Great West Auto Insurance Review (2021)
Looking at Great West insurance? They offer commercial insurance coverage such as liability, surety, and worker’s compensation to the airline and trucking industry.
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UPDATED: Jun 9, 2022
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- Great West specializes in serving the trucking industry and aircraft industry
- Great West also offers liability, surety, worker’s compensation, and excess coverage
- Great West has high ratings which are indicative of the company’s financial strength and ability to pay claims
A Great West is a company that can trace its roots all the way back to 1956. In 1936, the Interstate Commerce Commission saw a need to regulate the trucking industry.
In 1956, when Great West was formed, founder Joseph Morten and his son collaborated with members of the trucking industry to provide the coverage that was needed, filling an important gap in the insurance market by creating the first-ever truck insurance product.
The company is currently identified as Great West Casualty Company and is a part of ORI Great West Holdings.
Other raters such as Fitch give the company an A+, while Moody’s offers it an A1.
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Is Great West Auto Insurance Good for Truckers?
Truckers are held to a high standard as professional drivers, yet some things are just unavoidable. Because of this, it is important to make the right investment in the best insurance plan for their needs. Truck drivers are required to carry a certain type of CDL license, which is proof that they are certified to drive a tractor-trailer or 18-wheeler.
CDL classifications include a separate class for transporting hazardous materials. These drivers have to take specified training, take certain routes to make deliveries in addition to other precautions they take.
The risk of transporting hazardous materials has a great impact on the amount of coverage required.
Tractor-trailer drivers work either as independent owner-operators or as representatives of a business. Policies are either paid by the business or owner-operator, which makes a difference to Great West.
Another important factor is the rate class of the truck which is usually based on weight as well as other factors. An 18 wheeler can weigh an average of 40 tons, which is around 80,000 pounds.
Thanks to the technology of air brakes, it is easier to stop a truck in less than the formally required distance.
Safety courses and training minimize the risk of car accidents and other hazards associated with sharing the road with the average driver.
Truckers are trained to be defensive drivers, and they are taught to anticipate what the drivers around them are going to do.
Depending on the rate class, an independent trucker can pay as much as $400 per month for their premiums.
Some of the factors that are taken into consideration are:
- Value of the load
- Hazard classification
- Cost of service
Purchasing an insurance plan from Great West, whether you’re a trucking company or an owner-operator of your own truck, is a great option. As a customer, you will have the benefit of a company that has incredible industry experience, provides excellent customer service, and was created specifically to serve the needs of the trucking business. Commercial trucking insurance isn’t a run-of-the-mill insurance product, so you will want a company like this that can meet your needs but give you a great auto insurance rate at the same time.
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How Else Does Great West Help Truckers?
In addition to being a premier provider of insurance for truckers, Great West also channels its industry experience in other ways. When your truck breaks down for the last time and it is time to get a replacement, Old Republic Financial Acceptance works with Great West policyholders to get the best rate possible on a loan.
You have the option of purchasing new or used equipment when a repair will not suffice. The company even has concessions for your cargo.
Great West partners are available to fill in the blanks when there is a problem with the steady flow of your trucking business.
Owner-operators have the option of rental reimbursement and downtime, which kicks in when your equipment is not making you money. In addition to commercial truck insurance, this company offers you other products that will help you protect yourself financially.
Great West takes up the slack with a network of resources from storage garages to repair shops.
How Much Can You Save With Great West Auto Insurance?
Commercial insurance and cheap auto insurance don’t typically fit into the same sentence, but Great West works hard to help truckers keep their hard-earned money in their pockets. Great West offers deductible reimbursements to owner-operator drivers who are required to pay motor carrier deductibles. This service is provided if physical damage insurance is purchased through Great West.
Occupational accident coverage is made available through Old Republic Life Insurance Company.
Those who do not own their own trailers can save by purchasing miscellaneous equipment coverage for computers, GPS systems, and two-way radios for example. This way you do not have to purchase unnecessary commercial truck insurance on a vehicle you don’t actually own.
The company’s claims processing is made simple with the support network assigned to help you file your claim forms and get things done quickly, saving you both time and money when you can’t get back out on the road.
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