Do you feel overwhelmed when you shop for semi-truck insurance? There are so many choices; how do you choose the appropriate coverage from the right company? Comparing quotes to find the right insurance company for your needs seems logical.
What is the best way to get a quote quickly when you don’t have much time? You might save time, but will you save money? One of the most time-saving ways to get a semi-truck insurance quote is to get quotes online. The good news is that many of the popular companies for getting a semi-truck insurance quote online can also save you money.
- 4 best semi-truck insurance quotes online
- What is semi-truck insurance?
- How does an online truck insurance quote differ from an in-person quote?
- When should you get a semi-truck insurance quote online?
- How much does semi-truck insurance cost?
- How to find cheap semi truck insurance?
4 best semi-truck insurance quotes online
We researched more than 20 companies offering commercial truck insurance. To our surprise, we have found out that only 4 companies offer semi truck insurance quotes online: 3 carriers and 1 small business insurance broker. We requested a quote from each of the four for a truck owner-operator in Houston, Texas.
- Progressive: Best Overall
- biBERK: Best for low-cost coverage
- THREE: Best for comprehensive policy for trucking businesses at affordable rates
- InsurePro: Best broker for cheap semi truck insurance with its pay-per-day coverage
Progressive: Best Overall
Progressive has come from its humble 1937 beginnings to be a leader in the truck insurance industry. Progressive began as an affordable car insurance company, and the company has expanded to include commercial truck insurance and other business insurances. Progressive is the first carrier offering semi-truck insurance quotes online.
To receive a quote online, you enter personal information, business information, information regarding your vehicles, and information about the drivers in the business. The process from entering your information to receiving your quote takes approximately ten minutes.
Below is the quote we received from Progressive. In reading the detailed coverage, we learned that Progressive commercial truck insurance is the most comprehensive coverage with high limits. Because of that, its initial quote can be expensive. However, you can adjust the coverages and their limits as you see fit and Progressive also offers a lot of discount programs that help reduce the cost as well. If you prefer a good commercial truck insurance policy from a trusted carrier, you can definitely give it a try.
biBERK: Best for low-cost coverage
Berkshire Hathaway, Geico’s parent company, has several companies in the commercial insurance industry, and biBERK is one of those companies. The company’s specialty is serving small businesses with quality insurance coverage. They sell their products directly to the customer, which is how they reduce rates for their clients. The company claims to save their customers at least 20% on their premiums.
If you request a quote from biBERK online, you can expect to spend approximately 10 minutes inputting information. The questionnaire is relatively in-depth. Once you’ve completed it, you can buy your policy online and manage it online as well.
As you can see below, biBERK quote is a lot more affordable than Progressive’s. They focus on providing low-cost coverage. Their quotes may have lower limits than Progressive’s and others, but if your main goal is to get a cheap policy, biBERK is your good choice.
THREE: Best for comprehensive trucking business policy
THREE is also one of the Berkshire Hathaway companies. The operating premise of THREE is to keep small business insurance simple and easy to understand. The policies written by THREE are always three pages long and written in plain English so that you can understand the coverage without wordy insurance jargon or fine print.
The coverage THREE offers always includes all the coverage you will need. So, requesting a commercial semi truck quote will get you a quote for commercial truck, general liability, and commercial property coverage. So it is the best for trucking businesses who want a comprehensive policy to protect all of its operations in one single comprehensive policy.
Sometimes, THREE will require more information and request that you call them to complete the process. That was the result of our quote request today.
InsurePro: Best broker for cheap semi truck coverage with its pay-per-day coverage
InsurePro is a small business insurance broker. Their innovative approach is to provide small businesses, including trucking ones, with on-demand pay-per-day coverage. This means that you can buy semi truck insurance coverage for just a few days or a few weeks. You don’t need to commit to an annual policy in the traditional way.
This approach will save you a lot of money if you don’t need permanent coverage yet. If you are a new owner operator or a new truck driver and don’t have enough work that keep your semi truck on the road frequently, this is a great solution for you.
InsurePro usually provides quotes online. However, when we tried it at night, they directed us to chat with their agents online. We were able to get a quote from that chat window, which is quite interesting and fast. You can ask additional questions during the process as well.
What is semi-truck insurance?
Semi-trucks, also called trailer tractors or 18-wheelers, are used to haul large and heavy freight. Since they are used to transport goods for other people, they require specialized insurance. You need to have insurance that protects your truck as well as the cargo you carry.
Semi-truck insurance coverage includes various coverages that protect the truck, the cargo, and the drivers. Some of the common semi-truck insurance coverages that are available include:
- Trucking liability – Learn more at what is trucking liability coverage?
