For business owners, knowing about the Cheapest commercial truck insurance is worthwhile since commercial truck insurance is a big financial commitment in their operations.
Before purchasing a policy, it is critical to understand the type of coverage that your company needs and to ensure that you comply with federal and state regulations.
There is no such thing as a commercial truck insurance policy that is one size fits all. Coverage requirements are as varied as the person who sits behind the wheel and the load he or she is hauling.
To comply with state, shipper, and broker requirements, as well as analyze other coverage requirements, it’s critical to understand what type of commercial insurance coverage you need.
In addition to physical damage and liability coverage, common types of commercial truck insurance include the following:
- Non-trucking liability: This insurance covers damages and injuries that occur while your truck is being used for purposes other than business.
- Coverage for motor truck cargo includes cargo that is stolen or damaged as a result of a fire, refrigeration breakdown, collision, or other occurrences. It also includes the cleaning of trash and contaminants from a roadway or river if your cargo spills onto the road or into a body of water.
- Under a trailer interchange agreement, you are responsible for any damage to a trailer that you are transporting that is not yours.
- Rental reimbursement: This coverage reimburses you for the costs of renting a truck while your truck is being repaired or replaced after an accident. It may also cover downtime if a rental cannot be found.[lwptoc]
Commercial Truck Insurance: What Is It and How Does It Operate?
Generally speaking, commercial truck insurance is classified as part of the larger category of business vehicle insurance.
Commercial trucking insurance, on the other hand, is utilized exclusively by truck drivers and firms that operate using trucks.
To cover individual cars, truck insurance must be acquired, and it is almost often purchased by the owner of those vehicles.
Additionally, the insurance only applies when the vehicle is being used for business purposes by the individuals who are specified on the insurance policy.
The driving records of the individuals mentioned on the policy will also have an impact on the cost of the coverage, as their driving records are a significant element in determining monthly insurance prices. Most of the time, the types of firms and individuals who purchase fall into the following categories:
- Motor Carriers are for-hire trucking companies that possess a fleet of trucks and transport goods for a fee. They are in charge of ensuring their fleet of vehicles.
- Persons who own and manage their own trucking company are referred to as owner-operators of trucks. Individuals are most frequently referred to by this phrase, and they are most frequently the owners of their automobiles. In certain cases, the “owner” is leasing their vehicle from a motor carrier who owns it; in these instances, the vehicle is typically insured by the owner of the vehicle.
- Private Carriers – These are persons who use their cars to deliver products on their employer’s behalf, rather than the company’s. If you are a person who frequently transports goods for your company using your vehicle, you may be asked to purchase your insurance, or your employer may compensate you for the cost of your insurance.
Insurance for commercial trucks is available to any of these businesses. The insurance policy can be tailored to cover a single box truck or a whole fleet of semi-trucks.
Before selecting a policy, the owner should consult with an insurance firm to determine the following factors:
- Coverage – outlines which damages, occurrences, and expenses will be covered by the insurance policy and when.
- Monthly Premium – the monthly payment that the subscriber must make to maintain the coverage.
- Deductible – the amount of money that an insured company must pay toward a claim before coverage is provided.
- Policy Limit – the defined maximum amount of money that the insurer is obligated to pay toward claims submitted under the insurance policy.
The policyholder is responsible for paying a monthly premium in exchange for the insurance coverage provided in the policy agreement.
According to the provisions of the agreement, the insurance company will cover the costs of damages, repairs, and medical or legal expenditures incurred as a result of a covered incident. It is customary for a claim to be covered only if the vehicle and driver are both named on the policy and if it occurs within normal business hours.
Cheapest commercial truck insurance
The finest commercial truck insurance providers offer flexible, reasonable coverage options that are tailored to your specific needs, whether you work as a for-hire trucker or own a fleet.
Keeping this in mind, the following are the cheapest commercial truck insurance policies:
-
Progressive
Progressive is the nation’s largest commercial vehicle insurer, insuring more than 12% of the total market.
