- Do you only drive your truck in Arkansas, or do you haul things to other states?
- Are you a new trucker or a seasoned professional with decades of driving experience?
- Do you lease out your truck or own a fleet of semis?
- Do you deliver cakes for a bakery, haul home goods, or drive other vehicles cross-country?
Getting the right commercial truck insurance in Arkansas can be challenging. However, answering these questions and others can help guide you to the right coverages and levels.
This article will reveal the 5 best commercial truck insurance companies in Arkansas and answer frequently asked questions about the coverage so you can get the right protection for you.
- 5 best commercial truck insurance companies in Arkansas
- What does commercial truck insurance cover in Arkansas?
- Commercial truck insurance requirements in Arkansas
- What types of trucks are covered by commercial truck insurance?
- How much does commercial truck insurance cost in Arkansas?
- Factors that impact truck insurance costs in Arkansas
- How do I find affordable commercial truck insurance in Arkansas?
5 best commercial truck insurance companies in Arkansas
I’ve done the research and checked out the insurers offering commercial truck insurance in Arkansas. Here are the top 5 for different reasons.
- Progressive: Best Overall, the leading provider of commercial truck insurance in Arkansas
- InsurePro: Best for on-demand and pay-per-day trucking insurance coverage
- Simply Business: Top insurer for the right commercial truck coverage at the right price
- The Hartford: Tops for truckers who want coverage from a reputable insurer
- CommercialInsurance.net: Tops for a simple insurance buying experience
Progressive: Best Overall, the leading provider of commercial truck insurance in Arkansas
Truckers and truck business owners choose Progressive because the firm offers a complete range of commercial insurance products ideal for them. Progressive combines competitive rates with high-quality service. It has been offering commercial truck insurance for more than half a century.
Progressive is known for its discounts, which could help you save on your commercial truck insurance. You can earn them for things like:
- Having a long track record of safe driving
- Earning a CDL certification
- Paying your premium in full rather than monthly or quarterly
- Agreeing to autopay
- Bundling your commercial truck protection with other insurance from Progressive
- Allowing Progressive to monitor your driving habits electronically.
Progressive can cover anything from a single small truck to a complete fleet of semis in Arkansas.
Last but not least, Progressive is one of the only two providers offering commercial truck insurance quotes online. The other is InsurePro. It should take you less than 10 minutes to get a quote on Progressive website. Even if you are not sure you will go with Progressive, you should at least get a quote to benchmark your truck insurance cost.
InsurePro: Best for on-demand and pay-per-day trucking insurance coverage
Need commercial truck insurance fast? InsurePro could be an excellent solution for you. Simply complete an online form, and InsurePro will get you quotes from three reputable insurers, including names like Hiscox, CAN, and Thimble. The entire process usually takes less than 15 minutes end-to-end.
One of the unique features of InsurePro is that they offer flexible pay-per-day trucking coverage. If you drive your truck part time or you are new to trucking and you don’t have enough jobs to drive full time yet, you can get trucking insurance coverage from InsurePro for a few days only. This would save you a lot of money.
InsurePro is the second company in Arkansas offering commercial truck insurance quotes online. It shouldn’t take you more than 10 minutes to get a quote on their website.
Simply Business: Best for comparing several quotes
Simply Business is an insurance broker specializing in small businesses, including trucking industry. Simply Business focuses on making buying small business insurance online simple and easy. It takes pride in making insurance for Arkansas truckers and other businesses clear, simple, and affordable.
Simply Business is committed to helping truckers and other small businesses find the right coverage for them at a fair price. With Simply Business, all you have to do is input information online about your trucking business, and it will present you with quotes from top insurers. This allows you to compare costs and coverages and select the best insurance for your trucking business all in a single place. It’s the simplest way for busy Arkansas truckers to get coverage.
In some cases where they can’t provide quotes online, they can discuss your quote options on the phone.
The Hartford: Tops for truckers who want coverage from a reputable insurer
The Hartford is a leader in property and casualty insurance. With a more than 200-year history of offering insurance protection, The Hartford is known for the excellent service provided by its employees, sustainability practices, trust, and integrity.
The Hartford was founded in 1810, making it one of the oldest companies in the United States. It currently has more than 18,000 employees serving more than one million small businesses. The firm sells insurance primarily through a network of independent agents and brokers, but you can buy certain business coverages online.
The Hartford goes above and beyond by making specialized risk managers available to help you limit the trucking risks you face in Arkansas. This includes installing or repairing equipment on complex vehicles like dry freight or refrigerated trailers, snowplows, dump, refuse or fire trucks, and ambulances. They can also help prevent and limit the impact of damage, on-site accidents, and lawsuits.
Turn to The Hartford if you want trucker coverage from an ethical company known to go above and beyond.
