Commercial truck insurance, also known as commercial vehicle insurance or fleet insurance, is a type of insurance coverage specifically designed for trucks and other commercial or private vehicles used for business purposes. It provides financial protection against various risks and liabilities associated with operating commercial trucks.
It can cover accidental damage, medical expenses, bodily injury, and so on, depending on the coverage you purchase.
How Much Does Commercial Truck Insurance Cost?
Premium payable on commercial truck insurance can cost from 15,000 thousand naira to 30,000 naira.
So the amount depends on the coverage and company you are buying from.
Benefits of Commercial Truck Insurance
The benefits of Commercial Truck Insurance are:
- Property Damage Coverage: Commercial truck insurance can provide coverage for damages caused to the insured vehicle, including collisions, accidents, or theft. This helps to mitigate the financial burden of repairs or replacement.
- Liability Protection: It can offer protection against third-party bodily injury, property damage, or personal injury claims arising from accidents involving the insured commercial truck. This coverage can help cover legal costs and potential settlements or judgments.
- Cargo Coverage: Commercial truck insurance often includes coverage for the cargo being transported. If the cargo is damaged, lost, or stolen during transit, this coverage helps to compensate for the financial loss.
- Medical Expenses: In the event of an accident, commercial truck insurance can provide coverage for medical expenses incurred by the driver, passengers, or other involved parties.
- Uninsured/Underinsured Motorist Coverage: This coverage protects the insured driver and vehicle against accidents caused by uninsured or underinsured drivers who may not have adequate insurance to cover the damages.
- Roadside Assistance: Many commercial truck insurance policies offer additional benefits such as roadside assistance, towing services, or emergency fuel delivery to help minimize downtime and keep the business running smoothly.
Reasons Why People And Companies Need Commercial Truck Insurance
Reasons why people and companies need Commercial Truck Insurance:
- Legal Compliance: In many jurisdictions, having commercial truck insurance is a legal requirement for operating commercial vehicles. It helps ensure compliance with regulatory authorities.
- Financial Protection: Commercial truck insurance safeguards businesses and individuals from the potential financial liabilities arising from accidents, property damage, or cargo loss. It helps protect assets and maintain financial stability.
- Business Continuity: Having the right insurance coverage for commercial trucks helps minimize downtime and keeps the business running smoothly by providing prompt assistance for repair, replacement, or recovery.
Companies that Offer Commercial Truck Insurance in Nigeria
Companies that provide Commercial Truck Insurance in Nigeria are:
1. AIICO Insurance Plc
AIICO offers a range of insurance products, including commercial motor fleet insurance, which covers commercial vehicles like trucks, buses and cars.
How to contact them
You can contact them via submitting a query on the website or by visiting their office in Lagos at Plot PC 12, Churchgate Street, Victoria Island, Lagos.
Or you can call 01 279 2930 or 0700 AIIContact (0700 2442 6682 28).
If email is convenient for you, email them at aiicontact@aiicoplc.com.
2. Custodian and Allied Insurance Limited
Custodian and Allied Insurance provides comprehensive motor fleet insurance, including coverage for private trucks used for commercial purposes and business commercial trucks.
How to contact them
You can chat with them and submit your questions directly on their website or visit their office at 16A, Commercial Avenue, Sabo, Yaba, Lagos.
Other forms of communication include:
- Phone: (+234)12774000-9
- Email: carecentre@custodianinsurance.com
- Business Hours: Monday – Friday: 9am to 5pm, Saturday: Closed, and Sunday: Closed
3. Leadway Assurance Company Limited
Leadway Assurance offers commercial motor insurance that covers a fleet of vehicles, including trucks used for business purposes. Check out Leadway third party commercial motor insurance.
How to Contact them
For enquiries, email insure@leadway.com or you can call (+234) 01-2700700
4. Cornerstone Insurance Plc
Cornerstone Insurance offers motor fleet insurance, including coverage for commercial trucks used by businesses.
How to contact them
- Visit their website at www.cornerstone.com.ng and drop your questions or
- E-mail : ecare@cornerstone.com.ng (for sales Enquiries & Support)
- enquiries@cornerstone.com.ng (for corporate Enquiries, Feedbacks & Complaints)
5. NEM Insurance Plc
NEM Insurance provides motor fleet insurance options that can cover commercial trucks in Nigeria.
How to contact them
- Call +234 807 692 2880 or
- Visit their website at nem-insurance.com to submit enquiries.
Conclusion
Commercial truck insurance is very effective and cheaper to get in Nigeria and comes with a lot of benefits. If this is your first time hearing about this type of insurance, conduct more research on it. Also, note that insurance policies and coverage options for commercial truck insurance can vary among insurance companies.
It is advisable to consult with the insurance providers directly to obtain specific details about coverage, premiums, and other policy conditions.