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5 Best Commercial Truck Insurance in Maryland for 2022

Recent statistics show that there are over 2 million trucks registered in Maryland. With so many trucks on Maryland roads, finding the best commercial truck insurance for your Maryland trucks should be your top priority.

We recommend the 5 best commercial truck insurance companies in Maryland. Our list of the best companies was based on price, consumer satisfaction, coverage options, and availability in Maryland. Continue reading to find out the best commercial truck insurers in Maryland.

The 5 best commercial truck insurance companies in Maryland

Progressive: Best Overall

Suppose you are looking for a carrier with many coverage options; Progressive may be your best option.

Progressive is a clear market leader in commercial truck insurance industry. They offers a wide range of truck insurance coverages such as general liability, rental reimbursement, non-trucking, bobtail, cargo, and trailer interchange insurance policies. They may also help with your state and federal filings. Whatever insurance you need for your trucking business, Progressive will have it for you.

The company has adjusters that handle all claims. With truck experts doing the job for years, you can ensure that your claims will receive the best attention you need. 

Even as established trucking insurance company, Progressive offers a great digital experience. They are one of a few companies offering truck insurance quotes online (besides THREE and InsurePro). Getting a quote on their website takes less than 10 minutes. You may want to give it a try even just to see how much your truck insurance costs in ballpark.

InsurePro: Best for part-time truckers  

Not every trucker works on a full-time basis. Some truckers in Maryland do business on a part-time basis. Buying a full-time policy may not be the best for these companies since they do not get to use the policy all the time. 

 InsurePro is a relatively new insurance company that tries to solve this problem with an innovative approach. They offer on-demand business insurance that allows you to buy trucking coverage for a short time. You can buy policies only on days when you’re driving your trucks with the company.

Buying InsurePro’s on-demand trucking coverage for a few days when you need it saves money because you don’t pay for it when you’re not driving. InsurePro has a great digital platform where you can get quotes and buy the policy online in 10-15 minutes. You can manage your policy online after buying it using their dashboard.

The Hartford: Best for fleets

The Hartford is one of the biggest names in the insurance world, especially small business insurance. The company has written insurance policies for small businesses for more than 200 years and currently insurance more than 1 million small business customers. Trucking is one of their focused industries.

The Hartford has developed its trucking coverage to be completely customizable for the specifics of your trucking business. Thanks to the complete customization of coverages, the Hartford tends to insure more fleets of trucks than smaller trucking companies or truck owners operators.

If you run a fleet of truck in Maryland, you definitely want to get a quote from the Hartford

THREE: Best for easy-to-understand policies 

If you have bought an insurance policy in the past, you will agree the terms can be difficult to understand sometimes. Some insurance companies do this deliberately to reduce their liability when you need it.   

THREE, however, does well in this regard. Unlike many other companies, they offer easy-to-read and easy-to-apply commercial truck insurance. The company’s policies are backed by Berkshire Hathaways, a reputable insurance company founded in 1839.

The amazing part is that the company keeps its policy contract only in 3 pages, shorter than most companies. You can get a quote online, buy the policy online, use the site’s chat function, or speak to their small business advisor if you want to. You should be able to get a quote and buy the policy online within 10 minutes or less.

THREE covers delivery trucks, dump trucks, bulk hauling, local and long-distance hauls, etc. With THREE, you don’t need multiple policies or partial coverage. You choose only one policy to protect your cargo, driver, and passengers. With a comprehensive insurance policy, your business is protected, there are no coverage gaps, and you understand the coverage you’re selecting.

Simply Business: Best for comparing several quotes in one place

Small trucking businesses usually do not have the resources to get the best coverage for their needs. Simply Business is another innovative insurance provider that tries to solve this problem.

The company has developed a state-of-the-art platform where small businesses with commercial trucks can find insurance at the best price. The platform makes it easy to compare coverage and premium prices from reputable insurers on a single screen. Simply Business is able to do this because they are an insurance broker specializing in small business insurance and work with several leading insurance companies. They can help you find the cheapest policy for the coverages that you need for your trucking business. This will save you a lot of time from shopping around with several carriers.

The firm’s experts have used their experience to ensure you only need to input the necessary information to generate quick and accurate quotes. Simply Business also makes it easy to manage your commercial truck policy online through their website. When you have bought your policy, you can download a certificate of insurance on the platform and even file claims.

