Business owners might assume that commercial truck insurance is only for the semi-trucks used by owner-operators and motor carriers. However, all sorts of other businesses may have delivery vans and pickups that also need coverage. To help find coverage, we evaluated more than 20 commercial truck companies to come up with our top six.
Top 6 Commercial Truck Insurance Companies 2019
| Commercial Truck Insurance Companies | Best For |
|---|---|
| Progressive Commercial | (Best overall) Small business owners in multiple industries who want easy online quotes |
| CoverWallet | Small business owners who use light and medium trucks and vans |
| Lancer Insurance Company | Owner-operators engaged in long-haul trucking who want a commercial truck insurance package |
| HUB International | Motor carriers and independent owner-operators who haul high-value cargo |
| AP Intego | Owner-operators and motor carriers who need commercial truck and workers’ compensation insurance |
| Insurance321 | Owner-operators who want an expert agent to research their options and advice |
What Commercial Truck Insurance Is
Commercial truck insurance refers to a number of policies that cover different aspects of using trucks for your business operations. Some policies, like primary liability, cover your responsibility in truck accidents, while others pay for damages to the trucks your business owns or the cargo you haul. These policies are often part of semi-truck insurance, too.
Common truck insurance policies include:
- General liability or public liability insurance: Covers third-party property damage and bodily harm
- Trucking liability or primary liability insurance: Covers third-party property damage and physical injury resulting from truck accidents
- Nontrucking liability insurance: Covers third-party damages when you are using your truck for non-business purposes
- Physical damage coverage: Covers damage to your truck caused by collision, theft, vandalism, or natural disasters
- Motor truck cargo insurance: Covers damage to the cargo you’re hauling
Business owners with light and medium trucks may need theses coverage, but they might also need coverage more akin to commercial auto insurance, including liability, collision, and uninsured/underinsured motorist coverage. Most states require liability for business-owned trucks.
Who Needs Commercial Truck Insurance
Clearly, motor carriers and owner-operators, both those leased onto a trucking company and those operating under their own authority, need commercial truck insurance. Every state requires truckers carry at least some liability insurance, and federal law mandates cargo and general liability coverage is in place when you apply for authority.
However, trucking isn’t the only industry where business owners may need commercial truck insurance. Small business owners who offer delivery services, including florists or grocery stores, may need commercial truck insurance. Similarly, construction businesses, landscapers, and anyone else who transports equipment may need coverage for their trucks.
Commercial Truck Insurance Costs
How much commercial truck insurance costs depends largely on the number and type of trucks you own and how they’re used. Cargo vans used for deliveries in a small area typically pay less premium than large semi-trucks that haul cargo across state lines. In general, commercial truck insurance cost between $750 to $2,000 per year for smaller trucks. Annual premium for semi-trucks is usually between $1,500 to $12,000.
How We Evaluated Commercial Truck Insurance Companies
Determining the best commercial truck insurance companies starts with identifying what small business owners want. In most cases, business owners want to work with reliable insurers that offer quality coverage and an affordable price. Many may also want assistance with industry regulations and risk management.
Based on these concerns, we used the following criteria to evaluate commercial truck insurance:
- Costs: Insurer typically don’t share premium information because costs can vary a lot. However, some share estimates while other list minimum premiums and available discounts.
- Commercial truck insurance experience: Insurance can be complicated for trucks, especially for semis that carry cargo long distances. For that reason, we looked for carriers with a history of writing commercial truck insurance.
- Types of commercial truck insurance: Companies that offer multiple policies make it easier for small business owners to get and manage their commercial truck insurance.
- Financial ratings: We reviewed ratings from top ratings agencies like A.M. Best, Standard & Poor’s, and Moody’s. This information indicates if an insurer can pay should you file a claim.
- Customer reviews: We looked at reviews posted on various sites, plus the National Association of Insurance Commissioners (NAIC) Consumer Information Source to see how some insurers compared in the number of complaints filed against them.
