The United States of America alone has roughly 3.6 million truck drivers. They are working for more than 700,000 commercial trucking businesses. With this large number of trucks traveling on the roads constantly, there is an imminent need to find the best commercial truck insurance policy. A policy with maximum coverage and reasonable price.
Just like individual auto insurance, commercial truck insurance can offer a combination of general liability, physical damage, cargo loss, and comprehensive policy coverage. However, commercial truck insurance requires more extensive coverage limitations to compensate for heavy-duty and more valuable trucks and carriers, as well as the cargo they were transporting.
To find the best commercial truck insurance in the United States of America, you have to take into account the factors like availability, price, consumer satisfaction, and insurance coverage limits. You also need to compare these features of multiple commercial insurance companies to select the best one.
Here are the top commercial truck insurance companies in the US and their different features. Progressive is the leading insurance company and is discussed in complete detail.
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According to the report made by Insurance Information Institute, Progressive commercial truck insurance company is the biggest commercial vehicle insurer in the United States of America. It offers insurance coverage to more than 12 percent of the whole insurance market. Progressive provides commercial truck legal policies in all fifty states with additional coverage obtainable to a number of vehicles. The vehicles that can apply for Progressive insurance are tow trucks, box trucks, tractors/trailers, dumping trucks, garbage trucks, cement trucks, delivery trucks, and even ice cream trucks.
Progressive takes the top place for being the best commercial truck insurance because of its extensive range of insurance coverage and multiple features. Not only does this company offers online quotes, flexible packages, and several cost options, but it also gives expert legal support for commercial truck companies and different discount offers. In addition, progressive has a special claims service for heavy-duty trucks and does both federal and state insurance filings for free in almost 4 hours of consultation.
The coverage of commercial truck insurance of Progressive contains general risk liability like bodily injury and damage to personal property, crashes, underinsured motorists, comprehensive medical payments, and personal injury protection. Additional coverage options are motor truck cargo insurance, trailer/truck insurance, non-trucking liability, rental reimbursement (plus downtime), and fire and theft options.
Progressive provides lucrative discounts for business experience, drivers’ age and CDL certification of the driver, electronic logging devices (ELDs), signing up for autopay, paying in one go, bundling combined coverage of trucks with personal vehicle insurance, or building a customized insurance policy package. Quotes are offered online, but you will have to work with a legal agent to buy the ideal policy for the company. Agents are available 24/7 for file fillings.
- The best commercial truck insurer in the country
- Accessible in all fifty states of the USA
- Multiple offers of discounts are provided
- Progressive gives free federal and state insurance filings
- Covers a large spectrum of trucks and policy options
- Truck businesses have to work with an agent
- Many processes are not intuitive for new customers
- The radius of travel also applies in some cases
- Limited allowable fleet size
Liberty Mutual is one of the largest trucking insurance companies which along with providing the best coverage options to customers also provides many other services. Liberty Mutual will not only help your company identify the problems and potential risks but also provide solutions.
A commercial auto company whether small or large encounter many challenges like increasing repair costs, auto exposure management, crowded roads, and difficulty to find skilled truck drivers. Liberty Mutual is your one solution to steer clear of all these challenges.
Liberty Mutual is popular for its discounts which may change depending on the state. Customers are eligible for discounts if they are retired veterans, insure multiple vehicles, own a house, bought the policy online, paid the full premium at once, or have other Liberty mutual policies.
- Multiple coverage options are available
- Liberty Mutual offers many discounts for customers
- State-of-the-art digital tools
- Many customers complained about auto claims.
- Customer services are not satisfactory according to some review websites
- Discounts and offers may not be available in all states
Zurich commercial insurance company offers a wide range of disability and accident insurance for individual truckers and owner-operator businesses, Zurich Occupational and Accident Insurance for commercial trucks also gives extra coverage like truck payment if the driver is unable to pay a loan due to the injuries they sustained. They also offer physical damage coverage and a passenger accident policy.
Risk management and multiple insurance coverages such as physical damage, primary liability, and more are available in all states of the USA except for California. However, some coverage options are available in California as well, and their website makes them clear.
- Zurich provides a large network of risk management workers
- The claims can be settled as early as 10 days after the necessary investigation is done
- You may require supplemental insurance with Zurich to cover all bases
- Hard to get an online quote
- All services are not available in every state
- It becomes difficult for non-policy holders to get their claims processed
- Not recommended for new users because of some complicated aspects
Travelers Commercial Automobile Insurance offers protection to fleet businesses either small or large. Travelers insurance provides a wide range of services, coverages, and liability.
The coverages by travelers include industry-specific commercial trucks in hydrocarbon and public sectors. Physical damage, liability coverage, and underinsured auto coverages are all covered by Travelers.
- Driver’s training programs and safety consultations are offered in the risk management services.
- Travelers insurance is popular for excellent customer care and claim handling
- Extra insurance coverage is provided for a special type of cargo like hazardous materials and more
- Travelers insurance provides several coverage options like product damage, cargo, worker’s compensation, and liability coverage
- Not always available in all the states
- Sometimes coverage is only provided to the owners who have a certain number of vehicles
- Coverage on a special type of cargo is not offered in some cases
- The price of insurance premiums may be expensive compared to others
Though several companies propose insurance coverage for large freight businesses and trucks, Sentry is the company that focuses mainly on single-truck users. The level of personal service with industry expertise provided by Sentry makes it one of the best insurance companies for owner-operators and individual trucks.
- Flexible insurance coverage alternatives
- Accessible in all fifty states
- Expert in coverage for individual trucks and owner-operators for personal use liability
- Great customer service
- Online quote available
- Online information is very limited
- You have to work with a local legal agent
- Work better with smaller companies
State farm has satisfactory ratings and fewer user complaints in recent two years. This is why State Farm commercial insurance company is counted amongst the top 10 commercial insurance companies.
