Cargo Insurance

Cargo Insurance

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Commercial Insurance for Cargo

Cargo insurance, also known as motor truck cargo insurance and freight insurance, provides coverage for potential damage to the property of others while in transit or during loading or unloading. This coverage provides protection for accidents like collision, load strikes, fires and more.

It's made for for-hire truckers hauling someone else's property. It can also cover some pollution removal and loss-recovery expenses. In this guide, we'll discuss who might need cargo insurance, its importance, different types, and more.

Who Needs Cargo Insurance?

Many risk managers now require cargo insurance from truckers. This coverage is designed for for-hire trucking operations. For-hire truckers using the following types of vehicles commonly need cargo coverage.

  • Dump trucks
  • Most trailers
  • Cement mixers
  • Dually pickups

Why You Need Cargo Insurance

Cargo insurance serves as a vital safety net for trucking companies. It saves them from the financial burden of cargo damage, loss, or harm during transport, loading, and unloading.

It also extends its protective reach beyond cargo. For instance, if a truck gets into an accident on the highway, and the cargo and debris end up on the road, cargo insurance may help cover the cleanup expenses. Cargo insurance protects from these unexpected costs, making it a valuable asset for trucking businesses.

Cargo Insurance Coverage Types

Explore the various cargo insurance coverage options provided by GEICO. This includes motor truck cargo insurance and motor truck cargo insurance with refrigeration breakdown.

  • Motor truck cargo insurance: For-hire truckers use this insurance to protect the goods they transport. It helps covers loss to property owned by others due to situations like collisions , fires, stolen cargo, or accidents that harm the cargo.
  • Motor truck cargo insurance with refrigeration breakdown: This insurance helps cover losses to items caused by spoilage or change in temperature due to sudden and accidental breakdown of refrigeration or heating units on the covered auto. It is commonly needed for goods like fresh or frozen food, live plants, and certain electronics that need to stay cold.

Exceptions and Restrictions

Motor truck cargo insurance may not be offered in all states. Contact us for specific information about your area.

Motor truck cargo insurance does not cover certain vehicle types like limousines, buses, and ice cream trucks. There are also exclusions for specific cargo types, such as:

  • Valuables: Precious and semi-precious metals and stones, art, jewelry, money, or valuable papers or documents.
  • Restricted substances: Marijuana, contraband, pharmaceuticals, tobacco, and alcohol
  • Live animals
  • Mobile and modular homes
  • Cargo under another carrier's custody
  • Property or goods owned by the insured
  • Cargo not listed in the bill of lading
  • Storage exceeding 72 hours
  • Shipping containers
  • Explosive or radioactive materials
  • Property carried without a charge

How much does Cargo Insurance Cost?

The cost of cargo insurance can vary on factors like the type of cargo you're transporting.

Several key factors influence the pricing of your cargo insurance premium:

  • Cargo type: Insurance prices are affected by the type of cargo being transported. Riskier cargo can increase premiums. Stable cargo tends to be cheaper to insure.
  • Coverage limits: You can choose more coverage, which changes the cost. Some haulers might need more coverage, making the premium go up.
  • Loss history: Your past claims and losses can affect your premium. Insurance providers will assess your history when calculating your coverage cost.

For an accurate price, please request a quote online or reach out to us at (866) 509-9444

Why choose GEICO for Cargo Insurance?

At GEICO, we offer competitive rates and excellent service. When you purchase a commercial auto policy from GEICO, you have the option to add an endorsement for motor truck cargo coverage. We also have the resources and capability to handle and pay your claims quickly. Find out why it's a smart choice to get your truck insured with GEICO. Call us at (866) 509-9444. You can also visit our website to request a free insurance quote today.

Please note:

The above is meant as general information and as general policy descriptions to help you understand the different types of coverages. These descriptions do not refer to any specific contract of insurance and they do not modify any definitions, exclusions or any other provision expressly stated in any contracts of insurance. We encourage you to speak to your insurance representative and to read your policy contract to fully understand your coverages.