Commercial truck insurance is a requirement in every state. Each state determines its own rules and regulations for the amount of insurance you must carry. If you’re a commercial truck driver, you must not only adhere to your state’s guidelines, but you must also adhere to certain federal rules.
Let’s face it; commercial truck insurance is expensive, it is probably one of the biggest expenses for your trucking business. The onus is on you to ensure you have the appropriate amount of coverage for your truck and at the cheapest rates. If you are looking for commercial truck insurance, it’s good to educate yourself about your state’s requirements before shopping for a quote. Reputable insurance companies and agents will likely know the requirements, but it’s always good to do your own research to ensure you have the appropriate coverage. If cost is one of your biggest concerns, here are the 5 cheapest providers for your consideration.
- Where do I begin looking for the cheapest truck insurance quotes?
- Do any insurance companies provide truck insurance quotes online?
- How do I know I’m getting the cheapest truck insurance quote online?
- What information do you need to get a truck insurance quote online?
- Online quotes are available for which truck insurance coverages?
- What are the truck insurance coverages?
Where do I begin looking for the cheapest commercial truck insurance quotes?
In today’s digital world, it’s easier than ever to get commercial truck insurance quotes. Gone are the days of spending days or hours on the telephone or pounding the pavement trying to get quotes for insurance coverage. Now, it’s easy to begin by looking for commercial truck insurance quotes online.
If you are searching for commercial truck insurance quotes online, you can go about the search in several ways. One is to search for individual companies and attempt to get a quote from them. You may be able to find a commercial truck insurance quote online, but you may also find that once you input your information, you are directed to telephone or email an agent to finish the quote process.
Another option is to get a commercial truck insurance quote online from a brokerage firm such as Simply Business or Smart Financial. With a brokerage company, you input your information one time and get multiple quotes to compare rates from various sources at once. That is an easier way to get the cheapest truck insurance quotes. Again, like individual companies, you may be directed to call or email to finish the quote process.
Do any insurance companies provide commercial truck insurance quotes online?
Some insurance companies have fully taken steps into the digital world and offer free truck insurance quotes online. Even some companies that are considered traditional brick-and-mortar type insurance providers allow you to at least start your quote online. Here are the only 3 companies we found in our extension research that offer truck insurance quotes online.
- Progressive: Cheapest commercial truck insurance quote thanks to several discount programs
- biBERK: Cheapest commercial truck insurance quote online thanks to its low-cost business model
- THREE: Cheapest trucking insurance policy for small trucking businesses – one comprehensive policy instead of several ones
- Smart Financial: Cheapest commercial truck insurance quote for your state’s minimum coverage requirements
- Simply Business: Cheapest commercial truck insurance quote by comparing several ones in one place
Progressive: Cheapest commercial truck insurance quote thanks to several discount programs
Progressive is considered the number one commercial truck insurance company in the nation. They claim that their goal is to provide their customers with the best truck claims service available. Progressive allows you to have a 100% online insurance shopping experience.
You can get your truck insurance quote online. Then, you can purchase your policy and maintain it online. You can even make claims online with Progressive. They also advertise 24/7 access to their agents. Learn more at our review of Progressive Commercial Truck Insurance.
Progressive offers the most comprehensive commercial truck insurance quote online. Whether you are a truck owner-operator or a trucking business with a small or large fleet of truck, whether you are hauling goods across the country with your semi-truck, delivering goods for Amazon in your state only with your box truck, or running your own towing business, you will be able to get a quote online from Progressive.
