Semi-trucks and trailers are critical in the transportation industry. These massive vehicles enable businesses to transport their goods cheaply and quickly from one location to another. However, it is a dangerous business for both drivers and owner-operators. Each year, thousands of fatal accidents involving large trucks occur.
Statistics from 2018 show that 8% of accidents on interstate roads in Louisiana involved trucks. Truck accidents are damaging and expensive. That’s the reason why commercial truck insurance is required by law in Louisiana. Both owner-operators and drivers are required to have sufficient commercial truck insurance before they can operate in a trucking business. We are recommending the following 6 providers of commercial truck insurance in Louisiana and explain everything you need to know about commercial truck insurance in Louisiana.
- The 6 best commercial truck insurance companies in Louisiana
- What does commercial truck insurance cover in Louisiana?
- Commercial truck insurance requirements in Louisiana
- Types of trucks covered by commercial truck insurance in Louisiana
- How much does commercial truck insurance cost in Louisiana?
- How to find cheap commercial truck insurance in Louisiana?
The 6 best commercial truck insurance companies in Louisiana
- CoverWallet: Best for comparing quotes online
- Simply Business: Best for ease of use
- Progressive: Overall Best
- Sentry: Best for single trucks
- Nationwide: Best for new truck drivers
- Auto-Owners: Best for simple and straightforward claims
CoverWallet: Best for comparing quotes online
CoverWallet was founded to make the insurance-buying process easier for any business owner. CoverWallet is an aggregator rather than an individual insurance carrier. Therefore, the company does not offer its policies. Instead, the platform can assist commercial truck drivers in finding the best insurance for their trucks in just minutes online, with primary coverage starting at $125 per month. If you’re looking for low-cost commercial truck insurance, an aggregator platform like CoverWallet might be an excellent place to start. This company earns our recommendation for the best value by allowing customers to obtain instant quotes from multiple carriers for various trucks and coverage options.
Simply Business: Best for ease of use
Simply Business is a national insurance brokerage that offers quotes from multiple insurance providers on their website. The service you get here is similar to what you will find on CoverWallet. The only difference is that CoverWallet has more options available than Simply Business. But then, Simply Business offers you a convenient option to compare insurance from multiple companies simultaneously. Due to the complexities attached to commercial trucking insurance, Simply Business does not provide quotes online. You can enter your information on the website, and an agent will contact you with quotes via email or phone.
Progressive: Best Overall
Progressive is one largest commercial auto insurers in the United States, covering more than 12% of the total market. The company is the overall best commercial truck insurance due to the breadth of coverage and features. This carrier not only offers online quotes and flexible coverage and payment options, but it also offers expert support to commercial truck customers. They provide commercial truck insurance in all 50 states for a wide range of vehicles, including tow trucks, box trucks, dump trucks, tractor-trailers, cement trucks, ice cream trucks, delivery trucks, and even garbage trucks.
Sentry: Best for single trucks in Louisiana
Sentry is our top pick for single trucks because of its level of expertise and specialization, particularly for non-fleet business owners. Sentry believes in personalizing the insurance experience, tailoring their commercial truck coverage to create precisely the policy you require, even if you are a sole owner-operator.
While many carriers provide coverage for large businesses and trucking fleets, Sentry is primarily focused on single-truck customers. Their level of personal service and industry knowledge earns them our recommendation for owner-operators and businesses with only one truck.
Since 1904, Sentry has provided dependable commercial insurance coverage. Even though Sentry si more focused on small commercial truck insurance, they provide coverage in all 50 states through their network of 65 trucking-specific agencies.
Nationwide: Best for new truck drivers in Louisiana
Nationwide has substantial discounts and lower costs for newer drivers, making it our pick for The Best Commercial Truck Insurance Company for New Drivers and Companies.
Nationwide was founded in 1926, making it one of the oldest auto insurance companies in the US. Today, the company has grown to live up to its name, with more than 32,000 employees in offices around the country. This makes it simple for customers to locate their offices and find the coverage that works for them regardless of their business.
Nationwide provides comprehensive coverage for your truck in Arizona. This includes auto liability, collision, comprehensive insurance, medical payments, and uninsured and underinsured motorist coverage. Also, trucking company owners can purchase additional coverage options for their trucking company, such as motor truck cargo liability insurance. However, semi-trucks and tractor-trailers are not covered by Nationwide’s commercial vehicle policies. So, if you need commercial trucking insurance for your semi-truck, you will need to go with a different provider.
Auto-Owners: Best for easy claims
Auto owners is one of the oldest companies offering trucking insurance in Louisiana. Although headquartered in Lansing, Michigan, this insurer has consistently provided insurance for over 100 years. The company operates in 26 states and employs thousands of independent agents. As the name suggests, the company’s vehicle insurance products are consistently top-rated. And this high quality extends to their trucking insurance as well. Auto-Owners Insurance works with independent agents to provide truck insurance in Louisiana. That means. You cannot get a quote manually from their website.
What does commercial truck insurance cover in Louisiana?
Truck insurance, also known as truckers’ insurance or trucking insurance, is a type of business insurance classified as commercial vehicle insurance. Usually, this insurance cover consists of various policies to insure your truck.
While you don’t need all the coverages to protect your truck business, federal regulations require you to obtain minimum trucking liability coverage in the event of an accident or third-party bodily injury.
