- Do you limit your truck driving to the commonwealth of Virginia, or do you go to other states?
- Maybe you’re a relatively new truck driver or a professional with years of experience.
- Perhaps you lease out your truck or own a fleet of them.
- Maybe you haul cakes for a bakery, home goods, or other vehicles. Or run a cement mixer or dump truck.
No matter the case, if you depend on a truck or trucks to conduct business, you will need commercial truck insurance if your operation is based in Virginia.
Finding the right commercial truck coverage in Virginia can be challenging. In this article, we’ll make it easier by revealing the 6 best commercial truck insurance companies in Virginia and go over what you need to know to get the right coverage for you.
- 6 best commercial truck insurance companies in Virginia
- Is commercial truck insurance required in Virginia?
- What does commercial truck insurance cover in Virginia?
- What types of trucks are covered by commercial truck insurance in Virginia?
- How much does commercial truck insurance cost in Virginia?
- Factors that impact truck insurance costs in Virginia
- How do I find the cheapest commercial truck insurance coverage in Virginia?
6 best commercial truck insurance companies in Virginia
I’ve done the homework for you and reviewed the companies offering commercial truck insurance in Virginia. Here are the 6 best commercial truck insurers in Virginia for different reasons.
- Progressive: The best overall provider of commercial truck insurance in Virginia
- Smart Financial: Best for Virginia truckers who prefer working with an experienced agent
- The Hartford: Best for truckers who want coverage from a highly reputable company
- Travelers: Best for truckers in Virginia that want coverage from an industry leader
- Chubb: Best for coverage focused on the unique needs of truckers
- Simply Business: Best for the right commercial truck coverage at the right price
Progressive: The best overall provider of commercial truck insurance in Virginia
Truckers and truck business owners choose Progressive because the firm offers a complete range of commercial insurance products ideal for businesses in the sector, along with competitive rates and high-quality service. Progressive has been offering commercial truck insurance for more than 50 years.
In addition to offering standard commercial truck insurance, Progressive offers the following specialized truck coverages and other insurance types that would appeal to truckers and trucking companies:
- Commercial auto insurance
- Tow truck insurance
- Dump truck coverage
- Landscaper insurance
- Contractor coverage
- Food truck protection
- Pickup truck insurance
- Business owners policies (BOPs)
- General liability insurance
- Workers compensation coverage
- Professional liability insurance.
Progressive is known for its discounts, which could help you save on your commercial truck insurance. You can earn discounts for things like:
- Having significant driving experience
- Earning a CDL certification
- Paying your premium in full rather than monthly or quarterly
- Bundling your commercial truck protection with other coverage
- Allowing Progressive to monitor your driving habits electronically
- Agreeing to autopay.
Progressive can cover anything from a single small truck to a complete fleet of semis. Progressive’s team of in-house truck insurance specialists can help you find the commercial vehicle and business insurance you need.
Smart Financial: Best for trucking businesses that prefer working with an agent
Smart Financial is an insurance brokerage firm. They specialize in helping businesses, especially trucking ones, find the right coverage at cheap rates. Smart Financial works with an intensive network of agents who are experienced in the trucking industry and trucking insurance. If you prefer working with an experienced agent, you may want to work with a Smart Financial agent.
Other things Smart Financial is known for include:
- Having insurance experts available 24/7 by phone, chat, and email to help you choose the right policy for your trucking business and answer all your questions.
- Being able to provide a quote online in minutes.
- Providing easy access to certificates of insurance and other proof of coverage whenever you need them.
- Knowing what paperwork needs to be filed with Virginia state and other government agencies.
- Making it simple to scale your coverage when your trucking business grows or changes.
If you’re new to buying trucking insurance, you may want to work with an agent who can help you find the right coverage at the right price.
The Hartford: Best for truckers who want coverage from a highly reputable company
The Hartford is a leader in property and casualty insurance, group benefits, and mutual funds. With more than 200 years of expertise, The Hartford is known for the excellent service provided by its employees, sustainability practices, trust, and integrity.
