Who Has The Cheapest Commercial Truck Insurance in 2023?

Thang Truong
Thang Truong
Updated on:

Numerous monetary investments accompany starting your own trucking business. You have far more to consider than just the purchase of your truck. Maintenance, licenses, and insurance are all things you must add to your list of business investments. 

If you are like most who are just starting out in business, you don’t have unlimited funds to spend on unexpected fees. It’s imperative that you choose the insurance coverage that adequately covers your business. However, you also need to be aware of your budget, so you don’t spend money you don’t have on coverage you don’t need. 

Compare rates to find the cheapest truck insurance for you

When shopping for commercial truck insurance, you understandably want to save as much money as possible. You want to find the cheapest insurance rates you can. Insurance companies consider several factors when they create an insurance quote. 

The quote you receive won’t be exactly like the quote received by anyone else. Factors such as driver’s records, type of vehicle, where your business is located, and the distance and locations where you travel affect your premium amounts. Consideration of these factors means that the insurance that is cheapest for you may not be the insurance that is cheapest for your friend who also drives over the road. 

It is impossible to conclude that company A or company B offers the cheapest commercial truck insurance out there, since company A may have the cheapest quote for your friend, but not for you, and vice versa. The only way for you to find the cheapest commercial truck insurance for you is to compare several quotes that you get for yourself from these companies.

Some companies offer commercial truck insurance online, which makes it easier and more convenient for you to get several quotes and compare them.

Learn more at the 5 cheap commercial truck insurance online

Factors that can keep your commercial truck insurance rates lower

Commercial truck insurance is a considerable expense. When you’re first starting your trucking business, it can seem unmanageable. Rates continually change in the insurance industry, so it can seem an insurmountable task to find affordable coverage. You can help keep your insurance premiums lower by doing a few things to make your profile more favorable to your insurance company.

  • Exclusively hire drivers with two years of CDL driving experience or more.
  • Hire drivers with no more than two moving violations over the previous three years. 
  • Run background checks on your drivers and verify employment records.
  • Create safe routes and map them out before driving.
  • Own the newest truck you can afford—newer than ten years old will get a better insurance rate.
  • Keep your deductibles higher for lower premiums.
  • Compare a minimum of three quotes before choosing a company and plan.

These seven tricks can help you reduce your insurance costs. Your insurance won’t be completely cheap, but it can be less expensive. The company you choose and the state where you live do a lot to determine your final premium rates. 

Companies that offer the cheapest commercial truck insurance

The cost of your truck insurance coverage partially depends on the company you choose as your provider. If you are unsure who to choose for your insurance coverage, let us help you get started. Requesting multiple quotes from various companies can help you narrow the field of providers. We’ve provided six of our favorite companies for you to consider. 

  • Progressive: Commercial truck insurance that offers multiple discounts
  • biBERK: Low-cost truck coverage with at least 20% cheaper
  • THREE: Cheap commercial truck insurance that is also simple and comprehensive
  • The Hartford: Over 200 years in the insurance business
  • Simply Business: Compare multiple quotes at once to find the cheapest one
  • Commercialinsurance.net: Knowledgeable agents help you find the cheapest coverage available

Progressive: Commercial truck insurance that offers multiple discounts

Progressive offers multiple discounts with its policies. Bundling multiple policies earns you a discount. They also offer discounts for experience, paying your entire premium instead of using a payment plan, going paperless with their autopay capabilities, and allowing electronic monitoring of your driving habits for their good driver program. 

biBERK: Low-cost truck coverage with at least 20% cheaper

biBERK is part of the Berkshire Hathaway group. This firm sells insurance directly to a company. One of the focuses of biBERK is the trucking industry. Everything with this company is done online. From the quote to managing your policies, you can handle it all online. 

THREE: Cheap commercial truck insurance that is also simple and comprehensive

Like biBERK, THREE is part of the Berkshire Hathaway group. The premise behind THREE is that small business and small business insurance is unnecessarily complicated. 

The promise the company provides is that each policy will only be three pages long, and they will be written so they are easily understood. 

The Hartford: Over 200 years of experience

The Hartford is one of the oldest insurance companies there is. They have been in business for more than 200 years. The Hartford prefers to work with larger fleets, but they also offer coverages for smaller companies. 

Simply Business: Compare multiple quotes at once to find the cheapest one

Simply Business has developed its own state-of-the-art platform based on its own algorithms. It’s quick and easy to request quotes from multiple providers at once, making it feasible for you to compare coverages and prices from multiple insurers. You only input your information once, and within approximately ten minutes, you will receive multiple quotes. 

Commercialinsurance.net: Knowledgeable agents help you find the cheapest coverage available

Commercialinsurance.net is an online insurance broker. Their unique advantage is that they have a wide network of knowledgeable agents who have been in business for decades. These agents will help you navigate the complexities of commercial truck insurance industry and find the cheapest coverage for your trucking business.

While no insurance provider can provide perfect cheap coverage for every customer, these companies strive to provide competitive coverage at the best rate possible. These companies are our picks for a starting point when you are looking for commercial truck insurance. 

Learn more at the best commercial truck insurance companies

The Takeaway

All over-the-road truckers need to invest in commercial truck insurance. There are several factors to consider when looking for cheap commercial truck insurance. Some coverages are required by law, while others are additional coverages offered by the companies. Remember that the cheapest insurance for you isn’t necessarily the most affordable insurance for someone else. 

Insurance rates continually change. There are ways to keep your insurance rates lower. The most important thing to remember is that your rates are tied to your driving records. Keeping a clean driving record helps to keep your insurance premiums lower. 

Some insurance companies provide lower rates than others. It’s in your best interest to compare rates to get the best possible coverage at the best possible price. Speak with your insurance broker or agent to find what coverage you need at a price you can afford.

Thang Truong
Thang Truong

Thang Truong covers small business insurance and small business success at BravoPolicy. He is a licensed P&C insurance agent. Previously, he held product leadership positions at realtor.com, Capital One, NerdWallet, and Mulberry Technology. He holds a MBA degree from UC Berkeley - Haas School of Business.

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