Commercial Truck Insurance Companies: Top 7 Best in 2023

Many businesses that insure commercial trucks also provide liability insurance for things like customer contract disputes, employee injury, theft, fire, and other perils of the road. There are a lot of myths floating around about how much insurance covers, how much it costs, and how to file a claim. Perhaps that’s why over half of America’s 31.75 million small companies are uninsured. Small business owners who lack a credit line or adequate capital may make the mistake of putting off purchasing commercial insurance. Commercial truck insurance provides a safety net for companies in the event of unforeseen perils. In this article, we will discuss high-risk commercial truck insurance companies and commercial truck insurance companies in California.

What Is Commercial Truck Insurance?

Commercial truck insurance is a specialized type of insurance designed to protect businesses that operate trucks and other commercial vehicles. These vehicles are essential for transporting goods, equipment, or passengers, making them a vital part of many businesses. Commercial truck insurance provides coverage for various risks associated with these vehicles, including accidents, theft, vandalism, and damage to cargo.

There are several key components to commercial truck insurance:

Liability Coverage: This covers costs associated with bodily injury and property damage if the insured truck is involved in an accident and found to be at fault.
Physical Damage Coverage: This covers the repair or replacement of the insured vehicle after an accident, regardless of responsibility.
Cargo Insurance: It protects the truck’s goods against damage, loss, or theft.
Trailer Interchange Coverage: If a trucking company is hauling a trailer owned by someone else, this coverage protects against physical damage to the trailer.
Comprehensive Coverage: This provides protection for non-collision events such as theft, vandalism, or natural disasters.

Having commercial truck insurance is not only essential for legal compliance but also crucial for safeguarding a business’s assets and ensuring smooth operations in the event of unexpected incidents. Different businesses have varying insurance needs based on the type of cargo, the distance traveled, and the specific risks involved in their operations. Therefore, commercial truck insurance policies can be tailored to meet the unique requirements of each business.

How Does Commercial Truck Insurance Work?

The purpose of commercial truck insurance is to safeguard the financial interests of companies that employ truck and commercial vehicle drivers. In exchange for protection, business owners pay premiums to an insurance provider. The insurance policy specifies the risks that are covered, the maximum amount of coverage, and any applicable deductibles.

In the event of an accident involving a commercially insured truck, the business owner will submit a claim to the insurance provider. The insurance company evaluates the claim, conducts an investigation, and handles the claim in accordance with the provisions of the policy. Truck repairs, medical bills, property damage, and legal fees are all covered by the insurance company up to the policy maximum if the claim is approved.

Additionally, the insurance policy typically covers third-party claims made against an insured commercial truck by pedestrians or drivers. Truck insurance rates depend on a number of variables, including the type of truck, the value of the goods being transported, the experience level of the drivers, and the total mileage driven.

How Big Is the Commercial Trucking Insurance Market?

Between the years 2023 and 2030, the global commercial truck insurance market is poised to undergo a period of remarkable expansion and change. During this key time, we will see the coming together of innovative technology, shifting market trends, and unheard-of opportunities that will completely disrupt entire industries and transform the way we live, work, and communicate.

A significant transition towards sustainability and environmental consciousness will occur between 2023 and 2030. Eco-friendly solutions promoted by the Global Commercial Truck Insurance Market will lower carbon footprints, increase energy efficiency, and push widespread adoption of environmentally friendly company practices. This aligns with the rising need for ethical and responsible solutions, which in turn offers tremendous expansion possibilities for market participants.

Furthermore, with more and more attention being paid to sustainability and energy efficiency, there has been a rise in interest in greener commercial truck insurance options. As a result, commercial truck insurance companies now have an incentive to come up with cutting-edge products.

Rapid industrialization and urbanization in developing nations in Asia and Latin America are also fueling expansion in the commercial truck insurance market. Investments in infrastructure development have surged in these areas, leading to a high demand for commercial truck insurance services and products.

As a result, comprehensive commercial truck insurance alternatives are necessary to support the rising use of digital technology and remote work practices that the COVID-19 epidemic has accelerated.

Overall, the global commercial truck insurance market is expected to rise steadily in the coming years due to technological progress, rising environmental awareness, and the need for efficient operations. Market participants should concentrate on creating new products, forming new alliances, and expanding into new regions in order to take advantage of the potential that the changing market offers.

How Much Is Commercial Truck Insurance?

