Table of contents
Table of contents
Commercial truck insurance is a type of vehicle insurance. Like personal auto insurance, commercial truck insurance provides liability coverage for bodily injuries and property damage, as well as damage to the truck.
But commercial truck insurance may also cover cargo loss or damage, refrigeration breakdown, trailer interchange, and more.
Whether you’re considering coverage for a fleet of vehicles or a single truck you use to transport goods for your business, here are Insurify’s top picks for the best commercial truck insurance companies.
Quick Facts
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Trucking businesses may be required to maintain a minimum amount of liability and cargo insurance, with other coverage options also recommended.
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Costs vary based on business type, truck usage, coverage levels, and driving history, among other factors.
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Commercial truck insurance typically costs more than personal truck insurance policies.
Who needs commercial truck insurance?
If you own a trucking business, you’ll typically need to meet certain legal requirements for insurance coverage.[1] More importantly, though, having proper commercial truck insurance coverage can protect your business against accidents, damage, loss of cargo, and other potential issues.
Whether you’re an owner-operator, a for-hire driver for a motor carrier, or a private carrier, it’s important to make sure you have sufficient coverage for your business. Some of the vehicles you can insure with a commercial truck policy include box trucks, dump trucks, tow trucks, garbage trucks, semitrucks, and tractor trailers.
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Best commercial truck insurance companies
It’s important to shop around and compare multiple commercial truck insurance companies to determine the best fit for you and your business. Here are some top picks to help you get started with your research.
1st Guard: Best for flexible coverage options
1st Guard offers a broad range of coverage options, including liability, physical damage, non-trucking liability, occupational accident, and cargo insurance.[2] What makes it stand out, though, is the ability to customize your coverage. For example, physical damage options include loan gap coverage, no-deductible glass coverage, and emergency expense reimbursement, among others.
You may also opt for extended towing, rental reimbursement, and roadside assistance. There’s often a single deductible for your truck and your trailer, and the company may waive your deductible if you have a grille guard installed.
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Quotes not available online
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Mobile app unavailable for Android users
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Limited customer service hours
Great West Casualty Company: Best for specialty coverage
Great West Casualty Company specializes in truck insurance, which means it understands your business needs better than insurers that offer a broader range of insurance policies.[3] It also means it offers a range of coverage options, including some specialty policies for bulk commodity carriers, freight brokers, and freight forwarders. Other coverage types include auto and general liability, physical damage, cargo coverage, and workers’ compensation.
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Many coverage options available
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Offers 24/7 claims services
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Provides risk-control services to minimize the frequency and severity of accidents
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Quotes not available online
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Doesn’t operate in Alaska, Hawaii, Massachusetts, or New York
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Discounts are minimal
Progressive: Best for discounts
| JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale. |
819 |
|---|---|
| IQ Score
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.
|
8.4 /10 |
| Liability Only
Liability-only insurance, sometimes called minimum-coverage insurance, pays for bodily injury and property damage to others in an accident the policyholder causes. It does not pay for the insured’s own damages. |
$101/mo |
| Full Coverage
Full-coverage car insurance generally includes liability, collision, and comprehensive coverage, and may include other optional coverages such as uninsured motorist coverage. Collision covers a policyholder’s repair or replacement costs in case of an accident. Comprehensive covers damages caused by non-accident events. The average quote displayed here reflects policies with the following coverage limits: $50,000 bodily injury liability per person; $100,000 bodily injury liability per accident; $50,00 property damage liability per accident; $1,000 collision deductible; and a $1,000 comprehensive deductible. |
$148/mo |
Customers appreciate the insurer’s good customer service and initial affordability but dislike the consistent price increases and complex claims process.
Competitive rates
Easy buying process
Telematics program
Customers appreciate the insurer’s good customer service and initial affordability but dislike the consistent price increases and complex claims process.
Competitive rates
Easy buying process
Telematics program
Perfect Insurance
Wonderful, top of the line.
Bewildered
Two months into the policy, they added two drivers and increased my policy by $312. Keep an eye on them.
Better Rates for Those Over 62
They offer a better deal for older people with no claims. I can’t drive all my cars and bikes, but I take good care of what I have.
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
819Average amount of customer complaints relative to competitors on a 0-5 scale. A lower score represents fewer complaints.
0.82A.M. Best analyzes an insurer’s financials, operating performance, business profile, and other factors to generate an opinion-based rating of a company’s financial and credit strength. Ratings range from A++ (exceptional) to D (poor).
A+If you’re looking to maximize your savings, you may be able to do so with Progressive. The insurer offers an average of $1,056 in savings with its Smart Haul telematics program.[4] You can also save money if you maintain multiple business coverages or insure your personal vehicle with Progressive, enroll in the Snapshot ProView program, or pay your premium in full.
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Several discounts available
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Covers a wide range of vehicles
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Offers 24/7 claims services
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Fewer coverage options than some other insurers
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Some quotes may require an agent
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Doesn’t cover long-haul truckers, freight forwarders, or large fleets
What commercial truck insurance covers
Commercial truck insurance can cover a wide range of needs, though options vary depending on the insurance company. Here are some of the more common types of commercial vehicle insurance for trucks:
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Motor carrier insurance: If you own a trucking company, you’ll typically need to maintain a minimum amount of liability insurance, including bodily injury and property damage and cargo insurance.
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Owner-operator insurance: If you drive your own commercial vehicle or fleet — either for yourself or for a motor carrier — owner-operator insurance can provide coverage that goes above and beyond what a motor carrier might cover.
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Private carrier insurance: If you provide transportation for your own company, you may need private carrier insurance. Examples include farmers, construction companies, and manufacturers.
Good to Know
In each case, insurers may offer coverage options for auto liability, physical damage, cargo damage or loss, trailer interchange, general liability, roadside assistance, and more. You may even be able to purchase non-truck liability insurance if you also occasionally use your truck for personal use.
Commercial truck insurance cost
The cost of commercial truck insurance can vary based on a number of factors, including the following:
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Type of business
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Truck type
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Number of vehicles
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Coverage levels
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Type of cargo
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Operating radius
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Driving history
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Location
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Personal credit
Commercial truck insurance has higher liability requirements, and you may also need to buy coverage for cargo, trailer interchange, and other needs. Because of this, you can generally expect to pay more compared to a personal truck insurance policy.
How to file a commercial truck insurance claim
The claims process may vary a little by insurer, but here are some general guidelines to follow if you need to file a claim:
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Gather information. Collect details from any other party involved in the accident, and take photos and videos to document the damage.
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Contact your insurance company. Reach out to your insurer as quickly as possible to file a claim. You’ll want to provide a clear description of what happened, along with your documentation. Ask about the next steps in the process.
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Work with your claims adjuster. You’ll be assigned an adjuster to your case. Be sure to answer any questions promptly and stay in touch to get updates on the status of your claim.
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How to save on a commercial truck insurance policy
If you need a commercial truck insurance policy for your business, here are some steps you can take to maximize your savings on your coverage:
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Shop around
Each insurance company offers a different set of coverages, features, and rates. As a result, it’s crucial that you shop around and compare quotes from multiple insurers.
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Get the right amount of coverage
Understanding your business’ needs can help ensure that you don’t overpay for coverage you don’t need.
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Look for discounts
Some insurers may offer various discounts that can help you cut costs on your policy. As you compare different insurance companies, keep an eye out for potential savings.
Based in New York, Stephen Freeman is a Senior Editor at Trending Insurance News. Previously he has worked for Forbes and The Huffington Post. Steven is a graduate of Risk Management at the University of New York.