Did you know that every 15 minutes, someone gets injured from a truck-related incident in the US? Sometimes this leads to severe injuries, property damage, and even death. For trucks involved, the driver and their company might pay heavily for damages.
However, with a commercial insurance policy, the impact of these accidents is reduced. So if you have a truck in Nevada, this is for you. We will show you how to get the best commercial truck insurance and everything you need to know.
- The 6 best commercial truck insurance companies in Nevada
- What is commercial truck insurance and what it does cover?
- Commercial truck insurance requirements in Nevada
- Types of trucks covered by Nevada commercial truck insurance
- How much does commercial truck insurance cost in Nevada?
- How to find cheap commercial truck insurance in Nevada?
The 6 best commercial truck insurance companies in Nevada
The good news is that many companies offer commercial truck insurance in Nevada. That can make it challenging for you to choose the best one. We have done the research and here are the top 6 commercial truck insurance providers in Nevada for your consideration.
- Progressive: Best for Overall and for discounts
- Coverwallet: Best for comparing several quotes
- CommercialInsurance.net: Best for trucking companies that have difficulties in finding coverage
- The Hartford: Best for comprehensive coverage
- Nationwide: Best for experience
- State Farm: Best for customer service
Progressive: Best Overall and for discounts
Progressive was established in 1937 and is based in Mayfield, Ohio., Progressive is one of the most well-known providers in the commercial truck insurance market, which should come as no surprise given its size.
Because of the breadth and depth of its policy options, Progressive is well-regarded for commercial trucking insurance. Progressive provides trucking-specific coverage options such as motor truck cargo, motor truck general liability, non-trucking liability, rental reimbursement with downtime, on-hook towing, trailer interchange, and the primary liability insurance required by the laws of Nevada.
All of this makes it easier for Progressive to be a one-stop-shop for all commercial trucking insurance needs, regardless of your company’s size, location, or specialty. Progressive is also an A+ member of the Better Business Bureau.
CoverWallet: Best for comparing several quotes
Coverwallet is a relatively new company. The company works as an insurance broker. The only difference is that they work online, unlike the regular brokers you know.
Coverwallet started in 2015, intending to make things easy for company owners looking for insurance. On their website, you will find quotes for all sorts of policies from different carriers.
The good part is they help you shuffle through the policies to find the best option for your company. Thanks to their artificial intelligence technology, companies having issues with their insurance may find coverage with CoverWallet.
Commercialinsurance.net: Best for trucking companies that have difficulties in finding coverage
Commercial Insurance was founded to help small businesses find the best insurance for their company. Today, they are the best option for small companies that find it hard to get insurance. They are able to do this because they have probably the most intensive agent network in the country. Whatever your situation is and however difficult for you to get truck insurance coverage, they will be able to find agents that specialize in similar situations to help you. They offer their policies to companies that make less than 10 million dollars annually in revenue.
Asides from providing insurance, the company also helps business owners understand insurance. Their website has several educational writeups that describe insurance policies for everyone willing to learn.
The only issue is you cannot get quotes online. However, after you fill out the online form, their agent will call you to give you your quotes ad answer your questions.
The Hartford: Best for comprehensive coverage
The Hartford, which began as a fire insurance company in 1810, has since expanded its portfolio to include business, home, and auto insurance policies. Today, the company is a Fortune 500 company with robust commercial insurance offerings.
They insure over one million small businesses, including commercial truck and auto policies. The Hartford offers a diverse range of coverage options for commercial truck policies. In addition to standard coverages, they also offer a variety of other coverages that are beneficial to commercial trucks.
That means that you can tailor their policies to suit your truck business. Hartford currently has an A+ rating with the Better Business Bureau. This indicates they do an excellent job of serving their customers.
Nationwide: Best for experience
Like the name, Nationwide is one of those insurers that insure truckers everywhere in the US. The company has been in business since 1926, so they have the experience to give quality coverage to suit different companies.
Nationwide also has an A+ rating from the Better Business Bureau and has been BBB accredited since 1955, showing that they have met fair and ethical business practices standards.
State Farm: Best for customer service
State Farm is a well-known Fortune 500 company that provides comprehensive truck insurance policies. Their truck insurance policies include coverage for employees, cargo, and commercial vehicles.
State Farm has one of the best reputations of any significant commercial truck insurance provider. They have excellent customer representatives and offer discounts to their customers.
For instance, they have an A+ business by the Better Business Bureau. That and some other ratings demonstrate the company’s commitment to treating customers fairly.
What is commercial truck insurance and what it does cover?
