Getting long-haul trucking insurance is not easy. Many insurers don’t want to cover local drivers because trucking is considered riskier than most other industries. The additional risk of traveling long distances in unfamiliar places makes the list of insurers willing to cover long-haul truckers even smaller.
Some insurance companies offer coverage only up to a 300-mile radius. Others cut off at 500 miles. Very few insurance companies provide coverage beyond a 500-mile radius.
This article will reveal the 5 best long-haul insurance companies and explain what you need to know to get coverage at a fair price.
- The 5 best long-haul truck insurance companies
- What does long haul trucking insurance cover?
- How much does long haul trucking insurance cost?
- What factors affect long haul trucking insurance cost?
- How to find cheap long haul trucking insurance
The 5 best long haul truck insurance companies
- Progressive: Best for discounted long-haul trucking coverage
- Simply Business: Best for a simplified long-haul trucking policy buying experience
- Sentry: Best for personalized service
- Travelers: Best for long-haul truckers that want coverage from an industry leader
- Tivly: Best for long-haul truckers that never had coverage before
Progressive: Best for discounted long-haul trucking coverage
Long-haul trucking insurance is relatively expensive. That’s why it’s a good idea to get a quote from Progressive for your coverage.
Progressive is famous for its discounts, which could help you save on your long-haul trucker insurance. You can earn discounts for things like:
- Paying your premium in full rather than monthly or quarterly
- Bundling your insurance
- Having a safe driving record
- Avoiding making claims
- Allowing Progressive to track your driving in real-time
- Taking advantage of safety programs
- Agreeing to autopay.
Progressive isn’t just known for its discounts. It’s a reputable company offering vehicle insurance for more than 80 years. It is the top commercial vehicle insurer in the United States, which signifies that it’s doing something right. The company is known for its flexibility, great rates, and top-tier service.
Progressive makes it easy to apply for coverage online or get it through a licensed insurance representative. It’s likely that if you start a long-haul trucking quote online with Progressive, you’ll have to complete it over the phone due to the complexity of the coverage.
Simply Business: Best for a simplified long-haul trucking policy buying experience
Simply Business is more than a company name. It’s how the organization approaches small business insurance. The company takes pride in making getting insurance for long-haul truckers and others clear, simple, and affordable.
The firm was founded in 2005 and is headquartered in Boston and London. It’s an online insurance brokerage specializing in protecting long-haul truckers and other small business owners.
Simply Business is committed to helping long-haul truckers like you find the right coverage at the right price. With Simply Business, all you have to do is input information online about your trucking operation, and it will present you with quotes from top insurers specializing in long-haul truck coverage. This allows you to compare costs and coverages and select the best insurance for your business, all in a single place. You’ll likely have to complete your long-haul trucking insurance purchase after a conversation with a Simply Business rep.
Sentry: Best for personalized service
Sentry is an insurance company that specializes and is focused 100% on provide trucking insurance. That’s the only thing that they do, making it possible for them to offer a more personalized level of service, especially when it comes time to make a claim. If you have unique long-haul trucking insurance needs, their agent may be able to work with Sentry to get you the specialized coverage.
Sentry has been in business since 1904 and has a solid reputation.
If you choose Sentry as your long-haul 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.
Travelers: Best for long-haul truckers that want coverage from an industry leader
Travelers is a leading insurance provider 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 is known for its high level of customer service, flexible solutions, responsive service, and cutting-edge innovation. Travelers also uses the extensive experience of its more than 30,000 employees to help long-haul trucking and other types of businesses reduce risk, which typically results in lower premium costs.
Travelers is known for its:
- Flexible solutions. It has insurance coverages that can be tailored to the needs of different long-haul trucking businesses.
- Responsive and reliable service. An experienced professional is always available to answer your questions about business general liability coverage and other insurance types or help you with a claim. This is particularly important for long-haul truckers who could be involved in an accident any place, any time.
- 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 long-haul trucking and other types of protection. You owe it to yourself to see if this industry leader could be the right insurance provider for your long-haul trucking operation.
Tivly: Best for long-haul truckers that never had coverage before
Tivly is a leading provider of insurance to truckers and others who’ve never purchased coverage. The experts at CommercialInsurance.net can provide long-haul truckers who’ve never bought commercial insurance before with the advice they need to get adequate coverage at a fair price. The other advantage of working with commercialinsurance.net is that they partner with an intensive network of agents across the country. However unique your trucking business is, you can count on Tivly to connect you with an agent who is knowledgeable about your specific situation to help you find the best trucking coverages at the most affordable prices.
