Commercial truck insurance protects trucking companies, businesses that use trucks, and independent truck drivers. This tutorial will cover everything that business owners and contractors should know before purchasing commercial vehicle insurance. This post will go over how commercial truck insurance works, the cost, different coverage options, business needs, how to acquire a truck insurance quotation, and the best insurance providers.<\/p>\n\n\n\n
Commercial truck insurance, like other types of auto coverage, protects people by providing bodily injury and property damage liability coverage if a truck driver is judged to be at fault in an accident.<\/p>\n\n\n\n
Other coverages available with commercial truck insurance include comprehensive and collision protection, cargo coverage, personal injury protection (PIP), and uninsured\/underinsured driver protection. When an accident occurs, the motorist will report the claim to the insurance carrier, which will pay the covered benefits.<\/p>\n\n\n\n
Commercial trucks are required to carry minimum insurance coverage amounts depending on the vehicle and cargo being driven, according to the Federal Motor Carrier Safety Administration. The more hazardous the cargo and the bigger the truck, the more coverage drivers must have.<\/p>\n\n\n\n
The following are the current minimum commercial truck insurance limits:<\/p>\n\n\n\n
Remember that these are federal minimums; additional minimums may be required by individual states, businesses, or while moving specialized cargo.<\/p>\n\n\n\n
State Farm is a well-known Fortune 500<\/a> firm and the leading supplier of auto and home insurance in the United States. The Illinois-based company provides a comprehensive truck insurance program that includes coverage for personnel, cargo, and commercial vehicles.<\/p>\n\n\n\n State Farm provides all of the typical commercial trucking coverage options, such as bodily injury, property damage liability, personal injury, comprehensive, collision, and uninsured\/underinsured driver coverage. Through their inland marine policies, they also provide motor truck cargo and transit coverage, as well as less usual coverage choices such as ridesharing insurance.<\/p>\n\n\n\n State Farm’s commercial vehicle plans cover anything from pickup trucks to heavy equipment like dump trucks and bucket trucks, so your company’s fleet is likely to find the coverage it requires with State Farm.<\/p>\n\n\n\n State Farm has a variety of discounts to help you save money on your commercial truck insurance policy, such as the Multiple Auto discount for two or more cars insured by the firm. They also provide an Accident-Free discount, but you must be accident-free for at least three years in order to qualify. State Farm also charges lower rates for automobiles equipped with enhanced safety or anti-theft systems.<\/p>\n\n\n\n Progressive was established in 1937 and is based in Mayfield, Ohio. It is consistently the largest commercial vehicle insurer in the United States, according to S&P data. With such a strong position in the commercial truck insurance market, it’s no surprise that Progressive is one of the most well-known suppliers.<\/p>\n\n\n\n A recent J.D. Power survey had somewhat worse customer satisfaction rankings than similar organizations.<\/p>\n\n\n\n Because of the breadth and depth of its coverage options, Progressive is well-regarded for commercial trucking insurance. In all 50 states, the firm ensures owner-operators, motor carriers, and private carriers. Progressive provides trucking-specific coverage choices like motor truck cargo, motor truck general liability, non-trucking liability, rental reimbursement with downtime, on-hook towing, and trailer exchange in addition to the primary liability insurance required by federal law.<\/p>\n\n\n\n The national average monthly cost for a new commercial for-hire truck insurance coverage (primary liability and physical damage) ranges from $640 for specialty truckers to $982 for other transportation truckers, according to Progressive’s website.<\/p>\n\n\n\n Progressive also provides a number of discount programs, such as a Business Experience Discount for businesses that have been in operation for more than three years, a Commercial Driver’s License (CDL) Discount, and the Smart Haul\u00ae Program for drivers who use an electronic logging device (ELD) and grant access to the truck’s driving data.<\/p>\n\n\n\n The Hartford, which began as a fire insurance firm in 1810, has since grown its portfolio to include business, home, and vehicle insurance coverage. Today, Hartford is a Fortune 500 firm with particularly strong commercial insurance capabilities, covering over one million small companies with commercial truck and vehicle policies.