CommercialInsurance.net: Best if you prefer working with a knowledgeable agent
CommercialInsurance.net takes the work out of buying commercial insurance for truckers and other businesses. It helps small business owners and operators find quotes for commercial insurance from top companies, such as Progressive, The Hartford, Liberty Mutual, Insurica, and Gallagher. All you have to do is fill out a short online form to get matched.
If you prefer working an agent who is an expert and the most knowledgeable about your specific situation, you may want to start with Commercialinsurance.net. Their agents are very knowledgeable and can help you navigate to get the best coverage at the lowest cost for trucking business.
What is commercial truck insurance?
Commercial truck insurance is usually purchased by trucking companies, people who use trucks for work, and businesses that depend on them.
Commercial auto coverage protects different types of vehicles used for business purposes. This can include certain kinds of trucks, usually smaller ones. Commercial truck insurance isn’t the same. It covers larger vehicles used for hauling freight, heavy construction, and contracting.
A business owner typically purchases commercial truck coverage. However, it protects drivers, passengers, and other people and their property harmed in accidents.
Commercial truck insurance requirement in Arkansas
If you drive a truck for business, you must have commercial truck insurance. Trucking primary liability is the only mandatory coverage required by both Arkansas state and federal laws. However, state and federal laws have different coverage limit requirements as follows:
If you don’t cross state lines and your truck is over 10,000 GVW, you must get an Arkansas Permit number and maintain a minimum level of insurance:
|Cargo types||Liability limit requirements|
If you cross the state lines, you must have insurance coverage satisfied by the federal law requirements, which is a bit more complicated. Typically, you must meet the requirements by state law above and meet the federal liability limits of $750,000 or $1,000,000.
Both Arkansas and the USDOT require certain filings be submitted by your insurance agent. Your insurance agent or insurance company should take care of these filings for you. These forms show the government that all your DOT truck insurance requirements are fulfilled. They must be submitted before you can receive your authority. Some common forms include:
- Form E
- Form H
- The BMC-91
- Form MCS-90
What does commercial truck insurance cover in Arkansas?
There are two types of trucker insurance.
- Essential coverages are necessary to purchase.
- Optional coverages are ones that truckers can benefit from buying.
Trucker essential insurance coverages
- Liability insurance pays for damage you do to other people’s property, including their vehicles, when you cause an accident. It also pays for injuries to others resulting from the accident.
- Physical damage covers damage or harm to your truck. Damage coverage comes in two parts:
- Collision coverage pays for damage resulting from an accident.
- Comprehensive coverage pays for harm caused by other incidents, including theft, vandalism, and damage caused by animals or extreme weather.
Physical damage coverage is usually not required, but all truckers should get it to protect their livelihoods. Learn more at the best trucking physical damage insurance companies
- Cargo insurance covers damage to the things you haul in your trailer. Almost all companies and motor carriers will require you to carry cargo insurance for the types of goods you haul for them. (For example, animals versus household goods.) Learn more at the best truck cargo insurance companies
- Bobtail (non-trucking liability) insurance is a type of liability insurance that covers your tractor when it’s disconnected from a trailer. There are some subtle difference between bobtail and non-trucking insurance. This is another coverage that’s not required, but most truckers purchase it. Learn more at the best bobtail insurance companies and bobtail insurance cost.
Optional coverages for truck drivers and trucking businesses
- Loading and unloading coverage. Cargo insurance doesn’t always cover items when loaded on to and unloaded from your trailer. This coverage fills the gap.
- Combined deductible. After a big accident that causes a great deal of harm and damage, unless you have a combined deductible, you’re responsible for paying the deductible of all the individual coverages that pay for accident damages. With a combined deductible, you only have to pay a single amount, no matter how many types of coverage are involved.
- Loss mitigation. Any losses over your policy limits after an accident or incident are paid for with this coverage.
- Debris removal. Pays for removal of cargo that falls off your truck during an accident.
- Earned freight. Pays back any lost income when you’re in an accident and your shipment can’t be delivered on time.
What doesn’t commercial trucking insurance cover?
Commercial trucking insurance doesn’t pay for purposeful damage to your vehicle. For example, if you damage a part of your truck to replace it with a newer or better one, your insurance company won’t cover it.
Truck insurance usually won’t cover personal losses or theft of personal items such as money, jewelry, or clothes. Contraband and explosives aren’t covered either. And if you haul live animals, they won’t be protected unless you get specialized coverage for them.
If you’re ever not sure about what’s covered by commercial truck or any other type of insurance, speak with your agent or insurance company representative.
What types of trucks are covered by commercial truck insurance?
