Skip to content

Top 10 Commercial Truck Insurance Companies for 2022

Do you need commercial truck insurance? There are so many companies offering the coverage it can be hard to know where to turn. This article will reveal the top 10 commercial truck insurance companies for different reasons and the pros and cons of each.

1. Progressive: Best overall 

Progressive was established in 1937 to offer budget-friendly auto insurance to the public. In 1971, Progressive commercial truck insurance was added to its offerings to provide affordable plans for small business owners. They also began providing 24/7 claims service in 1990 to be more responsive to customer needs.

PROS:

  • Progressive is a solid insurance company with a good track record.
  • It offers many discounts that could help save you money on commercial truck insurance.
  • It’s relatively easy to get a quote from Progressive.

CONS:

  • The insurer can connect you with other types of business insurance coverage, but Progressive itself does not provide it.
  • Despite Progressive’s relatively reasonable insurance costs, it’s still smart to get other quotes to ensure you’re getting the best combination of price and coverage.
  • Progressive doesn’t offer all discounts in all states, so it’s essential to check with other insurers to see if you’re getting all the discounts you’re entitled to.

BOTTOM LINE: Progressive is a top vehicle insurer in the United States. You owe it to yourself to check it out for your commercial truck insurance.

2. biBERK: Best for low-cost coverage 

BiBERK is a business insurance company that has made smart use of technology to reduce policy costs.

PROS:

  • biBerk makes it easy to get quotes, buy policies, file claims, and download a certificate of insurance online.
  • Agents are available to provide advice and support in getting insurance.
  • biBerk’s insurance premiums are often less expensive than those of other insurers.

CONS:

  • If you need coverage beyond commercial truck insurance, biBerk may not offer it. Its menu of insurance offerings isn’t as broad as those of other insurers.
  • biBerk doesn’t offer insurance in all states.
  • Despite biBerk’s reputation for being a low-cost insurer, it’s essential to get quotes from other companies to ensure you’re getting coverage at a fair price.

BOTTOM LINE: If you need to save money on commercial truck insurance, biBerk could be a good insurer for you.

3. Simply Business: Best for comparing several quotes 

Simply Business isn’t an insurance provider. Instead, it’s a broker that connects truckers and business owners with insurance through companies in its network.

PROS

  • It’s relatively easy to get several quotes from different insurance companies through Simply Business.
  • The firm has a complete online resource library to help you learn about business insurance coverage.
  • Simply Business regularly reviews the insurers on its platform to ensure they’re reputable.

CONS

  • Policy underwriting, claims, and customer service are handled by third-party insurers, not Simply Business.
  • It can be cheaper to get coverage directly from an insurance company than through Simply Business.
  • You can’t file a claim through Simply Business. It must be done through your insurer.

BOTTOM LINE: Simply Business makes it easy to get several quotes from reputable insurance companies.

4. THREE: Best for comprehensive and simple policy 

Three is one of Berkshire Hathaway’s business insurance companies. What sets Three apart is that it aims to provide all the coverage small-business owners need in just a single, three-page policy. That’s how the insurer got its name.

PROS:

  • Three offers comprehensive business insurance, all in a single policy.
  • It’s relatively easy to get coverage through Three.
  • Licensed insurance agents are available to help you select insurance.

CONS:

  • Three offers limited online service capabilities.
  • If you only want certain types of coverage, you won’t be able to secure it through Three because it only offers a comprehensive business policy.
  • Three is not able to provide insurance protection in all states.

BOTTOM LINE: Three may be best if you want simple, comprehensive coverage from a single provider.

5. The Hartford: Best for fleets and customizable coverage 

The Hartford is a leader in property and casualty insurance. It has a more than 200-year history of offering insurance protection, and is known for the excellent service provided by its employees, sustainability practices, trust, and integrity.

PROS:

  • The Hartford can customize its coverage to meet the needs of almost any size or type of fleet.
  • The company is a highly reputable and ethical insurer.
  • More than one million businesses get their insurance coverage from The Hartford.

PROS:

  • The Hartford’s insurance coverage can be more costly than other providers.
  • The company’s online application system isn’t as modern and fast as those from newer and more tech-savvy insurers.
  • The Hartford doesn’t offer as many insurance discounts as some of the other providers on this list.

BOTTOM LINE: If you need specialized or customized commercial truck insurance, The Hartford could be your answer.

6. InsurePro: Best for flexible pay-per-day coverage

Need commercial truck insurance fast and for a limited period? InsurePro could be an excellent solution for you. Complete an online form, and InsurePro will get you quotes for fast, temporary pay-per-day coverage.

PROS:

  • InsurePro makes it easy to get quotes from several well-known and reputable insurers all in one place.
  • The entire process usually takes less than 15 minutes from beginning to end. 
  • InsurePro can sell you temporary coverage when you need it.

