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5 Cheap Commercial Truck Insurance Companies for 2022

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 cheap 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.

  • Simply Business: Cheap truck insurance by comparing quotes from multiple providers
  • biBERK: Low-cost truck insurance by selling directly to customers
  • Progressive: Cheap commercial truck insurance with several discounts
  • THREE: Cheap commercial truck insurance by making it uncomplicated
  • InsurePro: Cheap commercial truck insurance with pay-per-day coverage

Simply Business: Cheap truck insurance 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 Simply Business.

Simply Business is a cutting-edge insurance broker. 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 in one place.

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, Simply Business makes it easy to purchase a commercial truck policy online or through an agent. When you get your commercial truck policy through Simply Business, 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.

>>MORE CoverWallet Business Insurance Broker Review

biBERK: Low-cost truck insurance by selling directly to customers

biBERK is a subsidiary of Berkshire Hathaways, ie. Warren Buffet. The firm specializes in selling insurance to small businesses directly, bypassing agents and brokers. Trucking is one of their focused industries.

The company develops its trucking insurance in such a way that it can be quoted, sold, and managed entirely online, making it possible to sell directly to truckers and trucking companies. This helps cut costs to make insurance more affordable to its customers. In fact, biBERK claims that they are able to save 20% on premiums for their customers.

With its low-cost approach, biBERK is confident that their insurance rates is very competitive. It is also one of the 4 companies offering truck insurance quotes online (the other 3 are Progressive, THREE, and InsurePro). It shouldn’t take you more than 10 minutes to get a quote and buy a policy online on its website. You should definitely give it a try.

Progressive: Cheap commercial truck insurance with several discounts

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. It is also super easy to get a quote and buy a policy online with Progressive. It shouldn’t take you more than 10 minutes. 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.

THREE: Cheap commercial truck insurance by making it uncomplicated

THREE is another subsidiary of Berkshire Hathaways. It was founded on the belief that small business is unnecessarily complicated and it doesn’t need to be. They promise that each small business will have a policy with 3 pages when buying insurance from them, regardless how many coverages the business get. They always fit into 3 pages with plain English, no insurance jargons or fine prints. They specialize in simplifying truck insurance and make it super easy for everyone to understand.

By doing that, they also reduce the unnecessary complications in trucking insurance and reduce costs. They offer a great digital experience. You can get quotes online within 10 minutes to less, buy a policy online, and manage all of your business insurance policies online.

InsurePro: Cheap commercial truck insurance with pay-per-day coverage

InsurePro has a new innovative approach when it comes to small business insurance, including trucking industries. They allow small businesses to buy insurance only when they need it, ie. you can buy coverage for just a few days. To truckers and trucking businesses, this means that you can pay for trucking coverage only when you are on the road. When you are not driving, you don’t need to pay.

That helps truckers and trucking businesses save a lot of money if they do not drive full time.

InsurePro also offers quotes online. If you want, you can chat with their agents online as you are filling out the quote application as well. The whole experience is fast and simple.

>>MORE: Top 10 Commercial Auto Insurance Companies

Can I save money by not getting commercial truck insurance?

The answer is NO. It is illegal in all 50 states and Washington DC if you drive a truck without insurance.

All 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.

>>MORE: Commercial Auto Insurance vs. Personal Auto Insurance: Why You Need to Know the Difference

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.

Cheaper trucks means cheaper 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.

You may not need to buy a new truck. Finding a good quality used truck with lower cost will also save you a lot of money in commercial truck insurance. Especially if you are new to trucking industry, don’t over spend on your truck.

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.

What can I do to lower my commercial truck insurance cost?

Trucking is your livelihood, so you don’t want to skimp on your coverage. However, there are some things you can do to lower your cost:

  • Maintain a clean driving record if you are driving yourself or hire drivers with clean records. If you or your drivers have violations on your the driving records, make sure you do everything possible to remove these violations from your records gradually.
  • Require driving logs
  • Enrolling in a safe-driving program (apps, or other devices to monitor driving). If you are a safe driver, your premiums will decrease accordingly.
  • Provide continual safety training and monitoring safety best practices
  • Maintain your vehicles regularly
  • Last but not least, shop around and compare several quotes to find the best rates

Taking these steps will help ensure you’re not paying too much for your commercial truck coverage.

How much is cheap commercial truck insurance?

Based on our research, the average cost for commercial truck insurance in the United States is around $11,400 per year. That’s for liability, bobtail, cargo, and physical damage coverage for a single truck.

As a truck owner operator, if you can get commercial truck coverage under $9,000 a year, that may be considered a good bargain when compared with the average.

Learn more at how much does commercial truck insurance cost

Average commercial truck insurance cost per month

The average commercial truck insurance cost per month is $950. That includes liability, bobtail, physical damage, and cargo truck insurance. Below is the average cost breakdowns of different coverages:

Commercial truck coverages Average cost 
Trucking primary liability coverage $450 per month
Bobtail insurance $45 per month
Physical damage insurance $320 per month
Motor truck cargo $135 per month

Learn more at what is the average commercial truck insurance cost per month

What factors affect commercial truck insurance cost?

There are many factors that impact the cost of coverage including:

  • Location
  • 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.

>>MORE: How Much does Commercial Auto Insurance Cost by States?

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. 

>>MORE: Commercial Auto vs. Personal Auto Insurance: Why You Need to Know the Difference?

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