Commercial truck insurance is expensive, but necessary. There are approximately 77,000 truck drivers in Florida alone, and every nine out of 1,000 jobs belong to a truck driver. Whether you have a fleet of trucks or work for yourself, commercial truck insurance is vital. The good news is that many companies offer commercial truck insurance coverage in Florida. Here are our recommendations of the top 5 providers.
In this article, we’ll cover the following:
- The 5 best commercial truck insurance companies
- What is commercial truck insurance?
- Commercial truck insurance requirements in Florida
- Types of trucks covered by commercial truck insurance
- How much does commercial truck insurance cost in Florida?
- How to find cheap commercial truck insurance in Florida?
- What doesn’t commercial trucking insurance cover?
The 5 best commercial truck insurance companies
We research several insurance companies offering commercial truck insurance in Florida and here are our recommendations of the 5 best providers for your consideration.
- Progressive: Best Overall
- CoverWallet: Best for comparing several quotes
- State Farm: Best for excellent customer satisfaction
- Sentry: Best for specializing in commercial insurance
- Nationwide: A solid choice if you care for customer satisfaction
Progressive: Best Overall
Progressive is the top commercial vehicle insurer in the United States, capturing 12% of the overall market. They serve all fifty states and insure all kinds of commercial vehicles: everything from tractor trailers to ice cream trucks.
Progressive has a wide variety of discounts, so you can reduce your costs. You can discounts for:
- Years of experience
- Having a CDL certification
- Paying in full
- Bundling with personal auto insurance
- Electronic logging devices (to monitor driving)
- Signing up for autopay
This quote from Progressive is for a tractor trailer company with no accidents or moving violations in the past three years.
Progressive will give you a quote online, but to buy a policy you have to go through an agent.
CoverWallet: Best for comparing several quotes
CoverWallet is an online insurance broker. They work with several commercial insurance companies and are able to pull quotes from these companies for your comparison. Their quote form is simple and straightforward. After you answer questions about your business, revenue, and your drivers, they usually spit out at least one quote, and sometimes two or three quotes so you can compare them. This makes comparison shopping much easier.
However, it doesn’t always work. When we requested a quote for our commercial trucking business, we got this screen:
If this happens to you, you’ll have to call. It makes sense because there are a lot of details that make up a commercial truck insurance quote, such as:
- Years you’ve been in business
- Experience in the industry
- Whether you have a DOT number on the vehicles
- Whether or not you have a CDL
- How much revenue you expect to earn
- How many employees you have
- Driving records of employees
- Age of trucks
- Weight of trucks
- How far you drive in a given day
- Dangerous chemicals
- Where vehicles are stored
According to CoverWallet, basic commercial trucking insurance starts at $125 a month. They are a subsidiary of Aon, one of the biggest business insurance brokerage firm in the world, so they have good financial backing. They also earn an average 3.55 stars out of five on the BBB website, which is pretty good.
State Farm: Best for excellent customer satisfaction
State Farm doesn’t offer online quotes: you’ll have to work with an agent. However, they do have high customer satisfaction ratings overall, tying for first with Liberty Mutual in J.D. Power’s Insurance Shopping Study for 2021.
Like Progressive, they have a lot of discounts you can benefit from, such as multiple vehicle, accident-free, anti-theft devices and more. They offer all of the standard coverage options you would expect, such as:
- Bodily injury
- Property damage
- Personal injury
- Underinsured/uninsured motorist
On the plus side, State Farm boasts a wide network of agents and it’s easy to find one in your area.
Sentry: Best for specializing in commercial insurance
Sentry was founded in 1904, so they have over one hundred years of experience. They serve all fifty states, including Florida. They can insure large businesses, trucking fleets, or even just one truck. Since they are a small company, they offer personal attention and service that’s hard to find these days.
Most large insurance companies offer products to both personal and commercial customers. Some insuretech startups like Next or Thimble specialize in commercial insurance only. However, these insuretech startups don’t offer commercial auto or commercial truck insurance. Sentry is probably the only commercial insurance specialist offering commercial truck insurance. This makes them unique.
