Trucking in Ohio or anywhere else in the US is a risky business. Every year, over 100,000 truck-related accidents happen in the US. Of these numbers, 22% affect truckers and other people.
But then, you cannot simply run away from trucking because it is required by laws in all 50 states, including Ohio. It is critical for any trucking businesses or independent truckers to have commercial truck insurance in Ohio.
What does it mean? How and where can you get it? We will cover everything you need to know about buying commercial truck insurance in Ohio, including our recommendation of the top 6 providers.
- 6 best commercial truck insurance companies in Ohio
- What is commercial truck insurance and what does it cover?
- Commercial truck insurance requirements in Ohio
- Types of trucks covered by commercial truck insurance
- How much does commercial truck insurance cost in Ohio?
- What factors affect the commercial truck insurance cost in Ohio?
- How to find cheap commercial truck insurance in Ohio?
6 best commercial truck insurance companies in Ohio
Many companies offer commercial truck insurance in Ohio, which can make it time-consuming for you to find the best one. We have done the research and here are our recommendations of the top 6 companies for your consideration:
- Progressive: Best Overall
- CoverWallet: Best for comparing quotes
- CommercialInsurance.net: Best for small trucking business
- Owner-Operator Independent Drivers Association (OOIDA): Best for most specialized policies
- Three by Berkshire Hathaway: Best for comprehensive coverage
- Evolution Insurance Brokers (EIB): Best for high-risk drivers
Progressive: Best Overall
Progressive has been in business since 1937, offering insurance policies of different kinds. With that, they have the experience to offer commercial truck insurance with different ranges and features. That is why we offer them the top spot in this review.
They make the entire process easy by providing flexible coverage and payment options to their customers. They also offer expert support. Progressive also offers a specialized heavy truck claims service and free state and federal insurance filings.
As a side note, Progressive has an A+ rating from the AM best for its superior financial strength.
CoverWallet: Best for comparing quotes
CoverWallet was founded in 2015 to make the insurance-buying process easier for commercial customers. CoverWallet is an aggregator, which means they do not sell policies. Instead, this platform assists commercial truck drivers in purchasing insurance from the carriers of their choice using artificial intelligence. Their platform makes it very easy for you to compare several quotes from the carriers that they work with. They are usually able to let you see several quotes online. However, trucking is a complicated business. In many cases, you might not be able to see quotes online. But they should be able to provide you with several quotes on the phone after clarifying a few details of your trucking business.
They provide general liability, physical damage, non-trucking liability, bobtail, cargo, trailer interchange, hired, and non-owned auto coverage quotes.
Since they are aggregators, drivers with poor credit and driving records can still find and purchase insurance through CoverWallet.
Commercialinsurance.net: Best for small trucking companies
If your application is denied due to your company’s size, rest assured that CommercialInsurance.net is here to help. CommercialInsurance.net was founded as an insurance broker to assist small businesses in obtaining affordable and dependable insurance policies that meet their needs and cover their risks. That includes trucking companies with less than $10 million in revenue.
In addition, the company also provides a variety of knowledge-based articles to help business owners learn more about the insurance policies available. Furthermore, once you have completed the online quotes form, an agent will contact you with the options available to meet your needs.
Owner-Operator Independent Drivers Association (OOIDA): Best for most specialized policies
The Owner-Operator Independent Drivers Association (OOIDA) was established in 1973 as an international trade organization for professional truck drivers. It is a membership-based organization that represents truckers. Membership in the association entitles you to discounts from over 90 manufacturers and service providers.
OOIDA provides a variety of policies and coverage options that are best for small-business truckers. OOIDA has some of the best and most specialized policies due to its sole focus on commercial truck insurance.
Whether you’re an owner-operator with authority or a leaseholder, OOIDA has various options for you. All underwriting is done in-house, with quick turnaround times and competitive rates.
By the way, OOIDA has an A+ rating from the Better Business Bureau.
Three by Berkshire Hathaway: Best for comprehensive coverage
Berkshire Hathaway’s Three is an insurance company that specializes in small business insurance. It is the latest addition to the Berkshire Hathaway family of companies, which has been in operation since 1839.
