Whether you’re a trucker trying to insure a single vehicle, a construction company that needs coverage for a cement mixer and other equipment or a hauler trying to cover a fleet of trucks, you’ve probably experienced sticker shock when it came time to get estimates for coverage. Depending on the kinds of trucks you need to insure and what you do with them, the coverage could reach into the tens or hundreds of thousands of dollars.
It’s completely understandable that you’re looking for cheap commercial truck coverage. Still, you don’t want to purchase bad insurance or protection that comes with poor support or a slow claims process. Trucks are your livelihood and you’ll sleep better at night knowing you’re paying fair rates for quality coverage that will help get a truck back up and running quickly after an accident.
In this article, we’ll recommend some companies that could provide you with solid commercial truck coverage at low prices. We’ll also answer some common questions about commercial truck insurance that will give you the information you need to get cheap, yet high quality, coverage.
- The 5 cheapest commercial truck insurance companies
- What is commercial truck insurance?
- Can I save money by not getting commercial truck insurance?
- What coverages are required for interstate truckers?
- What types of trucks are covered by commercial truck insurance?
- How do I get cheap coverage for a pickup truck?
- Can I get cheap commercial truck insurance if I lower my deductible?
- Can I reduce commercial truck coverage costs if I have an older truck?
- What kinds of discounts can I use to get cheap commercial truck insurance?
- How much does cheap commercial truck coverage cost?
- What else can I do to get cheap commercial truck insurance?
- The 5 cheapest commercial truck insurance companies
We’ve done the homework for you. Here are the five insurers that could get you cheap quality commercial truck coverage.
- CoverWallet: Best for saving by comparing quotes from multiple providers
- Acuity: Best overall cheap truck insurance company
- Progressive: Best for getting discounts on your commercial truck coverage
- State Farm: Best for discounts AND top customer satisfaction ratings
- Sentry: Best for getting cost effective coverage from a provider with low overhead
CoverWallet: Best for saving by comparing quotes from multiple providers
The surest way to get good commercial vehicle insurance while saving money on your coverage is to get quotes from multiple providers. The easiest way to do that is through CoverWallet.
CoverWallet is a cutting-edge insurance provider. The firm has developed its own state-of-the-art platform, based on its own algorithms, to ensure it is able to connect truckers and companies with the commercial truck and other business insurance they need at the most reasonable price. The platform makes it quick and easy to get quotes from several providers at once, making it possible to compare coverage and premium prices from highly reputable insurers all on a single screen.
The firm’s experts have used their extensive experience to make sure you only have to input the information needed to generate quick and accurate quotes. The entire process should take less than ten minutes, even for coverage as complex as commercial truck insurance.
Once you get your quote, CoverWallet makes it easy to purchase a commercial truck policy online or through an agent. When you get your commercial truck policy through CoverWallet, it’s simple to manage your coverage online, including downloading a certificate of insurance, filing a claim, renewing your coverage and more. This is especially great for truckers who spend a lot of time out on the road.
Acuity: Best overall cheap truck insurance company
Acuity is a company that puts a special focus on commercial truck insurance. The firm prides itself on having expert loss control representatives and trucking specialists that really understand truckers and the people and businesses that depend on trucks to get the job done.
The firm currently insures more than 45,000 trucks and has a remarkable 95 percent claims satisfaction rate.
Acuity has many coverages beyond truck insurance that can be customized to the individual needs of truckers and trucking businesses. Plus, they offer training, advisory services and other tools that can increase safety, which helps reduce insurance costs. They also go above and beyond other providers by working to build a community of their trucking clients so they can share their experiences with each other.
When you get a quote for commercial truck insurance from your agent, ask them to check out Acuity.
Progressive: Best for getting discounts on your commercial truck coverage
All those television commercials from Progressive that promise discounts if you buy insurance from them are true. Progressive offers more types of discounts on insurance, including commercial truck coverage, than any other firm.
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 coverage with other coverage
- Allowing the insurer to electronically monitor your driving habits
- Agreeing to autopay.
The good news is that even though Progressive can provide you with cheap commercial truck insurance, you will get quality coverage and professional service.