CONS:

  • If you need comprehensive insurance protection, InsurePro may not be able to provide all the coverage types you need.
  • If you need highly customized coverage or insurance for unusual vehicles or fleets, InsurePro may not be able to meet your needs.
  • You may not be able to get personalized help when it comes to selecting your coverage.

BOTTOM LINE: InsurePro can get you the short-term coverage you need when you need it.

7. Commercialinsuance.net: Best for working with knowledgeable agents 

Commercialinsurance.net makes it easy to connect with highly knowledgeable and experienced insurance agents who can help guide you to commercial truck insurance to meet your needs.

PROS:

  • Commercialinsurance.net  has a team of insurance agents who can help you with your coverage.
  • It helps truckers get quotes for commercial insurance from top companies, such as Progressive, The Hartford, Liberty Mutual, Insurica, and Gallagher. 
  • The online application process is fast and easy.

CONS:

  • The company is a relatively new one compared with many of the others on this list.
  • It can sometimes be more costly to get coverage from Commercialinsurance.net than direct from insurers.
  • The firm has a decent online library about business insurance coverage but limited information about trucker insurance.

BOTTOM LINE: Commercialinsurance.net could give you the professional support you need to get the right coverage for you.

8. Smart Financial: Best for finding minimum coverage at affordable rates 

SmartFinancial is an insurance comparison website. The company’s back-end technology makes it possible to see more than one commercial truck insurance quote in a single place.

PROS: 

  • Smart Financial can search over 200 insurance companies to find the best, most cost-effective coverage options.
  • The service is free to use.
  • Smart Financial’s interface is intuitive and easy to use.

CONS:

  • You don’t get your insurance direct from Smart Financial. It comes from different insurance companies.
  • You will have to make claims through the insurer that provides your coverage.
  • You won’t get personal help securing your coverage.

9. OOIDA: Best for its members 

OOIDA stands for Owner-Operator Independent Drivers Association. The group was stated in the mid-1970s to fight for the rights of truckers everywhere. OOIDA has more than 150,000 members. OOIDA also offers insurance to its members.

PROS

  • OOIDA has a unique understanding of truckers and their insurance protection needs.
  • It offers a wide range of affordable commercial truck insurance.
  • OOIDA has been working with truckers since the 1970s.

CONS:

  • OOIDA offers no online quoting.
  • You must be a member of OOIDA to purchase insurance.
  • It makes sense for OOIDA members to get quotes from several insurers to ensure they get their coverage at a fair price.

BOTTOM LINE: If you’re already an OOIDA member, it could be worth contacting the organization to learn about coverage.

10. State Farm: Best if you already have a personal policy with State Farm 

State Farm has been around for almost a century, and it’s one of the top insurers in the United States. If you have a personal auto policy from State Farm, it could make sense to get your commercial truck coverage from the insurer. 

PROS:

  • State Farm has a solid reputation in the insurance industry.
  • If you prefer to purchase insurance through an agent, State Farm could be a good insurer for you.
  • The company can customize coverage to meet the needs of most trucking businesses.

CONS:

  • State Farm insurance isn’t available in all states.
  • Insurance coverage is relatively expensive.
  • The company doesn’t have agents in all parts of the country.

BOTTOM LINE: If you already have personal auto insurance from State Farm, it makes sense to look into their commercial coverage options.

What does commercial truck insurance cover?  

The concept of truck insurance is easy to understand. Like the name, truck insurance is a combination of policies that protect trucks, truck drivers, and their companies from possible issues. 

Different tracks require different types of coverages depending on the circumstances. As a result, policies are typically designed with various coverage options combined into a single policy. The single policy provides all of the protection required by the business or individual. The various coverage options are listed below.

Trucking primary liability

Primary liability policies are frequently offered with a combined single limit (CSL). In most cases, this policy covers both bodily injury and property damage. 

For instance, assume a truck driver covered by the policy is involved in an accident. If the driver causes damage to another person’s vehicle or injures someone during the incident, the insurance will cover the cost of the injured party’s repairs and their medical expenses. 

The driver and the truck that caused the accident, on the other hand, are not covered. As a result, motor carriers also choose medical payments and physical damage coverage.

Trucking physical damage coverage 

While primary liability pays for injuries or damages to third parties, physical damage coverage pays for damage to the policyholder’s vehicles involved in an accident. Collision coverage (damage from a collision) and comprehensive coverage are included in physical damage coverage (non-collision losses or damage, such as theft or vandalism). Learn more at the best trucking physical damage insurance companies.

Uninsured/underinsured drivers

Trucks are frequently the largest vehicles on the road. If one of your trucks is involved in an accident caused by another driver, the at-fault driver may not have enough insurance to cover your injuries and property damage. Instead, uninsured/underinsured motorist coverage will cover the costs.

Medical bill coverage

Your liability insurance only covers bodily injuries for other people involved in an accident caused by your truck. So, it’s a good idea to get medical payments coverage, which covers medical bills for you and any passengers who may have been injured.

