Best Commercial Truck Insurance in 2024
Best Commercial Truck Insurance in 2024, A business truck insurance policy is essential whether you operate a fleet of commercial trucks or are a private contractor driving for yourself.
For a variety of vehicles, owners, and drivers, the top commercial truck insurance providers provide coverage that satisfies state liability standards. In addition to helping with state and federal paperwork filing and offering discounts on rates, some insurers also offer prompt customer support.
We looked into and evaluated the top commercial truck insurance providers, including factors like cost, policy customization choices, and types of coverage.
Best Overall Commercial Truck Insurance: Progressive
One of the biggest commercial truck insurance providers in the United States, Progressive provides coverage for a variety of trucks and commercial vehicles, including dump trucks, pickups, and tractor rigs. The insurer also provides other standard add-ons like heavy truck roadside assistance,
along with specialty optional coverages like garagekeeper’s legal liability for tow truck operators. Furthermore, Progressive guarantees that it will file all necessary proof-of-insurance certificates on behalf of policyholders at no cost, both state and federal.
Additionally, Progressive takes pride in being the only insurance company with a fully internal team of claims adjusters. We have determined that Progressive is the best commercial truck insurer overall based on all of these considerations.
But there are a few possible disadvantages to Progressive. The firm does not provide main liability insurance to owner-operators of “super regional” trucks operating within a 500-mile radius in Alaska, Hawaii, Louisiana, or New York. Additionally, although though Progressive’s website provides far more information about its policy options than many of its rivals, completing the quote process and acquiring coverage still requires working with an agent.
- Liability (bodily injury/property damage)
- Uninsured/underinsured motorist
- Medical payments
- Motor truck cargo
- Motor truck general liability
- Non-trucking liability
- Heavy truck roadside assistance
- Rental reimbursement with rental
- Trailer interchange
- Garagekeeper’s legal liability
- On-hook towing insurance
- Smart Haul Program (electronic logging device)
- Snapshot ProView (electronic fleet monitoring)
- Business experience (operating for more than 3 years)
- Commercial driver license
- Prior insurance savings
- Bundling with personal auto coverage
- Bundling with general business owner’s policy (BOP)
- Paid in full
- Electronic payments
- A+ (Superior) from AM Best
Best for Owner-Operators: CoverWallet
CoverWallet is a digital insurance brokerage that works with ten different insurance companies to find customers the best policy for their specific needs; it is not an insurance business. Hiscox, Chubb, Travelers, and Progressive are among the insurers that are represented; these businesses are all listed in our ranking of the top small business insurance providers.
Because the insurers CoverWallet represents offer a variety of specialty coverages, including regular owner-operator insurance as well as hot shot truck insurance (for independent contractors that haul loads on short notice), it may be a viable choice for owner-operators.
In contrast to other firms, you might be able to acquire an estimate online and buy coverage without speaking with an agent; however, some might need you to do so in order to finish the transaction. Additionally, some clients might prefer dealing directly with insurance providers rather than via a middleman like CoverWallet.
How We Chose the Best Commercial Truck Insurance
For this review, the editors at U.S. News 360 Reviews conferred with several knowledgeable sources. With more investigation, we reduced the number of options we considered, being especially mindful of policy add-ons, savings, and deals for a range of customers and enterprises, including big fleets, individual owner-operators, and drivers for hire.
We also considered the company’s financial stability. Overall, whether you drive for a ride-sharing service or run a cross-country shipping line, the best coverage is one that combines affordability with enough protection for your needs.
Years of product testing, research, and evaluation experience have been accumulated by our editors and authors. The author of this article, Scott Nyerges, is a senior editor at 360 Reviews. He has over ten years of experience writing consumer news articles and product reviews in the areas of cuisine, travel, shopping, health and fitness, and insurance. He has held positions at ThoughtCo, ConsumerSearch, and Consumer Reports.
What does commercial truck insurance cover?
States differ in their requirements and limitations for coverage, and your car type and kind of truck will also have a big impact. Rates and coverage requirements vary depending on whether you drive a company vehicle for an employer full-time, on a contract or freelance basis, and whether you own, rent, or drive an employer vehicle.
Similar to auto insurance, a typical policy for a commercial truck should contain:
If it is determined that you are liable for the actual physical damage to another person’s property, liability insurance shields you against monetary loss. It also pays for medical expenses associated with any harm you might do to other people.
The cost of fixing physical damage to your car from an accident or hitting anything like a street lamp is covered by collision insurance.
Physical damage to your truck resulting from non-accident-related covered perils like weather damage or vandalism is covered by comprehensive insurance.
The purpose of uninsured/underinsured motorist coverage is to compensate for the costs incurred when you are struck by an uninsured driver or one whose insurance is insufficient to cover your losses. It could be optional or not.
Furthermore, an insurance for commercial trucks ought to provide:
For-hire drivers operating dump trucks, tractors, box trucks, cement mixers, cargo vans, dually pick-ups, flatbeds, or automobile haulers are covered by motor truck cargo insurance. It provides liability protection against cargo loss or damage, including load dumping, fire, and collision.
Drivers who rent their cars from a company that offers main liability coverage can get non-trucking liability insurance. This type of insurance protects your truck when you use it for personal (non-business) purposes, such as going to family gatherings and running errands.
Transporting goods to and from the workplace is not covered.
If an accident renders your own car unusable, rental reimbursement insurance will pay for the leasing of a replacement truck for a predetermined amount of time (such as 30 days). If your truck breaks down and prevents you from working, this insurance can help cover debts or truck payments.
Insurance for trailer interchange shields you against monetary damages in the event that the trailer or its contents are destroyed by, say, fire, collision, or vandalism.