Commercial trucking comes with several risks. Approximately 130,000 people are injured in accidents related to commercial trucks every year. Approximately 70% of these accidents result in only property damage, while approximately 22% involve injuries to others or truck drivers. Accidents involving commercial trucks in New York can be costly, with the average payout for a commercial truck accident totaling $59,000. However, getting truck insurance can shift those expenses away from you and your business in New York.
Suppose you own a commercial truck in New York. In that case, you should consider getting a commercial truck insurance policy to cover your liability and limit your losses in the event of a covered peril. This article makes things easy for you as we have answered most of your pressing questions about commercial truck insurance in New York. More importantly, we have a list of the best five companies in New York.
- Top 6 best commercial truck insurance companies in New York
- What is commercial truck insurance?
- Commercial truck insurance requirements in New York
- Types of trucks covered by commercial truck insurance in New York
- How much does commercial truck insurance cost in New York?
- How to find cheap commercial truck insurance in New York?
Top 6 best commercial truck insurance companies in New York
- CoverWallet: Best for comparing quotes
- Simply Business: Best for customer service
- Progressive: Best for all-round commercial trucking insurance
- Nationwide: Best for cargo trucks
- NITIC: Best for small fleets
- Sentry: Best for trucking industry expertise
CoverWallet: Best for comparing quotes
Coverwallet is an online broker that claims to have the easiest method to buy and manage truck insurance. With their easy-to-use platform, you can do everything you want on the internet in a matter of minutes. The website can achieve this by using the latest AI technology to understand your insurance needs. Using the same technology, the website can also help you suggest discounts on your premiums while helping you manage your insurance as well. If you are looking to compare quotes from the best truck insurance carriers easily, check CoverWallet.
Simply Business: Best for customer service
Simply Business is a digital broker specializing in small business insurance. They are owned by Travelers, one of the biggest commercial truck insurance companies. However, they work with several commercial truck insurance providers to help you find the best rates. Since its inception in 2005, they’ve helped several small businesses from different industries find the proper protection for their trucks.
Simply business helps business owners eliminate as much time, hassle, and jargon as possible. They bring simplicity, choice, and value into the process of buying insurance premiums for small businesses.
Plus, they have a fantastic team dedicated to helping small businesses get the insurance they need for their trucks.
Progressive: Best for all-round commercial trucking insurance
Progressive insurance is one of the oldest and most famous commercial trucking insurance companies in the US. When it comes to trucking insurance, they offer the best policy options for business owners in New York. 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, and trailer interchange. All of this makes Progressive a one-stop shop for all commercial trucking insurance needs, regardless of your company’s size, location, or specialty.
Progressive is also one of the very few companies that offer quotes online. Getting a quote online from Progressive is relatively simple and fast. Below is a commercial truck quote sample:
Nationwide: Best for cargo trucks
Nationwide provides comprehensive coverage, including auto liability, medical payments, collision and comprehensive insurance, and uninsured and underinsured motorist coverage. Additionally, owners can purchase additional coverage options for their trucking company, such as motor truck cargo liability insurance. Box trucks, pick-up trucks, and utility trucks are among the vehicles covered, and Nationwide also provides farm truck insurance. On the other hand, Semi-trucks and tractor-trailers are not covered by Nationwide’s commercial vehicle policies. You will need to go with a different provider for semi-truck insurance.
National Independent Truckers Insurance Company (NITIC): Best for small fleets
Michael J. Poller founded the National Independent Truckers Insurance Company, RRG (NITIC), in 2001. His goal was to provide affordable truck insurance to independent truck operators and small fleets. NITIC is structured as a Risk Retention Group, which means its policyholders are also its owners. As a result, the Risk Retention Group can only provide insurance to individuals who work in commercial trucking. This enables the company to create a stable market for coverage and rates while implementing effective loss control/risk management practices. They also offer premiums that are lower than those of many other major carriers. So if you are considering cheap trucking insurance, you should visit this company.
Sentry: Best for trucking industry expertise
Sentry Insurance has been in operation since 1904, providing insurance to several businesses. The company provides truck insurance through a network of specialized independent agents. Their truck insurance department provides a wide range of coverage options for fleets of all sizes, from owner-operators to large fleets.
Sentry ensures tens of thousands of truck drivers and partners in several trucking industry organizations, including the American Trucking Association. Sentry sells its coverage through independent agents. That means you cannot obtain quotes from their websites. However, the good part is that all commercial truck insurance agents are specialists in trucking. Therefore, you can be sure that they will understand all of your needs.
What is commercial truck insurance?
Commercial truck insurance is a collection of specific auto insurance policies tailored to the needs of trucking companies. The policies covered under the policy include the following:
- Basic commercial truck insurance: This policy protects your trucks in the event of an accident. Depending on your insurance broker, this usually includes a collision and comprehensive coverage for most damages from a wide range of perils. Both coverages work like auto insurance policies. Collision coverage typically covers the costs of the other vehicle and the damage to your vehicle in the event of an accident in which you were at fault. Comprehensive insurance covers the cost of repairs to your vehicles up to a specific limit not covered by the collision coverage.
- Specialized Coverage: This coverage offers protection from a wide range of uncertainties. As a truck owner in New York, you need to protect yourself and your trucks from every possible issue. However, as you get more policies, you tend to build up cost, which s why you have specialized coverage options. This option allows you to cover your trucks for multiple risk scenarios without increasing the cost to an unaffordable level. For instance, a trucker who transports cargo on behalf of customers needs commercial auto liability coverage in addition to his basic truck coverage. The extra commercial auto liability coverage will cover bodily injuries and damage to the properties he transports. This will usually come at a higher price, considering the size of his truck. However, he can go for cargo insurance instead. The cargo insurance will protect against cargo loss or damage, and the cost is determined by the type and value of the cargo.