- Additional services: Offering services, like safety training, state and federal filings, and roadside assistance are some ways insurers increase their value.
After using these criteria to evaluate insurers and brokers, we’ve determined Progressive Commercial to be the best commercial truck insurance company. Progressive Commercial offers a combination of industry experience, available coverages, and potential discounts that makes them the right choice for a wide range of small business owners with trucking operations.
The six best insurance companies for commercial truck insurance are:
Progressive Commercial: Best Overall Commercial Truck Insurance for Small Businesses
Progressive Commercial has the experience and financial strength to offer broad coverage for everything from small businesses to owner-operators and motor carriers. This plus the company’s consistently strong customer reviews and list of potential discounts earn it the top spot on our list of best commercial truck insurance companies.
Progressive Commercial Costs
Progressive Commercial is one of the few carriers that posts any cost information on its website, claiming the average specialty trucker spent $6,732 on commercial trucking insurance in 2017 while the average transport trucker spent $9,540. Moreover, Progressive lists eight discounts for truck insurance customers.
Progressive Commercial truck insurance discounts include:
- Smart Haul Program: For-hire truckers can earn a minimum 3% discount for using an electronic logging device
- Commercial driver’s license (CDL): Truckers who’ve had their CDL for two or more years can save on vehicle liability insurance
- Business experience discount: Commercial truck insurance customers who’ve been in business at least three years are eligible for a discount
Progressive Commercial Truck Insurance Experience & Policy Types
Progressive Commercial has been writing truck insurance for over 40 years and can offer coverage to owner-operators and motor or private carriers as well as small business owners with pickups, flatbeds, dump trucks, and more.
Progressive Commercial truck insurance policies include:
- Motor truck cargo
- Motor truck general liability
- Nontrucking liability
- Trailer interchange
- Rental reimbursement with downtime
The company’s experience means they also have coverage for unique operations, such as on-hook towing insurance for tow truck drivers and coverage for mobile food trucks.
Progressive Commercial Financial Ratings
While each ratings agency has its own scale, A ratings across the board are generally considered a good thing. Progressive Commercial’s ratings indicate the company is on superior financial footing and can be expected to meet its obligations.
Progressive Commercial Additional Services
Progressive Commercial’s financial stability means it can offer additional services that many trucking businesses may find attractive. In addition to offering state and federal filing assistance, Progressive Commercial truck insurance customers a single representative who walks them through the claims process and gets them in touch with an extensive network of truck repair shops.
What Progressive Commercial Is Missing
While Progressive Commercial offers quality truck insurance with some key additional services, its other business insurance policies are often underwritten by third parties. This doesn’t mean the coverage isn’t good, but it can result in different customer experiences for small business owners hoping to purchase all of their coverage in one place.
Progressive Commercial Customer Reviews
Online reviews tend to center on Progressive Commercial’s quick and courteous claims service, although a number also mention how affordable their coverage is. Moreover, Progressive Commercial has significantly fewer complaints in 2018, according to the NAIC Consumer Information Source.
Where to Find Progressive Commercial
The easiest way for small business owners to get a quote from Progressive Commercial is to head to their website and complete the online application. The application is easy to complete and returns quotes in just minutes.
CoverWallet: Best Commercial Truck Insurance for Light and Medium Trucks
CoverWallet is an online insurance broker that specializes in small business insurance. It partners with many top-rated carriers, including CNA, Liberty Mutual, and Hiscox. While these and other partnerships allow CoverWallet to get coverage for many trucking operations, its strongest offering is for light and medium trucks.
CoverWallet Costs
CoverWallet is one of the few insurance brokers that readily offers cost estimates. The company organizes these in a series of plans, including one that allows truck owners to customize their coverage.
