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