The Hartford was founded in 1810, making it one of the oldest companies of any kind in the United States. It currently has more than 18,000 employees serving more than one million small businesses. The firm sells insurance primarily through a network of independent agents and brokers, but you can buy certain business coverages online.
The Hartford goes above and beyond by making specialized risk managers available to help you limit the risks you face. This includes installing or repairing equipment on complex vehicles like dry freight or refrigerated trailers, snowplows, dump, refuse or fire trucks, ambulances, or other trucks. They can also help prevent and limit the impact of damage, on-site accidents, and lawsuits.
Turn to The Hartford if you want insurance from an ethical company known to go above and beyond when providing customer service.
Travelers: Best for truckers in Virginia that want coverage from an industry leader
Travelers is a leading provider of business insurance, including trucker protection, in the United States. The company has been in business for more than 165 years and is the only property casualty company in the Dow Jones Industrial Average.
Travelers provides a broad array of risk management tools and resources that can help your trucking Company to reduce business exposures proactively.
Travelers is known for its:
- Flexible solutions. It has insurance packages tailored to different industries that can be customized for individual businesses.
- Responsive and reliable service. An experienced professional is always available to answer your questions about trucker coverage and other insurance types or help you with a claim.
- Innovation. Even though Travelers has been around for a long time, it’s known as a leading innovator in the insurance industry.
In the end, Travelers offers quality commercial truck insurance and other types of protection for truckers. You owe it to yourself to see if this industry leader could be the right insurer for you.
Chubb: Best for coverage focused on the unique needs of truckers
Chubb delivers customized truck insurance offerings that address the specialized needs of this key industry class. The firm partners with truckers and other transportation-based businesses to support their efforts to reach their specific risk management goals.
Chubb is known for its:
- Extensive expertise in the trucking and broader transportation industry
- Flexibility in coverage structure and limits
- Innovative solutions
- Efficient claims process
- Solid level of service
- Fleet safety services, including management safety process evaluation, training, and substance abuse programs through Chubb’s proprietary risk management division.
Chubb is definitely an insurer companies that depend on trucks should look into.
Simply Business: Best for the right commercial truck coverage at the right price
Simply Business is more than a company name. It’s how the organization approaches small business insurance. The company takes pride in making insurance for truckers and other businesses clear, simple, and affordable.
The firm was founded in 2005 and is headquartered in Boston and London. It’s an online insurance brokerage that specializes in protecting small businesses.
Simply Business is committed to helping truckers, and other small businesses find the right coverage at the right price. With Simply Business, all you have to do is input information online about your business, and it will present you with quotes from top insurance providers. This allows you to compare costs and coverages and select the best insurance for your trucking business all in a single place. It’s the simplest way for busy truckers to get coverage.
What is commercial truck insurance?
Commercial truck insurance is a type of coverage usually purchased by trucking businesses, people who primarily use trucks for work, or companies that depend on them for doing business.
Commercial auto insurance covers all kinds of vehicles used for conducting business, which could include certain types of trucks. Commercial truck insurance is different because it exclusively covers larger vehicles typically used for construction, contracting, or hauling freight.
The company owner usually purchases commercial trucking insurance, but it covers the driver, passengers, and individuals harmed in accidents.
Is commercial truck insurance required in Virginia?
Virginia law requires truck drivers in the commonwealth to have a minimum amount of insurance. The amount you need is determined by the type of freight you pull and where you pull it. If you don’t leave Virginia and your truck is more than 10,000 GVW, you must get a Virginia For-Hire Intrastate Operating Authority Number and have a minimum amount of insurance:
- $300,000 worth of liability insurance if you transport household goods
- $750,000 worth of liability insurance if you haul general freight
- $1,000,000 worth of liability insurance if you transport oil
- $5,000,000 worth of liability insurance if you transport hazmat
- $50,000 per vehicle and $50,000 per catastrophe of cargo insurance if you transport household goods in Virginia.
The insurance requirements for truckers who drive in and outside Virginia are more complex. You must meet the levels specified for Virginia drivers PLUS comply with all the semi-truck insurance requirements laid out by the federal government. Most federal liability limits are $750,000 or $1,000,000.
Be aware: These are minimum levels. Some shippers and brokers could require you to have higher amounts of coverage.
