Truck drivers everywhere know that insurance is a necessity, but all trucking insurance providers are different. The benefits that truck drivers reap from working with the correct insurance company are immense. However, there are numerous factors that should be taken into consideration before making the commitment to a provider. Continue reading to find out who the best trucking insurance providers are, along with details about what they offer.
Quicklook: Best Trucking Insurance Providers
- Best For Flexible Coverage Options: Progressive
- Best For New Truckers: Sentry
- Best For Busy Truck Drivers: Nationwide
- Best For Business Owners: State Farm
- Best For Affordability: Allstate
5 Best Trucking Insurance Provider Options
There are specific services and capabilities that trucking insurance providers offer. Further insights about what those services are can be found below.
Progressive
Progressive has become the nation’s leading commercial trucking insurance due to the fact that they provide flexible coverage options. They also provide insurance options for truckers of all types. Progressive commercial trucking insurance also provides truckers with options for customized coverage.
Best For: Truckers in need of options
Trucks Covered:
- Pickup Trucks
- Tractors
- Tow trucks
- Box Trucks
- Dump trucks
Coverage Options:
- Motor Truck Cargo
- Motor Truck General Liability
- Non-Trucking Liability
- Rental Reimbursement with Downtime
- Trailer Interchange
Special Features:
- Business Experience Discounts
- Smart Haul ELD Program
- Commercial Driver’s License (CDL) Discounts
Benefits:
- Coverage is available in all 50 states
- They offer a variety of discounts
- Bundling with other business insurance needs is an option
Disadvantages:
- Some states are excluded from discounts
- Certain coverage options are unavailable in some states
- Rates and saving amounts could vary based on driving data.
Pricing: Request custom quote
Sentry
When it comes to getting commercial trucking insurance that can be relied on, experience matters. The staff at Sentry knows that and brings more than 20 years of industry experience to the table. This provides their customers with a level of trust that’s hard for other insurance companies to match.
Best For: Truckers just getting started
Trucks Covered: Box trucks and refrigerated trucks
Coverage Options:
- Motor truck cargo
- Liability
- Physical damage
- Collision
- Comprehensive
- Non-trucking liability coverage
Special Features:
- Flexibility when it comes to coverage options
- A specialized focus in providing coverage for owner-operators and personal use
- Safeguards that protect against a variety of losses.
Benefits:
- Coverage is available in all 50 states
- A variety of coverage plans to choose from
- Personalized customer service
Disadvantages:
- Smaller provider
- Working with a local agent is required
- Not much info is offered online
Pricing: Request custom quote
Nationwide
Nationwide commercial trucking insurance provides truck drivers with the peace of mind necessary for success. They do so with their robust insurance offerings. Nationwide also provides customers with helpful resources like the On Your Side Auto Repair Network.
Best For: Busy Truck Drivers
Trucks Covered:
- Box trucks
- Pickup trucks
- Utility trucks
Coverage Options: Comprehensive insurance, liability insurance, uninsured motorist coverage, underinsured motorist coverage
Special Features:
- The option for auto loan/lease coverage
- Expanded Towing options
- The ability to add on new vehicle replacement cost coverage
Benefits:
- Working with one of the largest, proven insurance providers in the country.
- Discounts for using telematics
- Above average customer service
Disadvantages:
- No coverage for semi-trucks
- No coverage for trailers
- Add-ons may not be available in every state.
Pricing: Request a custom quote
State Farm
Truck drivers that rely on State Farm for their insurance benefit from both experience and service. State farm offers multiple different types of coverage, along with a high level of customer service. Since their agents are State Farm owners, they’re familiar with the unique challenges of business owners and truck drivers.
Best For: Business Owners
Trucks Covered:
- Pickup trucks
- Box trucks
- Tractor trailers
Coverage Options:
- Liability
- Personal injury/medical coverage
- Collision Coverage
- Comprehensive Coverage
- Uninsured/underinsured motorist
Special Features:
- Loss prevention services and resources
Benefits:
- High customer satisfaction rates
- Offered in all 50 states
- Options for individual and fleet insurance
Disadvantages:
- No online quotes
- Only offered through local agents
- Getting questions answered is difficult
Pricing: Request a custom quote
Allstate
There are numerous reasons that truck drivers benefit from using Allstate as their insurance provider. Affordability and coverage options are among the biggest reasons that people choose to insure their vehicle through Allstate. Another reason is the reliable customer service.
Best For: Truck Drivers on a budget
Trucks Covered: N/A
Coverage Options:
- Liability
- Collision
- Comprehensive
- Uninsured/underinsured motorist
- Rental car coverage
Special Features:
- High quality customer service
Benefits:
- There are a variety of insurance coverage options to choose from
- Affordability
Disadvantages:
- Difficulty in getting questions answered
- Little information available online
Pricing: Request a custom quote
What Is Trucking Insurance?
Trucking insurance is a vital aspect of any trucking business. Trucking insurance is a grouping of specific auto insurance policies that are designed to meet the needs trucking businesses have. How Does Trucking Insurance Work?
Trucking insurance is necessary because it protects truck drivers from damage that can occur while driving. Let’s say for example a truck driver gets into an accident with another motorist. If the truck driver has insurance, the insurance company of the party at fault covers expenses associated with the accident.
5 Factors to Consider When Vetting Trucking Insurance Providers
Selecting a trucking insurance provider is a big decision. There are numerous factors that should be taken into consideration before making a final decision. Those factors include:
Coverage Needs
One of the most important factors to consider when choosing a trucking insurance provider is coverage needs. That’s the case because even though choosing basic coverage may be appealing, it may not be adequate. In order to make an informed choice when selecting a trucking insurance provider, certain variables should be considered. Those variables include the cargo being hauled, the types of trucks being driven, and the number of employees on staff.
Trucks Covered
Another important factor to consider is the number of trucks that are a part of the fleet. Some insurance companies only insure vehicle fleets of a certain size. Since that’s the case it’s important to take note of how big your fleet is, and to insure it accordingly.
Deductible
It’s also important for truck drivers to understand their deductibles. That’s the case because paying more each month in monthly payments can lead to lower deductibles.
Monthly Premium
The cost of a monthly premium has the ability to fluctuate based on insurance needs. That’s why if keeping up with said costs gets difficult it may be time to reevaluate the business’s insurance needs.
Policy Limit
Knowing the policy limit is another vital aspect of selecting an insurance policy. A policy limit is the highest amount of money an insurance company is willing to pay for a specific claim within a policy. Knowing it is key in saving money by not exceeding it.
Company’s Financial Standing
A company’s financial standing is another crucial factor to keep in mind when choosing an insurance provider. That’s the case because if the company isn’t on steady ground, the policy may not last long. If a company remains in solid financial standing, there’s no need to worry about the validity of the insurance policy.
The Importance of Maintaining Trucking Insurance
There are a variety of factors that go into choosing the best trucking insurance. The company itself, along with details about the business should be taken into consideration during the process. Ultimately, selecting the right trucking insurance provider is one of the most important decisions a truck driver can make. Making the right selection can help the business out insurmountably as time goes on.
FAQ
Non-trucking liability insurance offers owner-operators coverage from any liability claims when the vehicle is used for non-commercial purposes.
Trucking insurance costs roughly $2000-$4000 per vehicle
Auto liability, auto physical damage, cargo, and general liability.
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