Commercial truck insurance plans from CoverWallet include:
- Basic plan: Includes cargo insurance for $125 per month
- Standard plan: Includes primary liability, non-trucking liability, and physical damage coverage plus an option to add bobtail coverage for $500 per month
- Pro plan: Includes commercial auto and cargo insurance for $600 per month
CoverWallet Commercial Truck Insurance Experience & Policy Types
CoverWallet has only been around since 2015, making it the newest broker on our list of best commercial truck insurance companies. However, this isn’t a major drawback since the company partners with insurers with lots of commercial truck insurance. Through these partnerships, CoverWallet can offer coverage to all types of light and medium trucks, including vans, sport utility vehicles, and box trucks.
Commercial truck insurance policies available through CoverWallet include:
- Cargo insurance
- Hired and nonowned auto
- Workers’ compensation
- General liability
- Bobtail
- Trailer interchange
- Nontrucking liability
- Inland marine insurance
CoverWallet Financial Ratings
CoverWallet does not appear to be rated by ratings agencies. However, it only partners insurance carriers that earn an A or higher from AM Best. Moreover, CoverWallet’s website lists seven venture capital firms that have invested in the company.
CoverWallet Additional Features
As with other online brokers, CoverWallet’s main value adds come in the form of easy-to-use technology. CoverWallet clients can apply for coverage, make payments, and create certificates of insurance online. Perhaps most importantly, they can often bind online, which means business owners who need coverage can usually get it fast.
What CoverWallet Is Missing
With its easy online application and carrier relationships, CoverWallet has most of the bases covered when it comes to commercial truck insurance. However, insurance for the transportation industry can be tricky to navigate, and owner-operators and motor carrier businesses would most likely appreciate more assistance with risk management and federal and state filings.
CoverWallet Customer Reviews
Online CoverWallet reviews are almost all positive, according to review collection site eKomi. It says out of 480 reviews for CoverWallet, 92% were positive, and only 6% were negative. Reviewer mainly focused on how easy it is to get insurance with CoverWallet, but others also mentioned the company’s excellent customer service.
Where to Find CoverWallet
Business owners who need commercial truck insurance can use the application on CoverWallet’s website. The application takes less than five minutes to complete and returns quotes in just seconds. Once you see a quote you like, you can usually bind online.
Lancer Insurance Company: Best Commercial Truck Insurance for Long-haul Truckers
Lancer Insurance is a niche insurance carrier that creates policies various segments of the transportation industry, such as motorcoaches, limousines, and long-haul trucks. The company offers a commercial truck insurance package in all 50 states,
Lancer Insurance Direct Costs
Like most insurers, Lancer Insurance does not share commercial truck insurance costs on its website. However, its underwriting profile for agents lists information about payment plans.
Lancer Insurance payment options include:
- One annual payment at the start of the policy term
- Premium financing
- Installment plans for policies with a minimum premium of $1,500
Lancer Insurance Commercial Truck Insurance Experience & Policy Types
Lancer Insurance has specialized in developing niche transportation insurance products for nearly 40 years, so their employees bring a wealth of trucking industry experience to the table. In that time they’ve created a commercial truck insurance package the puts essential coverages in one place, making policies and claims easier to manage.
Lancer’s commercial truck package includes:
- Primary liability
- Physical damage
- Motor truck cargo
- General liability
Additionally, Lancer offers a combined deductible for your tractor, trailer, and cargo. This means damage to any or all of these items contributes to your total out-of-pocket costs.
Lancer Insurance Financial Ratings
Lancer Insurance gets an A- rating A.M. Best rating on its website, indicating the company has an excellent ability to meet its obligations, such as paying claims. Unfortunately, searches for rating from other agencies turn up nothing for comparison.
*Not rated
Lancer Insurance Additional Features
Many of the additional features Lancer offers come in specific coverages. For instance, its physical damage coverage includes GAP insurance for no charge to cover the difference between the actual cash value of your truck and the balance still owed on financing. Lancer also offers loss prevention training videos, manuals, and complimentary on-site safety evaluations plus assistance with regulatory compliance.
