Finding the best insurance for commercial trucks means protecting your assets, cargo, and drivers who constantly travel the roads, and who may be exposed to unexpected mishaps (as you will see later) that can go against their economy and that of your business…
Therefore, if you do not take the appropriate measures to protect yourself against eventualities that may occur, such as responding with the payment of medical bills, legal fees, vehicle repairs, and other costs.
In this article, you will find the information you need to have your commercial vehicle insurance that suits your needs; and also answers to concerns about this type of insurance for commercial trucks.
Best commercial truck insurance in the United States
Before reviewing the top of the best commercial truck insurance in the United States, you must keep in mind that:
- The commercial vehicle insurance chosen must be adapted to the needs of your business, so the chosen insurer must work regularly with the type of business you own.
- Likewise, it is important that you compare quotes from each insurer: look at coverage options and limits and compare prices and discounts.
We took into account years of experience, S&P ratings received, NAIC complaint rating, and AM Best for the following commercial vehicle insurance providers.
PROGRESSIVE COMMERCIAL
The largest commercial truck insurer in the USA with more than 50 years of experience, and a wide range of highly personalized services.
- Rating: AM Best Rating A+
- S&P Rating of AA
- NAIC Complaint Rate Below Median (0.67)
- Power rating, below average (861/1000)
- Contact: 1 -888 -806 -9588
NATIONWIDE
It has 98 years of experience and has one of the best coverage for customizable commercial vehicles and financial strength nationwide.
- AM Best Rating A+
- JD Power Score, below average (854/1000)
- NAIC Complaint Rate (0.92) Below Median
- Contact: 1 -844 -240 -1195
- 24/7 roadside assistance
- Location: in all 50 states.
SENTRY
Insurance company with 119 years of experience (since 1904), best for large construction, manufacturing, retail, trucking, auto dealerships, motor carriers, and specific markets with personalized service.
- AM Best Rating A+
- J.D. Power Score N/A
- NAIC Complaint Index Below Median (0.68)
- Cons, online quotes are not available.
- Contact: 800 -473 -6879
- Location: all states
THE HARTFORD
It has offered the best for commercial fleets for 213 years; and is one of the most recognized and reliable insurers with a wide range of coverage for large and small businesses.
You can get an additional 10% of the cost of total loss vehicles that you replace with hybrid, electric, or natural gas cars; It has more than 1000 repair shops.
- AM Best Rating, A+
- JD Power Score, below average (819/1000).
- NAIC Complaint Index N/A
- Cons, few options for individual vehicles and no online quotes.
- Contact: 855 -860 -9763
- Location: Available in all 50 states and DC
AUTO-OWNERS
More than 100 years in the insurance market, flexible coverage with extensive protection, and a variety of discounts.
Possible discounts include multiple policies, full payment, fleet monitoring, motor carrier coverage, and seasonal vehicle use.
- AM Best Rating A++
- JD Power Score, above average (847/1000)
- NAIC Complaint Rate Below Median (0.64)
GEICO
An insurance provider since 1936, this commercial vehicle insurance is good for businesses looking for quality insurance with affordable prices, variety of coverage, and excellent customer service.
- AM Best, financial strength rating A++.
- Kanbay Research Institute rated GEICO for its high regard for customer service and focus on staff training and development.
- Access your policy 24/7.
- S&P, A++ financial strength rating.
What should commercial vehicle insurance include?
In general, the most common coverage options covered by commercial truck insurance (truck, car, tractor) will depend on your specific needs, coverage requirements that vary depending on state and federal laws, the type of company, etc., are:
- Civil liability insurance for bodily injuries, or property damage, caused by you or one of your drivers.
- Civil liability for a rental vehicle, vehicles owned or rented by employees, and traveling on public roads, if you or one of your employees drives it.
- Collision coverage helps pay to repair or replace your commercial automobile if you hit a wall, pole, or another vehicle, or your vehicle rolls over, etc.
- Comprehensive coverage can help pay for damages caused by theft, vandalism, fire, natural disasters, animals, etc. All of them must be stipulated in your policies.
This type of coverage is recommended for commercial vehicles that travel through areas with high crime rates, due to frequent collisions with wild animals or inclement weather. - Medical payment coverage can help pay for the medical expenses of your passengers or your employees in the event of an accident (dental care, funeral, or other medical treatment stipulated in your policy).
- Uninsured or underinsured motorist coverage, which helps pay for your or your employees’ medical expenses or repair the vehicle if the other driver lacks sufficient liability coverage.
- Additional coverages depend on the type of business such as roadside assistance, coverage for equipment inside contractors’ vehicles, and pollution cleanup coverage, among others.
How much can commercial truck insurance cost?
The cost of commercial truck insurance can vary widely depending on factors such as:
- type of business/location/load,
- credit report of you and your company,
- claims history,
- drivers driving history,
- vehicles to be insured (details of each one),
- elected liability coverage
- routes it follows, among others.
In the insurance literature, everyone agrees that they depend on certain circumstances such as the above, but in terms of commercial vehicle insurance values, differences are seen that range between $425 and $2,000 per year.
Nationwide, “recommends not subjecting commercial vehicles to risk by having insufficient insurance such as minimum liability coverage. “They recommend having liability coverage of at least $500,000 per commercial truck.”
INSUREON, an online marketplace for small business insurance “ Commercial auto insurance costs an average of $142 per month. 44% of Insureon small business customers pay less than $125 per month for their policies.”
Why is it important to have commercial vehicle insurance?
The importance of commercial truck insurance lies in protecting your small, medium, or large business from financial losses that can lead to bankruptcy or serious inconvenience due to lawsuits, total loss of a commercial vehicle, personal injuries, or others.
Just as it is important to learn to reduce risks, it is also essential to know the different types of commercial vehicle insurance and work with an insurance broker with a good reputation and financial security to obtain the most appropriate policy for your company.
According to commercial insurance experts, although it is not required by law “it is smart to insure your trucking company with general liability insurance, business interruption insurance, and motor cargo coverage.”
