Best Semi Truck Insurance Companies For 2022
Home » 5 Best Semi Truck Insurance Companies for 2022
As someone who owns a semi-truck business, you need to be sure youre protected with the appropriate insurance products. Semi-truck insurance is offered for those who drive across the country, haul loads across a state, or even make shorter trips from one side of a city to the other.
Nobody wants to be left dealing with damages from a lawsuit or accident, which is why you need the best semi-truck insurance. That means you need to know which companies are doing the best work to provide policies that protect you. Read on to find out the five best and learn more about semi-truck insurance needs.
Is Expensive Semi Truck Insurance Always Better
In general, more expensive insurance means more comprehensive coverage, which is better for your semi-truck.
However, it entirely depends on each situation. With your semi truck, more expensive insurance may cover things you dont need.
An example of this will be if your semi truck travels more than 10,000 miles in a specific amount of time.
Commercial Truck Insurance Statistics
As noted above, the type of business that you are conducting will be a major factor in determining the cost of your policy. The manner in which you conduct business will also be considered. Specifically, owner-operators without a permanent lease pay more for insurance coverage.
According to Progressive, the national average monthly cost to insure a commercial truck ranged from $640 to $982 in 2020. The lower figure was the average cost for specialty truckers like tow truck drivers. The higher amount was the average cost for transport truckers.
The East Insurance Group reported that owner-operators with a permanent lease paid roughly $3,000 to $5,000 per year for coverage. On the other hand, owner-operators that conducted business under their own authority paid anywhere from $9,000 to $12,000 annually. Costs have risen dramatically in recent years, causing new owner-operators to now pay as much as $16,000 per year for auto insurance.
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What Doesnt Commercial Truck Insurance Cover
In addition to listing whats covered, commercial truck insurance policies will also list exclusions. Exclusions might refer to certain types of incidents or certain types of cargo. Many exclusions for commercial truck insurance are similar to what is excluded in commercial auto policies. These include:
Insurance companies will not cover damages or injuries that result from intentional harm to another person or property. Causing intentional harm with the goal of deceiving the insurance company into paying for damages constitutes insurance fraud, which can lead to financial and criminal penalties.
Property of Others
Many commercial truck insurance policies will not cover damages to property, personal items, or automobiles belonging to others, even if the person in care of the property or automobile is covered under the policy. If your company regularly transports property or automobiles belonging to others, there are additional coverage options you can explore.
Damages Exceeding Policy Limits
Every policy will have a maximum limit that the insurance company will pay toward claims. Any additional damages beyond the coverage limit will not be covered. Business owners may wish to add an excess liability policy in order to extend coverage limits.
Certain Types of Cargo
Who Offers The Best Semi Truck Insurance
Several different companies offer insurance for semi trucks, so it can be challenging to find the right one for you. Weve listed our top four down below:
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What Does Each Type Of Insurance Cover
At this point, youre probably wondering why your trucking company needs all these types of coverage. Some types are required by federal or state regulations.
And while it may seem excessive, protecting yourself is absolutely necessary in case an unexpected event does occur. Only you can decide how much protection your business needs from those unexpected events.
Here is a breakdown of what each insurance type typically covers:
- Commercial auto liability insurance: Covers damage to other people and their property that is caused directly by your equipment.
- Commercial general liability insurance: Protects your business from specific exposures which may arise from damage caused by day-to-day operations.
- Cargo insurance: Covers damages done to the goods you haul while they are in transit.
- Workers Compensation or Occupational Accident insurance: Covers medical, disability, death and dismemberment benefits for accidents that occur on the job.
- Physical damage insurance: Protects your truck during unexpected events like weather, fire, theft, and vandalism.
- Non-Trucking Liability insurance: Covers property damage or bodily injury you inflict on another party when you are not operating under the authority of the motor carrier you leased on with.
Its important to read your insurance policies carefully to understand exactly what coverage they provide.
How To Lower Your Semi
Clean driving Insurance companies base their premiums on the likelihood of having to pay a claim. Drivers with CDL experience and a good get discounts.
Pay yearly Paying the whole premium in 1 shot, with the semi truck insurance policies being high, is easier said than done. If you can do it though, truckers who pay their insurance cost for the year in a single lump sum can see their overall premium reduced by over 10%, sometimes up to 20%!
Consider higher deductibles or lower limits Your deductibles and limits are tied to your premiumbigger responsibilities on your part translate to lower premiums. Be careful, though, because a higher deductible now could lead to you paying even more down the road.