Both Virginia and the Federal Motor Carrier Safety Administration (FMCSA) require that your insurance agent or provider submit certain forms for you. The forms prove to the government that all your Department of Transportation (DOT) truck insurance requirements have been met. They must be submitted before you can receive your authority. The forms include:
- BMC-100
- Form MCS-9
- Form E
- Form H.
What does commercial truck insurance cover in Virginia?
Truck coverage falls into two categories. Essential coverages are those that are necessary to get. Optional coverages are those that truckers typically benefit from having.
Essential insurance coverages for truck drivers
Liability insurance.
Pays for damage you do to other people’s property when you’re found to be at fault in an accident. This coverage is required by law in Virginia. If you drive a truck in Virginia, you must have this coverage. Virginia limits are covered in the previous section.
Physical damage.
This coverage pays for damage or harm done to your truck. This coverage is not required in Virginia. However, most truckers have it to protect their most essential asset to make a living, which is their truck. Learn more at the best trucking physical damage insurance companies.
This coverage comes in two parts:
Collision coverage.
This covers damage that happens due to an accident.
Comprehensive coverage.
Covers harm caused outside of collisions. This includes theft, vandalism, and harm caused by animals or the weather.
Bobtail (non-trucking liability) insurance
A type of liability insurance that covers your tractor when it’s disconnected from a trailer. This is another coverage that’s not required, but most truckers purchase it. There is some subtle differences between bobtail insurance and non-trucking liability insurance. Learn more at the best bobtail insurance companies and the best non-trucking liability insurance companies.
Cargo insurance
Cargo insurance covers the things you haul in your trailer. It’s not a coverage required by the Federal Motor Carrier Safety Administration, but most for-hire interstate owner-operators will make you purchase it. If you don’t have it, they won’t hire you, so this probably isn’t a way to reduce your costs. The standard limit for cargo insurance is $100,000, but you may need a higher one if you haul particularly valuable cargo. Learn more at the best motor truck cargo insurance companies.
Optional coverages for truck drivers and trucking businesses
Loading and unloading coverage.
Cargo insurance doesn’t always cover items when loaded into and unloaded from your trailer. This coverage fills the gap.
Combined deductible.
After a major accident that causes significant harm and damage, unless you have a combined deductible, you’re responsible for paying the deductible of all the individual coverages that pay for accident damages. With a combined deductible, you only have to pay a single amount, no matter how many coverages are involved.
Loss mitigation.
Any accident losses over your policy limits after an accident or incident are paid for with this coverage.
Debris removal.
This pays for removal of cargo spilled or scattered during an accident.
Earned freight.
This pays back any lost income when you’re in an accident and your shipment can’t be delivered on time.
What types of trucks are covered by commercial truck insurance in Virginia?
It’s possible to insure any truck. Some common types of trucks covered by most insurers include:
- 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
Check with the insurers on our list to find out if they offer coverage for your particular type of truck or trucks.
What kind of coverage is needed for a pickup truck?
Pickup trucks are unique in that three types of insurance could cover them:
- Personal auto: If you drive a pickup In Virginia because you prefer them and use them for things like hauling garden supplies from a nursery to your home, personal auto coverage should be adequate.
- Commercial auto: If you’re a contractor or landscaper and use your truck for everyday business purposes, you should be able to cover your pickup with a commercial auto policy.
- Commercial truck: If the pickup is part of a more extensive trucking fleet, it could be covered by a commercial truck policy.
An insurance agent or company representative from the firms on my list can advise you on the coverage you need.
What doesn’t commercial trucking insurance cover?
Commercial trucking insurance doesn’t cover intentional damage to your vehicle. For example, if you purposely damage a part of your truck to replace it with a newer or better one, your insurance company won’t cover it.
Truck insurance usually won’t cover personal losses or theft of personal items like cash, jewelry, or clothes. Contraband and explosives aren’t covered either. And if you haul live animals, they won’t be protected unless you get special insurance for them. If you’re not sure about what’s covered by a commercial truck policy, connect with your insurance agent or insurance company representative.
How much does commercial truck insurance cost in Virginia?
