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Best Commercial Dump Truck Insurance Companies

Owning a dump truck business is an excellent way to earn a decent living.  But before you can get started, there are some things you need to consider about commercial dump truck insurance companies. Which one provides the coverage you need at a price you can afford? 

Here are a few comparisons to help you make an informed decision when choosing commercial trucking insurance:

Quicklook: Best Commercial Dump Truck Insurance Companies

  • Best Overall: State Farm 
  • Best for New Drivers and Companies: Nationwide 
  • Best for the Largest Selection of Policies: Progressive
  • Best for High-Risk Drivers: The Hartford 
  • Best for New Owner-Operators: Marquee 

5 Best Commercial Dump Truck Insurance Companies

Although commercial dump truck insurance is mandatory, trucking companies do have some options. A variety of providers offer different rates and coverages, allowing truckers to make the best choice for their needs. For example:

State Farm

State Farm

As a Fortune 500 company, State Farm is the largest U.S. provider of home and auto insurance. They provide comprehensive insurance coverage with discount options when possible. 

Best for: Overall

Online Quotes: No

Coverage Options: State Farm offers standard commercial truck insurance options such as: 

  • Bodily injury
  • Property damage liability
  • Personal injury
  • Comprehensive
  • Collison
  • Uninsured/underinsured motorist coverage

State Farm also offers discounts for vehicles that have safety or anti-theft features. The policy can be bundled with other business coverage for additional savings.

Special Features

  • High customer satisfaction ratings 
  • Rated as an A+ business with the BBB
  • AA financial rating from Standard & Poor’s 
  • Carries an A++ rating for financial strength from A.M. Best

Benefits: 

  • Offers coverage for drivers and the freight being hauled
  • Discount options for lower premiums
  • Best reputation of any commercial trucking insurance company
  • Wide range of policy options for all trucker’s needs

Disadvantages: 

  • Does not offer online quotes
  • Potential customers must speak with a rep to get a quote
  • Offers only basic coverage
  • Not accredited by the BBB despite a high rating

Overall, State Farm provides a comprehensive, affordable policy backed by solid customer service.

Nationwide

Nationwide

Founded in 1926, Nationwide is one of the oldest insurance companies in the U.S. They have local branches all across the nation, making it easy for customers to get in touch with their reps.

Best for: New Drivers and Companies

Online Quotes: Yes

  • Box trucks
  • Pickups
  • Utility trucks
  • Farm trucks

Coverage Options: 

  • Liability
  • Medical payments
  • Motor truck cargo 
  • Uninsured/underinsured motorist coverage
  • Collision/comprehensive

Special Features

  • BBB accredited since 1955
  • Above-average customer satisfaction rating
  • A+ rating from the BBB for fair business practices
  • Carries an A+ rating from A.M. Best and S&P 

Benefits: 

  • A+ ratings for financial strength 
  • Excellent credit ratings
  • Strong history of paying claims promptly
  • Discounts for paying the annual premium in full

Disadvantages: 

  • Does not provide coverage for semi-trucks or tractor-trailers
  • Low customer satisfaction rating with J.D. Powers
  • Slow response to customer inquiries
  • Delays in paying claims

Nationwide is a good choice when it comes to lower costs and solid discounts on dump truck insurance.

Progressive

Progressive

Founded in 1937, Progressive is regarded as one of the best commercial trucking insurance companies today. In 2020, they wrote the highest number of insurance policies in the United States. 

Best for: Largest Selection of Policies

Online Quotes: Yes

Coverage Options: 

  • Primary liability
  • Non-trucking liability
  • On-hook towing
  • Trailer interchange
  • Rental reimbursement

Regardless of a company’s size or specialty, Progressive is a good choice among dump truck insurance companies.

Special Features

  • Various discounts for business 3+ years old
  • Smart-Haul program for drivers who use ELDs
  • CDL discount program
  • Snapshot program that provides discounts

Benefits: 

  • Easy online or over-the-phone quotes
  • A+ rating from A.M. Best for financial strength 
  • AA rating from Moody’s and S&P for meeting financial requirements
  • A+ rating with the BBB 

Disadvantages: 

  • Slightly low customer satisfaction scores
  • Only 57% of costumes were satisfied with claim resolution
  • Customers complained about the agent’s lack of professionalism
  • Roadside assistance is not always reliable

Due to its financial strength ratings and strong reputation, Progressive is a reliable commercial trucking insurance provider. 

The Hartford

The Hartford

The Hartford is one of America’s oldest insurance companies. Founded in 1810, it began doing business as a fire insurance provider. Today, it is a Fortune 500 company providing insurance for more than one million businesses.

Best for: High-Risk Drivers

Online Quotes: No

Coverage Options: 

  • Liability
  • Property damage
  • Uninsured/underinsured motorist coverage
  • On-hook towing
  • Trailer interchange
  • Cargo
  • Livestock transit
  • Property in transit

The Hartford will customize a policy to meet the specific needs of a commercial trucking business.

