With the logistics and trucking industry stronger than ever, the number of trucking owner-operators in the country is also at an all-time high. If you are a newbie operator, one of the first things you should do is apply for a commercial truck insurance policy. This helps you make sure your business is protected before even starting operations.
Do a quick Google search and you'll see that there are dozens of truck insurance policies on the market. They range from small-time firms that cover solo owner-operators to large institutions known to provide coverage options for thousands of business owners across the country.
The freedom to choose your insurer is exciting. However, for first-time insurance shoppers, sorting through all the options to gauge the best fit for your trucking business can be very intimidating. Fortunately, Assured Standard is here to help. Keep reading as we share with you the best and most affordable commercial truck insurance policies on the market today!
Need help selecting insurance? Assured Standard is here to help. Get in touch with us today!
The best overall option for truckers, whether you're a solo operator or own a fleet of trucks, is CoverWallet. They're one of the largest, most trusted truck insurance providers on the market today—for good reason.
From start to finish, they've streamlined the process. While you can't see the pricing and premiums on the site, what you can do is get a customized quote online from an agent and even apply for claims online.
EIB is known for being one of the most accommodating insurers. They cater to a wide range of truckers, including high-risk clients other commercial institutions refuse to insure. Whether you're a newly funded startup or a hauling company that transports hazardous cargo, they'll be willing to hear you out.
However, just like with any high-risk business, their insurance comes at a steep cost. Expect to pay high premiums should you choose to go with this insurance provider.
OOIDA is an international trade association that specializes solely in commercial trucking. They provide a wide range of policies customizable to fit various clients from large fleet owners to one-truck operators. With an A+ Better Business Bureau rating, they aim to provide flexible, convenient terms for small-time truckers and operators. Even better, they do underwriting in-house.
Note, however, that reviews have cited difficulty in requesting quotes and navigating their website.
What sets Progressive Commercial apart from the other commercial truck insurance providers is its versatility and experience in the truck insurance industry. They offer a wide range of coverages that you can use to customize your insurance plan.
Processing of claims is done in-house, and they even boast transparent pricing plans. However, should you get into any trouble or have any issues, reviews have cited that they have poor customer service and that it's hard to get in touch with a real agent.
State Farm is a reputable, well-known auto insurance company founded in 1922. They offer a wide range of auto policy coverages ranging from bodily injuries to general liabilities.
Business owners who handle various vehicles, and not just trucks, should definitely check out State Farm. However, note that they do not provide cargo-hauling coverage for motor carriers as they focus primarily on car insurance. Thus, a motor carrier that specializes in cargo hauling might want to consider other insurance providers on the list.
Here are some of the most common questions tuckers have regarding commercial truck insurance:
Primary liability coverage premiums can range anywhere from under $1,000 to upward of $7,000 annually. The rates depend on several factors such as the following:
Rather than guessing how much you'll have to pay for commercial trucking and cargo insurance, talk to a trusted agent. Have them assess your business and request a truck insurance quote. Also, if your trucking insurance agent isn't open to negotiating the premium and rates, consider looking for another insurer.
As we mentioned, commercial truck insurance premiums vary based on multiple factors, so rather than looking for cheap insurance companies, it would be better to negotiate rates by adjusting your truck insurance coverages. Some parts and coverages of the policy that heavily affect premiums include the following clauses:
We strongly discourage settling for low bodily injury and truck damage coverage just to cut back on premiums. Insurance is pricey, but accidents are expensive enough to make most truckers go bankrupt. In fact, reports say that the average truck accident may set the involved trucking company back by $60,000 to $70,000 if they do not have sufficient coverage.
How much does commercial truck insurance cost? Most insurance companies charge somewhere around $3,000 to $5,000 per year for commercial truck insurance coverages on permanently leased trucks—may or may not include rental reimbursement coverage. On the other hand, owner-operator truck insurance might set the policy owner back by $9,000 to $12,000 since they have their own fleet.
Note: These rates will still vary depending on the type of trucks to be covered.
Do you think commercial truck insurance costs too much? Rather than solely focusing on the premiums, consider the damages that insurance is protecting you from as well. Surveys show that road accidents between trucks often cost upward of $60,000. An uninsured commercial trucking company might go bankrupt if they had to shoulder these fees.
Overall, what's important is to get truck insurance coverage that matches the specific insurance needs and demands of your company. The policy options listed here are some of the best that truckers will see on the market, but that doesn't mean you should strictly limit yourself to them. Don't be afraid to explore your choices.
Don't forget to do your research beforehand. Blindly inquiring about any type of insurance is the best way to set yourself up for smooth-talking, sketchy insurance agents who'll lie about company coverages and insurance rates just to make a sale.
Still on the fence about what type of trucking insurance coverage you should get? Assured Standard helps trucking companies narrow down the best insurance options on the market and assess which options best suit their needs. Reach out to Assured Standard today!