What Lancer Insurance Is Missing
The commercial truck insurance package from Lancer is ideal for long-haul truckers, especially those looking for ways to improve their safety records. However, Lancer is a highly specialized insurer and does not have solutions for business owners whose main operations are something other than transportation.
Lancer Insurance Customer Reviews
The internet is essentially void of any customer reviews for Lancer Insurance, but that’s to be expected. The company not only offers ultra-niche products, but it sells them through independent agents who are in business for themselves. That said, the NAIC Consumer Information Source notes Lancer had fewer complaints than the national median.
Where to Find Lancer Insurance
Lancer Insurance offers its commercial truck insurance mainly through independent agents. However, truckers can request a quote by filling out a brief form with their contact information and the Department of Transportation number at the company website.
HUB International: Best Commercial Truck Insurance for High-value Cargo
HUB International is a global broker, which means it partners with many carriers to bring insurance solutions to small business owners. The company has a team of specialists dedicated to the transportation industry and offer commercial truck insurance for owner-operators, motor carriers, and towing businesses of all sizes. With coverage limits starting at $25,000 and aggregate deductibles, HUB’s motor truck cargo is ideal for truckers who transport high-value cargo.
HUB International Costs
Like many brokers, Hub International does not list cost information on its website. However, HUB is fairly transparent about how it makes money and mentions the potential for additional fees when coverage is complex. These fees are noted in proposals.
Additionally, HUB offers an aggregate deductible on its motor cargo insurance. This puts a limit on the out-of-pocket expense for the policy term rather than each claim which can help keep costs down should you need to make a claim.
HUB International Commercial Truck Insurance Experience & Policy Types
HUB International formed in 1998 and has a team of commercial truck insurance specialists. In addition to primary and public liability, physical damage, motor truck cargo, HUB specialists can help business owners get coverage for warehouses, employment-related lawsuits, and crime.
HUB International Financial Ratings
Our research only turned up ratings from two of the ratings agencies for HUB. While not in the superior ranges, HUB’s B and B3 ratings indicate the company is on solid financial ground to meet its obligations.
*Not rated
HUB International Additional Features
Most insurers and brokers offer risk management services to reduce claims and ultimately lower costs, and HUB is no different, offering pre-employment screening, workplace safety analysis, and fleet safety program development and training. However, HUB adds flexible payment options and assistance with federal and state filings.
What HUB International Is Missing
The high limits and aggregate deductible make HUB International’s motor cargo insurance tough to beat for businesses that transport expensive merchandise. However, more price information would help business owners know if it and other policies were right for them.
HUB International Customer Reviews
HUB International is different from other brokerages because it has a number of online reviews. In general, customers like working with HUB brokers, often mentioning they go above and beyond when it comes to explaining coverage.
Where to Find HUB International
Business owners who want to work with HUB International can start at their website to get contact information for a brokerage near them. They can also submit a form online with their business information, including motor carrier and DOT numbers, to request a broker reach out to them.
AP Intego: Best Commercial Truck Insurance for Trucking Operations With Employees
Online broker AP Intego is the best option for small business looking for commercial truck insurance and workers’ compensation. As a broker, AP Intego can offer quotes for both from multiple top-rated carriers, including Travelers and Berkshire Hathaway, but the real standout is their workers’ comp payment plan that saves employers from paying additional premiums after audits.
AP Intego Costs
AP Intego does not supply any cost information, partly because it’s a broker that partners with more than one insurance carrier. However, the company offers a pay-as-you-go workers’ compensation plan that allows business owners to set up automatic monthly payments based on their actual payroll, as opposed to an estimate made at the start of the policy. This system reduces the chance of the business owner owing money at the end of the policy term.
AP Intego Commercial Truck Insurance Experience & Policy Types
AP Intego is a relatively new online insurance broker, having only been around for 16 years. However, it’s developed a partnership that allows them to quote workers’ comp and commercial truck insurance for a number of long-haul and local operations.