If you’re a newbie trucker or trucking business or have difficulties finding trucking insurance coverage at an affordable price, it’s worthwhile to get a quote from CommercialInsurance.net.
What is long-haul trucking insurance?
Long-haul trucking insurance, also known as over the road (OTR) or long-distance trucking coverage, is insurance that covers truckers hauling goods distances of more than 250 miles. It can protect drivers logging 1,000 miles or more across many states and even into Canada or Mexico.
What does long haul trucking insurance cover?
A long haul trucking insurance policy can include several coverages, below are some main ones:
Trucking primary liability Insurance
This is mandatory coverage and protects against damage to others’ property caused by a trucking accident, along with injuries to other people involved in the incident. You cannot offer trucking services if you do not have this coverage. Learn more at trucking liability insurance: what does it cover and who needs it
Trucking physical damage
While not mandatory, most long-haul truckers get this coverage. It protects against damage to your trailer resulting from a collision. It also covers fire damage and theft of the vehicle. Long-haul truckers get this insurance to protect their livelihoods in the event of an accident, so they always know they can get the truck they depend on repaired and back on the road quickly. Learn more at the best trucking physical damage insurance companies.
Motor truck cargo insurance
Motor truck cargo coverage pays for damage to the things you haul. You need coverage specific to the types of things you carry and their value to ensure you can pay for them should they become damaged or stolen while in transit. Learn more at the best motor truck cargo insurance companies.
If you own a tractor but haul freight in trailers owned by other companies, you will need this coverage. If you don’t have it, you will be held personally liable if something happens to the trailer you don’t own. Learn more at the trailer interchange coverage: everything you need to know
Bobtail insurance coverage
Bobtail insurance covers you when you drive your truck without a trailer attached to it. This is when you’re not hauling something, for instance, when returning to home base after dropping off a load. Learn more about bobtail insurance cost and the best bobtail insurance companies.
Non-trucking liability insurance
Non-trucking liability coverage covers you when you drive your truck for personal purposes and/or during the non-working hours. This coverage is often confused with bobtail insurance. They are similar, but have distinct differences. Learn more about their differences and understand what you should have.
The types and levels of long-haul trucking insurance you need are unique to your operation. An insurance agent or company representative can help tailor a policy to meet your needs.
How much does long haul trucking insurance cost?
The average long haul trucking insurance cost is $500 a month or $6,000 a year. And that is only for trucking primary liability coverage. If you add more coverages, that will increase. A more comprehensive long haul trucking insurance policy consists of other coverages listed above should cost around $1,000 a month or $12,000 a year. Below is the cost breakdown for different coverages:
|Long haul trucking insurance coverages||Average costs|
|Trucking primary liability coverage||$500 a month|
|Trucking general liability coverage||$40 a month|
|Trucking umbrella coverage||$30 a month|
|Trucking physical damage coverage||$250 a month|
|Bobtail coverage||$30 a month|
|Occupational accident insurance for truckers||$150 a month|
These are just the averages. Your quotes and final rates will be different. Be sure to shop around with a few companies or work with a broker or agency like Simply Business, commercialinsurance.net, or CoverWallet and Smart Financial to compare several quotes before making your final decision.
What factors affect the long haul trucking insurance cost?
Several factors affect the long haul truck insurance cost. Below are some of the main ones:
How long your company has been in business
The longer you’ve been in business, the lower your rates will be. The insurance company can look over your long history before they decide your rates. Also, people who have been in business a long time have obviously been doing something right, and this counts in your favor.
Number of trucks you have
Obviously, the more trucks you have, the more you’ll pay for insurance. Twice as many trucks on the road means twice as many chances for accidents.
Value of your trucks
Trucks are expensive, but the more expensive your equipment, the more you’ll pay in insurance. The cost of a new semi-truck is between $70,000 and $150,000, and if you have a lot of upgrades, it’s easy to spend over $160,000. Then you have to consider the cost of the trailer. Low-end trailers can cost about $15,000 but higher-end trailers will run you about $50,000. That’s a lot of money, and a lot of money the insurance company would have to replace in the event of a total loss. The average cost of insurance for an owner operator using their own truck is between $9,000 and $15,000 a year.