The cost of commercial truck insurance varies from person to person for the same reason that the price of any insurance policy does. Vehicle type, coverage limits, mileage, cargo, years in the industry, and even the age and driving history of the driver all play a role in determining the cost of insurance.

According to Progressive, the average monthly premium for commercial vehicle insurance in 2020 was between $640 and $982 across the country.

Overview of the Best Commercial Truck Insurance Companies

Here is a simple comparison of the best commercial truck insurance companies in the United States, in case you’re having trouble deciding which one to work with or what kind of commercial truck insurance you require.

#1. Sentry

Since its founding in 1904, Sentry has been a reliable source for businesses looking for insurance. Despite being on the lower end of the commercial truck insurance market, this company serves clients in all 50 states through a network of 65 trucking-focused agencies.

Even if you have one vehicle, Sentry can tailor a commercial truck insurance policy to your needs. They provide competent safety directors with more than 20 years of experience and a claims team that knows trucking (and the issues or demands involved). This degree of experience and specialization makes Sentry our top option for single trucks, especially for non-fleet business owners.

All sizes of fleets, from single vehicles to entire operations, can purchase policies. Sentry’s policies provide liability, collision, comprehensive, motor vehicle cargo, and personal use liability coverage in addition to the typical trucking coverage for more than 37,000 truck drivers. You’ll have to phone or locate a local agent to acquire a quote, as we don’t offer them online.

Also, Sentry has a lower-than-average amount of consumer complaints in 2022 and an A+ rating from AM Best in 2021. Claims can be filed quickly and easily over the phone, and once submitted, their status can be monitored online. Sentry doesn’t hire third-party claims handlers; rather, they employ in-house adjusters with expertise in shipping hazards.

#2. Progressive

When it comes to commercial truck insurance, the Insurance Information Institute ranks Progressive as the leading provider, covering more than 16% of the market.

Statistics and Rankings of Insurance Providers, from the Insurance Information Institute’s Facts and Insights

All 50 states have access to their commercial truck insurance policies, which cover anything from box trucks and tow trucks to tractor trailers, dump trucks, cement trucks, garbage trucks, delivery trucks, and even ice cream trucks.

Furthermore, the variety of protections and conveniences offered by Progressive makes the company our top pick for commercial truck insurance. This company provides commercial truck drivers with specialized services in addition to convenient online access to rates, a range of choices for insurance, and a variety of payment plans. Progressive offers a free state and federal insurance filing service (often issued within 48 hours), in addition to a specific heavy truck claims service.

Also, when you insure your truck with Progressive, you’ll have access to comprehensive collision, uninsured or underinsured motorist, medical payments, and PIP coverage, in addition to the standard liability coverage for injuries and property damage. Fire and theft coverage, third-party liability insurance, and reimbursement for trailer and car rentals are all available as add-ons.

In addition, Progressive offers savings for business experience, CDL status, ELDs, full payment, EFT/autopay, bundling coverage with personal vehicle insurance, or designing a package. To buy the correct coverage for your firm, you’ll need an agent. Online quotes are available. 24/7 representatives can take calls on claims.

Founded in 1937, Progressive has an A+ (superior) financial strength grade from AM Best.

In 2020, 2021, and 2022, Progressive received more consumer complaints than normal, according to the National Association of Insurance Commissioners.

#3. State Farm

If you’re seeking the best customer service when insuring a commercial truck or fleet of trucks, we recommend State Farm. According to the National Association of Insurance Commissioners (NAIC), in 2022, they had the second-lowest number of complaints from customers relative to their market share.

Commercial truck insurance for pickup trucks, box trucks, tractor-trailers, and other types of trucks is available from State Farm to people and companies alike. The insurance policies provided by the firm include liability, collision, comprehensive, PIP, medical payments, and uninsured or underinsured drivers.

In addition, insurance for commercial trucks is available nationwide. You’ll need to engage with a local agent to gather more information to construct and buy your policy from State Farm, as the website only provides limited information and lacks online quotations.

State Farm has the highest possible financial strength grade from AM Best, an A++ (superior).

#4. Hartford

The Hartford, which has been in business since 1810, is the best carrier in terms of fleet coverage. It provides commercial insurance coverage in all 50 states for both individual trucks and fleets, but the company truly comes into its own when it comes to helping businesses reduce the risks associated with operating multiple vehicles.

