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    Progressive: Commercial Truck Insurance Review

    For those in the trucking industry, investing in commercial truck coverage can help cover expensive legal and medical fees in the event of an accident. However, trucking insurance has a reputation for being expensive, which is why it’s all the more important that you find the right provider straight off the bat.

    To help you choose the best truck insurance plan for your business, here are some of the pros and cons of Progressive commercial truck insurance.

    Progressive’s History

    Progressive was initially established in 1937 in order to provide budget-friendly auto insurance to the public. In fact, they are the first company that allowed customers to pay their auto insurance premiums in installment plans over 50 years ago. 

    In 1971, Progressive commercial truck insurance was initially offered in order to provide affordable plans for small business owners. They also started offering 24/7 claims service in 1990 to provide greater support for customers. 

    The Basics of Progressive’s Commercial Truck Coverage  

    Commercial Progressive insurance comes with many coverage options, including the basic types like bodily injury liability and more specific offerings like Progressive cargo insurance. They can also cover towing and labor costs. 

    Coverages That Can Come With Progressive’s Commercial Truck Policy

    Since “commercial trucking insurance” may seem like a broad topic, truck owners should know what their policy does and does not cover: 

    • Liability - For-hire truckers should invest in motor trucking general liability insurance to cover the cost of injury or property damage unrelated to trucking. This can involve customers slipping and falling on the premises or libel and slander.  
    • Bodily Injury - Bodily injury coverage is a necessary aspect of commercial Progressive insurance and not an option. It can pay for the legal fees, hospital bills, rehabilitation costs, funeral expenses, lost wages, and other damages that are a result of a trucking accident that injures other people. 
    • Property Damage - Property damage is a type of Progressive truck insurance that can cover the cost of repairing any damage you cause to a third party in addition to any legal fees. This can include other vehicles and lampposts. 
    • Uninsured/Underinsured Motorists - If you are involved in a trucking accident, and the third party doesn’t have sufficient coverage, this insurance option can help cover the costs on your end. This is a legal necessity and not an option in some states.
    • Collisions - Collision coverage is a type of Progressive truck insurance that helps cover the cost of repair or replacement for your vehicle if involved in an accident with another vehicle or stationary object, such as a tree. 
    • Comprehensive - Comprehensive Progressive trucking insurance covers the cost of damage to your care due to events like fire, acts of nature, theft, and vandalism. It is an optional add-on for truck owners.  

    Discounts That Progressive Offers on Commercial Truck Insurance

    Since commercial truck owners are legally obligated by the FMCSA to purchase cargo insurance coverage worth $5,000 per vehicle and $10,000 per occurrence, the cost of various insurance policies can quickly add up. 

    In 2020, Progressive’s national average coverage cost per month for commercial for-hire truck insurance ranged from $640 for specialty truckers to $982 for other transportation truckers. However, they do offer some discounts to help you save money: 

    • Commercial Driver's License (CDL) Discount - New Progressive trucking insurance customers enrolled may save approximately $1,106 by giving the company access to driving data from their electronic logging device (ELD).
    • Business Experience Discount - Those who have been in the trucking business for more than three years are eligible for a Progressive cargo insurance discount, among others. 
    • Prior Insurance Savings - Those who invested in continuous insurance coverage over the last year can also gain access to savings. 
    • Package Discount - Those with progressive commercial automobile insurance bundled with a General Liability or Business Owners Policy could be eligible for a further discount. 
    • Paid In Full Discount - Most businesses can save up to 15% if they pay the total cost of their premium in one go. 
    • Pay by Electronic Funds Transfer (EFT) – Paying with EFT can help your business withdraw payments directly from your checking account, avoiding the check processing fees.
    • Insure Your Personal Vehicles with Progressive - If you carry a Progressive commercial automobile insurance policy, you can gain a discount on personal auto insurance as well. 