For your small truck business, the company provides a single comprehensive policy. This means you won’t have to deal with the complication of multiple policies or insufficient coverage.
Instead, you select your coverage options to ensure that your cargo, driver, and passengers are fully protected. With a comprehensive insurance policy tailored to your business, you can be confident that your company is protected, with no gaps in coverage, and that you understand the coverage you’ve chosen.
Evolution Insurance Brokers (EIB): Best for high-risk drivers
Evolution Insurance Brokers began as a full-service excess and surplus lines brokerage in 1986. Their commercial truck insurance policies typically include truck liability coverage, motor truck cargo, hired and non-hired vehicles, and even non-owned trailer liability for businesses that rent trailers.
The company provides policies to customers who are considered high-risk and may not be insured by other companies. They may be considered high-risk for various reasons, such as poor driving records, a short time in business, transporting hazardous cargo, or having a history of legal issues.
What is commercial truck insurance and what does it cover?
Commercial truck insurance is like commercial auto insurance. Its purpose is to protect commercial trucks and pay for damages that might occur due to accidents and other mishaps.
The term refers to the number of coverages required for trucking operations. Here are some examples:
Truckers General Liability Coverage
This covers a driver’s actions while operating on someone else’s property. This includes loading docks and truck stops and errors in the delivery of the driver’s load. Learn more at the best trucking general liability insurance companies.
Primary Liability Coverage
This does not cover your truck but rather the damage you may cause to others while operating it.
Physical Damage Coverage
This covers the cost of repairing or replacing damaged equipment in an accident or theft. Learn more at the best trucking physical damage insurance companies.
Non-Trucking Liability Coverage
This covers for damages or injuries to others while the truck is not being dispatched by the company with which you are currently leased. Learn more at the best non-trucking liability insurance companies.
Motor Truck Cargo Coverage
This usually covers the cargo that you carry with your truck. Depending on the company and what you want, the cargo policy can either be Broad Form or for Specific Perils. Learn more at the best motor truck cargo insurance companies.
This covers medical bills if you or a passenger is injured while driving or riding in the truck.
Commercial truck insurance requirements in Ohio
If you are a trucker in Ohio or run a trucking business, the state demands that you carry minimum liability insurance. However, the specific amount you have to carry will depend on the type of items and your travel radius.
For truckers that do their business in Ohio, you will need a USDOT number, a PUCO number, and minimum liability insurance as follows:
- Liability Insurance of $750,000 (General Freight)
- Liability Insurance of $300,000 (Household Goods)
- Liability Insurance of $1,000,000 (Oil Transport)
- Liability Insurance of $5,000,000 (Hazardous materials)
- $10,000/vehicle, and $10,000/catastrophe
- Insurance for Cargo (Intrastate household goods movers and interstate contract carriers)
Truckers that operate out of the state will need to meet heavier requirements. Asides from the above, you must also comply with the regulations of the Federal Government. But in most cases, the minimum liability you should have for interstate trucking is between $750,000 and $1,000,000.
Before you can have your insurance, the state and federal laws require that you submit some essential files. These files prove to the appropriate quarters that you have fulfilled the requirements for truck insurance.
If you find a good carrier, they can help you with the necessary fillings. But then, the following are the most common files you will need:
- Form E
- Form MCS-96
- Form H
- The BMC-97
Types of trucks covered by commercial truck insurance
The type of truck covered by commercial truck insurance ultimately depends on your buying company.
Generally speaking, most companies 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
How much does commercial truck insurance cost in Ohio?
The price of commercial truck insurance varies. That’s because different companies have different policies as regards their coverages.
However, on average, truck insurance costs about $15,000 in Ohio; in most cases, premiums cost between $11,000 and $20,000.
