The percentage of transportation owner-operators in the nation is at an all-peak as the logistics and transportation sectors continue to grow. One of the very first things you should do if you are a novice driver is to seek commercial truck insurance coverage. Before even opening for business, you can use this to ensure that your assets (trucks) are protected.
In your search for insurance providers, you may come across lots of truck insurance options. They vary from small businesses that offer coverage for lone proprietors to well-known huge organizations that offer options for coverage to multitudes of company owners across the nation.
It’s exciting to have the choice of insurer. Digging through plenty of options to determine which one is ideal for your trucking company, however, can be extremely frightening for first-time insurance buyers. Thankfully, we are here to support you.
To help you pick the finest insurer for your trucking business, we’ve listed the top five truck insurance providers in this article based on reputation, various coverage options, client testimonials, or other criteria.
Learn About Commercial Truck Insurance Coverage!
Here are some examples of the types of coverage offered by commercial truck insurance:
Property Damage Liability Coverage: When you are responsible for an accident, property damage responsibility compensates for damages to the other party’s property, such as their car.
Bodily Injury Coverage: When you cause an accident, bodily injury culpability covers the damages you cause to another person.
CSL Coverage: The combined single limit (CSL) provides a single limit for both physical injury and property damage claims.
Collision Insurance Coverage: When your company vehicle strikes another vehicle or an item, such as a pole, collision insurance covers the resulting damage.
Comprehensive Insurance Coverage: Weather-related damage, fire damage, falling objects (like trees), and other issues are all covered by comprehensive insurance. It also includes car theft.
Medical Insurance Coverage: No matter who was at fault, healthcare reimbursements and individual injury protection (PIP) cover the expense of your and your passengers’ medical care.
Uninsured Motorist Coverage: If an uninsured driver strikes your car, your uninsured motorist policy will cover your injuries and those of your passengers.
Additionally, there are legal expenses in case of a party sued you in the event of an accident which is also covered under different truck insurance plans.
Best Commercial Truck Insurers of 2023
NITIC: flexible coverages, extraordinary customer service
The top choice on our list for commercial truck insurance is the NITIC, which was founded in 2001 with the intention of giving independent owner operators and small fleets access to affordable truck insurance and is currently authorized to underwrite insurance in 48 states.
They have a whole team of insurers who are all experts in commercial and transportation insurance and are familiar with the shifting demands of the federal govt, transportation agents, and commercial freight forwarders.
Key Features:
- Has a secure rating of financial strength by AM Best, an independent opinionated insurance strength company.
- A wide range of truck coverages including trailer interchange, tow truck insurance, general liability, short-term, physical damage, bobtail truck insurance and more.
- Excellent rates and scalable payment options.
- Simple and outstanding customer service to report a claim.
CoverWallet: simplest, easiest and economical
Despite the fact that CoverWallet is an insurance aggregator rather than a specific insurance provider, this platform enables commercial truck drivers to quickly and easily get insurance for their fleets online. By enabling consumers to obtain quick quotations from several carriers for a variety of truck policy options, this firm wins our award for the greatest value.
With the aid of AI, CoverWallet promises to make the coverage purchasing process simpler for business customers. For primary liability, physical damage, worker’s compensation, bobtail, cargo, comprehensive, and non-owned auto coverage, they offer quotations in a matter of seconds via different means.
Key Features:
- 24/7 availability of insurance experts via phone/ chat/ email.
- Request insurance certificates and track them.
- Get instant coverage quotes online.
- Verify that your business is protected with us by freely comparing our policies to those of other insurers.
- Coverage is available with poor credit or a bad driving record, but the premiums are comparatively expensive.
Progressive: customizable truck insurance
According to a commercial insurance survey, Progressive is the biggest automobile insurer in the US, covering more than 11% of the total market. The adaptability and expertise of Progressive Commercial in the truck insurance sector set it apart from other commercial vehicle insurance companies.
In addition to covering a wide range of trucks, including semi-trucks, garbage trucks, tractor-trailers, dumping trucks, concrete trucks, waste trucks, and delivery trucks, they also provide commercial truck insurance in all 50 states. They even tout open pricing structures and internal claim processing.
However, there is one drawback, according to reviews, that it can be difficult to contact a genuine agent if you run into trouble or have problems because of their terrible customer support.
Key Features:
- Get insurance for a wide variety of trucks including heavy-duty, semi-trucks, tow trucks, pickup trucks, and more.
- Customize your commercial trucking coverage to protect your business from add-on financial strain.
- More than 30 types of liability coverages are available.
- Accessible in all 50 US states.
- Not sure which type of coverage to choose? Utilize the helpful tools they have available to determine the coverage that best suits your needs, the risk associated with it, and the discount deals.
Lancer Insurance: suitable for offering insurance plans to the transportation sector
Using a network of more than 2,000 broker contacts, Lancer Insurance Company has been a major provider of premium specialized liability coverage solutions to industrial trucking industry niche disciplines, such as commercial fleets, all over the US for 35+ years.
They are dedicated to providing professional miles and miles, whether they are shipping cars from Detroit to Plano or vegetables from Napa to Nashville. Their experience with micro fleet and owner-operator trucking companies is unmatched.
Key Features:
- Available in all states of the US as well as Washington, DC, and Puerto Rico.
- Take the assistance of insurance experts via live chat.
- Specialized insurance policies for businesses.
- More coverage at better rates with exceptional claim handling to benefit their clients.
- Free 24/7 access to the following resources: bundles of driving instruction videos, a driver safety bulletin, and the TruxFacts newsletter.
Chubb: best for international commercial coverages
One of the greatest options for businesses with global operations is Chubb, the leading personal and commercial insurance provider globally. They offer regional representatives in numerous nations who can assist clients in designing specialized commercial truck insurance programs.
With a website that is easy to use, a large number of intermediaries, and high policy limits, Chubb also goes above and above for its customers. Chubb does not provide online quotes, although its website does allow clients to submit claims or view their accounts.
Key Features:
- Extraordinary customer assistance via phone/ online/ agent.
- Wide range of policy coverages like property liability, primary liability, worker’s compensation, and more.
- Have superior rating in financial strength indicating that they can meet your financial obligations without incurring debt.
- They both have coverage under commercial plans that are industry- and business-specific.
Conclusion: How can you choose the best truck insurance provider for you?
When looking for the best commercial truck insurance provider, truck business owners should consider a number of things. The first stage is to determine the needs and hazards of the firm. From there, you may look into other insurance companies, compare their pricing and coverages, and pick the one that best suits your needs.
To begin with, our list of the top five semi-truck insurance providers can assist you in finding the greatest protection for your company’s requirements.
We hope that our blog was helpful to you in locating trustworthy solutions for your trucking company.
Please feel free to ask any queries you may have about the aforementioned details in the comment area. We would be glad to help you.