The quote from Progressive may not be the cheapest one you can find at the beginning. However, Progressive offers several discount programs that will help make their rates more affordable.
biBERK: Cheapest commercial truck insurance quote online thanks to its low-cost business model
biBERK is a subsidiary of Berkshire Hathaway, who also owns Geico. It is not an exaggeration to say that they are an expert in insuring vehicles. If Geico focuses on insuring personal vehicles, biBERK specializes in insuring commercial vehicles, commercial truck is one of their focus.
biBERK offers quotes online and it is probably one of the simplest and the most straightforward online quoting experiences. Within minutes, you will get a quote on their website.
biBERK is known for its low-cost coverage business model, they built a lean operation and focus on delivering their insurance product directly to the customers online, cutting off other costs, reducing their rates. In fact, they claim that their customers should be able to save at least 20% on premiums.
THREE: Cheapest trucking insurance policy for small trucking businesses – one comprehensive policy instead of several ones
THREE is another subsidiary of Berkshire Hathaway. They are one of the three insurance companies we have found in our intensive research that offer commercial truck insurance online.
THREE is different from biBERK in their approach. If biBERK focuses on cutting costs to reduce rates and pass savings to their customers, THREE focuses on developing a comprehensive trucking policy at the most affordable rates. Their commercial truck insurance is often the most comprehensive and is more suitable for small trucking businesses that may need more than just a commercial truck insurance policy. These small businesses may need other coverages to protect their business such as trucking general liability or commercial property insurance. These trucking businesses usually need to buy separate policies from other insurance companies to fully protect their business. With THREE, they only need one comprehensive policy and that would save them a lot of money.
Smart Financial: Cheapest commercial truck insurance quote for your state’s minimum coverage requirements
Smart Financial is an insurance brokerage specializing in servicing small businesses. They are known for helping small businesses find the cheapest minimum coverage quotes from their carrier partners.
As you know, each state has its own minimum coverage requirements for truck drivers and trucking businesses in their states. If you can only afford to buy a policy satisfying your state’s minimum requirements, you may want to work with Smart Financial. They will help you find the cheapest quote for your needs.
Simply Business: Cheapest commercial truck insurance quote by comparing several ones in one place
SimplyBusiness is an online insurance broker. You input your information into their online form, and they then shop for the best rates for you, typically returning three quotes for you to review. This means that they will gather multiple quotes for you, and then you choose between them or take your business elsewhere.
Once you’ve reviewed the quotes they provide, you can then either choose to purchase one of those policies, start a new quote in hopes of getting different results, or take your search elsewhere.
They are able to provide several commercial truck insurance quotes, sometimes online, sometimes on the phone. You can definitely start the process online and compare several quotes online or on the phone with their agents.
How do I know I’m getting the cheapest truck insurance quote online?
If you’re searching for truck insurance quotes online, you may want to know how to choose the appropriate quote. Here are some tips for choosing the right and cheap insurance quotes for your truck insurance.
- Know the state and federal regulations. Knowledge is power, and if you know what you need, you will better understand the quotes you are getting. Learn more at commercial truck insurance requirements in different states
- Compare comparable coverages. It’s the old compare apples to apples advice. You want to compare deductibles that are the same and limits that are the same, so you will know which company is offering the better value. Learn more about different truck insurance coverages below.
- Save money where you can, but don’t scrimp on coverage. In other words, get the amount of coverage you need, but don’t be afraid to ask about discounts. Many companies offer them for bundling coverages, having a safe driving record, or even for having payments automatically draft from your bank account.
These are three basic tips for getting a good deal on your truck insurance quotes online.
What information do you need to get a truck insurance quote online?
As an example, Progressive asked us:
- If we were currently insured with Progressive
- USDOT number (if we had one)
- How business is structured (sole proprietor, LLC, partnership, etc)
- Business type
- Types of vehicles to be insured
- Year, make, and model
- Is the vehicle used for sightseeing tours
- Is there a loan on the vehicle
- Is the vehicle used to transport seasonal farmworkers
- Is the vehicle used for business, personal, or both
- Is there collision insurance on the vehicle
- Any accidents or violations in the past five years?
- Would you like to enroll in Snapshot savings?
