We’ve compiled a guide to provide you with the information you need regarding commercial truck insurance in North Carolina. North Carolina requires every commercial trucker to carry a minimum level of commercial truck insurance. Keep reading if you’re wondering what the requirements are, how much commercial truck insurance will cost in North Carolina, and where to buy the most affordable commercial truck insurance policy.
- Six best commercial truck insurance in North Carolina
- Commercial truck insurance requirements in North Carolina
- Commercial truck insurance costs in North Carolina
- Factors affecting commercial truck insurance costs in North Carolina
- How to find cheap commercial truck insurance in North Carolina
6 best commercial truck insurance in North Carolina
- biBERK: Best for low cost coverage and great digital experience
- Progressive: Best Overall and for several discounts
- Simply Business: Best for comparing several quotes in one place
- The Hartford: Best for fleets
- Commercialinsurance.net: Best for knowledgeable agents
- InsurePro: Best for flexible pay-per-day trucking coverage
biBERK: Best for low-cost coverage and great digital experience
BiBERK is part of the Berkshire Hathaway group of insurers. They are a member of Berkshire Hathaways family that focuses on offering insurance directly to small businesses. They do this by building small business insurance products to be distributed, sold, and managed completely digitally, bypassing agents and brokers.
As they build these digital products, they are also able to cut costs significantly. They claim to save small businesses at least 20% on premiums.
As a result, you are able to get quotes and buy trucking insurance policies from them completely online. They are one of the 3 carriers offering truck insurance quotes online. (The other 2 are Progressive and TREE insurance, another subsidiary of Berkshire Hathaways). Their customers also appreciate the online claims capabilities and the ability to download a certificate of insurance documents at any time.
Below is an online quote example we got from biBERK. It took us a bit less than 10 minute to get this quote. It may be worth a try. This is for a hot shot truck located in Miami, Florida, one of the most expensive area for commercial truck insurance. Your rates will be very different.
Progressive: Best Overall and for several discounts
Progressive is well-known in the auto insurance industry. People may not realize that the company handles commercial trucking insurance as well as personal automobile insurance. This company has been in business for over 40 years, and they offer discounts for various things, including bundling policies. Progressive offers online, telephone, and app services to make using their company more convenient.
Progressive is the very first carrier offering truck insurance quote online, it is super easy and fast to get a quote online on Progressive website. If you need more than just commercial truck insurance policy, you can buy other business insurance policies with Progressive and enjoy their bundling discounts. In addition to bundling discounts, Progressive offers many other discounts that you may be qualified for. It is worth getting a quote online with them.
Below is an online quote example from Progressive:
Simply Business: Best for comparing several quotes in one place
If you are looking for a local agent, Simply Business isn’t the company for you. That’s because the company is a broker, not an insurance provider. They partner small business owners with business insurance providers by doing the initial legwork to find quotes for you. They will provide several quotes after you submit your information for you to compare and select the cheapest one for you. After you make your final selection, they will help you buy and manage the policy going forward. However, it is worth knowing that the policy is underwritten and provided by their insurance partners, not their own.
Simply Business earns a good consumer satisfaction rating. They earn 4.1 out of 5 on Trustpilot, a trusted consumer rating and reviews platform.
The Hartford: Best for fleets
The Hartford is known for their business insurance policies. They offer a vast array of coverages that can be customized to fit the needs of the business. The Hartford provides flexibility with billing and an app for their customers to use. The company works better with a fleet than with small owner-operator businesses.
Commercialinsurance.net: Best for knowledgeable agents
Commercialinsurance.net is dedicated to helping those with a small business get ahead in the trucking world. The company helps businesses with less than $10 million find insurance policies that are affordable as well as reliable. In the world of trucking insurance, no insurance companies can say they underwrite and sell policies to 100% types of trucks out there. However, if you work with commercialinsurance.net, regardless how unique your trucking business situation is, they will be able to find you an agent who is very knowledgeable with similar situations so that the agent can help you navigate the world of trucking insurance to find you the best coverages at then most affordable prices.