Progressive is a reputable company that’s been offering vehicle insurance for more than 80 years and is the top commercial vehicle insurer in the United States, which means it’s doing something right.
Progressive is able to cover anything from a small single truck to a complete fleet of semis. Here is a sample quote for a single driver based in Los Angeles with a box truck who has had no accidents or moving violations in the past three years.
State Farm: Best for discounts AND top customer satisfaction ratings
State Farm has earned top customer satisfaction ratings from J.D. Powers, a company that monitors and reports on the insurance industry.
Even though the company provides top level service, commercial truck coverage from State Farm is quite affordable because the firm offers discounts for things like:
- Driving accident free
- Insuring more than one vehicle
- Installing anti-theft devices
- And more.
You can’t purchase commercial truck insurance direct from State Farm, but it does have a wide network of agents across the United States, so it should be easy to find one in your area. And the agent can work with you to select only the level of coverage you need so you don’t spend more on insurance than you actually have to.
You can rest assured knowing State Farm has been in business since 1935 and is a solid and stable company.
Another plus for truckers: State Farm is known for its simple claims process, which helps get trucks back on the road quickly after an accident.
Sentry: Best for getting cost effective coverage from a provider with low overhead
Compared with many of the insurers on this list, Sentry is relatively small. That means it carries lower overhead than many other larger companies. This helps them keep insurance costs under control.
Sentry’s smaller size allows it to offer a more personalized level of service, especially when it comes time to make a claim. If you have unique commercial truck insurance needs, your agent may be able to work with Sentry to get you the coverage you need at a price you can afford.
Sentry has been in business since 1904 and has a solid reputation.
If you choose Sentry as your commercial truck insurance provider, you can expect:
- Flexible coverage options
- An experienced claims team that understands trucking
- Certified safety directors with more than 20 years of industry experience.
Sentry is committed to the trucking industry. The company is an allied member of the American Trucking Association and several other industry groups. It currently insures more than 37,000 truckers.
Another plus: Sentry has received an A+ rating from A.M. Best, an insurance rating agency, 30 years in a row. That means it has been a financially strong company for a very long time.
What is commercial truck insurance?
Commercial truck insurance is a type of insurance that is usually purchased by trucking businesses, people who primarily use trucks for work or companies that depend on trucks for doing business.
Commercial auto insurance covers all kinds of vehicles that are used for conducting business, which could include certain kinds of trucks. Commercial truck insurance is different in that it exclusively covers larger vehicles that are typically used for construction, contracting or hauling freight.
Commercial trucking insurance is usually purchased by the owner of a company, but it covers the driver, passengers and any individuals harmed in an accident.
Can I save money by not getting commercial truck insurance?
The answer is probably NO.
That’s because most states have minimum insurance requirements and you must meet them. You can find information about your state’s requirements online or from an agent experienced in truck insurance can explain how much coverage you need to drive your truck in your state.
Vehicles traveling in two or more states are subject to the even more stringent requirements of the Federal Motor Carrier Safety Administration (FMCSA). The federal liability limit minimums are:
- $300,000 for vehicles that weigh 10,000 pounds or less and carry nonhazardous freight
- $750,000 for vehicles that weigh more than 10,000 pounds and carry nonhazardous freight
- $1,000,000 for vehicles that carry oil
- $5,000,000 for vehicles that carry other types of hazardous materials
- $5,000,000 for passenger vehicles
- $1,500,000 for passenger vehicles that can seat 15 people or fewer.
These are the federal government’s minimum requirements, but some shippers and brokers may also require liability coverage of at least $1,000,000. That is regardless of the type of material your truck hauls. It’s usually a good idea to exceed the federal minimum requirements for coverage. This is where working with an insurance professional can be smart. They can advise you on how much coverage you really need, so you don’t waste money on unnecessary insurance, but also avoid having too little protection, which could put your operation at risk.
What coverages are required for interstate truckers?
Some other coverages you may need include:
- Cargo insurance, which 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.
- Bobtail, which covers you If you’re leased on to a motor carrier and are running under their authority. You can find out whether you need this — or other — coverages on your lease agreement.