Some companies claim to offer online quotes for commercial trucking, but when we tried it, we were told to call. It’s possible that’s because we didn’t have supporting documents or USDOT numbers, but usually, it’s more difficult to get a quote for commercial trucking insurance online than it is for other types of business insurance.
How much is the average cost of commercial truck insurance?
The average cost of commercial truck insurance is $920 per month for a truck owner-operator who is 42 years old and has 5 years of experience in driving a commercial truck. This is a comprehensive policy with most coverages a owner operator who is driving under his own authority would need. Below is the cost breakdown for each coverage:
|Average monthly semi truck insurance cost
|Primary trucking liability
|$520 per month
|$40 per month
|Physical damage coverage
|$230 per month
|Motor truck cargo insurance
|$130 per month
These are just the average costs. Be sure to get your own quotes from several companies or work with a top broker like Simply Business, Smart Financial, or Tivly to compare them to find the cheapest one for your commercial truck. You can also get quotes online directly from the carriers as well. However, Progressive, biBERK, and THREE are the only carriers offering commercial truck insurance quotes online. It shouldn’t take you more than 10 minutes to get a quote on their websites, so it may be worth a try.
How to lower your commercial truck insurance cost?
If the commercial truck insurance costs for your truck or your trucking business seem daunting, there are a few ways to potentially lower the premiums. Here are three of them.
Pay your annual premiums upfront
Paying your premiums in one lump sum will save you money over the term of your policy. Typically, if you pay premiums monthly there will be an additional convenience charge attached to your payment, usually 10%. You can immediately save 10% if you choose to save your annual premiums upfront.
Think about having lower coverage limits or increasing the deductible
Just like with your private automobile insurance policy, the rates on your commercial policy are tied to the deductibles and policy limits. Speak with your insurance agent to determine if changing the deductible or the limit or both can save you money.
In many cases, you can always lower your coverage limits to the level that your state requires. You can start with that and increase later when you renew your policy.
Keep your driving record (and those of your other drivers) clean
As we mentioned earlier, tickets and accidents can greatly affect the cost of your insurance premiums. Insurance companies want to work with consumers who drive safely and therefore cost them less money.
Only get the coverages that you need
As you can learn above, there are several coverages that may be included in a commercial truck insurance policy. Only trucking primary liability coverage is legally required. Other coverages are not. However, they may be still necessary. But you need to think about that carefully and make a decision if you need it or not. If you don’t fully understand the differences between these coverages, be sure to consult with an experienced agent or broker.
Online quotes are available for which truck insurance coverages?
It is likely that you will be able to find the truck insurance quotes online for the following coverages:
- Trucking primary liability insurance
- Trucking general liability insurance
- Trucking physical damage insurance
- Occupational accident insurance
The quotes for other coverages are not likely available online since either they have to be sold as endorsements to the main policy or they require a lot more details for insurance companies to provide a quote.
What states have the cheapest commercial truck insurance?
Commercial truck insurance costs vary by state since different states have different requirements. In our intensive research, here are the 10 states with the cheapest commercial truck insurance, ranked in order from the cheapest: Mississippi, Wyoming, Massachusetts, Iowa, Arizona, Nebraska, North Dakota, Montana, Kansas, and South Dakota. below are the average commercial truck insurance costs in these states for your consideration.
|Average local premium rate
|Average national premium rate
The best and the cheapest commercial truck insurance in 50 states and Washington, D.C
Commercial truck insurance costs vary by state as we learn above. Different insurance companies operate in different states since each state has its own requirements for insurance companies. We have done another round of intensive research to find the best commercial truck insurance companies in each state for your consideration.
What are the truck insurance coverages?
Commercial truck insurance is more complex than commercial auto or personal auto insurance. There are several coverages in truck insurance, some are required by state and federal regulations, some are not. Below are the most important truck insurance coverages that you might need to have.