Motor truck cargo insurance

Motor truck cargo coverage protects the freight transported by a for-hire trucker in an incident such as a fire or collision. Truck drivers are legally required to insure their cargo while in transit until it is signed for at its destination.

Motor truck cargo coverage is available only to for-hire truckers who drive semis, dump trucks, tractors, trailers, box trucks, cement mixers, cargo vans, dually pickups, flatbeds, and car haulers. 

Other trucks like Garbage trucks, passenger trucks, and ice cream trucks are not eligible for this insurance coverage. Furthermore, not all types of cargo are covered by insurance. Art, jewelry, pharmaceuticals, tobacco, alcohol, live animals, and explosives are examples of items usually not covered. Such items would require separate coverage.

Learn more at the best motor truck cargo insurance companies.

Non-trucking liability coverage

Owner-operators who have a permanent lease with a motor carrier should consider purchasing non-trucking liability (NTL) coverage to be insured if they use the truck for non-business purposes. NTL coverage, for example, would cover medical and property damage expenses incurred while driving the truck for personal reasons, such as

NTL excludes any activities considered “business use,” such as hauling cargo, filling the gas tank, driving for maintenance, and washing the truck. These activities would be covered by the primary liability coverage of the motor carrier. Learn more at the best non-trucking liability insurance companies

Truck bobtail insurance

Some people might find it confusing between non-trucking liability and bobtail insurance. They are similar, but not entirely the same. Bobtail insurance covers you only when you are driving the truck without the trailer attached to it. Learn more at the best bobtail insurance companies.

Types of trucks covered by commercial truck insurance

The type of truck covered by commercial truck insurance ultimately depends on your buying company. 

Generally speaking, most companies in Nevada offer commercial truck insurance to the following types of trucks:

How much does commercial truck insurance cost?

The average cost of commercial truck insurance is $11,400 per year, or $950 per month. This includes trucking primary liability, non-trucking liability coverage, trucking physical damage, and motor truck cargo insurance coverage.

Below are the breakdown of the average costs of different coverages:

Commercial truck coverages Average costs 
Trucking primary liability insurance $498 per month
Non-trucking liability coverage $53 per month
Trucking physical damage $266 per month
Motor truck cargo insurance$133 per month

These are just the averages. Your rates will be different. Be sure to shop around with a few companies or work with brokers like InsurePro or Simply Business to compare several quotes to find the cheapest one for your trucking business.

Learn more at how much does commercial truck insurance cost?

What factors impact the commercial truck insurance cost?

Your commercial truck insurance rate could be higher or lower depending on a variety of factors, including:

  • What you’re transporting
  • What is the weight of your truck? (insurance rates are based on weight, not type of truck)
  • History of the driver
  • How far do you travel? (when getting a quote, the cheapest rates are for drivers who drive less than 50 miles)
  • Whether or not you cross state lines
  • Coverage is required.
  • Revenue 
  • Experience in the Industry

How to get cheap commercial truck insurance?

Here are a few ideas to help you save money on commercial truck insurance:

Compare several quotes

Getting quotes from several companies is the simplest and most efficient way to save money on commercial truck insurance. Make sure you compare insurers by comparing the same coverage amounts and customer service ratings.

Look for bargains

Many companies provide discounts for things like safe driving, paying in full, purchasing multiple policies, and being a long-term customer, among other things. However, it’s not always obvious what discounts a company offers, so call and ask a customer service representative.

Commit to safety

you should hire drivers with a clean driving record. Even one speeding ticket will significantly increase your insurance rates. Consider giving bonuses or extra pay to people who drive well.

Maintain your trucks 

Not only do your drivers need to be safe, but so do your trucks. Maintain routine maintenance and conduct a visual inspection whenever a truck is driven.

Increase the deductibles

To save money on your insurance, you could raise your deductible, but make sure you have the funds to cover the deductible in the event of an accident.

Best commercial truck insurance companies in 50 states

If you are looking for the best commercial truck insurance in one of the 50 states, here are our recommendations of the top providers in each state and the reasons why they are our top picks for your consideration:

AlabamaHawaiiMassachusettsNew MexicoSouth Dakota
AlaskaIdahoMichiganNew YorkTennessee
ArizonaIllinoisMinnesotaNorth CarolinaTexas
ArkansasIndianaMississippiNorth DakotaUtah
CaliforniaIowaMissouriOhioVermont
ColoradoKansasMontanaOklahomaVirginia
ConnecticutKentuckyNebraskaOregonWashington
DelawareLouisianaNevadaPennsylvaniaWest Virginia
District of Columbia (DC)MaineNew HampshireRhode IslandWisconsin
FloridaMarylandNew JerseySouth CarolinaWyoming
Georgia
Click to rate this post!
[Total: 0 Average: 0]
Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on pinterest
Pinterest

No comment yet, add your voice below!


Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: