If you work in the trucking world, you understand how important insurance is to protect your business. The big question is, “Who has the best commercial truck insurance?” Let’s explore the details of commercial truck insurance, helping you make a smart choice that keeps your business rolling.
Basics of Commercial Truck Insurance
First things first, let’s start with the basics. Commercial truck insurance is a special type of coverage made for trucks used for business reasons.
Whether you own your truck or manage a group of them, having the right insurance is really important to keep your investment safe and follow the rules.
Key Coverage Components
When you’re looking for the best commercial truck insurance, it’s really important to know the important parts of the coverage. Find policies that have:
- Liability Coverage: This keeps you safe if your truck is in an accident, and it’s your fault.
- Cargo Coverage: This keeps the things your truck is carrying safe.
- Physical Damage Coverage: This pays for repairs to your truck if it’s in an accident or gets damaged in another way.
- Bobtail Insurance: This gives you coverage when your truck isn’t carrying anything.
Best Commercial Truck Insurance List
Progressive
Progressive is one of the biggest companies that provide insurance for commercial trucks in the U.S. They offer coverage for different types of vehicles and businesses, from big rigs and flatbeds to pickups and dump trucks.
Progressive also has special optional coverage, like garagekeeper’s legal liability for tow truck operators, and common extras such as heavy truck roadside assistance. They claim to file all the required proof-of-insurance certificates with state and federal authorities on behalf of policyholders without any extra cost.
Progressive is proud to be the only insurer with an entirely in-house team of claims adjusters. All these reasons are why we say Progressive is the best overall commercial truck insurer.
However, there are some things to consider with Progressive. They don’t offer primary liability insurance in Alaska, Hawaii, Louisiana, or New York for owner-operator “super regional” truckers who cover a radius of more than 500 miles.
While Progressive’s website has more information about its policies compared to many other companies, you still need to work with an agent to finish the quote process and buy coverage.
Pros
- Coverage for a wide variety of trucks and trucking companies
- Free state/federal insurance filings
- Does business in all 50 states
Cons
- Limits to travel radius may apply
- Cannot purchase policy online; must work with agent
Coverage Types In Insurance
- Liability (bodily injury/property damage)
- Uninsured/underinsured motorist
- Medical payments
- Collision
- Comprehensive
- Motor truck cargo
- Motor truck general liability
- Non-trucking liability
- Heavy truck roadside assistance
- Rental reimbursement with rental
- Trailer interchange
- Garagekeeper’s legal liability
- On-hook towing insurance
CoverWallet
CoverWallet is not an insurance company but a digital insurance brokerage. They collaborate with 10 third-party insurers like Hiscox, Chubb, Travelers, and Progressive to help customers find the best policy for their specific needs.
These insurers are part of our list of the best small business insurance companies. CoverWallet might be a good choice for owner-operators because the insurers they work with provide various specialized coverages.
This includes hot shot truck insurance for freelance drivers who take on short-notice hauls, as well as traditional owner-operator insurance.
Unlike some other companies, you might be able to get a quote online and buy coverage without talking to an agent. However, for some transactions, working with a representative may be necessary.
Some customers might prefer dealing directly with an insurance company rather than using an intermediary like CoverWallet.
Pros
- Quotes available online or through an agent
- Works with multiple insurers to find cheapest coverage
- Covers a wide range of trucks and drivers in multiple industries
Cons
- Not an insurance company; does not underwrite the policies it offers
- May not be able to buy coverage online
Coverage Types In Insurance
- Box Truck
- Bobtail
- Hot Shot Truck
- Motor Truck Cargo
- Refrigerated Truck
- Semi Truck
- Car Hauler
- Dump Truck
- Flatbed Truck
- General Liability for Truckers
- Owner Operator Insurance
- Log Truck
- Non-Trucking Liability
- Trailer Interchange
- Commercial Trailer
- Truck Driver
- Long Haul Trucking
What is the cheapest truck insurance company?
Trucking is a challenging job, and we understand. If you’re a trucker, you need insurance that not only covers your requirements but also fits well within your budget. Affordable truck insurance ensures you get the necessary coverage without taking a big chunk out of your well-deserved earnings.
Key Factors to Consider
When looking for the most budget-friendly truck insurance, consider these important factors:
- Minimum Requirements: Check the minimum insurance requirements in your state. Understanding these basics ensures you meet legal standards without overpaying for unnecessary coverage.
- Type of Coverage: Assess your needs. Do you need comprehensive coverage for various scenarios, or will basic liability coverage suffice? Tailoring your coverage to your specific requirements can trim down costs.
- Discounts and Bundles: Many insurance companies offer discounts for various factors, such as a clean driving record, safety features on your truck, or bundling multiple policies. Explore these opportunities to maximize your savings.
Final Post Conclusion
Selecting the right commercial truck insurance is crucial, and for many drivers and owners, Progressive may be the top choice. However, the ideal insurance provider can vary based on specific needs.
Fleet owners might have different preferences than independent contractors who own their rigs or cargo vans. Since Progressive is one of the insurers partnered with CoverWallet, it’s advisable to check with CoverWallet initially to explore if it or another company can fulfill your requirements.