Truckers must have minimum liability coverage of $300,000 (up to 10,000 lbs) and $750,000 (over 10,000 lbs.) under federal laws, with the amount increasing to $5 million for certain hazardous cargoes. Your primary trucking liability also covers your legal defense expenses. Other damages covered by your trucking insurance includes the following:
Physical Damage
This coverage protects you against damage to your truck due to an accident or other incidents. This coverage includes comprehensive coverage for damage caused by theft, vandalism, and other non-collision causes, as well as collision coverage for damage caused by a crash. Some companies also offer towing costs (when incurred due to a covered peril) under the physical damage coverage.
Coverage for Uninsured Motorists
This coverage is called the uninsured motorist physical damage or UMPD. It can cover damages and injuries if you or one of your employees is involved in an accident where the other driver is at fault but does not have enough or no coverage. This coverage is frequently misunderstood and poorly explained by insurance agents. When you do not have your physical damage coverage, you can purchase a UMPD coverage. If the party at fault is uninsured or underinsured and your truck sustains physical damage, your coverage will repair it.
Medical Bills
This covers any individuals for medical expenses incurred due to a bodily injury caused by accidents that you were at fault. This coverage is separate from and in addition to your primary liability limits. Typical medical payment limits range from $1,000 to $5,000.
Insurance for Cargo
Cargo insurance is typically required when transporting the goods of others, even if it is not required by law. The standard industry limit is $100,000, but you can raise it to $1,000,000. You should thoroughly discuss the commodities you’ll be transporting with your insurance agent. Cargo insurance can be the most difficult to understand because there are many exclusions and sub-limit.
Commercial truck insurance requirements in Louisiana
Local truck drivers and new businesses in Louisiana are required by state law to maintain certain liability insurance. The amount you are required is determined by the type of freight you transport and the location you pull it from. If you never leave the state, you must obtain a PSC permit number and carry the following insurance:
- Liability Insurance of $510,000 (General Freight)
- Liability Insurance of $1,000,000 (Oil Transport)
- Liability Insurance of $5,000,000 (Hazmat)
- Liability Insurance of $300,000 (Household Goods)
- $10,000/vehicle, and $10,000/catastrophe
- Insurance for Cargo (All household goods movers, waste haulers, saltwater haulers, and towing vehicles)
The insurance requirements for truck drivers who work for the government are more stringent. You must meet the requirements listed above and all DOT truck insurance requirements recommended by the FMCSA. Federal liability limits are typically set at $750,000 or $1,000,000.
Your insurance agent is required to submit certain filings to both Louisiana and the US DOT. These documents will be prepared for you by your agent or insurance company. These forms inform the government that your semi-truck insurance requirements have been met. They must be submitted before you can be granted authority. Among the most common types are:
- Form E
- Form H
- Form MCS-93
- The BMC-94
Types of trucks covered by commercial truck insurance in Louisiana
The following are a list of standard trucks that are covered by trucking insurance in Louisiana:
- Straight trucks
- Box trucks
- Heavy trucks
- Semi-trucks
- Tow trucks
- Dump trucks
- Pickup trucks
- Garbage trucks
- Flatbed trucks
Keeping in mind the list of trucks that can get this coverage is inexhaustive. However, we have a list of the most common trucks insured in Louisiana. If your truck is not on the list, speak with your insurance company and see if they offer any plans for you.
How much does commercial truck insurance cost in Louisiana?
In Louisiana, the average cost of commercial truck insurance is $13,143. The majority of premiums range from $11,200 to $16,308.
Every insurance company employs a unique set of rating factors to calculate an insurance quote and determine insurance costs. Depending on the company, the following factors are used in the estimation:
- Contractual Requirements
- USDOT Authority
- Cargo
- Business history and experience
- Operating Radius
- Vehicle Type
- Gross Vehicle Weight
- Driving History
Different insurance companies will provide you with different rates. Make sure you shop around with a few companies or a broker/agency to compare several quotes before making your final decision
Learn more at how much commercial truck insurance costs
How to find cheap commercial truck insurance in Louisiana?
The risks associated with trucking are higher than those associated with the average motor vehicle, which is why trucking insurance is more expensive. But then, numerous factors can help reduce the cost of a truck insurance quote. Here are a few ideas to help you get started with a risk management plan:
- Maintain a clean driving record (USDOT Operating History): The most straightforward way to save money on commercial truck insurance is to have a clean driving record. Slow down and pay close attention to the road, even if it appears simple.
- Arrange for your payment to be made via electronic funds transfer (EFT): If your driving record is poor, consider making your payment via EFT.
- Choose a higher deductible or fewer coverage limits.
- Pay your annual premium in full
- Insure more than one vehicle
Learn more at the cheapest commercial truck insurance companies.
What doesn’t commercial trucking insurance cover in Louisiana?
Your trucking insurance may not cover all damages incurred in an accident, such as:
- Vehicles that are not classified as trucks under the policy.
- Injuries to the driver or truck damage
- Loss of income due to truck injury or accident
- Loss of cargo
Commercial truck insurance doesn’t cover you or the truck when you don’t carry any goods, ie. when you drive to the warehouse to load cargo onto your truck or you drive home after offloading all cargo already. To be protected in these cases, you’ll need non-trucking liability insurance or bobtail insurance. Learn more at the best bobtail insurance companies.
If you as a driver get injured on your job, but not in an accident, ie. occupational injury, commercial truck insurance doesn’t cover that. You’ll need workers comp insurance for truckers to protect you in such cases. Workers comp insurance for truckers can be difficult to find and expensive. Learn more at the best workers comp insurance for truckers companies.
If someone gets injured in your trucking lot or inside the container of your truck, you’ll need trucking general liability insurance to cover such injuries if that person decides to sue you. Trucking general liability insurance is similar to general liability insurance for a small business, but with details and nuances specific to trucking business. Learn more at the best trucking general liability insurance companies.