Insurance policies are offered for a wide range of commercial trucks in all 50 states, including box trucks, tow trucks, tractor-trailers, ice cream vans, and other specialized vehicles.
Progressive takes the top spot in our ranking of the best commercial truck insurance providers due to the breadth of coverage and amenities given.
Not only does this insurer provide online rates and various coverage and payment alternatives for commercial truck customers, but it also provides skilled service. Progressive Insurance Company offers a specialized heavy truck claims service and provides complimentary state and federal insurance filings (usually issued within 48 hours).
Furthermore, Progressive offers truck insurance policies that cover general liability (bodily injury and property damage), extensive, collision, uninsured/underinsured motorist, medical payments, and personal injury protection (PIP).
Additionally, motor truck cargo, trailer interchange, rental reimbursement (during downtime), non-trucking liability, and fire and theft coverage are available.
Progressive offers savings for business experience, CDL-certified drivers, electronic logging devices (ELDs), paying in full, enrolling in EFT/autopay, bundling coverage with personal car insurance, or putting together a package.
Pros
- The largest commercial car insurer in the United States
- Every one of the fifty states has it available.
- Provides free insurance filings on a state and federal level.
- Numerous discounts
- covers a broad spectrum of vehicle kinds
Cons
- Consumer complaint history
- Will necessitate the aid of a representative
- The size of the permitted fleet is limited.
- A travel radius may be applicable.
-
Sentry
Sentry has been providing quality commercial insurance coverage since 1904. Though this carrier is on the lesser end of the commercial truck insurance spectrum, they offer coverage in all 50 states through their network of 65 trucking-focused agencies.
Sentry specializes in tailoring the insurance experience, which is why they tailor their commercial truck coverage to create the exact policy you need, even if you are a sole owner-operator.
They have an experienced claims staff that understands trucking (and the issues and requirements that come with it) and qualified safety directors with more than two decades of industry experience.
Sentry is our top recommendation for the best for single vehicles due to this degree of experience and focus, particularly for non-fleet business owners.
Policies can help sole proprietors, large fleets, and anything in between. Sentry covers approximately 37,000 truckers and offers a variety of coverage options, including liability, physical damage, accident, comprehensive, motor truck cargo, and non-trucking liability (personal use).
Sentry also does not outsource claim handling; rather, they employ their own claims adjusters who are experts in transportation hazards.
Pros
- Numerous coverage possibilities
- Every one of the fifty states has it available.
- Excels in owner-operators coverage and personal usage liabilities.
Cons
- Online information is scarce.
- Requires collaboration with a local agent
- Smaller business
3. The Hartford
The Hartford provides commercial insurance cover for single vehicles and fleets in all 50 states but excels in mitigating risk for commercial fleets.
You can obtain general liability, property, workers compensation, umbrella, and excess general liability for your commercial trucks via The Hartford. Among the vehicles covered are the following:
- Dry-freight and cold storage trailers
- Trucks for refuse
- Ambulances
- Trucks with dump bodies
- Firetrucks
- Attachments for snowplows
- Manufacturers of trailers
Although single-vehicle plans have limited coverage options—and The Hartford freely admits that they “prefer to write Commercial Auto as part of a multi-line account”—they are likely better suited for firms with many vehicles on the road.
The FleetAhead management program assists in the integration of risk management and technology, enabling you to minimize loss and assure driver safety while also enhancing driver performance.
They provide a variety of telemetry solutions, and clients may be eligible for additional discounts simply for purchasing and utilizing these programs.
Additionally, when you insure your commercial truck with The Hartford, you’ll receive complimentary coverages.
These include deductible waivers for glass repair, one-deductible-for-two coverage, coverage for leased and loaned vehicles, and subrogation waivers, to mention a few.
Pros
- Customer satisfaction scores were higher than those of rival truck insurance.
- Its FleetAhead Program provides fleet managers with real-time data that may be used to increase safety and negotiate better rates.