The costs above are estimates for truckers with one truck operation needing liability, cargo, and physical damage coverages. That means you might pay more or less depending on your business types and other factors.
|Commercial truck insurance coverages||Average cost per month|
|Physical damage coverage||$150|
|Bobtail or non-trucking liability coverage||$40|
These are just the averages. Be sure to shop around with a few companies or with a commercial truck insurance broker to compare several quotes to select the cheapest one for you.
What factors affect the commercial truck insurance cost in Ohio?
When it comes to trucking insurance, no two businesses are the same. To determine the cost of premiums, insurance companies consider different factors that help them determine the risk attached to the trucking business that wishes to insure.
Ideally, the more the risk, the higher the premium. The following are some of the risk factors that insurance companies may consider in Ohio.
1. Truck drivers’ age and experience
Age and experience are essential as they determine how well a driver can handle trucks and avoid accidents in different conditions.
Most insurers would prefer that you have older and more experienced drivers. With this, they are more confident that your trucks will likely not get into accidents. As such, you might pay less for your premiums.
2. Accident history
A driver who has had several accidents is terrible for business. A history of accidents shows that such a driver is either reckless or careless. Therefore, your insurer might ask for more money to cover such a driver. In addition to this, insurance companies might reduce your premiums if you have safety training programs for your drivers.
3. Previous insurance coverage
Your insurance history is also essential. Your premium might be higher if you have a long history of canceled claims due to late payments. Also, if you have had several claims in the past, your premium might be higher.
The insurer would likely offer a higher premium because they feel you will not pay on time, or you might have more claims like your history suggests.
4. Business experience
Starting a new trucking business is risky. There is a higher chance that a new company will make more dangerous mistakes than already established ones. Therefore, new companies have to pay more for premiums to cover these possible errors.
5. Coverage required
The coverage you need is another significant factor. The more policies you pick for your company, the more you pay. However, there is a little twist. You might qualify for discounts when you pay for more than one policy.
6. Weight of truck
Larger and heavier trucks are considered riskier because they are more challenging to maneuver. As such, they are more likely to be involved in accidents, resulting in vehicle damage and driver injuries. Heavier trucks are also more likely to carry dangerous cargo, demanding higher premiums.
Your cargo also plays a massive role in the price of your premium. If your truck transports expensive items, you will pay more for premiums. That’s because replacement of such items will cost more. Also, if you carry hazardous materials, you will pay more for premiums.
8. Driving radius
If your trucks travel through risky routes, you will be charged a higher premium. To determine if the route is risky, the company will consider poor road conditions, high population density, or extreme weather conditions. Also, traveling interstate with your truck will increase your premium cost.
How to find cheap commercial truck insurance in Ohio?
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:
Compare rates across different companies
It is best to contact as many companies as possible because their rates vary significantly. Make contact with at least three to ensure that you are not overpaying. However, some companies offer less protection at lesser prices to attract customers.
Make use of any available discounts.
There are a variety of commercial truck insurance discounts available in many companies. So, make sure to find out which ones apply to you to get the best deal.
These can range from having a commercial driver’s license to discounts for being a long-standing business to discounts for bundling all of your business’s services.
Pay your entire annual premium in advance
This one is a little more difficult. Paying your entire premium at once is an excellent way to get cheaper comprehensive truck insurance. When compared to paying month to month, this payment plan can save you up to 10% in the long run.
Get the correct coverage.
Some coverages are required to insure a large rig, and others are simply nice. By picking the essentials, you will save yourself some cost. You might need to work with professional agents to create a policy that addresses your specific risks.
Increase your deductibles
You can always raise your deductibles if you’re desperate for a low-cost trucking insurance policy. This can be risky because you will be responsible for paying more in the event of an accident for what amounts to small monthly savings.
Learn more at the cheapest truck insurance companies.
What doesn’t commercial trucking insurance cover?
The following are some scenarios where your trucking insurance will not cover you:
- Damages or injuries caused by intentional harm to another person or property
- Damage to other people’s property, personal items, or automobiles, even if the policy covers the person in charge of the property or automobile.
- Additional damages over the coverage limit
- Finally, cargoes like jewelry, cash, medication, etc., are not covered by commercial truck insurance policies.
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