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Are you the owner of a trucking fleet? Or do you own and operate one specialty truck? Whether you're an owner-operator looking to insure one truck or an entire fleet, your trucking business must be protected from liability for accidents and the cost of extensive 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 from an insurance company.
We compiled a list of the most common trucks covered below:
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!
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, per federal regulations, you're required to a least obtain liability coverage in case of accidents or third-party bodily injury (which includes damage to their personal property).
There are many types of commercial truck insurance coverages to choose from. We put together a list and examples of how the coverages can protect your commercial truck.
If you're looking for comprehensive coverage, commercial truck drivers should consider these coverage options:
These are some policies that business owner-operators should consider that aren't necessarily specific to protecting your fleet.
A personal auto insurance policy will cover personal trucks, but trucks used for business have to be insured with a commercial policy. If you get in an accident and only have personal auto coverage, they may not cover anything—so why risk it?
A commercial truck insurance policy is typically comprehensive insurance. Unfortunately, trucking insurance has increased in price over the years. Progressive claims that their national average monthly cost is $640 for specialty truckers and $982 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.
Each insurance company uses different rating factors to calculate an insurance quote and determine insurance costs. What are those rating factors?
Even years of experience are factored in, with some insurance carriers offering a business experience discount or reduced insurance rates.
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 best commercial truck insurance for your business.
Many factors that will help cut costs on a truck insurance quote. We have listed a few ways to help you get started with a risk management plan:
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. Trucking risks are higher than the average motor vehicle. Having clean driving records 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.
If you're looking to purchase commercial truck insurance, there are a lot of great insurance providers out there. Here are a few of the common providers that we can help you choose from:
Each company has pros and cons but all offer comprehensive and flexible coverage options for a trucking company.
To obtain a quote for truck insurance, we will need a few pieces of information from you, including:
Let us help you find the right insurance plan for your business and keep your mind at ease. At CommercialInsurance.Net, our mission is to help medium and small business owners 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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