- Above-average user satisfaction reviews
- Coverage for both individual trucks and fleet
- Present in all fifty states
- Limited details online
- No quotes online
- Customers have to work with legal agents
This company has a program called the FleetAhead management program, which helps combine risk management and technology, letting customers receive less loss. It also ensures safety and improvement in the performance of truck drivers. Hartford presents multiple user-friendly telematics products. Customers can easily qualify for extra discounts after buying these programs.
- Fleet-specific programs and devices are available
- Multiple discounts
- Present in all fifty states
- Many free coverages
- Special services for Risk Management
- No quotes online
- Very few options for individual truck customers
Other companies which are not as widely used but still come in the top 10 are:
Even with bad credit history and track records, most businesses easily get CoverWallet commercial truck insurance coverage. But the monthly premiums will be higher than normal. The basic risk coverage per month is $125. However, it changes based on location, mileage, and type or size of the truck.
CoverWallet commercial truck insurance includes general liability, non-trucking liability, physical damage, bobtail, non-owned auto coverage, trailer interchange, and more.
- Easy online quote availability
- Online policy purchase
- Wide range of coverage options for different kinds of vehicle
- Coverage options are available to drivers with bad credit as well
- In some cases, processing can take time
- Many complaints about customer service were received on some review websites
Owner-operator independent driver association or OOIDA is the best-suited truck insurance for small owner-operator truck businesses. OOIDA is available in all fifty states of the USA and provides a wide range of coverage ranging from primary owner-operators to leased owner-operators with many additional coverage options.
- OOIDA offers multiple coverage options for fleet owner-operators
- According to the NAIC complaint index of 0.58, their complaint rate is less than average.
- Coverage options are customizable.
- OOIDA membership is mandatory to buy commercial trucking insurance
- Not available in all states
EIB direct specializes in short-haul, long haul and truck cargo insurance.EIB Direct has insurance coverage for physical damage, non-hired vehicles, truck liability, motor truck cargo, and non-owned carrier liability (only for companies that lease trailers). Their insurance coverage surpasses the FMCSA limits of $750,000. EIB Direct has sophisticated partners from Britain, e.g., Lloyd’s.
- Availability of access coverage
- Coverage of new ventures is offered to experienced and loyal customers
- Coverage can be applied online
- The mobile application makes form-filling easier
- All services may not be available in all states
- Some users complained about customer service
For over fifty years, IAT Transportation insurance company has helped the people and fleet businesses that keep our country moving. IAT is considered one of the largest commercial trucking insurers in the Market. IAT’s experienced team understands customers’ problems, and they are willing to satisfy their insurance demands.
Broad physical damages, non-trucking liability, general liability, auto liability, and broad form coverage all are covered by IAT.
Their truck feet program is prepared for common and contract carriers. IAT also has additional insurance programs for owner-operators requiring physical damage or non-trucking liability coverage.
- IAT Commercial Truck Insurance has the best ratings by A.M.
- Additional coverages for owner-operators
- Multiple coverage programs are offered by IAT
- Specialized coverage is not available for all kinds of cargo
- Prices might be a little on the higher end for some fleet businesses
Trucking Insurance Mart
Truck insurance mart has been around for fifty years. They have built quite an empire based on their significant expertise and strong customer relationships. This company specializes exclusively in commercial trucking insurance, focusing solely on changes in the insurance of transportation industries to keep them fully covered for any legal problem. Truck Insurance Mart provides general liability, fire, and theft coverage, collision, non-trucking liability for bobtail, physical damage, worker’s compensation, and motor truck cargo insurance.
- A free quote is available
- The whole process is very straightforward for new customers
- General liability offers many additional services that might not be available with other commercial insurance companies
- Additional coverage might be required with Trucking Insurance Mart
- Not available in all states
Why is Commercial Truck Insurance Important?
The main reason is that in many states, the Federal Motor Carrier Safety Administration FMCSA has mandated freight businesses to insure their vehicles adequately. Otherwise, these businesses will not be allowed to transport cargo in the state or outside.
Commercial truck insurance provides protection from legal attacks when a collision or other accident happens. General liability coverage will reduce the damage cost even if you are charged with various lawsuits in the aftermath of an accident.
Maintaining commercial truck insurance also decreases downtime after a collision, still having the right insurance policy will save you from many administrative processes.
Commercial truck insurance will reduce property and other losses in the long run. This type of insurance gives freight businesses peace of mind and security when their truck drivers are working in remote areas.
Independent Commercial Trucking Insurance Brokers
To get the best and most suitable deal on commercial insurance coverage, people consult with independent insurance brokers. They can suggest you the best policies according to your business needs and even make a customized policy package. This will not only save money but also the hassle to find the most practical commercial insurance deals.
Some of the highly-rated Independent Commercial trucking Insurance Brokers include Roemer insurance, CoverWallet, Apex Insurance, Insure My Rig, and Safe Line Truck Insurance. It is essential to consider certain factors while looking for an independent insurance broker such as types of coverage, risk management, discounts, risk management, and customer service.
Progressive, Zurich, Travelers, Mutual, The Hartford, and CoverWallet are some of the leading names in commercial truck insurance. They not only cover commercial truck insurance but also have waivers, discounts, risk management programs, customer services, premiums, multiple coverage options, and complementary offers for single vehicles.
Likewise, the well-known independent trucking insurance brokers mentioned in this article also provide excellent customer service, guidance, customized policy, and multiple coverage options.
It is important to consider all the services offered while deciding on commercial truck insurance or independent truck insurance brokers. Furthermore, remember to make your own research and carefully consider your business needs and then choose the insurance company that is the most beneficial for the business.