Special Features

  • 200+ years of outstanding reputation
  • A+ rating from the BBB
  • Top performer in customer satisfaction
  • J.D. Power rating of 868 out of 1,000 for customer service

Benefits: 

  • A Fleet Ahead program to help fleet managers improve safety
  • Excels in meeting financial obligations on claims
  • Customized policies to meet the needs of any company
  • Emphasizes efficiency and safety

Disadvantages: 

  • Ranks as average in overall client satisfaction
  • More than average complaints about home and auto insurance
  • Slow response to customer calls or emails
  • High rates for younger drivers

The Hartford offers a variety of plan options to make sure customers get the best coverage for their needs.

Marquee

Marquee

Marquee Insurance Group is a good choice among the many commercial dump truck insurance companies because they specialize in trucking insurance. 

Best for: New Owner-Operators or Fleet Managers

Online Quotes: No

Coverage Options:

  • Primary liability
  • Physical damage
  • General liability
  • Motor truck cargo
  • Non-trucking liability
  • Occupational accident
  • Worker’s compensation

Special Features

  • Partnerships that help bring additional perks to carriers
  • Best customer reviews
  • Customized policies for owner-operators or fleet managers
  • Best Google reviews for insurance companies

Benefits: 

  • 24/7 online access to your Certificate of Insurance
  • Waives the waiting period
  • More underwriters for better rates
  • Responsive customer service

Disadvantages: 

  • Doesn’t provide coverage in all states 
  • Slow response to customer calls
  • Not BBB accredited 
  • Must speak with an agent to get a quote

Marquee Insurance Group is a relatively new company founded in 2014. Their objective is to provide exceptional customer service and transparency.

What Is Dump Truck Insurance?

Dump truck insurance is a specialty coverage. It is designed for companies that operate dump trucks to haul sand, gravel, rock, dirt, asphalt, and other loose materials. It falls under the broader category known as commercial automobile insurance. 

How Does Dump Truck Insurance Work?

Motor carriers, private carriers, and owner-operators are required to have commercial vehicle insurance before operating their vehicles. This coverage protects individuals from financial losses due to accidents.

When choosing commercial vehicle insurance, the purchaser must decide the amount of coverage needed, the monthly premium, deductible, and policy limits.

The insurance company will pay for repairs, damages, and medical or legal expenses associated with a covered incident. When a claim is made, the insured must pay the deductible before the company will pay the remaining expenses. 

Commercial dump truck insurance is beneficial because it covers drivers, passengers, vehicles, and cargo through primary and general liability, medical payments, collision, and more. 

What Factors Affect the Price of Dump Truck Coverage?

Dump truck insurance rates vary for many reasons. Some of the things that affect the cost of coverage may include:

  • The state in which the vehicle is registered
  • Driving record and accident history
  • Value of the vehicle
  • Type and value of the load being transported
  • Route and distance traveled
  • Bundled or single policies
  • Where the vehicle is kept when off duty

Comparing quotes is a good way to get the best commercial truck insurance without unnecessary costs.

What to Consider with Dump Truck Insurance 

Knowing the types of coverage available is the first step in choosing the best provider and policy. Here are some things to consider when choosing dump truck insurance:

Coverage Options

Insurance requirements vary by state, and each company differs in the type of coverage they provide. A state may not require specific coverage, but truckers should have it for their own protection. 

Types of Trucks and Hauls Covered

Expensive trucks with advanced features warrant higher premiums for coverage. Each vehicle carries a different risk profile that can affect the costs of repair and cause higher premiums. 

Also, the type of freight hauled influences the insurance premium. HIgh-value loads hauled over long distances are more expensive to cover. 

Deductibles

The deductible has a direct effect on the insurance premium. A higher deductible is the best way to save money on monthly premiums. But this is risky because it means paying more money out of pocket before the insurance pays out.

Monthly Premium

Getting the lowest rate is not always beneficial if it means missing out on important coverage. A low monthly premium and adequate coverage is possible but will require doing some research to compare quotes and coverages.

Policy Limit

Policy limits reflect the actual maximum cash amount the insurance company will pay out for a claim. Policies with lower limits have lower monthly payments. It’s not always necessary to choose the highest policy limits offered by a provider. Business owners should stick with the lowest limits that provide the coverage they need without extra costs.

Load Destination

Truckers with a large operating radius may pay more for insurance due to longer travel times between stops. A driver who unloads locally, including at landfills or transfer stations, will pay less for insurance.

Company’s Financial Standing

A company’s financial standing affects its ability to pay claims now or in the future. Insurance companies with high financial ratings may require higher premiums. But they are more capable of meeting their obligations. Information is available about a company’s financial standing at A.M. Best, Standard & Poor’s, or Moody’s. 

FAQ

Do You Need Commercial Insurance For a Dump Truck?

Commercial insurance is mandatory in most states for all commercial vehicles, including dump trucks. Due to the level of damage that can be caused by these heavy vehicles, insurance is essential.

What Type of Insurance Do You Need for a Dump Truck?

In most cases, basic dump truck insurance is enough. However, other coverage is available that will customize the policy for each company’s specific needs.

How Much Is Dump Truck Insurance?

The average price of general liability coverage of $1,000,000 to $2,000,000 can range from $97 per month to $109 per month. 

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One-Stop-Shop With TAP

TAP & Cornerstone Insurance, is a one-stop-shop with access to multiple insurance markets to provide the best pricing and service available in the trucking industry. To receive a free quote, click the button below!