InsurePro: Best for flexible pay-per-day trucking coverage
InsurePro is newer and more innovative small business insurance broker or agency. They work with several leading insurance companies to develop an innovative product. With InsurePro, you can buy insurance coverage for a short period of time, a few days or a week when you are working. This means that you can buy pay-per-day trucking coverage with InsurePro and only pay when you are on the road. This will save you a lot of money, especially if you are new to trucking business and may not have enough work to drive full time yet.
We are able to get a quote from InsurePro just to see if how the cost compares with other providers for hot shot trucking insurance policy, only 3 days a week. Below is the policy we got from them. Admittedly, this is probably the cheapest truck insurance quote we have ever found. You may want to give it a try.
Commercial truck insurance requirements in North Carolina
The FMCSA and North Carolina have specific requirements for commercial trucking companies. If you have your own authority, coverages like primary liability insurance are mandatory, while other coverages are optional. Coverage limits vary depending on whether you are interstate or intrastate and what cargo you transport.
Minimum coverages for intrastate only USDOT numbers are $300,000 and up to $5,000,000. In addition to intrastate limits, you must also meet FMCSA limits if you are an interstate trucker. Those liability limits are between $750,000 and $1,000,000. Both the state and the USDOT require the submission of certain forms by your insurance provider before they will process your authority.
What does commercial truck insurance cover in North Carolina?
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 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.
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.
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 costs in North Carolina
In North Carolina, you can expect to pay premiums that range between $8,650 and $11,640, with the average cost of a commercial truck insurance policy being $10,780. Those rates are estimates of the cost of liability, cargo, and physical damage insurance for a one-truck trucking operation. Several factors can affect these rates making them higher or lower than this average.
Average commercial truck insurance cost per month in North Carolina
The average commercial truck insurance cost per month in North Carolina is $900. And that includes primary liability, cargo truck insurance, and trucking physical damage for one-truck business owned by a 40-year-old owner operator with good driving record. Below are the breakdowns of the average costs by different coverages:
|Commercial truck insurance coverages
|Trucking primary liability
|$475 per month
|Cargo truck insurance
|$175 per month
|Trucking physical damage
|$250 per month
These are just the averages. Your rate will be different. Be sure to shop around with a few carriers. Getting quotes online if you can is a good way to get several quotes and compare them. Progressive, biBERK, THREE, and InsurePro offer truck insurance quotes online.
Working with a top broker like Simply Business or Commercialinsurance.net is another good way to get and compare several quotes in one place.
Factors affecting commercial truck insurance costs in North Carolina
Policy premiums in North Carolina vary based on a few factors. These include the following:
- Your profession. Premiums are different for loggers than they are for construction workers or food truck drivers.
- Your vehicle. The size and weight of your truck factor into the cost of your insurance premium.
- Your driving history. Anyone who drives your trucks will need a clean motor vehicle record.
- Your location. If you’re in a large city, your premiums will likely be more than if you live in a smaller area. The weather and other claims risks in your area will also affect your costs.
- Your travel radius. If you stay relatively local, your route will be considered lower risk than if you travel long distances.
- Your coverage needs. If you only have state minimum limits, your premiums will be less than someone needing higher limits.
- Your insurance company. Every company is different and has different underwriting rules. Those rules play a part in how much your premiums are.
How to find cheap commercial truck insurance in North Carolina
The best way to find affordable commercial truck insurance in North Carolina is to compare quotes from different companies. Online quotes are available from various companies and brokers to make the process more convenient for you. Always ensure you compare the same types of coverage with the same limit amounts to ensure you are getting the best deal.
Types of trucks covered by North Carolina commercial truck insurance
The type of truck covered by commercial truck insurance ultimately depends on the insurance companies. Some choose to cover a wide range of truck types, some just focus on a few types that work well for their business.
Generally speaking, most companies in North Carolina offer commercial truck insurance to the following types of trucks:
- 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
Commercial truck insurance in North Carolina is available through various companies offering different levels of coverage. The best way to decide on the company that’s appropriate for you is to talk to the companies and compare the different coverages available in light of the coverage necessary for legal compliance. Many companies offer online quotes, and some of them provide online policy management tools as well.