Commercial truck insurance is a type of insurance specifically for the trucking industry. It’s a broad-range product and covers many different types of businesses including deliveries, short and long hauls, automobile and people transportation, and more. It offers additional coverage such as cargo coverage and it can help business owners reduce their liability and save money if an accident or damage occurs.
We reviewed the best commercial truck insurance companies based on company reputation, types of coverage, discounts offered, customer reviews, and extra features the companies offer.
Keep reading to find out which commercial truck insurance is right for your business.
Best Overall : CoverWallet
Why We Chose It: CoverWallet provides easy, online commercial truck insurance policies with personalized help and comparison tools. It has partnerships with insurance companies so it can offer you competitively priced policies.
Positive customer reviews
Quick quotes from multiple insurers
Manage claims online
No brick-and-mortar locations
No average truck insurance pricing on site
CoverWallet was founded in 2015 and is part of the global risk, retirement, and health solutions company Aon. It has won several awards including CNBC Upstart 100 Top 100 Most Promising Global Startups. The company headquarters are in New York and, in addition to offering commercial truck insurance, it also offers different types of business insurance including errors and omissions, umbrella insurance, and cyber liability.
CoverWallet works with different insurance companies to find the best policy for your business. It’s an online marketplace for business insurance. However, it does have some additional features like instant quotes, the option to work with a personal agent 24/7, policy comparison tools, and complete online policy management.
Policies typically protect your business from auto liability claims as well as physical damage to company vehicles and first-party coverage. Because CoverWallet works with different insurers, you need to contact them for more coverage details and pricing. Pricing and coverage approval is typically based on employee driving records, type and amount of coverage, items being transported, and vehicle value.
Businesses can buy and manage their insurance policies online in just a few minutes. The site also includes business tips and explanations of various types of business insurance. You can get a quote online or over the phone if you prefer more personalized service.
Overall customer reviews are high and customers appreciate the personalized service, easy-to-use website, and ability to compare policies.
Best for Small Businesses : OOIDA
Why We Chose It: OOIDA offers a variety of affordable insurance options and it specializes in commercial truck insurance for small businesses.
Competitive insurance rates
Advocacy efforts for small business truckers
No online quotes
A few negative customer reviews
Website isn’t as high-tech as some of the other companies
Owner-Operator Independent Drivers Association (OOIDA) was founded in 1973 as an international trade association for professional truckers. It’s a membership-based organization that represents truckers, and being a member also includes discounts to more than 90 manufacturers and service providers.
In addition to representation, the company offers insurance for truckers including commercial truck insurance and health insurance for truckers and their families. Commercial truck insurance costs vary based on the type of coverage, vehicle value, type of load, driving record, and other variables. You can apply for coverage over the phone with an agent who will recommend a policy tailored to your business’s needs. Coverage requirements vary and the agent will discuss more details about what is needed to qualify.
Typical policies include primary and general liability, physical damage coverage, passenger accident, and motor truck cargo. The company offers coverage to owner-operators and leased owner-operators.
OOIDA’s membership fee is $45 per year and there are over 150,000 members. Customers give OOIDA high ratings for customer service, affordable policies, and proactively representing smaller trucking companies. However, a few customers gave negative reviews based on lack of responsiveness and higher prices than quoted.
Best for Discounts : Progressive
Why We Chose It: Progressive offers numerous discounts and resources for truck drivers and trucking businesses.
Customizable truck insurance
Pricing averages given on website
Well-known and reputable insurance company
Some negative customer reviews
It’s a large company so may feel less personal
Progressive is the most well-known insurance company on our list. It was founded in 1937 with the goal of providing affordable auto insurance to all drivers. Since then, the company has branched out and now offers many types of specialty insurance including commercial truck insurance, home insurance, renters insurance, condo insurance, and mobile home insurance.
Progressive’s discounts include business experience discounts if your business has been operating for more than three years, Commercial Driver’s License (CDL) discounts, and package discounts. In addition, the company offers the Smart Haul Program, which is a discount for truckers who use an electronic logging device (ELD) and give Progressive access to it.
Their policies are broken down into two categories: for-hire transport and for hire specialty. You can start the quote online and then speak to a licensed agent for custom coverage. Average monthly commercial truck insurance premiums range from $795 to $931 for drivers with clean driving records. These policies only include primary liability and physical damage coverage, so costs will increase if more coverage is added or if your driving record isn’t the best. Rates typically depend on driving history, vehicle type, operating radius, and cargo.
Progressive also offers business resources, information on the trucking industry, and explanations of different types of policies and what they cover.
Overall, customer reviews are positive with customers appreciating competitive rates, lots of discounts, and innovative use of technology. However, some customers did complain about the lack of customer service and the slow claims process.
Best Comprehensive Policy : Three by Berkshire Hathaway
Why We Chose It: Three offers a comprehensive commercial truck insurance policy that is easy to read and easy to apply for. It’s also backed by a reputable company and has a small business advisor to answer any questions.
Backed by an industry leader
Simplified insurance process and contract
Does a good job of explaining when coverage is needed
Mixed customer reviews
Doesn’t specialize in commercial truck insurance
Three by Berkshire Hathaway is a specialty insurance company focused on small business insurance. It’s a new addition to the Berkshire Hathaway family of companies, which has been around since 1839. Three typically covers buses, taxis, limos, delivery trucks, couriers, dump trucks, bulk hauling, local and long-distance hauls, and automobile transport.