The average annual cost for commercial truck insurance in Virginia is just over $16,500 or $1,375 a month.
Most premiums range from $14,000 to $22,000.
The cost estimates are based on truckers with single truck operations, which require liability, cargo, and physical damage coverage. Below are the averages of the costs for different coverages:
| Commercial truck insurance coverages | Average cost per month in Virginia |
| Primary liability | $1,025 |
| Cargo coverage | $125 |
| Physical damage coverage | $175 |
| Bobtail or non-trucking liability coverage | $50 |
These are just the averages. Be sure to shop around with a few companies or with a broker to compare several quotes to find the cheapest one for you:
Factors that impact commercial truck insurance costs in Virginia
Here are some factors that can impact your commercial truck insurance costs and what you can do to keep premium prices in check:
Leasing versus driving under your own authority
Leasing to a company is much less expensive than running under your own authority. It’s because leasing companies typically cover the liability exposure of their drivers. Drivers often need to secure their own bobtail and other insurance to cover gaps, but it’s less expensive than paying for primary liability coverage.
Contractual requirements
Certain trucking contracts require more — and more types of — insurance than others. If you check contracts carefully, you can avoid raising your coverage levels unexpectedly — and types of coverage — and your insurance premiums.
Cargo
Commercial truck insurance costs are heavily impacted by the type of cargo you haul. Some classes are riskier to carry than others. For example, an accident that involves a truck transporting heavy tractor parts will likely cause more harm than one carrying pillows and bedding. If you want to save on your coverage, consider the types of loads you plan to haul.
Tip: When getting truck insurance quotes, it’s essential that you accurately disclose the types of cargo you will be carrying to reduce the chances of having a claim denied.
Operating radius
Truckers who drive longer distances are typically exposed to higher risks because of longer drive times between stops and driving less familiar routes. A truck driver who travels longer distances will usually pay more for insurance than a driver who handles local routes.
Type of vehicle
All things equal, including hauling the same types of cargo, a heavy semi-truck will justify a higher commercial truck insurance premium than a lighter pickup truck because of its potential to cause more damage in an accident and higher repair costs.
Driving history
Accidents and violations have a much more significant impact on commercial truck policy prices than on standard auto policies because large trucks transporting heavy cargo can cause significantly more damage. Even a minor speeding ticket on a trucker’s driving record could significantly increase insurance costs. Maintaining a clean driving record could save a trucker or business hundreds, or even thousands, of dollars in insurance costs each year.
Location
Commercial insurance rates vary by state. You could pay more or less for insurance depending on where you operate. Drivers can save on commercial truck insurance by driving in lower-cost states. If you think your Virginia premiums are too high, it may make sense to do business elsewhere.
Coverages and levels
More insurance coverage at higher levels gets you additional protection, but it will cost you more. Work with your insurance agent or company representative to come up with the correct amount of coverage to protect you that you can afford.
Deductibles
You can lower your truck insurance costs if you get coverage with higher deductibles. That’s the amount of money you have to pay out of pocket before your coverage kicks in. If you decide on a higher deductible, always make sure you have enough cash on hand to pay it. Otherwise, you may not be able to get your truck repaired, which could very negatively impact your livelihood.
Discounts
It’s always worth checking that you’re receiving all you are eligible to get.
Insurer
Different insurers price their policies differently. That’s why it’s essential to get quotes from multiple providers to find the best combination of coverages and premium prices for you. You owe it to yourself to get quotes from several of the insurers covered in this article.
How do I find the cheapest commercial truck insurance coverage in Virginia?
Trucking is your livelihood, so you don’t want to skimp on your coverage. However, there are some things you can do to find the insurance you need at the lowest price:
Shop around for the best value
Get quotes from several companies so you can compare coverage and premium prices.
Don’t stop shopping around
Make sure you get new quotes before you renew your policy every year.
Ask for recommendations
Other truckers may be able to suggest a cheap insurer to you.
Take advantage of discounts
If they’re not offered to you when getting a quote, ask about them, whether you’re buying online or through an agent. They’re a sure way to lower your coverage costs.
These steps will help ensure you’re not paying too much for your commercial truck coverage.