<\/p>\n\n\n\n Hartford offers a diverse range of coverage options for commercial vehicle policies. In addition to standard coverages including liability, property, and uninsured and underinsured motorist coverage, The Hartford offers a variety of specialty coverages for commercial trucks. Coverages include motor truck cargo, on-hook towing, trailer interchange, property in transit, livestock transit, and other services.<\/p>\n\n\n\n Because The Hartford does not provide online quotations, you must contact The Hartford directly for pricing information. To get started, go to Hartford’s website and look for contact information. <\/p>\n\n\n\n Nationwide was formed in 1926, making it one of the country’s oldest vehicle insurance firms. And, with over 32,000 staff in locations around the country, Nationwide lives up to its name by making it simple for consumers to access local offices, seek quotations, and find coverage that works for them regardless of where their business is situated.<\/p>\n\n\n\n Nationwide provides comprehensive insurance, including auto liability, medical expenses, collision, comprehensive insurance, and uninsured and underinsured motorist coverage. Box trucks, pickup trucks, and utility trucks are among the vehicles covered, and Nationwide also provides farm truck insurance.<\/p>\n\n\n\n Nationwide offers an easy-to-use online quote system that allows you to submit information about your company and receive an estimate for the cost of a truck insurance policy. The Nationwide quotation form also allows you to select other coverages that your company may require in order to address all of your insurance needs in one step. This is particularly advantageous because Nationwide provides discounts to clients who bundle or purchase multiple plans from the company. Nationwide also gives discounts to customers who pay their annual debt in full or install anti-theft equipment on their vehicles, and they have some of the best prices for newer drivers and businesses.<\/p>\n\n\n\n For almost 30 years, NITIC has provided trucking insurance. It is one of the insurance industry’s behemoths, noted for its quick claims settlement process. NITIC provides affordable coverage for all types of trucks, offering customizable solutions and a selection of discounted rates.<\/p>\n\n\n\n NITIC provides one of the most comprehensive sets of truck coverage choices in the business. NITIC provides all forms of commercial truck insurance alternatives under one roof, from primary liability and non-trucking insurance to refrigeration breakdown and trailer interchange. They cover a wide range of vehicles, including dump trucks, hotshot trucks, box trucks, tow trucks, and many others.<\/p>\n\n\n\n NITIC provides a number of discounts on various trucking coverages. Customers can save significantly if they insure numerous fleets or combine various policies. The sole disadvantage of NITIC is that they do not offer online quotes. Customers can, however, readily contact an agent to acquire a personalized price quote based on the operating radius, driving history, and coverage level.<\/p>\n\n\n\n We examined the plans offered by ten different providers, including Progressive, Nationwide, The Hartford, Sentry, State Farm, GEICO, Berkshire, NITIC, Travelers, OOIDA, and Owner Operator Direct, to help you choose the best commercial truck insurance. So, we considered aspects such as the types of trucks covered, coverage alternatives, availability, and consumer feedback.<\/p>\n\n\n\n We also looked at whether these businesses specialized in a particular type of commercial truck insurance coverage, the types of discounts available, and how well they performed in terms of financial strength ratings.<\/p>\n\n\n\n The cost of commercial truck insurance ranges from $2,000 to $18,000 per vehicle per year, depending on the type of truck and if owner-operators have a lease or their own authorization.<\/p>\n\n\n\nPros<\/h4>\n\n\n\n
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#2. Progressive Commercial Truck Insurance (Runner-Up)<\/h3>\n\n\n\n
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#3. The Hartford Commercial Truck Insurance (Best for High-Risk Drivers<\/a>)<\/h3>\n\n\n\n
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#4. Nationwide Commercial Truck Insurance (Best for New Drivers & Companies)<\/h2>\n\n\n\n
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#5. National Independent Truckers Insurance Company (Best for Settling Claims; Best Customer Service)<\/h3>\n\n\n\n
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How Did We Select the Best Commercial Truck Insurance?<\/h2>\n\n\n\n
What Is the Cost of Commercial Truck Insurance?<\/h2>\n\n\n\n