It offers one comprehensive policy for your small business. This means you don’t have to deal with the confusion of multiple policies or partial coverage. Instead, you choose your coverage options to ensure full coverage of your cargo, driver, and passengers. With a comprehensive insurance policy tailored to your business, you can rest assured that your business is protected, there are no gaps in coverage, and you understand the coverage you’re selecting.
The company name, Three, is also how many pages long the insurance contract is, which is much shorter than standard policy contracts. You can get a quote online, retrieve a previous quote online, use the site’s chat function, or speak to a personal advisor who can help you find the right policy for your business. Pricing, specific requirements, and types of custom coverage are all provided when you speak to the advisor about your business’s insurance needs.
The company has mixed overall customer reviews. Some customers love that the company is backed by industry giant Berkshire Hathaway and appreciate the short insurance contract. However, others complain about the customer service and the claims process.
Best for High Risk : Evolution Insurance Brokers
Why We Chose It: Evolution Insurance Brokers offers specialized high-risk policies for commercial trucking businesses.
Specializes in short- and long-haul truck insurance
Really knows the trucking industry
Has a smartphone app
Some negative customer reviews
Prices for high-risk policies may be higher
Evolution Insurance Brokers was founded in 1986 as a full-service excess and surplus lines brokerage. The company is a coverholder at Lloyds of London, one of the world’s preeminent insurance companies.
Commercial truck insurance policies from Evolution Insurance Brokers typically include truck liability coverage, motor truck cargo, property damage, hired and non-hired vehicles, and even non-owned trailer liability for companies that rent trailers. The company offers policies to customers that are considered high-risk and that other companies may not insure. They may be considered high-risk for several reasons including poor driving records, short time in business, carrying hazardous cargo, or previous legal issues.
In addition to trucking insurance, the company offers other specialty insurance in the marine and aviation industries as well as commercial property and professional liability insurance. You can call, email, or fill out an application online to get in touch with an agent who will provide you with a custom policy. They will also answer policy coverage questions and tell you the requirements needed as well as pricing for your specific policy.
Customers give Evolution Insurance Brokers mixed reviews with some customers appreciating that they offer policies that other companies would turn down. However, some customers complain about prices and customer service response times.
|Best Commercial Truck Insurance|
|Commercial Truck Insurance||Why We Picked It||Unique Feature|
|CoverWallet||Policy comparison tools and personal service||Manage your entire policy online including claims|
|OOIDA||Specializes in commercial truck insurance for small businesses||Low upfront payments and no financing fees|
|Progressive||Discounts specifically for truckers||Average prices listed on the site|
|Three by Berkshire Hathaway||Comprehensive truck insurance coverage that is easy to understand||Backed by one of the world’s most reputable companies|
|Evolution Insurance Brokers||Offers coverage for high-risk customers||Accepts customers that other companies may have turned down|
All of the best commercial truck insurance companies that made our list have different things to offer. Some companies offer fast online quotes while others provide personalized licensed agents to assist you. Some offer custom coverage and others offer more standard policies. Pricing and driver requirements vary, as do the types of trucks that are insured. However, all of the companies are reputable, have industry knowledge, and mostly positive ratings.
Overall, we recommend taking a look at CoverWallet because they’re a reputable company that compares quality comprehensive commercial truck insurance policies, offers online quotes, and has personal agents to answer questions.
What Is Commercial Truck Insurance?
Commercial truck insurance is specialty insurance designed for the trucking industry. Coverage options will differ depending on the type of business you’re in. For example, you'll need different coverage if you’re an automobile transporter than if you haul highly flammable goods long distances.
If you use your vehicle for both personal and business use, the commercial truck insurance policy will typically fill in the gaps that your personal auto insurance doesn’t cover. You will typically get a tailored policy with coverage that meets your state’s minimums and protects the driver, passenger, and cargo.
Who Needs Commercial Truck Insurance?
You need commercial truck insurance if you drive a truck for business purposes, require high liability insurance limits, haul special equipment, or transport goods or people. Commercial truck insurance is necessary whether you own one truck that you use for a landscaping business, a fleet of trucks used to haul cargo across the country, or anything in between.
If your personal automobile policy doesn’t cover it, you need a commercial truck insurance policy. When in doubt, contact an insurance company or agent to discuss coverage options. You don’t want to risk being underinsured.
What Does (and Doesn’t) Commercial Truck Insurance Cover?
Commercial truck insurance typically covers the following:
- Liability coverage for driver, passenger, and others
- Bodily injury
- Property damage
- Damage coverage
- Uninsured/underinsured motorists
- Motor truck cargo coverage
- Rental reimbursement
- Personal use for when you use your truck for non-business related trips
Commercial truck insurance doesn’t typically cover personal items. For example, it may not cover the theft or damage of any property the driver leaves in the truck. It also doesn’t cover intentional damage. If your employee is angry and smashes the windshield, that will likely not be covered.
How Much Does Commercial Truck Insurance Cost?
As is the case with all types of insurance, prices vary based on several factors. Commercial truck insurance is more expensive than automobile insurance because it carries more risk. Pricing is typically based on the type of coverage, driving record, type of business, cargo, truck and cargo value, operation radius, and more.
Expect to pay more than $795 per month for coverage. Keep in mind that some companies require upfront payments, others offer financing, and others offer monthly payment options. You’ll need to contact the companies directly to find out the pricing and payment details.
How We Chose the Best Commercial Truck Insurance
We researched more than 10 commercial truck insurance providers before deciding on the top five. When choosing the best commercial truck insurance, we also considered the application process, how to get a quote, how easy the site was to use, and what extra benefits the company provides. In addition, we looked at pricing and discounts when available.
All of the companies on our list have solid reputations and offer custom-priced policies with coverage available for different needs.