If you have a lease with a motor carrier and drive for them, you’ll pay less in insurance because the leasing company will pay some of the cost—you’ll pay only $2,000 to $4,000 per truck.
To get a quote for a long haul truck insurance, you’ll need to know the make, model, year, and possibly the VIN number to get the most accurate quote.
How many years you’ve had your CDL and how many years you’ve gone without an accident will affect how much you pay for insurance, just like auto insurance. If you operate a fleet, make sure you hire drivers with clean driving records with a few years of experience. Even one tiny speeding ticket can add hundreds of dollars to your premium, so make sure your drivers understand this.
The farther you drive, the more you’ll pay in insurance, for several reasons. One, the longer you spend on the road, the more chances you have to be in an accident. Two, the longer you sit behind the wheel, the more tired and distracted drivers become, which adds to the risk.
Goods you haul
What you haul will also affect your rates. If you haul hazardous materials, you’ll need hazmat insurance. If you haul fuel, chemicals, fertilizer, or explosives you’ll pay more for insurance. If you haul livestock, you will also pay more because animals are unpredictable and need special care in order to arrive safely.
Location of your business
Every state has its own rules and regulations surrounding semi-truck insurance, and therefore they vary in insurance rates as well.
All these factors can either increase or decrease your insurance. Insurance rates differ by company. With such a wide range in costs, it really does pay to know your insurance carrier is working for you and carries the best possible coverage for you and your business at the best rate.
Insurance is a large part of your monthly cost. It is equally important to compare the average cost of as many plans as possible.
How to find cheap long haul trucking insurance?
Yes, there are several things you can do to reduce your long haul trucking premium:
Purchase only the coverages you need:
Certain types of protection, such as liability and cargo insurance, are required by law or contracts. Some insurance companies add on coverages or levels of protection to their policies that you may not need, which can make your premium more expensive than it has to be. For example, if you only haul goods within a 200-mile radius of your business location, check that the insurance company isn’t charging you for a larger radius of coverage. Also, make sure that your cargo coverage is only for the types of items you haul. Reading your policy carefully — or going over it with your insurance agent — will help you know that you’re only paying for the coverage you absolutely need.
Request higher deductibles
Deductibles are the amount you have to pay out of your pocket when an accident occurs before your insurance kicks in. Higher deductibles can lower your premium costs. You have to make sure that you always have enough cash on hand if you’re involved in an incident and must pay your deductible.
If you always drive carefully, you will be less likely to be involved in accidents and other driving incidents or receive citations that can harm your driving record. Having a clean record will help keep your long-haul truck insurance rates lower than if you have infractions on it or have made claims over the last three years.
Compare quotes from several providers:
Different insurers view risks differently. You may find one that will offer you a better combination of coverage and cost if you get quotes from at least three of the insurance companies on my list. Working with a broker or agency such as Simply Business, commercialinsurance.net, or CoverWallet is a good way to get and compare several quotes easily since they can pull quotes from several carriers for you.
What should I look for in a long-haul insurer?
You should always purchase insurance from one that specializes in the coverage, and that offers 24 / 7 service. You may have an accident and need to make a claim in an unfamiliar place, a long way from your base of operation, late at night. You’ll be able to rest better at night knowing that your insurer is there to support you if — or more likely, when — this occurs. Long haul truckers need to recover from accidents and other incident so they can quickly get back on the road and their cargo be delivered on time.
How do I get long-haul truck insurance?
You can either work through an insurance agent, apply online, or speak with an insurance company or agency representative over the phone. Because long haul truck insurance is so complex and risky, you’ll likely be required to complete the transaction over the phone or in-person
Here are some of the things you will need to have handy to apply for the coverage:
- Information about drivers, such as CDL experience and driver’s license numbers
- Motor vehicle records
- Information about any losses or claims in the last three years
- Financial documents
- International Fuel Tax Agreement (IFTA)
Insurance companies review all this information to determine how much of a risk you pose to them. The riskier they think you are, the higher your premiums will be.
The good news is that different insurers calculate risk in different ways. That means if you get quotes from several providers, you may be able to find one more willing to accept the risks your long-haul trucking business presents and offer you a lower premium.
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