    Progressive’s Financial Strength

    Financial strength is one of the most important factors when evaluating any insurance company since this can affect the processing of your claims. Since different agencies will have different ratings, it is best to compare at least two or three options before investing in an insurance policy. 

    A.M. Best rates Progressive with an A+ Superior rating, which is the second to the highest rating possible. This means they have an extremely strong ability to meet their insurance obligations. 

    Standard & Poor's is one of the top credit rating agencies, and they use a scale of AAA to D to indicate the degree of investment risk. They currently awarded Progressive with an AA. 

    Similarly, in Moody's Investors Service's rating system, companies are assigned a rating from AAA to C, with AAA being the highest rating. They give Progressive an AA rating, indicating it is a low credit risk. 

    Overall, Progressive gets extremely high scores from all three agencies in terms of financial strength. However, it is best to keep checking these scores annually since they can change at any time. 

    The Benefits of Working With Progressive 

    While the majority of business insurance policies offered by Progressive are through a third-party insurer that provides the quote and handles claims, Progressive commercial insurance is directly handled in-house.

    This can help ensure that time-sensitive claims are processed as quickly as possible while making communication more efficient. 

    Other strengths of working with the company include: 

    • Customer Service - Progressive allows customers to contact them with concerns anytime via chat, email, phone, or social media, which is standard for most companies. However, they are rated slightly below average in terms of consumer satisfaction in a 2020 J.D. Power study.
    • Number of Available Coverage Policies - They have a large number of insurance types, including commercial insurance and personal auto insurance, that can be tailored to suit a range of flexible budgets.
    • Strong Financial Reputation - One of their greatest strengths is their strong financial ratings across the board, which can help ensure that you get claims processed efficiently as possible. 
    • Reliable Quotes - To get an accurate Progressive commercial insurance quote for your trucking business, you’ll need to contact an agent at 1-888-806-9598 directly.
    • Plenty of Discounts - Progressive offers plenty of discount options for those looking for commercial truck insurance, but the availability can vary depending on the state you live in. 

    Frequently Asked Questions

    If you still have questions about Progressive semi truck insurance, this list of commonly asked questions can help shed some light on the ins and outs of commercial truck insurance. 

    Does Progressive cover cargo vans?

    Progressive cargo insurance can address the needs of cargo van owners. This can include a single delivery van or a fleet of multiple cargo vans that are used for commercial purposes. Progressive provides coverage for almost every kind of commercial vehicle. 

    What is considered as a commercial vehicle?

    For most insurance companies, commercial vehicles can include cars, trucks, vans, buses, or other vehicle types used for business purposes. However, this definition doesn’t include vehicles that are only being used to drive to and from work. 

    How can I get my truck insurance lowered?

    To lower truck insurance premiums, you can attempt to pay for the whole premium upfront instead of installments. You can also get discounts by having a good driving history with zero or very few accidents, installing safety equipment, taking safe driving courses, and lowering coverage limits. 

    Why is trucking insurance so expensive?

    Compared to typical auto insurance policies, commercial truck insurance tends to cost more because of the higher amount of risk involved. Heavier trucks carrying bulky cargo can cause more damage on the road than smaller cars. They may also travel further distances, increasing costs. 

    What is not covered by a commercial auto policy?

    Although commercial auto liability insurance covers most situations, it does not cover the cost of any bodily injury or property injury that occurs before or after a loading or unloading process. In addition, fellow employee injury, operation of mobile equipment, and claims related to war are typical exclusions of this policy. 

    Progressive In A Nutshell

    For the majority of truck owners, Progressive semi truck insurance can be viewed as a good investment due to the company’s wide range of coverage options, numerous discounts, and extremely high financial strength. However, not all of their discounts are offered in every state, so it is best to double-check with an agent and compare several quotes from insurers.

    If you’re looking for more information on truck insurance and other coverage options that better suit your needs, feel free to browse our other guides on Assured Standard today! 

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