The concept of truck insurance is easy to understand. Like the name, truck insurance is a combination of policies that protect trucks, truck drivers, and their companies from possible issues.
Different tracks require different types of coverages depending on the circumstances. As a result, policies are typically designed with various coverage options combined into a single policy. The single policy provides all of the protection required by the business or individual. The various coverage options are listed below.
Primary liability
Primary liability policies are frequently offered with a combined single limit (CSL). In most cases, this policy covers both bodily injury and property damage.
For instance, assume a truck driver covered by the policy is involved in an accident. If the driver causes damage to another person’s vehicle or injures someone during the incident, the insurance will cover the cost of the injured party’s repairs and their medical expenses.
The driver and the truck that caused the accident, on the other hand, are not covered. As a result, motor carriers also choose medical payments and physical damage coverage.
Physical damage coverage
While primary liability pays for injuries or damages to third parties, physical damage coverage pays for damage to the policyholder’s vehicles involved in an accident. Collision coverage (damage from a collision) and comprehensive coverage are included in physical damage coverage (non-collision losses or damage, such as theft or vandalism). Learn more at the best trucking physical damage insurance companies.
Uninsured/underinsured drivers
Trucks are frequently the largest vehicles on the road. If one of your trucks is involved in an accident caused by another driver, the at-fault driver may not have enough insurance to cover your injuries and property damage. Instead, uninsured/underinsured motorist coverage will cover the costs.
Medical bill coverage
Your liability insurance only covers bodily injuries for other people involved in an accident caused by your truck. So, it’s a good idea to get medical payments coverage, which covers medical bills for you and any passengers who may have been injured.
Motor truck cargo coverage
Motor truck cargo coverage protects the freight transported by a for-hire trucker in an incident such as a fire or collision. Truck drivers are legally required to insure their cargo while in transit until it is signed for at its destination.
Motor truck cargo coverage is available only to for-hire truckers who drive semis, dump trucks, tractors, trailers, box trucks, cement mixers, cargo vans, dually pickups, flatbeds, and car haulers.
Other trucks like Garbage trucks, passenger trucks, and ice cream trucks are not eligible for this insurance coverage. Furthermore, not all types of cargo are covered by insurance. Art, jewelry, pharmaceuticals, tobacco, alcohol, live animals, and explosives are examples of items usually not covered. Such items would require separate coverage.
Learn more at the best motor truck cargo insurance companies.
Non-trucking liability
Owner-operators who have a permanent lease with a motor carrier should consider purchasing non-trucking liability (NTL) coverage to be insured if they use the truck for non-business purposes. NTL coverage, for example, would cover medical and property damage expenses incurred while driving the truck for personal reasons, such as
NTL excludes any activities considered “business use,” such as hauling cargo, filling the gas tank, driving for maintenance, and washing the truck. These activities would be covered by the primary liability coverage of the motor carrier. Learn more at the best non-trucking liability insurance companies
Some people might find it confusing between non-trucking liability and bobtail insurance. They are similar, but not entirely the same. Bobtail insurance covers you only when you are driving the truck without the trailer attached to it. Learn more at the best bobtail insurance companies.
Commercial truck insurance requirements in Nevada
If you have a truck in Nevada, you must have an auto insurance policy. However, the minimum liability required by law varies according to the type of freight you move with your truck and delivery distance.
If you do not intend to take your truck out of state, you must obtain a CPCN or MV certificate or permit number and maintain the following minimum levels of insurance:
- For hazardous materials (Hazmat)—$5,000,000 minimum liability insurance
- For household goods—$300,000 minimum liability insurance
- For general freight—$100,000/300,000/50,000 minimum liability
- Cargo Insurance (Intrastate household goods movers and interstate contract carriers)—$15,000 minimum liability per vehicle and $15,000 per catastrophe
If you plan to travel outside of Nevada, you’ll need to meet the requirements of the Federal Government in addition to the above. In most cases, the liability limits should be between $750,000 and $1,000,000.
You’ll also need to submit certain filings to Nevada and the US Department of Transportation. Your insurance company will know which forms to send and handle all of the paperwork for you.
These forms notify the government that all of your truck insurance requirements have been met. Before you can process your authority, these files must be received. Among the most common types are:
- ICC
- BMC-91
- MCS90
- Form E
- Form H
- SR22
Types of trucks covered by Nevada commercial truck insurance
The type of truck covered by commercial truck insurance ultimately depends on your buying company.
Generally speaking, most companies in Nevada offer commercial truck insurance to the following types of trucks:
- Tractor-trailers
- 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
- Log truck – Learn more at the best log truck insurance companies
How much does commercial truck insurance cost in Nevada?