It’s possible to insure any truck. Some common types of trucks covered by most insurers include:
- Tractor-trailers – Learn more at the best tractor-trailer insurance companies
- Dump trucks – Learn more at dump truck insurance cost and the best dump truck insurance companies
- Cement mixers
- Box trucks – Learn more at box truck insurance cost and the best box truck insurance companies
- Tow trucks – Learn more at tow truck insurance cost and the best tow truck insurance companies
- Semis – Learn more at semi truck insurance cost and the best semi truck insurance companies
- Pickup trucks – Learn more at pickup truck insurance cost
- Log truck – Learn more at the best log truck insurance companies
Check with the insurers on our list to find out if they offer coverage for your particular type of truck or trucks.
How much does truck insurance cost in Arkansas?
The average cost for commercial truck insurance in Arkansas is just under $11,000 a year
Most premiums range from approximately $8,000 to $13,500.
These cost estimates are based on truckers with one truck operations who need insurance for liability, cargo, and physical damage.
What’s important is that you get quotes from several insurers to compare costs and coverages to get the best package for you.
Average commercial truck insurance cost per month in Arkansas
The average cost of commercial truck insurance in Arkansas is $917 per month. Below are the average costs for different coverages:
|Commercial truck insurance coverages||Average costs in Arkansas|
|Primary liability coverage||$465 per month|
|Physical damage coverage||$237 per month|
|Cargo coverage||$185 per month|
|Bobtail coverage||$30 per month|
Again, these are just the averages. Your rates and quotes will be different. Be sure to shop around with a few companies and compare at least 3-5 quotes before making your final decision. Getting quotes online from Progressive and InsurePro is a good starting point.
Factors that impact commercial truck insurance costs in Arkansas
Here are some of the different things that can affect your commercial truck insurance premium costs and ideas on what you can do to keep prices in check:
- Leasing versus driving under your own authority. Leasing to a company is less expensive than running under your own authority. Leasing companies usually cover their drivers’ liability exposure. Drivers often need to secure their own bobtail and other insurance to cover gaps. Still, it’s less costly than paying for primary liability protection.
- Contractual stipulations. Some trucking contracts require more — and more types of — insurance than others. Review contracts carefully so you always have the right coverage and not too much or too little.
- Cargo. Commercial truck insurance costs are heavily affected by the type of cargo hauled. Some classes are riskier than others. For example, an accident that involves a truck transporting heavy piping will most likely cause more damage than one carrying children’s clothing. If you want to reduce your coverage costs, change the loads you haul.
Tip: When getting truck insurance quotes, it’s critical that you honestly report the types of cargo you carry. It will reduce the possibility of having a claim denied.
- Driving radius. Truckers who drive longer distances typically face higher risks than those that stay close to home because of longer drive times between stops and less familiar routes. A truck driver who travels longer distances will usually pay more for insurance than one focused exclusively on local roadways.
- Type of truck. All things equal, including hauling the same types of cargo, a heavy semi-truck will justify a higher commercial truck insurance premium than a lighter pickup truck. It’s the potential to cause more harm in an accident, and higher repair costs that make it more expensive to insure.
- Driving history. Violations and accidents have a more significant negative impact on commercial truck policy prices than on auto policies because large trucks transporting heavy cargo can cause significantly more damage than an accident with a small auto. A minor speeding ticket on a trucker’s driving record could increase insurance costs considerably. Maintaining a clean driving record could save a trucker or business thousands of dollars in insurance costs each year.
- Location. Commercial truck insurance rates vary by state and even different areas within a state. You could pay more or less for insurance depending on where you operate. Drivers can save on commercial truck insurance by driving in lower-cost states. If you think your Arkansas premiums are too high, it may make sense to drive in another location.
- Coverages and levels. More insurance protection at higher levels earns you added protection. However, it will cost you more. Work with your insurance agent or company representative to come up with the correct level of insurance protection that you can afford.
- Deductibles. You can reduce your trucking insurance costs if you choose higher deductibles. The deductible is the money you pay out of pocket before your insurance coverage starts paying on the claim. If you select a higher deductible, always make sure you have enough money to pay it. If you don’t, you may not be able to get your vehicle repaired, which could negatively affect your livelihood.
- Discounts. It’s always worth checking that you’re receiving all the insurance discounts you’re eligible for.
- Insurer. Different insurers price policies differently. It’s necessary to get quotes from several insurance companies to find the best combination of coverages and premium prices. Get quotes from several of the firms covered in this article or an insurance broker or marketplace.
How do I find affordable commercial truck insurance in Arkansas?
Trucking is how you earn a living. Don’t skimp on your coverage. It could put you at serious risk. However, here are some things you can do to find insurance you can afford:
- Shop around. Request quotes from several insurers so you can compare coverage and premium prices.
- Never stop shopping around. Get new quotes from a few insurance companies before you renew your policy.
- Get recommendations. Other operators may be able to suggest an affordable insurance company to you.
- Take advantage of discounts. If they’re not offered to you when requesting a quote, ask about them, whether you’re buying from an agent or online. They’re an easy way to lower your premiums.
These steps will help ensure you’re not paying too much for your commercial truck coverage.