Compare rates for semi truck insurance between several companies Just like with anything else, the easiest way to get the best price is to compare estimates from many different sources. With semi truck insurance, shopping around is a little harder since many of the main insurance companies dont write trucking risks. Our goal is to make it easy for you to shop, compare, and get the best policy for truck. Connect with 3 different semi truck insurance agents today!
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How Much Is Semi
Insurance is one of the many costs associated with being an owner-operator. If not properly understood and managed, it can quickly become a companys biggest expense.
And while providing an exact answer to, How much is semi-truck insurance? is impossible, this article can help you better understand what kind of insurance your trucking company may need, what factors affect your costs and what price range you can expect to pay.
Comparing Commercial Truck Insurance Providers
When choosing an insurance provider, the coverage options are one of the main factors to consider. While most insurance companies will likely offer the basic general liability and property damage insurance, your business needs might also require additional coverage such as trailer interchange or non-trucking liability. In those cases, it is important to make sure you choose a provider who offers all the types of coverage you need. In addition, it helps to understand the policy limits and terms of coverage for each company so you can choose the plan that is best for you. Also keep in mind that not all insurance companies operate in every state, so business owners with interstate trucking need to ensure they would be covered in each state where they conduct business.
To conduct independent research on different insurance coverage options, the best way to go is to read guides like this one to narrow down a list of your top options. Next, speak with a representative from each company.
Once youve figured out which insurance companies offer your desired coverage, another thing to keep in mind is the companys reputation. A few trustworthy sources to consult for insurance companies reputations include J.D. Power and the Better Business Bureau .
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Best Semi Truck Insurance In 50 States And Washington Dc
Semi truck insurance is a type of commercial truck insurance. As we know, commercial truck insurance requirements vary by state and different companies operate in different states. If you are interested in finding the best semi truck insurance companies in your particular state, we havent done enough research to figure out that level of specifics in all 50 states yet. However, we have developed the list of best commercial truck insurance in all 50 states and Washington DC below for your consideration. Click on the link embedded in the name of the state will take you to the best commercial truck insurance companies we recommend in that state:
Commercial Umbrella Insurance For A Commercial Truck
Commercial umbrella insurance reimburses you when your current insurance policy is not enough to cover losses. Imagine your truck crashes into an office building. Your workers compensation policy covers your drivers injuries, but your commercial liability policy is insufficient to handle the cost of the claim against you for property damage. Umbrella insurance can step in to help cover the remaining costs.
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Cheap Semi Truck Insurance Commercial Trucking
If a truck driver is found to be at fault in an accident, the legal and financial costs associated with the injuries and damages caused by the accident are covered by the semi-truck insurance policy. Semi-truck insurance costs owner-operators an average of $2,000 to $18,000 a year, despite the fact that the term “insurance” is simply a catch-all phrase for a collection of different products.
It is important to understand the filing requirements, factors that can raise or lower its cost, and the top companies that offer this type of insurance in your area in order to have a complete understanding of the value of semi-truck insurance and how it operates. In addition, it is important to understand the factors that can raise or lower its cost.
Heavy Cargo Trucks Get Into A Lot Of Accidents
Although its one of the largest industries to increase its national revenue, the trucking business causes many casualties on the road. Without proper insurance to shield you from financial losses due to road fatalities, cargo damage, and theft, your business could be heading towards early bankruptcy.
The Insurance Institute for Highway Safety reports that 11% of motor accident deaths in the U.S. are caused by large trucks crashing into other vehicles and humans on highways, roads, and streets.
Other common risks for commercial trucks include:
- Truck driver fatigue
- Cargo theft, vandalism, and damage
Insurance companies understand how important the trucking industry is to the economy. So commercial truck insurance is specially tailored to meet the safety needs of truck owners and operators.
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National Independent Truckers Insurance Company
NITIC has been providing trucking insurance for over 30 years. It is counted among the big giants in the insurance industry, renowned for its fast claims settlement process. NITIC offers coverage for all types of trucks at reasonable prices, including customized options and a variety of discounted rates.
- Several insurance options to fit most truckers needs
- Excellent customer satisfaction regarding policy administration and handling claims
- One of the most affordable options on the market
- NITIC doesnt offer online quotes like other insurers on the list customers need to contact agents directly for pricing
NITIC offers one of the broadest sets of coverage options for trucks in the industry. From primary liability and non-trucking insurance to refrigeration breakdown and trailer interchange, NITIC offers all types of commercial truck insurance options under one roof. They provide coverage for a number of vehicles including dump trucks, hotshot trucks, box trucks, tow trucks, and many more. Customers can easily modify their vehicle coverage according to their business needs.
NITIC enjoys good ratings from AM Best. This indicates that the insurance provider has the ability to settle claims reliably. NITIC is also renowned for its fast claims processing.
