platform of TIE and Farmers Insurance if you are looking for multiple insurance packages over time.