Trucking primary liability
Trucking primary liability is the most important coverage in truck insurance. When people say “commercial truck insurance”, it is likely that they refer to this coverage. This coverage is required by all state and federal laws. If you drive a truck, you must have this coverage. The coverage includes two main liability coverages: bodily injury liability and property damage liability
Bodily injury liability
This covers you if the tow truck driver causes injuries to another person or people in an at-fault accident. The amount of coverage that is required varies from state to state, but every state requires some bodily injury coverage.
Property damage liability
This covers you for physical damages to someone else’s property, but not any cars you may be towing. For that, you need on-hook towing coverage.
On-hook towing coverage
If you are in towing business, you might need on-hook towing coverage. On-hook towing coverage provides protection for damages that occur to a vehicle while it’s being towed. It covers damages due to fire, collision, theft, or vandalism. However, it does not apply to any vehicles you own (personal or owed by the company). In other words, you can’t collect if you damage your personal vehicle while you’re towing it somewhere.
Bobtail and non-trucking liability insurance
Bobtail insurance covers you when you drive your truck without a trailer attached to it and get involved in an accident. You should seriously consider having this coverage when you lease on your truck to a motor carrier and drive under their authorities since the coverage provided to you by them doesn’t include bobtail coverage. Learn more at bobtail insurance cost and the best bobtail insurance companies.
Non-trucking liability insurance covers you when you drive your drive for personal purposes and during non-working hours, regardless if a trailer is attached to your truck or not. It can be confusing between bobtail insurance and non-trucking liability insurance. Learn more here and which one you should have.
Motor truck cargo coverage
Truck cargo insurance protects the cargo you haul in your truck. It pays for any damages and loss to the cargo. It can also pay for the cost for cleaning and other related damages that the cargo causes such as oil spill on the streets. This coverage is usually required by the brokers or shippers to protect their cargo. They might not sign the transportation contract until you show the proof of this coverage. Learn more at the best motor truck cargo insurance companies.
Trucking physical damage insurance
This coverage pays for reparation and replacement of your truck. It is usually not required by any party. However, it protects the most essential asset of your livelihood, so you should have it. It can include both collision coverage and comprehensive coverage. Collision coverage only pays to repair or replace your truck only if it is damaged in a collision regardless whose fault it is. Comprehensive coverage will always pay to repair or replace your truck if it is damaged for other reasons such as trees fall, weather-related incidents, animals. Of course it wont cover if the damages are caused by your intentional acts. Learn more at the best trucking physical damage insurance companies.
Trucking general liability insurance
Another increasing popular coverage for tow truck companies is trucking general liability. This protects tow truck companies from lawsuits by their customers if they have bodily injuries or property damages caused by the operations of the tow truck companies. If their customers are injured in the garage of tow truck companies and decide to use, trucking general liability insurance will protect tow truck companies from such a lawsuit. Learn more at the best trucking general liability insurance companies.
Workers comp insurance for truckers
If you hire drivers as full-time employees, you are required by laws to provide them with workers comp insurance. Workers comp insurance protects employees when they are injured or become ill while being at work. It pays for the medical costs, lost wages, disability benefits, or even death benefits if employees are injured at work. Learn more at the best workers comp insurance for truckers.
Occupational accident insurance for truckers
Most drivers of tow truck companies are hired as independent contractors. By laws, tow truck companies are not required to provide workers comp insurance for independent contractors. However, trucking is a high-risk business. The chance for your drivers to get injured is significantly higher than other industries. Many tow truck companies choose to provide their drivers with occupational accident coverage. Occupational accident insurance is a lighter form, or less comprehensive, of workers comp insurance. It is usually half of the price of workers comp insurance. Owner operator truckers usually buy this coverage to protect themselves as well. Learn more at the best occupational accident insurance for truckers.
In the digital age, more companies are offering truck insurance quotes online. In the past, to find suitable insurance coverage, you would have spent hours on the telephone or pounding the pavement going from agency to agency. Now, with a 10 to 15-minute online session, you can get a quote and often purchase your insurance coverage from the comfort of your own home.