Trucking operations AP Intego can offer quotes to include:
- Dump trucking
- Tanker trucking
- General freight trucking
- Refrigerated products trucking
AP Intego Financial Ratings
AP Intego is not rated by any of the ratings agencies. However, the company partners with many insurers that do earn superior ratings.
AP Intego Additional Services
AP Intego focuses on technology, so it’s additional services mainly fall in the realm of online features that make applying and managing insurance simpler. For instance, the company has a four-page online application that returns quotes within seconds. Business owners can also request certificates of insurance online.
What AP Intego Is Missing
AP Intego’s pay-as-you-go workers’ compensation insurance and simple online application make getting coverage much easier. However, business owners might like more price information, but this is a minor drawback considering how quickly quotes come.
AP Intego Customer Reviews
AP Intego doesn’t have many online reviews, partly because many of their clients apply for coverage through an application embedded in another product. However, individuals who leave reviews are mostly positive and claim the company’s customer service is exceptional.
Where to Find AP Intego
Business owners who don’t use one of AP Intego’s partners can go to the company’s website to apply for workers’ compensation and commercial truck insurance. The app is only four pages long, and most business owners can complete it in just minutes. Quotes often appear instantly.
Insurance321: Best Commercial Truck Insurance for Fast Coverage
Insurance321 is a different kind of insurance company, acting as a go-between for small businesses and the insurance providers that cover them. Typically, business owners need to research and apply with multiple carriers to find the appropriate coverage, but Insurance321 eliminates that inconvenience, making it ideal for people who want to get insurance fast.
Insurance321 Costs
Like the brokers on our list, Insurance321 does not provide cost information for commercial truck insurance. However, business owners who use Insurance321 get the benefit of the company’s technology to help them find affordable coverage.
Insurance321 Commercial Truck Insurance Experience & Policy Types
Compared to the other commercial truck insurance companies on our list, Insurance321 is relatively new. It’s only been around since 2011, but that’s not an issue since the company pairs business owners with representatives who specializes in the appropriate industry. As for the types of available policies, that’s dependent upon their relationship with various carriers.
Insurance321 Financial Ratings
Like some of the brokers on our list, Insurance321 does not appear to be rated by any of the common financial ratings agencies.
Insurance321 Additional Services
While it’s not exactly an additional service, one of the unique benefits of working with Insurance321 is that information about your risk is reviewed both by humans and technology. Your Insurance321 representative gets a better understanding of your operations, and the company’s proprietary software identifies the best provider for you at the moment.
What Insurance321 Is Missing
Insurance321 is the best option for owner-operators, motor carriers, and small business owners with trucking operations who want a hassle-free way to get commercial truck insurance. That said, consumers would probably appreciate more information about potential carriers, particularly their financial ratings.
Insurance321 Customer Reviews
Insurance321 doesn’t have many online customer reviews—good or bad. In part, that’s because its core function is connecting business owners to insurers. However, those that post positive reviews are pleased with the service, saying they like how simple it is to get coverage without completing multiple applications.
Where to Find Insurance321
Owner-operators, motor carriers, and other small business owners can get in touch with Insurance321 by completing a short form on the company website. Within minutes, and Insurance321 representative will contact you to evaluate your risk and put you in touch with the best insurer for your unique situation.
Bottom Line
Commercial truck insurance is essential for any business owner that uses trucks in the course of their operations. However, the specific types and amount of coverage they need depend largely on your industry. Those in the transportation industry may need to work with specialty insurers to find appropriate coverage, while business owners who use light to medium trucks may be able to work with standard carriers.
One way to make sure you’re getting the right coverage for your trucking operations is to compare quotes. A broker like CoverWallet makes that easier by shopping your risk to multiple carriers all at once through a single online application that takes just minutes to complete.
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