Your private auto insurance policy will not suffice for business auto insurance. Commercial auto insurance is a form of insurance that covers the vehicles used for business purposes such as deliveries or maintenance calls. Typically, a commercial auto policy will have a higher coverage limit than your personal insurance policy because vehicles used for business have higher risk factors and therefore need more coverage.
Various companies provide commercial policies to drivers who need them. Some of these companies have policies covering everything from a delivery car to a semi-truck. Others specialize in a specific kind of commercial vehicle. Let’s look at the commercial auto offerings from GEICO to determine what they offer.
Who is GEICO?
First, let’s find out a little more about GEICO. GEICO is a subsidiary of Warren Buffett’s Berkshire Hathaway, Inc. Berkshire Hathaway is one of the largest public companies worldwide. GEICO has come quite a way from the company that began in the Great Depression.
In 1936, Leo Goodwin and his wife Lillian created the Government Employees Insurance Company aimed at insuring federal employees and specific enlisted military officers. Leo started the company, and Lillian was the marketing, accounting, and underwriting person. Within a year of being founded, GEICO had written more than 3,500 insurance policies.
GEICO has steadily grown since that early beginning. In 1980, they introduced their 365-day a year, 24-hour telephone service for claims, sales, and other services. By May of 2009, GEICO was available in all 50 states and Washington, DC. In 2010, they introduced their mobile app for securing quotes and purchasing coverage from the palm of the hand via cellphone.
By 2016, GEICO was the second-largest auto insurer in the US, with over 14 million customers. In 2019, they added their 17 millionth policy, and they continue to grow. They have expanded from simple auto insurance policies to include commercial policies, homeowners, renters, and boat coverage.
Geico offers commercial truck insurance policies. Let’s see what they cover and what they don’t.
What types of trucks does Geico commercial truck insurance cover?
Currently, GEICO offers commercial truck policies for
- Cars
- Pickup trucks
- Vans
- Service utility trucks
- Box trucks – Learn more at box truck insurance cost and the best box truck insurance companies
- Food trucks – Learn more at the best food truck insurance companies
However, they do not have policies for semi-trucks or tractor-trailer rigs. If you want to find coverage for semi trucks, you have to look elsewhere. Learn more at semi truck insurance cost and the best semi truck insurance companies.
They do offer packages for tow trucks as part of their service utility truck policies. Learn more at tow truck insurance cost and the best tow truck insurance companies.
What coverages does Geico truck insurance offer?
A commercial vehicle policy will include things like liability, collision, and comprehensive, just as your personal automobile policy does. The differences are in eligibility requirements, specific policy definitions, exclusions from coverage, limits to coverage, and other coverage parameters.
Here are the coverages for a commercial vehicle policy:
Bodily injury liability
This pays for injuries or death in an accident where you are at fault. This coverage may also provide you with legal defenses in the case of an at-fault accident.
Property damage liability
Property damage liability is for someone else’s property that is damaged by your vehicle. Think mailboxes, planters, or other items that you might accidentally hit while doing business and other vehicles that are damaged in an accident.
Combined single limit (CSL)
Usually, a liability policy requires separate limits for bodily injury and property damage. However, a combined single limit policy has the same monetary coverage limit per incident, whether it’s a bodily injury claim or a property damage claim.
Medical payments, personal injury, or no-fault coverage
This coverage pays the medical expenses for the people who were in a vehicle owned by you in the case of an accident, no matter who is at fault.
Uninsured motorist
This coverage takes care of your injuries and some property damage if you are in an accident with someone who doesn’t have insurance or who chooses to hit and run. Sometimes underinsured motorist is included with this coverage to protect you if the at-fault driver doesn’t have adequate insurance coverage.
Trucking physical damage coverage
There are two levels of coverage here and Geico offers both. Learn more at the best trucking physical damage insurance companies.
Collision
This coverage pays for damage to your vehicle if it’s hit by or hits another vehicle or other object.
Comprehensive physical damage
This coverage pays for damages caused by flood, fire, theft, vandalism, or other dangers other than car accidents.
Praises, reviews, and ratings for GEICO truck insurance
If you’re shopping for insurance, you want to choose a company that is financially able to handle any claims that might come its way. GEICO is definitely financially solvent. They have more than $32 billion in assets to prove it.
GEICO has earned a variety of honors and high ratings. These ratings are given for financial strength, customer service, and creditworthiness. Its parent company, Berkshire Hathaway, is also highly rated.
AM Best is an independent insurance analyst who rates companies based on financial strength. GEICO consistently receives an A++ rating from them. This is the highest possible rating a company can receive, and only a small percentage of property and casualty companies have earned high marks.
Another analyst, Standard & Poor, awarded GEICO and its affiliates an AA+ rating for financial strength. GEICO has also undergone strenuous reviews, achieved S & P’s top ratings, and earned its Security Circle designation.
Customers praise GEICO for the speed of their telephone operations. Their rate quotes are usually processed within 15 minutes, which earned them high marks in the realm of functionality. The Kanbay Research Institute rated GEICO as the most desired insurer among customers because they have a high regard for customer service and they focus on making sure their staff is well trained.
Final thoughts
GEICO began in 1936 when Leo and Lillian Goodwin started an insurance company for federal employees and military officers. Since then, the company has grown to include more than simple auto insurance, and it is now a subsidiary of Warren Buffett’s Berkshire Hathaway company.
GEICO offers a variety of commercial policies. They do cover tow trucks as well as box trucks and pickup trucks under their commercial truck policies. However, they do not currently offer coverage for semi-trucks or tractor-trailer rigs.
With $32 billion in assets and an A++ rating from AM Best as well as an AA+ rating from Standard & Poor, you can expect GEICO to be able to back your claims with their company. They’ve also won awards for their customer service policies. These combined make GEICO a highly rated insurance company.