How Much Is The Average Cost For Your Commercial Truck Insurance
Generally, the type of policy that you need and the type of truck that you drive will determine the cost you will pay.
Motor carriers bear the responsibility of providing for primary liability. If you are a trucker with your own authority, then you will cater for primary liability plus, bobtail, NTL, and any extra costs that may arise.
When shopping for the best semi trucking insurance quote, it is best to compare offers from several companies in the market.
It is always a bit hard to find one-size-fits-all insurance policies for your semi trucks since most commercial insurance companies do not explicitly write all the trucking risks. However, if you dig a little deeper, you might just find the right company to fulfill all your needs.
This pays for the damage that happens to others as a result of your driving, such as property damages and other types of incidents. It does not necessarily cover your own semi truck.
It offers coverage for damages caused by a natural disaster, collision, vandalism, and theft that results in actual physical damage to the truck.
General liability insurance has a much broader application and pays for a majority of what is not covered by primary liability. This type of insurance coverage applies to the business itself and not the trucks.
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Is Bobtail Insurance The Same As Non
Non-trucking liability insurance covers the liabilities of the owner-operator in case of an accident when the truck isnt being used for commercial purposes. Bobtail insurance covers the liabilities of the truck when the trailer isnt attached to it. Bobtail insurance covers you regardless of whether the truck was operating for commercial purposes or not.
What Is Fleet Insurance
Fleet insurance covers businesses that operate more than one vehicle. The vehicles receive the same coverage options and get a discounted price when in a fleet. While a fleet is typically considered five or more company vehicles, some insurance companies will consider offering a commercial fleet policy if you operate just two or more vehicles for your business.
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How Does Commercial Truck Insurance Work
Commercial truck insurance falls under the broader category of commercial auto insurance. However, commercial trucking insurance is specifically used by truck drivers and businesses that use trucks.
Truck insurance is purchased to cover specific vehicles, and it is most often purchased by the owner of those vehicles. The insurance also only applies when individuals who are listed on the insurance policy are using the vehicle for business purposes. The individuals listed on the policy will also determine the cost of the policy, as their driving record is an important factor for determining monthly premiums.
The types of businesses and individuals that buy usually fall into the following categories:
- Motor Carriers This refers to for-hire trucking companies that own a fleet of vehicles. They are responsible for insuring their fleet.
- Owner-operators These are individuals who own and operate their own trucking business. This phrase most often refers to individuals, and they most often own their vehicles. Sometimes the owner is leasing their vehicle from a motor carrier who owns it, and in these cases, the vehicle is usually insured by its owner.
- Private Carriers These are individuals who use their personal vehicles to transport goods on behalf of their employer. People who frequently transport goods for their company using their personal vehicle may be asked to buy their own insurance or may be compensated by their employer for insurance costs.
Who Needs Commercial Truck Insurance
The following category of people need commercial truck insurance:
- Truck drivers and independent truck owners
- Commercial trucking transportation businesses
- Any business that uses trucks for operations and transportation-related activity
According to the Federal Motor Carrier Safety Administration , all businesses with commercial operation of a truck, from one, to a fleet of large vehicles are required to hold a commercial truck insurance policy.
One bad event could simply put you out of business if you dont have any insurance policy, so we advise you to get one if you fall under any of these categories, even though commercial truck insurance can be costly.
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You Know Trucking Your Insurer Should Too
You should also look into an insurance companys reputation. For one, you want to make sure an insurer is reputable, and will be there for you when you have a loss. Beyond that, you want to make sure that the insurer fully understands the trucking business and the types of accidents and losses that can happen.
Failure to do so can result in higher costs and even lost time for you after an accident.
Imagine you are involved in an incident that results in a diesel fuel spill. If your insurer has experience dealing with trucking losses, it can send a claims adjuster who understands the process for cleaning up that spill.
The adjuster will make sure the proper steps are followed so that the loss is handled quickly and effectively. Insurers unfamiliar with trucking may leave it up to local law enforcement to manage the cleanup, which can be far more expensive. A larger loss for you can result in more expensive premiums when you renew your insurance.
If you suffer a cargo loss, your insurer should be able to send experts who can make sure anything still usable after the accident is transferred safely. If your truck is damaged, your insurer should understand the dynamics of tractor trailer physical damage repair so you can get back on the road quickly.
It’s In Your Best Interest To Get Semi Truck Insurance
So make sure that you go through each quote you have to get the tailored semi truck insurance plan with all the right coverage. Let SoCal Truck Insurance help you choose the right insurance plan for you. We offer quality commercial truck insurance that helps your trucking business operate in confidence.
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