Commercial Truck Insurance: What Do You Need?

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Are you the owner of a trucking fleet? Or do you own and operate one speciality truck? Regardless of your speciality, it's important your company is protected from liability, claims, and expensive repairs. So before you put the pedal to the metal, make sure you have commercial vehicle insurance for your truck. 

If you're feeling overwhelmed about the rising costs or complexity of commercial trucking insurance, you're not alone! Read our comprehensive guide to help you decide what coverage you need, how much it costs, and how to get a FREE quote.

Type of Commercial Trucks Commonly Insured

We compiled a list of the most common commercial trucks we insure below.

  • Straight Trucks
  • Box Trucks
  • Heavy Trucks
  • Semi Trucks
  • Tow Trucks
  • Dump Trucks
  • Pickup Trucks
  • Garbage Trucks
  • Flatbed Trucks

While not an exhaustive list, it gives you a general guide to the types we cover. If you don't see your truck listed, we likely still offer truck insurance for that type, so reach out!

What is Commercial Truck Insurance?

Truck insurance—also referred to as truckers insurance and trucking insurance—is a subset of business insurance, categorized under commercial vehicle insurance, and comprised of various policies to insure your truck. While you don't necessarily need every type of coverage to protect your truck business, there are a few basic coverages you are required to have. Keep reading for more information on truck insurance.

What Types of Truck Insurance Coverage Should You Consider?

There are many types of commercial truck insurance coverages to choose from. We put together a list and examples of how the coverages can provide protection for your commercial truck:

  • Business Owner's Policy (BOP): A business owner's policy is a bundle of policies put together for your specific owner-operator or small fleet company. It typically includes commercial general liability insurance property insurance and other policies that are specific to your industry.
  • Motor Truck General Liability Insurance:General liability Insurance covers legal defense fees, court costs, and settlements or judgments in the occasion that a client sues you. This policy also covers accidents or damage that may happen at your company's place of business.
  • Bobtail Insurance: Bobtail insurance covers your truck in the instance you are driving it without a trailer attached. Typically, this insurance is for drivers under a lease agreement. For owner-operators under their own authority, bobtail is usually covered under your primary liability policy.
  • Physical Damage Insurance: The next time one of your trucks is in a collision or faces some sort of theft or vandalism, you've got the coverage to replace the damage.
  • Trailer Interchange Insurance: If you don't own your trailer, you need trailer interchange insurance to cover physical damage to your truck.
  • Non-Trucking Liability Insurance: You've got your truck covered for work purposes. But what about those times you might drive your truck when you're not on dispatch? Your rig needs to be covered outside of strict business operations.
  • Motor Truck Cargo Insurance: Cargo liability is an absolute necessity. It helps truckers cover the value of their cargo from damage, theft, and loss. In addition, it covers debris removal, freight charges, and separate limits.
  • Commercial Truck Fleet Insurance: Fleet insurance covers your whole fleet, and it's usually a better value than insuring each unit individually.
  • Umbrella Insurance: Lawsuit costs can extend beyond your primary liability coverage, and an umbrella policy protects your assets against that.
  • Workers' Compensation Insurance: If you have employees, you need Workers' Compensation. The laws vary depending on your state. If you don't know what you need, an insurance specialist can help you stay compliant with your state's regulations.
  • Refrigeration Breakdown: Provides legal liability protection for a loss due to breakdown on heating and refrigeration units.
  • Permanently Attached Equipment: Offers additional coverage for equipment.

Risks That Commercial Insurance Can Cover

Commercial truck owner-operators face certain risks, such as:

  • Large-scale accidents that will shut down your operation without proper coverage
  • Damage to expensive rigs
  • Loss of cargo
  • Medical expenses for drivers who suffer an injury
  • High-risk cargo, such as with HAZMAT loads

How Much Does Commercial Truck Insurance Cost? 

A commercial truck insurance policy is fairly comprehensive. Unfortunately, truck insurance has increased in price over the years. Progressive claims that their average monthly cost is $795 for specialty truckers and $931 for transport truckers. That cost is simply for Primary Liability Coverage—which is required by law. As you begin to factor in other necessary coverages, the cost will increase.

Insurance companies use different rating factors to calculate an insurance quote and determine cost. What are those rating factors?

  • USDOT Authority
  • Contractural Requirements
  • Cargo
  • Operating Radius
  • Vehicle Type
  • Driving History
  • Location

Insurance options can be difficult to understand and navigate, but an experienced agent can help you go through your insurance options and help you nail down the right insurance company.

How Can I Lower my Commercial Truck Insurance Cost?

There are many factors that will help cut costs on a commercial truck insurance quote. We have listed a few ways to help you get started: 

  • Maintain a good driving record (USDOT Operating History)
  • Set up your payment via electronic funds transfer (EFT)
  • Opt for a higher deductible in your policy
  • Pay your premium in full
  • Insure more than one vehicle

If your driving history is sub-par, consider putting your payment on an EFT. It may seem simple, but slow down and pay close attention to the road. Having a good driving record is the easiest way to save money on commercial truck insurance, but it isn’t the only way. If you are a safe driver or have excess cash, then raising your deductible and paying in full is an easy way to save on commercial truck insurance coverage. 

FREE Commercial Insurance Quotes

To obtain a quote for truck insurance from insurance companies, we will need a few pieces of information from you, including:

  • Your driving records & drivers license number
  • Proof of current commercial insurance policy
  • VIN number of each vehicle to be insured

Let us help you find commercial truck insurance for your business and keep your mind at ease. At CommercialInsurance.Net, our mission is to help medium and small businesses manage risk by finding business insurance quotes at a reasonable price. To get a competitive insurance quote, connect with us using the form above or call us at 1-877-907-5267—one of our specialists will contact you soon.

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