General liability, property, workers’ compensation, umbrella, and excess liability insurance for commercial trucks are all available from Hartford. Vehicles like these are included:

Fire trucks
Snowplow attachments
Dry freight and refrigerated trailers
Refuse trucks
Dump trucks
Trailer manufacturers
Ambulances

The Hartford “prefers to write Commercial Auto as part of a multi-line account,” so it’s clear that they see multi-vehicle fleets as a better fit for their business. However, single-vehicle policies do have some coverage alternatives.

With the help of the FleetAhead management program, risk management and technology can be integrated to better prevent loss, increase safety, and enhance driver efficiency. They provide a variety of telemetry devices, some of which may be used to unlock special savings for consumers. No online quote system, so call us for a quote or further information.

Also, you can get free extra protection with Hartford’s commercial truck insurance. Some examples are the elimination of the deductible for glass repairs, the sharing of deductibles between two vehicles, the inclusion of leased and borrowed vehicles, and the release of subrogation.

#5. Geico

GEICO, an acronym for Government Employees Insurance Company, stands out as one of the top commercial truck insurance providers in the industry. With a rich history dating back to 1936, GEICO has earned a stellar reputation for its excellent customer service and competitive rates. They offer commercial truck insurance packages that cover liability, physical damage, cargo, and more to satisfy organizations’ different needs. GEICO’s online platform is straightforward, making quotes and policy management easier for trucking businesses of all sizes.

Moreover, GEICO is renowned for its efficient claims processing, ensuring quick and hassle-free settlements for policyholders. Their emphasis on customer satisfaction, combined with a wide array of coverage options, cements GEICO’s position as a top choice for commercial truck insurance, providing businesses with the peace of mind they need to operate confidently on the road

#6. CoverWallet

One possible starting point in your search for cheap commercial truck insurance is an aggregator website like CoverWallet. Our research revealed that this company offered the most bang for the buck because it allowed users to compare prices across numerous carriers and truck sizes in seconds.

CoverWallet, an insurance marketplace founded in 2015, uses AI to streamline the policy selection and purchase process for business clients. Insurance rates for bobtail, freight, trailer interchange, rental, and non-owned vehicles are available in a matter of minutes, even on a mobile device.

Insurance can be found and purchased with CoverWallet even if a driver has poor credit and/or a poor driving record, although prices will be higher. This list includes the trucks that are permitted:

Box trucks
Car carriers
Hot shotters
Food trucks
Log trucks
Dump trucks

Truck insurance premiums can range from as low as $125 per month to well over $1,000 per month, depending on criteria such as the truck’s make and model, its annual miles, its location, its coverage limits, and the driver’s own preferences.

Obtaining a price and buying a policy online (with instantaneous proof of insurance available through email) takes at most a few minutes. Some drivers may need to provide additional information before a quote can be provided, and the whole process might take up to two business days.

More than 645 customers have given CoverWallet a rating of 4.7 stars or higher on eKomi.

#7. Chubb

In commercial insurance in the United States, Chubb is the leader. It caters to middle-sized companies in a wide range of sectors and regions. Businesses with yearly revenues exceeding $10 million that are interested in a single point of contact for a wide variety of insurance policies, including P&C, financial lines, management liability, accidents, and employee health, may consider their offerings.

Their main goal is to improve their multiline insurance strategy, which will allow them to offer more affordable insurance to businesses. With 48 regional offices and a network of local agents across North America, the company is never too far away from a client’s place of business. Chubb provides tailored protection plans for businesses with special requirements.

What is the Most Lucrative Commercial Insurance to Sell?

The profitability of selling commercial insurance can vary based on multiple factors, including your location, target market, and expertise. Generally, insurance policies with higher premiums and lower claim rates tend to be more lucrative. Policies like property insurance for large businesses, liability insurance, and specialty insurance such as cyber insurance or directors and officers insurance often have high premiums.

However, it’s crucial to choose a niche that aligns with your expertise and interests, as this will enable you to better understand your client’s needs and offer suitable solutions. Additionally, staying up-to-date with market trends and networking within your chosen industry can also contribute to your success in selling commercial insurance.

How Can I Reduce My Commercial Insurance Cost?

It is prudent to cut expenditures wherever possible when managing a firm.

Responsible company owners must pay for insurance for their companies, but savvy entrepreneurs can save money on premiums by taking advantage of discounts and other strategies.