- Physical damage, which protects your personal tractor or trailer if it’s damaged in an accident. This coverage is required if you finance your truck. Even if you don’t, it’s a good idea to purchase it. Don’t cut costs on this coverage. Your truck is your livelihood. If it’s seriously damaged in an accident, you could be forced to pay for repairs out of pocket. Repairing trucks is expensive and the cost of an accident could jeopardize the future of your operation.
Your insurance agent or rep at your insurance provider can advise you on the coverage and levels you need.
What types of trucks are covered by commercial truck insurance?
It’s possible to insure any type of truck. Different insurers offer coverage for different types of vehicles, so you may need to shop around to find cheap coverage for yours.
Some common types of trucks covered by most insurers include:
- Cement mixers
- Tow trucks
- Box trucks
- Dump trucks
- Tractor trailers
How do I get cheap coverage for a pickup truck?
Pickup trucks are unique in that they could be covered by three types of insurance:
- Personal auto: If you drive a pickup because you prefer them and use them for things like hauling antiques home from a flea market, personal auto coverage should be adequate.
- Commercial auto: If you’re a contractor or landscaper and use your pickup for every day business purposes, you should be able to cover it with a commercial auto policy.
- Commercial truck: If the pickup is part of a larger trucking fleet, it could be covered by a commercial truck policy.
An insurance agent or company representative can advise you on the cheapest option for covering your pickup truck.
Can I get cheap commercial truck insurance if I increase my deductible?
Your deductible is the amount you pay out of pocket for losses before your insurance coverage kicks in. By agreeing to a higher deductible, you can lower your premium costs by a lot. The one thing you need to be aware of before choosing a higher deductible, is that you always have to have enough in savings available to cover the deductible if you or someone who works for you is involved in an accident. If not, you could end up with a truck or piece of equipment out of commission until you can come up with the cash.
Can I reduce commercial truck coverage costs if I have an older truck?
It is possible to get cheaper coverage on an older vehicle. That’s because the replacement cost of it is lower than a newer model. It’s important to get new quotes before renewing your policy. By doing so, you’ll be more certain that you’re not paying too much to insure an older model truck.
One thing you need to be aware of before reducing your coverage on an older truck or piece of equipment is that you always have enough protection and cash on hand if you ever experience a total loss. If you don’t, you might end up with it out of commission and unable to use it.
What kinds of discounts can I use to get cheap commercial truck insurance?
Many insurers will give you a break if you buy two or more types of business-related insurance coverage from them. You may also get a reduction if you have more than one truck or other piece of equipment covered by them. Some insurers reduce rates for long-time customers or people who pay their policies in full rather than monthly or quarterly. You can also get discounts for installing auto theft devices and having a good driving record.
Even though it typically makes sense to bundle coverage with a single provider, you should still shop around for cheap commercial truck coverage. You may save more money working with multiple insurers. You never know for certain unless you check out your options.
How much does cheap commercial truck coverage cost?
Based on our research, the average cost for commercial truck insurance in the United States is around just under $10,000 per year. That’s for liability, cargo and physical damage coverage for a single truck. Coverage under $8,000 may be a bargain when compared with the average.
Use these costs as benchmarks. There are many factors that impact the cost of coverage including:
- Vehicle value
- Number of trucks
- What you haul
- Number of drivers
- Driving history
- Years in business
- And more.
It’s a good idea to get several commercial truck insurance quotes and compare them to get the coverage you need at the best possible price.
What else can I do to get cheap commercial truck insurance?
Consider your insurance costs when you’re buying a truck or new piece of equipment. Do you really need the most expensive vehicle with all the bells and whistles? Probably not. The more costly and complex the truck or other vehicle, the more it will cost to get coverage. Take time to get multiple insurance quotes before making a purchase to ensure you’ll be able to afford the premiums over the long term.
How do I find the cheapest commercial truck insurance coverage?
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 cheapest 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 recommend 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.
Taking these steps will help ensure you’re not paying too much for your commercial truck coverage.Click to rate this post![Total: 0 Average: 0]