Who are the best commercial truck insurance providers?

Truck drivers everywhere know that insurance coverage is a necessity, but all commercial truck insurance providers are different.

The benefits that truck drivers reap from working with the right vehicle insurance company are immense. However, there are many factors to consider before committing to a provider. Keep reading to find out who the best truck insurance companies actually are, and to get details about their offerings.

Quicklook: 5 best commercial truck insurance providers

• Best for flexible coverage options: Progressive Commercial
• Best for large fleets: Liberty Mutual
• Best for new truckers: Sentry
• Best for busy truck drivers: Nationwide
• Best for owner operators: State Farm

What is trucking insurance?

Trucking insurance is a specialized form of commercial vehicle insurance designed to protect trucking companies and independent drivers from financial risks associated with operating large commercial vehicles. It covers a variety of potential liabilities, including damages caused to others (primary liability insurance), repairs for the truck itself (physical damage coverage), and protection for the goods being transported (cargo insurance).

Additional coverage types, such as non-trucking liability or bobtail insurance, address specific needs like driving without a trailer or for personal use. Federal regulations, particularly those set by the Federal Motor Carrier Safety Administration (FMCSA), mandate minimum coverage levels for trucking operations based on cargo type and route, ensuring compliance and safety.

The cost of trucking insurance is influenced by factors such as the driver’s safety record, the value of the truck, the type of cargo, and the distances traveled. Many insurance providers offer discounts for safe driving practices or the use of technology like GPS tracking to minimize risks. By offering financial protection and legal compliance, trucking insurance plays a vital role in maintaining the stability and reputation of businesses in the transportation industry.

How does trucking insurance work?

When an incident occurs, the claims process involves reporting the event, submitting documentation, and cooperating with the insurance company’s investigation to receive compensation.

Example: Commercial insurance for trucks in action

Imagine a trucking company has a fleet of trucks transporting consumer goods across state lines. One of their drivers is hauling a trailer loaded with electronics valued at $100,000. While traveling through heavy rain, the driver accidentally skids and collides with a passenger vehicle, causing damage to the car and injuring its driver. The truck also sustains significant damage, and some of the electronics are destroyed.

Here’s how commercial insurance trucking coverage applies:

1. Primary liability insurance covers the damages to the passenger vehicle and the medical expenses of the injured driver, as these were caused by the truck’s driver.
2. Physical damage coverage pays for the repairs to the semi truck, ensuring it can be returned to service.
3. Cargo insurance compensates the driver’s company for the damaged goods, protecting it from absorbing the loss.
4. If the truck had been operating without a trailer (e.g., bobtailing to pick up the load), bobtail insurance would apply instead of primary liability for any accidents.

In this scenario, semi truck insurance shields the freight carrier from substantial out-of-pocket expenses for damages, cargo loss, and potential legal claims, allowing the company to continue operating smoothly.

5 best commercial 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 Commercial

Progressive Commercial is a top choice for truck insurance due to its wide range of customizable coverage options, allowing truckers to tailor policies to specific needs. It offers discounts through programs like Smart Haul and CDL incentives, making coverage more affordable for experienced and safe drivers. Additionally, Progressive’s nationwide availability and ability to bundle with other business policies provide convenience and comprehensive protection for truckers across the country.

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 discounts and coverage options may not be available in all states
• Rates and saving amounts could vary based on driving data, operating radius, and vehicle type

Pricing: Request custom quote

Liberty Mutual

Liberty Mutual has earned its reputation as one of the top commercial auto insurance providers due to its comprehensive coverage options and financial stability. With over a century of experience in the insurance industry, Liberty Mutual offers tailored solutions for trucking companies, large fleets, and owner-operators. Their nationwide reach and strong emphasis on customer support make them a trusted choice for trucking businesses seeking reliable protection.

Best for: Large fleets

Trucks covered: Semi trucks, box trucks, tow trucks, flatbed trucks, and more

Coverage options:

• Primary liability
• Motor truck cargo
• Physical damage
• General liability
• Non-trucking liability
• Workers’ compensation

Special features:

• Risk control consulting to help minimize accidents and claims
• Access to industry-specific resources and safety tools
• Robust claims management system with 24/7 assistance
• Customizable coverage packages for fleets of any size

Benefits:

• Nationwide availability
• Flexible policy options to fit unique business needs
• Superior claims handling and customer service
• Discounts for implementing safety programs or telematics

Disadvantages: May be more costly than smaller providers

Pricing: Request a 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: 

• Option for auto loan/lease coverage
• Expanded towing options
• 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: 

•  Premiums may be higher than competitors’
•  Add-ons may not be available in every state.

Pricing: Request a custom quote

State Farm

State Farm is an ideal insurance provider for owner operators because it offers personalized coverage tailored to the unique needs of small business owners, including liability, physical damage, and cargo protection. Its local agent network ensures owner operators receive one-on-one support and guidance to navigate their coverage options effectively. Additionally, State Farm’s bundling options for business and personal policies provide convenience and potential cost savings.

Best for: Owner operators

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

5 factors to consider when vetting commercial vehicle insurance providers

Selecting a commercial auto insurance provider is a big decision. There are many factors to consider before making a final choice. These 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 truck insurance company’s financial standing is another crucial factor to keep in mind when choosing an provider. That’s the case because if the company isn’t on steady ground, the policy may not last long. If the auto insurer remains in solid financial standing, there’s no need to worry about the validity of the insurance policy.

Importance of maintaining commercial truck insurance

A variety of factors 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.

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