What is commercial truck insurance?

Truck insurance, also known as trucking insurance or truckers’ insurance, is a type of business insurance that falls under commercial truck insurance. Commercial truck insurance includes a variety of policies required to cover commercial trucks.

It may not be necessary to have all the insurance types to protect your trucking company. However, state laws and federal regulations require you to have liability coverage, which is to pay for third-party bodily injury (including damage to another person’s property) in an accident if you are at fault.

What does commercial truck insurance cover in Maryland?

Generally speaking, the following is a list of truck insurance coverages and examples of how they may protect your commercial truck.

Trucking primary liability coverage

Trucking primary liability is the main coverage of commercial truck insurance. It pays for any bodily injuries and property damages of the other driver and their vehicles if you get involved in an accident and you are at fault. Learn more about trucking liability coverage and who needs it

General liability insurance for motor trucks

General liability insurance covers court costs, legal fees, judgments, or settlements if a customer sues you because he gets injured or any third party’s property damage caused by your trucking operations, but not in an accident. The coverage also includes reputational and advertising damages. The policy covers your legal and court fees. Learn more at the best trucking general liability insurance companies.

Bobtail insurance

Bobtail insurance protects your truck from damages when you don’t have a trailer attached to it. This policy is typically reserved for drivers who have signed a long-term lease agreement. Bobtail insurance is usually covered under your primary liability policy if you are an owner-operator operating under your authority. Learn more at bobtail insurance cost and the best bobtail insurance companies.

Non-trucking liability insurance

This policy offers coverage for your truck when it’s not being used for work. It can also be useful in-between loads as some insurers do not honor claims for accidents when a truck is not carrying cargo.   

Sometimes people mistake that bobtail insurance is the same as non-trucking liability insurance. However, they are not exactly the same, but they are similar. Non-trucking liability covers you when you get involved in an accident while driving your truck for personal purposes. Learn more about the differences between bobtail and non-trucking liability coverages.

Physical damage coverage

If one of your Maryland trucks is involved in a collision or suffers from theft or vandalism, you’ll be covered by your trucking physical damage insurance. Learn more at trucking physical damage coverage and the best trucking physical damage insurance companies.

Trailer interchange insurance

Trailer interchange insurance will protect your truck from physical damage if you don’t own your trailer. Learn more about trailer interchange insurance here.

Cargo liability insurance for trucks

Cargo liability insurance aids truckers in protecting their cargo’s value from damage, theft, and loss. Some companies also include debris removal, freight charges, and individual limits. If you transport animals, you may need specialized livestock cargo insurance. Learn more at the best motor truck cargo insurance companies

Hazmat insurance is a subset of cargo insurance required by Maryland if you transport hazardous materials.

Fleet Insurance

Fleet insurance covers a motor carrier’s entire fleet and is typically less expensive than insuring each unit separately.

Refrigeration breakdown coverage

Provides legal liability protection if a heating or refrigeration unit fails.

Rental reimbursement with downtime coverage

If your Maryland truck is damaged in an accident and you rely on it for a living, this coverage can help you stay afloat by paying you a set amount per day for a set period.

Commercial truck insurance requirements in Maryland 

All trucking businesses in Maryland are required by state law to carry certain liability insurance. The amount you require is determined by the type of freight you transport and where it is transported in or outside of Maryland. If your truck is more than 10,000 GVW and you never leave the state, you must obtain an intrastate only USDOT number and maintain a minimum level of insurance as follows:

  • Trucks that move hazardous materials in Maryland must have minimum liability insurance of $5,000,000
  • Trucks that move household goods in Maryland must have minimum liability insurance of $300,000 
  • For trucks that move oil, the minimum liability insurance required by the state of Maryland is $1,000,000

Truck drivers who cross state lines need to meet more stringent insurance requirements. In addition to the above, you must meet all of the federal government’s DOT truck insurance requirements.

The federal government, through the Federal Motor Carrier Safety Administration, stipulates that all commercial trucks must carry minimum liability insurance in the US. The coverage amount, however, depends on the vehicle and cargo being transported.

