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5 Best Commercial Truck Insurance Companies in New Jersey

Trucking is an essential industry in the United States. It’s a standard method of transporting goods from one coast to the other and everywhere in between. New Jersey is the center of the trade and a leader in the infrastructure needed to move freight domestically. However, any commercial trucking operation needs insurance to protect the business, its employees, and its clients. 

This article will look at the best commercial truck insurance companies in the state and other topics related to commercial trucking in New Jersey.

The 5 best commercial truck insurance companies in New Jersey

Simply Business: Best for quote comparisons

Simply Business operates as an insurance broker. That means they are partnered with several insurance companies and provide quotes from them so you can compare them. The quote form is easy to use. You answer questions about your revenue, drivers, and business and you will often receive several quotes. This makes it easier to compare your options.

Quotes might not be available for online comparison in some cases, especially when the business is a bit more nuanced or there are specifics about the coverage. Trucking is one of those complicated industries. There are so many types of trucking businesses, the types of truck involved, the drivers and their driving histories, etc. So you may not get quotes online.

However, a phone call can be made to get quotes if this occurs. This can be a good option since so many things are considered to develop a trucking insurance quote in New Jersey.

Progressive: Best overall

As the ultimate insurance provider in the United States, Progressive handles 12% of the entire market. 

Progressive is available in every state and can insure commercial vehicles, including specialty vehicles and more traditional tractor-trailers. One of the things that makes this provider stand out is all the available discounts. 

Discounts are available for the following situations:

  • Signing up for autopay
  • Years of experience
  • Use of electronic logging devices
  • Being CDL certified
  • Bundling with personal auto insurance
  • Paying in full at once

The quote below is for a general tractor-trailer company with no moving violations or accidents over the last five years.

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Quotes are easy to access online, but an agent must help you buy policies.

Nationwide: A solid choice for customer satisfaction

One of the longest-running auto insurance providers is Nationwide. They are available in every state so you can even go into an office to meet an agent. Another thing to be aware of is that they consistently rate well in customer satisfaction in the JD Power Study.

Unfortunately, commercial auto insurance quotes cannot be accessed online, so you need to work with an agent. This individual can give you an idea of what you can expect to pay based on the specifics of your business. 

Remember that Nationwide can insure most trucks, but tractor-trailers and semis are not included.

NITIC: Best specialized trucking insurance

National Independent Truckers Insurance Company (NITEC) can also provide truck insurance in New Jersey. This provider specializes in insurance for commercial trucking operations. Free quotes are available for individuals, companies, businesses, and other organizations.

NITIC is best known for offering flexible payment plans, excellent rates, and outstanding claims service. In addition, you can choose to have a quote provided over the phone or online.

Primary liability insurance is available, along with physical damage insurance, non-trucking liability insurance, trailer interchange insurance, and motor truck cargo insurance. This is a good option for someone who wants specialized insurance for trucking companies.

The Hartford: Best for customer satisfaction

The Hartford is ideal as a provider with an excellent financial standing and a long history. They have been around for more than 200 years. That comes with a lot of experience and expertise to serve trucking businesses. Coverage options include protection for commercial vehicles, employees, and deliveries. In addition, the Hartford provides property and collision damage, personal injury, and other liability insurance.

The Hartford is best known for offering a high rate of customer satisfaction. They have insured more than 1 million small businesses. You can’t gain that number of customers without delivering excellent customer satisfaction. However, they do not provide online quotes, so you need to work with an agent. Best for working with knowledgeable agents is a nationally licensed insurance broker. They work with an intensive network of agents across the country who are very knowledgeable about trucking businesses and trucking insurance. These agents work with more than 50 trucking insurance companies. However unique your trucking business is, you can count on connecting you with an agent or a few agents who are knowledgeable about your situation who can help you find the most suitable coverage at the cheapest prices.

If you prefer discussing your trucking business situation with agents to find the best coverage, you might want to start with them. After discussing with 1 or 2 agents that they connect you with and compare the quotes that they provide you, you can make the final decisions. Keep in mind that each agent can provide you with several quotes to compare.

What is commercial truck insurance?

Commercial truck insurance is designed for businesses that use trucks, people who work in trucks, and those who own trucking businesses. It’s unique from commercial auto insurance since truck insurance covers larger trucks used in hauling freight or construction.

While the company owner will typically purchase commercial trucking insurance, it protects passengers, drivers, and anyone else who might be harmed in an accident.

Commercial truck insurance requirements in New Jersey

All truck drivers and truck companies in New Jersey need to have a certain level of liability insurance. The amount depends on what you haul and where it goes. If the truck never leaves the state and is over a certain weight, you need a USDOT number and the insurance listed below:

Type of InsuranceRequired Coverage Amount
Liability insurance for household items$300,000
Liability insurance for general freight$750,000
Liability insurance for transporting oil$1,000,000
Liability insurance for hazmat$5,000,000
Cargo insurance for household goods$5,000 per vehicle and $10,000 per incident

Those who travel outside of New Jersey have additional requirements. You need to meet all DOT truck requirements by the FMCSA.

Types of trucks covered by commercial truck insurance

Just about all trucks can be insured using commercial trucking insurance, including semis, pickup trucks, tractor-trailers, cement mixers, dump trucks, tow trucks, and box trucks. However, pickups can also be under a personal or commercial auto policy.

Personal auto insurance is acceptable for those who use a pickup for their own purposes. However, anyone who uses a truck for business will need to procure commercial truck insurance.

What doesn’t commercial trucking insurance cover?

When you choose commercial trucking insurance, it covers many of the same items as personal auto insurance. However, not everything is covered. Some things that will not be covered include:

  • Contraband
  • Drugs
  • Explosives
  • Jewelry
  • Live animals
  • Money

Other policies or a rider may be available if you need these things covered.

How much does commercial truck insurance cost in New Jersey?

The average cost for commercial truck insurance in New Jersey is about $24,750, but premiums often range from $12,250 to $36,250. Prices may be higher if other types of insurance are also bundled with a plan. The presence of a USDOT filing or not will also play a part in the cost. The price tends to be several thousand more for trucks with a DOT number.

Commercial truck insurance is very expensive. Different companies offer different quotes. Be sure to shop around with a few companies to compare several quotes to find the cheapest one for your company.

How to find cheap commercial truck insurance in New Jersey

It’s required to have commercial truck insurance in New Jersey. It’s often going to be more expensive than personal auto insurance. However, there are some methods of making the price more affordable to save on your premiums.

Make sure to always check several providers and brokers before choosing a carrier. This gives you the chance to ensure you are getting the best prices. Having a great credit score and an excellent driving record can also help cut your premium costs. Maintaining coverage also helps with the cost. If there are gaps in coverage, the price will often rise.

Remember that if you need other types of business insurance, these can often be bundled to get a discount. For example, if your workers’ compensation or professional liability insurance is with the same company, that can make commercial truck insurance less expensive.

Last thoughts

Commercial trucking insurance can be costly, but it’s also required. Therefore, it’s better to choose an inexpensive plan than to go without it. The options above will give you a great place to start to ensure you are meeting all truck insurance requirements.

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