- Nontrucking options: After basic and specialized coverage, you can supplement your policy with non-trucking options. Consider purchasing non-trucking liability insurance, or also call bobtail insurance, to protect against incidents when a truck is not transporting cargo. For example, occupational accident coverage protects your drivers in the event of unintentional death or dismemberment. Learn more at the best bobtail insurance companies and its cost.
Commercial truck insurance requirements in New York
Local truckers and new businesses in New York must carry minimum liability insurance. The amount you require is determined by the type of freight you transport and where it is transported. If you never take your truck out of state and it has a GVW of more than 10,000 pounds, you must carry the following insurance:
- Liability Insurance of $5,000,000 (Hazmat)
- Liability Insurance of $300,000 (Household Goods)
- Liability Insurance of $750,000 (General Freight)
- Liability Insurance of $1,000,000 (Oil Transport)
- $5,000/vehicle and $10,000/catastrophe insurance for cargo (Intrastate household goods movers and interstate contract carriers)
The insurance requirements for truck drivers who do interstate work differ slightly. If you haul goods cross states, in addition to all these, you must meet all of the federal government’s semi-truck insurance requirements. The majority of federal liability limits are either $750,000 or $1,000,000.
Your insurance agent must submit certain filings to the New York State 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 your DOT truck insurance requirements have been met. Before they can process your authority, they must be received.
Types of trucks covered by commercial truck insurance in New York
A commercial truck insurance policy should cover almost any truck. However, some insurance providers may only cover certain types of trucks. Furthermore, a standard commercial auto insurance policy might be enough for your truck, provided you use it in ways for which this type of coverage is intended. For instance, you can ensure your pick-up truck with a personal auto policy if you use it as a personal vehicle. However, if you use the pick-up truck for construction, you might need a commercial truck policy for it.
That said, here’s a rundown of the various types of trucks that are typically covered by commercial truck insurance.
- Agricultural truck
- Car carrier or Rollback truck
- Catering truck
- Delivery Van
- Flatbed truck
- Garbage truck
- Refrigerated truck
- Stake body truck
- Step Van
- Tank truck and many more.
How much does commercial truck insurance cost in New York?
The cost of commercial truck insurance varies in New York. To get a quote, your carrier would likely ask for details such as the following:
- Coverage requirements
- Driving history
- Operating radius
- USDOT authority
- Vehicle type
Your rate will then depend on the factors above and other factors stated by the company.
In 2020, a survey on the national average monthly cost for commercial for-hire truck insurance was conducted in New York. Below are the average commercial truck insurance cost based different types of goods that they haul: For-hire transport refers to truckers who haul general freight or autos; for-hire specialty refers to truckers who specialize in niche such as garbage, logging, or septic waste.
|Truck types||Average monthly commercial truck costs|
These figures only include new policies with clean driving records for all drivers and primary liability and physical damage coverage. Therefore, your own commercial truck insurance costs might differ significantly. Be sure to compare quotes from several companies to choose the cheapest one for you.
Your own rates depend on several factors including the types of truck you drive, the operating radius, the location, your years of experience, etc. If you are a new truck driver, your commercial truck insurance cost will be significantly higher than an experienced trucker. After 6 months or 12 months with a clean truck driving record, you will see your rate reduce significantly. Learn more at the best commercial truck insurance for new drivers.
Learn more at how much commercial truck insurance costs.
How to find cheap commercial truck insurance in New York?
With soaring insurance market rates and recurring losses that insurance companies in New York have faced in recent years, insurance prices have only risen. However, there are a few steps you can take to try to obtain a reasonably priced insurance package for your trucks.
Compare quotes from different carriers
Different companies will rate your risks differently and quote you different prices. If you obtain multiple quotes from various companies, you might find one that offers quality coverage at a reasonable price. However, while you seek good prices, avoid too low prices. Sometimes, really cheap insurance might mean that your coverage limits are extremely low.
Many companies provide discounts to customers who meet specific criteria. Simply ask your carrier the kinds of discounts are available for you.
Buy policy bundles
Consider combining all of your insurance coverages into a single package from a single company. That way, you can keep things together, and it might help you get a price slash.
Pay for higher deductibles
You may consider paying a higher deductible. Doing that will lower your limits while also lowering your premiums.
Keep your driving record clean
Maintaining a fleet of good trucks, hiring experienced drivers with clean driving records, paying your bills on time, keeping a good credit score, and paying your installments on time can all help you improve your CSA scores. That automatically lowers your risks, and insurance companies will offer lower premiums as a result.
Learn more at the cheapest commercial truck insurance companies.
What doesn’t commercial trucking insurance cover in New York?
Commercial trucking insurance in New York will not cover you and your trucks in all incidents. Your commercial trucking insurance will not cover you for the following:
- Damages or injuries caused by intentional harm to another person or property
- Any additional damages above the coverage limit are not covered
- Damages to cargo containing valuables like money and jewelry, drugs like alcohol, tobacco, pharmaceuticals, contraband, live animals, property in possession of another carrier, and explosive materials
- If truckers are injured or become ill at work, not due to an accident, commercial truck insurance doesn’t cover that. You will need workers comp insurance for truckers.
- If your customers get injured in your lot or inside your truck, not because of an accident, you will need trucking general liability insurance to cover that.