In Nevada, the average cost of commercial truck insurance is $16,455.
The majority of premiums range from $13,368 to $19,399.
These costs are based on truckers with single-truck operations, which require liability, cargo, physical damage insurance, and non-trucking liability or bobtail coverage with the following breakdown:
| Commercial truck insurance coverages | Average cost per month |
| Primary liability | $1,095 |
| Cargo coverage | $90 |
| Physical damage coverage | $165 |
| Bobtail or non-trucking liability coverage | $21.25 |
Here are just the averages. Be sure to shop around with a few companies or with a broker specializing in commercial truck insurance so that you can select the cheapest one for you.
What factors affect the commercial truck insurance cost in Nevada?
The following factors may increase or reduce the cost of your trucking insurance in Nevada.
1. Your Truck
Your truck is one of the first factors companies consider when offering your truck insurance. Heavier trucks usually have more damage during accidents, plus it takes more to repair them. Therefore, you might pay more to insure your truck if it has a high gross weight.
Similarly, insurance companies might rate you higher if your trucks are new. That is because newer trucks have a higher value compared with older ones.
2. Your truck driver(s)
Before offering you quotes, your insurance company would also want to know your drivers. The insurance company would be interested in the age of your drivers, their experience, and their diving history.
Insurance companies consider truck drivers below age 25 as potential risks in Nevada. Most companies believe that older drivers have the experience and skill to avoid accidents. So, if you have a young driver below 25, you might pay more for your premiums. Similarly, if your driver(s) is older than 60 years, they might raise your premiums.
Also, drivers with a history of accidents can raise the cost of truck insurance for obvious reasons. A single driving ticket can raise your premium. So, if you want lower premiums, ensure that your drivers maintain a clean driving record with fewer accidents and violations.
3. Your business
Your trucking business will affect your premiums in two ways. Firstly, the company would like to know your experience level in the industry as a company.
Insurance companies are more cautious when dealing with new trucking companies because they are all too aware of the growing pains of being a newcomer. A trucking business that has been in operation for a more extended period, similar to driver age, is considered a lower risk than a new business.
The insurance company will look to see if you previously had a policy and if you canceled it. If you had a cancellation, they would want to know the reasons for the cancellation.
If they discover that you were not as diligent in paying your previous premiums or that you have underwriting issues, they will charge you a higher premium. In some cases, they might not issue you a policy at all.
4. The cargo you carry
The value of your cargo is another crucial factor in calculating your premium rates. If you transport expensive items regularly, you will pay a higher premium. Some companies even reject trucks that carry expensive items like money and gold. This also applies to potentially hazardous cargoes.
5. Location and safety
If your trucks travel through risky routes, you will be charged a higher premium. To determine which route is risky, the company will consider the condition of the road, population density, and weather conditions.
Also, insurance companies prefer trucks with safety features. They also look to see if the company has any safety programs and if the drivers are regularly trained.
How to find cheap commercial truck insurance in Nevada?
There are no such things as cheap when it comes to truck insurance. However, the following are a few ideas to help you get the best deal on truck insurance:
Change your insurance policies.
More coverage equals more protection, but it isn’t always feasible. Fortunately, you can change your coverages to reduce the cost of your truck insurance.
Physical damage coverage, for example, is typically required for trucks with an outstanding loan or lease. To reduce your overall costs, increase your deductibles, say from $500 to $1,000.
Just keep in mind that if you file a claim, you will have to pay more out of pocket.
Also, keep in mind that less coverage equals less protection. Before you begin your policy, make sure you’re happy with your chosen coverage.
Shop around to compare several quotes
The best way to find cheap quotes is to shop around. Check with as many companies as you can until you find the company that offers the cheapest. While at it, ensure that the cheap quote offers you good coverage.
Inquire about discounts.
One of the simplest ways to get the best deal on commercial truck insurance is to take advantage of discounts. Most companies offer the following discounts:
- CDL discount – If you have held a valid commercial driver’s license for at least two years, you will receive a discount. Isn’t that simple?
- Business experience discount – If you’ve been in business for three years or more, you’re eligible for this discount.
- Paid-in-full discount – some companies offer up to 15% discount for customers that pay it in full.
- What doesn’t commercial trucking insurance cover?
Commercial trucking insurance comes with a few exclusions. This includes certain cargoes or incidents that your insurance might not cover. Some examples are as follows:
- Insurance companies will not cover damages that are done intentionally.
- Your policy might not cover damages to other people’s property is damaged on your truck.
- If the damage exceeds your policy’s limit, the insurance company will not cover it.