Comparing rates from other carriers, as well as other strategies for lowering premiums, is analogous to shopping around for the best price on supplies and weighing the pros and cons of utilizing one supplier over another. Here is a step-by-step guide to reducing your commercial insurance cost:

#1. Lower the Stakes as Much as Possible

Insurers like to take on clients who can demonstrate appropriate behaviour.

By lowering the likelihood that you’ll file a claim, safety training, and risk management reviews can keep your rates from spiraling out of hand.

When losses can be prevented, they should be. Intriguingly, when Benjamin Franklin said, “An ounce of prevention is worth a pound of cure,” he was referring to fire safety.

#2. Classify Workers Accurately

If you or your employees are incorrectly classified into one of the many high-risk businesses, you may be subjected to exorbitant insurance costs.

Don’t discount the seriousness of the situation. If you tell a lie to your insurance agent or broker, you could lose coverage just when you need it the most.

Notifying your insurance provider as soon as feasible of any hiring or firing of staff can help keep premiums as low as possible. If you have any doubts about whether or not you have sufficient insurance, it is preferable to discuss the matter with your broker or agent.

#3. Strengthen Safety Measures

There are a number of things that may be done to lower premiums, such as installing security systems, fire sprinkler systems, worker safety programs, and driver training programs.

Maintaining strong security protocols is essential if you handle sensitive customer data in order to lessen the likelihood of being a victim of cybercrime. Your insurance agent or broker can help you get the best policy for your company by evaluating the risks involved and pointing out any potential trouble spots.

#4. Examine Annual Price Changes

Having your insurance automatically renewed is a bad idea. Every year, business owners, whether experts or just starting out, can save money by shopping around for the best insurance prices.

Compare prices for plans with the same or similar coverage so you have an accurate understanding of what you can save by switching providers, and don’t be afraid to ask questions if there’s something you don’t grasp.

#5. Stock up on Purchases

Buying insurance in bulk might be beneficial, similar to how you might save money by purchasing many rolls of paper towels at once.

A business owner’s policy is a terrific way to receive the protection you need at a price that’s a little easier on the wallet. Just be on the lookout for overlaps by carefully evaluating your policies. Don’t overspend on insurance that covers the same things.

However, a rider may be necessary to obtain adequate coverage if your firm is unusual and calls for specialist insurance.

#6. Increase or Decrease Your Deductible as Needed

Simply put, a higher deductible means a cheaper premium.

The math comes into play when figuring out just how much of a claim your organization can actually afford. While larger corporations can likely afford deductibles in the thousands, smaller businesses may run on much slimmer margins and choose lower outlays.

As far as I can tell, there is no universal rule. Each business must consider its own circumstances and resources before deciding on an appropriate deductible amount.

High-Risk Commercial Truck Insurance Companies

It might be challenging to deal with a claim or other problem in the trucking sector. We want to make sure that if any of those things happen to your business, you can get insurance. There is a decline in the number of insurance companies that are ready to take on high-risk commercial truck policies.

Finding insurance that covers the wide variety of goods your trucking firm transports can be another major challenge. It can be quite challenging to maintain a business if you transport perishable items, animals, jewellery, or anything else that a lot of insurance companies will not cover.

Claims, a low safety rating, driver issues, and the other myriad challenges that can arise in the trucking sector can be disheartening. High-risk commercial truck insurance is becoming increasingly common as insurance companies evolve. For this reason, numerous markets are quickly abandoning the trucking sector. The combination of a high Safer Score and a poor or nonexistent driving record is often to blame. Finding a business that will hire any and all available drivers is challenging. Finding insurance of this type might be challenging, but assistance is available. Here are some of the top high-risk commercial truck companies you might want to try out:

#1. biBERK

Truck drivers and trucking companies can get commercial truck insurance coverage from biBERK without going through any middlemen. Their digital services are top-notch. It only takes a few minutes to get quotes and buy insurance over the internet.

They are able to pass on cost savings to customers because of their direct business strategy. In fact, according to its advertising, its clients can cut their premium costs by 20% on average.

Geico’s parent firm, Berkshire Hathaway, also owns a company called biBERK. They most certainly have, so you can relax. a solid track record and substantial financial resources to fall back on when it comes time to pay out claims.

If you are a self-employed truck driver in need of semi-truck insurance, you should strongly consider biBERK.

#2. Smart Financial

If you run a small, new business, you may be considered high-risk by some insurance companies. When it comes to insurance, Smart Financial is your go-to for new and smaller trucking companies. In addition, they state that they can locate insurance for customers who have been unable to do so elsewhere.