The more hazardous the cargo and the heavier the truck, the more insurance coverage is required. The following are the current minimum federal commercial truck insurance limits:

  • $300,000 for non-hazardous cargo transported in trucks weighing less than 10,000 pounds
  • $750,000 for non-hazardous cargo in trucks weighing more than 10,000 pounds
  • $1 million for oil transported by private or for-hire carriers
  • $5 million for the transportation of other hazardous materials or explosives by for-hire/private carriers
  • $5,000 per vehicle/$10,000 per occurrence additional cargo coverage for household goods being transported

Before you can obtain your authority, your trucks in Maryland, you need to submit certain documents with the state of Maryland and the US Department of Transportation. These forms inform the government that you have met all of your truck insurance requirements. If you have a good insurer, they may be able to help you with the necessary filings. 

Some of the forms you must submit are as follows:

  • Form MCS-93
  • Form H
  • The BMC-94

Types of trucks covered by commercial truck insurance in Maryland

Your insurer would determine which truck gets its coverage. However, the following is a list of the most common trucks covered by insurers in Maryland:

The above provides a general overview of the types of trucks that insurers cover. But then, some companies cover more trucks than the above. If your truck isn’t listed, please get in touch with your insurer because they may be able to insure it.

How much does commercial truck insurance cost in Maryland?

Commercial truck insurance in Maryland costs an average of $14,570 per year. The majority of premiums are between $12,740 and $18,260.

These costs are not the standard for everyone. We used truckers who only have one truck and need liability, bobtail, cargo, and physical damage insurance to arrive at our estimate. As such, your trucking insurance may differ from what you see here based on several factors discussed below.  

Average commercial truck insurance cost per month in Maryland

The average commercial truck insurance cost in Maryland is $1,214 per month. The policy includes primary liability, bobtail, physical damage, and cargo truck insurance coverages. Below are the average cost breakdowns for each coverage:

Commercial truck insurance coveragesAverage costs
Primary liability $670 per month
Bobtail insurance $45 per month
Physical damage$320 per month
Cargo insurance $179 per month

These are just the averages. Your rates will be different. Be sure to shop around with a few carrier or work with a top broker like Simply Business or Commercialinsurance.net to get and compare several quotes before making yoru final decision.

Getting quotes online is a good way to shop around with several carriers. InsurePro, Progressive, and THREE are the three providers offering truck insurance quotes online. You may give them a try.

What factors affect truck insurance cost in Maryland? 

As we already said, your trucking insurance cost depends on several factors. The following are some of them:

Your company

Your commercial truck insurance rates are influenced by the type of business you run. If you spend most of your time in your office, you’ll pay less than someone who drives a work van full of tools and equipment and makes customer calls all day.

Truck type

The insurance rate is influenced by the type and size of your truck. Newer trucks are usually more expensive to replace, so their insurance will cost more. Similarly, larger trucks are difficult to drive and can cause more accidents on the road; therefore, their insurance will be more expensive. 

Driving record

Drivers with a clean driving record are given preferential rates. 

Location

Expect to pay more for commercial truck insurance if you work in a larger city like Baltimore than in a small town like Talbot County or St Michaels. If you run your trucking business in areas with few accidents and car thefts, you might pay less for your truck insurance.

Mileage

The distance that you move your commercial truck impacts your premium. The higher your mileage in Maryland, the more your premium.   

Coverage options 

Your insurance limits and coverage options have an impact on your rate. The more coverage you need for your trucks, the more you will pay.

How to find cheap commercial truck insurance in Maryland?

There are numerous methods to save money on a truck insurance quote. We’ve compiled a list of the best methods to assist you:

Shop around to compare several quotes

The only way you can be sure that you are not leaving money on the table is to shop around with a few carriers to compare quotes to choose the cheapest one. Don’t settle on the first quote that you receive. Insurance companies assess risks differently and you always get different quotes from different companies. Getting quotes online is a good way to shop around with several providers. InsurePro, Progressive, and THREE are the providers offering truck insurance quotes online in Maryland.

Keep a clean driving record (USDOT Operating History)

As we mentioned above, keeping a good driving record can help you reduce your premium drastically. So, if you can, ensure that you employ truck drivers that only have good driving records. 

Make electronic payments 

Some companies may offer you discounts when you pay with your card. So, if you can, make your payments online. 

Choose a lower coverage limit or a higher deductible

This may not be the best idea, but it works. Choosing a lower coverage limit or higher deductible reduces the amount you pay, but it also reduces the payout you get when an incident occurs. 

Pay your annual premium in full

Paying your premium in full is another way to get deductions on your premium. Although the annual cost might be high, it will cost you less per month. 

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