Cons
- In comparison to some of the other firms, Hartford doesn’t quite offer online quotations.
4. State Farm
State Farm provides the usual commercial trucking coverages, including bodily injury, property damage liability, personal injury, extensive, collision, and uninsured/underinsured motorist coverage.
Additionally, through their inland marine policies, they offer coverage for motor truck goods and transportation, as well as less usual coverage alternatives such as ridesharing insurance.
State Farm’s commercial truck plans cover a wide variety of vehicles, from pickup trucks to heavy equipment such as dump trucks and bucket trucks, ensuring that your company’s fleet will likely find the coverage it requires.
Customers can get commercial truck insurance through State Farm for individual or fleet pickup trucks, box trucks, tractor-trailers, and more.
Liability, collision, extensive, personal injury protection (PIP), medical costs, and uninsured/underinsured driver coverage are all available through the organization.
Commercial car insurance is available in all fifty states. State Farm’s website provides limited information; you’ll need to engage with a local agent to obtain further information and create and purchase your policy.
Pros
- Consumer satisfaction rates are extremely high.
- Personal or fleet vehicle coverage
- Every one of the fifty states has it available.
Cons
- Online information is scarce.
- There are no online quotations.
- Required collaboration with an agent
5. Nationwide
Nationwide offers full insurance, including auto liability, medical expenses, collision, and comprehensive insurance, as well as uninsured and underinsured motorist coverage.
Additionally, owners can obtain additional coverage for their trucking firm, such as motor truck cargo liability insurance.
Nationwide insures box trucks, pickup trucks, and utility trucks, as well as agricultural truck insurance.
However, Nationwide’s commercial vehicle plans do not cover semi-trucks or tractor-trailers. You will need to choose a different supplier for semi-truck insurance.
Nationwide provides clients discounts when they bundle or purchase numerous policies with the company.
Nationwide also offers discounts to customers who pay their annual debt in full or install anti-theft equipment on their vehicles, and some of the most competitive rates for new drivers and businesses.
Pros
- Customer satisfaction rating for auto-specific plans is significantly higher than the industry average.
- When compared to other providers, offers attractive discounts and economical prices for new drivers.
Cons
- Coverage is not available for semi-trucks or tractor-trailers.
- Customer satisfaction scores for its whole commercial insurance package were lower than those of competing truck insurers.
FAQs about the Cheapest commercial truck insurance
How Does Truck Insurance Work?
As with other types of vehicle insurance, commercial truck insurance protects third parties through bodily injury and property damage liability coverage if a truck driver is judged to be at fault for an accident.
How Much Do Commercial Truck Insurance Policies Cost?
As is the case with many insurance products, the cost of commercial truck insurance is determined by a variety of factors.
Monthly premiums for commercial truck insurance varied from $640 to $982 on a national average basis in 2021.
How Is Fleet Insurance Defined?
Fleet insurance protects firms that own and operate many vehicles. When used in a fleet, the vehicles receive the same insurance options at a subsidized rate.
While a fleet is normally defined as five or more company cars, certain insurance firms may consider giving a commercial fleet policy if your business only operates two or more vehicles.
How Much Coverage Do I Need for Commercial Trucks?
Commercial trucks are required by the Federal Motor Carrier Safety Administration to carry minimal insurance coverage amounts that vary as per the truck and cargo being transported.
The more hazardous the load and the larger the vehicle, the more insurance coverage drivers must have.
CONCLUSION
The greatest commercial truck insurance policy is unique to you and your organization. Whether you operate a single food truck, a fleet of tractor-trailers, or whatever in between, numerous reputable and highly rated carriers can provide you with secure commercial truck coverage.
Progressive is worth considering if you’re seeking the greatest all-around commercial truck insurance.
This operator provides coverage for a variety of different truck models and industries throughout the United States, with varying discounts available.
If, on the other hand, you’re seeking a specific insurance feature, another carrier may be a better fit.