Sentry doesn’t offer online quotes: you’ll have to work through an agent. On the BBB website they are not accredited (which doesn’t mean much) and they earn 1.05 stars out of five. However, this is based on just 22 reviews, so it might not be representative.
Nationwide: A solid choice if you care for customer satisfaction
Nationwide is one of the older auto insurers in the United States, and since they do indeed serve all fifty states, it’s easy to find a local office if you need one. Nationwide is one of the top insurers with the highest customer satisfaction rating in the prestigious JD Power Study 2021.
Nationwide doesn’t offer commercial truck insurance quotes online. You have to contact an agent to get a quote for your trucking business.
A lot of variables go into a commercial trucking quote, so you’ll get a better idea of what you’ll pay when you enter your own quote. They do offer multiple discounts, so you can save some money.
Nationwide insures most trucks, but they do not insure semis or tractor trailers, so if you have those in your fleet, you’ll have to look elsewhere.
What is commercial truck insurance?
Commercial truck insurance is an insurance policy that covers trucking businesses, people who use trucks for work, or companies that use trucks. Unlike commercial auto insurance, commercial truck insurance covers large vehicles that are often used in construction, contracting, or hauling freight.
Even though commercial trucking insurance is typically purchased by the owner of the company, it insures the drivers, passengers and any individuals harmed in an accident.
Commercial truck insurance requirements in Florida
There are federal regulations regarding how much insurance you need if you drive or own a commercial truck. You can read the list of what’s required here, but the requirements are based on truck weight and what kind of cargo it carries. Generally, the heavier the truck, the more you’ll pay in insurance. Here’s a table:
|Type of freight||Minimum liability coverage|
|Non-hazardous, vehicle under 10,001 lbs.||$300,000|
|Non-hazardous freight for vehicles over 10,001 lbs.||$750,000|
|Hazardous material or explosives||$5,000,000|
Types of trucks covered by commercial truck insurance
Almost every type of truck can be insured by commercial trucking insurance, including:
- Pickup trucks
- Cement mixers
- Tow trucks
- Box trucks
- Dump trucks
- Tractor trailers
Pickup trucks may be insured under a commercial auto policy or a personal auto policy. If you’re just driving a pickup truck because you like them and occasionally go antiquing, a personal auto insurance policy is fine. If you use a pickup truck for your business, such as contracting or because you’re a landscaper, you’ll need commercial truck insurance.
How much does commercial truck insurance cost in Florida?
The average cost of commercial truck insurance in Florida, according to a study, in between $2,000 and $18,000 a year per vehicle.
It makes a difference whether you have a USDOT filing or not. For example, in Florida, with a USDOT filing, the average cost of commercial trucking insurance is $19,480. Without it, you’ll pay only $12,872 (based on a 40-year old driver with a $40,000 tractor trailer).
You need a DOT number if your truck weighs more than 10,001 pounds and you use it for business purposes. You’re also required to get one if you haul or transport hazardous materials. There are many federal and state regulations surrounding who does and does not need a DOT number: you can read about federal guidelines here, but be sure to check with your state as well. Florida’s are here.
How to find cheap commercial truck insurance in Florida?
Commercial triuck insurance is required legally in Florida. While it might be more expensive than personal auto insurance, you can still find cheap commercial truck insurance that you can afford by following the tips below:
- Always shop around with at least 3-5 providers or a digital broker such as as CoverWallet to compare several quotes before deciding on the final carrier
- Maintain a good driving record and credit score will help decrease your commercial truck premiums
- Maintaining your commercial truck insurance coverage steadily. If you have gaps in your commercial truck insurance coverage, your premiums might increase as a result
- Lastly, if you also need another business insurance policies such as general liability or professional liability or workers compensation insurance, bundling these policies with the commercial auto insurance policy will earn discounts on the policies.
What doesn’t commercial trucking insurance cover?
While commercial trucking insurance covers the same things your personal auto insurance does, there are some things it won’t cover. It won’t cover intentional damages, and it won’t cover the following types of cargo:
- Live animals
You can get some of these things covered by other insurance policies or a rider. Contraband is not insurable.
Although commercial trucking insurance is expensive, trying to squeak by without it could result in even more expenses. Shop around and get the best policy for you.