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.
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:
The best commercial truck insurance companies can be determined by their reputation, types of coverage options, customer service, pricing, and efficiency in handling claims.
Important factors to consider include coverage options, cost, customer service, company reputation, and the claims process.
Yes, many insurance companies offer the option to get quotes and purchase policies online.
No, the types and extent of coverage can vary between insurance providers, so it's essential to review each policy carefully.
It's advisable for a company to review its insurance policy at least once a year, or whenever significant changes occur in its operations or risk factors.
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.
If you need a guide for commercial truck insurance by state, take a look at one of our articles to learn more.
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!