- Non-trucking liability – Learn more at the best non-trucking liability insurance companies
- General liability – Learn more at the best trucking general liability insurance companies
- Bobtail – Learn more at the best bobtail insurance companies
- Physical damage – Learn more at the best trucking physical damage insurance companies
- Motor truck cargo – Learn more at the best motor truck cargo insurance companies
- Uninsured or underinsured motorist
- Occupational accident – Learn more at the best occupational accident insurance for truckers
- Trailer interchange – Learn more at trailer interchange coverage
How does an online semi truck insurance quote differ from an in-person quote?
Traditionally, if you wanted a truck insurance quote, you would call or go to the agency to get a quote. Often, someone would take your information and call you back to give you your quote. Or you would sit in the office waiting while the agent made calculations and looked at various coverages for you to create the quote.
Now, you can obtain a semi-truck insurance quote online. You can enter personal information and information regarding your business, and you will receive a quote. You can get multiple quotes at once if you’ve chosen to request a quote from an online broker.
When should you get a semi-truck insurance quote online?
If time is of the essence, getting your semi-truck insurance quote online can be an excellent idea. You can get an online quote when you’re just starting out and need a policy. Online quotes are also a good option when it’s time to renew your policy, and you want to ensure you have the coverage you need at an affordable cost for your budget.
Getting your semi-truck insurance quotes online allows you to get multiple quotes faster. You can choose to request quotes from multiple companies, but it could be faster to shop with an online insurance broker. There are over 70 companies that sell semi-truck insurance, but a single agent can only give you quotes from their company.
How much does semi-truck insurance cost?
The average cost of semi-truck insurance varies depending on your coverage, among other factors. You need to factor in the kind of trucking you do and the kind of truck you drive. Truckers who drive under their own authority must have different coverages from those who lease onto a motor carrier.
Below are the average insurance costs of different semi truck owner operators:
Below is the summary of the semi-truck insurance cost for different operator types:
|Type of semi-truck operators||Average semi-truck insurance costs|
|Experienced owner-operator with their own authority||$1,765 per month|
|New semi-truck owner-operator with their own authority||$2,383 per month|
|Owner operators that lease on to a motor carrier||$374 per month|
Please keep in mind that these are just the averages. Your rates will be different. Be sure to shop around with a few companies to compare several quotes online.
Factors that impact semi-truck insurance cost
The cost of your semi-truck insurance will depend upon several factors. Those include:
- How long you’ve been in business?
- How many trucks do you have?
- How much are your trucks worth?
- Your driving history and that of all your drivers.
- How far do you drive?
- What you transport.
- Where your business is located.
The best way to get an idea of costs is to get multiple semi-truck insurance quotes. You have several options for getting quotes. One is to go to your insurance agent and speak with them in person. Another is to seek semi-truck insurance quotes online.
How to find semi-truck insurance?
Since semi-truck insurance is expensive, you’ll want to save every dollar you can. Consider these ways to lower costs.
Maintain a good driving record
Don’t speed or engage in any risky behaviors, and avoid tickets at all costs (well, not all costs, but most costs). Your driving record is the single biggest factor affecting how much you pay in insurance. And if you hire drivers, make sure to choose drivers with an impeccable record.
Maintain excellent credit
Credit history can affect your insurance rates. If you chronically pay late, the insurance company may charge you more in premiums. Most insurance companies consider credit scores when they determine rates, although a few states (California, Hawaii, Massachusetts, Michigan and Washington) ban the practice. Excellent credit history is correlated with fewer claims, hence the discounted rates.
Keep your CSA scores low
CSA (Compliance, Safety, Accountability) scores are performance indicators used by the FMSCA to identify drivers who are high risk. Lower CSA scores = lower premiums. You can lower your scores by maintaining your vehicles and driving safely.
Maintain your truck well
Older trucks tend to cost more to insure, and part of the reason is wear and tear. Make sure you inspect your vehicle before you start driving and schedule routine maintenance to address issues.
Pay premiums annually if you can
You can usually save about 10% by paying in one lump sum, rather than month-to-month.
Raise your deductible:
A higher deductible means less cost for the insurance company, therefore you’ll pay less in premiums. Just make sure you have access to the amount of the deductible in case you need it.
Shop around to compare several quotes
Get at least a few quotes before committing to a policy. Different companies can charge significantly different rates for pretty much the same policy. And some companies will try to raise your rates over time (sneaky!) so ideally you should shop for insurance every few years or so.
Getting quotes from a few carriers or working with a top trucking insurance broker like Simply Business, Commercialinsurance.net, or Smart Financial to have them get several quotes for you to compare and choose the cheapest one. Progressive is the only carrier offering trucking insurance quotes online. It shouldn’t take you more than 10 minutes to get a quote on their website.
Shopping for semi-truck insurance quotes online is getting easier with time. We’ve looked at three providers here, but there are others that offer truck insurance quotes online. Consider shopping online for a convenient, fast way to get a quote for your semi-truck insurance.