If you are new to trucking insurance and starting your business, Smart Financial can be an excellent choice. You should absolutely choose them if you have had no luck locating truck insurance elsewhere. You can count on their proficient representatives to locate the best deals on comprehensive insurance plans that meet your needs.

#3. Simply Business

Simply Business is a leading insurance agency for companies of all sizes. They’ll take your information and then send you estimates from the insurance companies they work with. They collaborate with many of the industry’s top truck insurance providers, like Travelers, CNA, Chubb, and many more.

Also, by filling out a quote request form on their website, you can take advantage of their willingness to obtain quotes from their partners on your behalf. Requesting quotations from multiple providers at once is a time saver.

Simply Business is well-known for its excellent service. They have an A rating from the Better Business Bureau and a Trustpilot score of 4.1 out of 5.

Are Older Trucks Cheaper to Insure?

Yes, insurance rates for older trucks are typically lower than those for brand-new trucks. This is due to the fact that insurance companies are less likely to make a payout for a total loss on an older truck. However, there are a number of variables that can affect the final price of your policy, including the truck’s model and year, its condition, the driver’s experience and driving record, the truck’s planned use, and the coverage options selected.

If you’re considering insuring an older truck, get quotes from different companies to evaluate coverage and price. Before making a decision, it’s wise to weigh the cost of repairs and maintenance against the savings on insurance rates.

Commercial Truck Insurance Companies California

Los Angeles, San Diego, and San Francisco are all in California, so if you need to move something long-distance or over state boundaries, look no further. You could be a rookie truck driver or an expert veteran. Maybe you have a vehicle fleet or you lease trucks. You could be transporting perishable goods, apparel, or machinery. To operate a cement truck or a dump truck.

Your California company should get commercial truck insurance if it uses trucks of any kind.

It can be difficult to locate suitable commercial truck insurance in California. Here are some top commercial truck insurance companies in California you might want to consider:

#1. Smart Financial

Smart Financial is a leading insurance provider for small businesses across the country, and this includes trucking companies. All sorts of small businesses can choose from their extensive selection of insurance policies. They provide every type of insurance policy imaginable for trucking companies and truck owners. Commercialinsurance.net has all the insurance options a trucking company could need.

Smart Financial is distinguished from its competitors in several ways. One is its network of hundreds of agents across the country that collectively represent thousands of insurance providers. After years of experience assisting tens of thousands of consumers, these agents have become experts in their respective industries. Smart Financial will find a professional to help you get inexpensive coverage for your unusual trucking firm.

#2. State Farm

J.D. Powers closely monitors and reports on the insurance industry, and they have given State Farm their highest possible customer satisfaction rating.

State Farm’s commercial truck insurance is surprisingly cheap considering the company’s stellar reputation for customer service.

Coverage for more than one car
No mishaps when driving
Making use of anti-theft gadgets

There’s even more.

If you’re looking for commercial truck insurance in California but can’t buy it directly from State Farm, don’t worry; the company maintains a large network of agents throughout the state.

State Farm has been operating successfully since 1935, so you may have faith in its reliability. Moreover, State Farm’s straightforward claims process is well-liked by truck drivers because it facilitates speedy repairs and a speedy return to service after accidents.

Are Commercial Truck Insurance Companies Worth It?: Bottom Line

Yes, insurance for commercial trucks is essential for companies that rely on trucks for transportation. Natural disasters, theft, vandalism, and accidents are just a few of the risks that commercial truck insurance can cover. Accidents and other unplanned events can cause significant financial losses for organizations if they aren’t adequately insured.

Also, insurance for commercial trucks helps pay for things like legal defense, medical care, and repair costs in case of an accident so that firms can keep running. The security it provides can help business owners rest easy, knowing their investments and livelihoods are safe. Purchasing business truck insurance is a smart move since it safeguards assets and reduces exposure to financial loss.

Frequently Asked Questions

Who Has the Largest Trucking Company?

UPS is the largest trucking company in the world, with revenues surpassing USD 71.86 billion last year. It is an American multinational package delivery and supply chain management company that was initially founded in 1907 as The American Messenger Company.

What is the biggest trucking state?

In 2021, Texas had the highest concentration of truck driver jobs in any state. According to the numbers, there are approximately 202,270 truck drivers in the state. In 2021, truck drivers in Texas averaged $48,150 per year. In 2021, California had the second-most truck drivers in any state.