The Best Auto Transport Company For Your Needs
Now you know more about the five best cargo insurance companies. Hopefully, youre closer to choosing the right insurer for your needs.
Its vital that carriers have the proper commercial truck insurance. If youre looking for a vehicle transporter thats reliable and fully insured, look no further than Nexus Auto Transport.
Please feel free to call our transportation experts at 218-2949. Were ready and waiting to exceed your automotive transportation needs.
Whether Youre An Owner
At Owner Operator Direct, weve been protecting owner operators across America with top-notch commercial truck insurance coverages, great prices, unparalleled claims handling, industry-leading loss control services, and best-in class service and support since 2004.
As our customer, youll also have online access to certificates of insurance 24/7 and monthly payment options with no finance charges. Whats more, your policys cargo form offers broad coverage with limited exclusions and includes a lot more than the standard insurance policy:
Expanded refrigeration coverage
Traffic and security expense coverage
Towing expense coverage
Debris and pollution removal with a of $25k
Reload expense coverage
Liability insurance for the commercial vehicle
A combined deductible for tractor, trailer and cargo insurance losses
And much more…
Who Needs Commercial Truck Insurance
Every company that uses trucks for business needs commercial trucking insurance. Ideally, you should consider this policy if the following applies to you:
- You operate as a transportation company.
- You run or own a commercial truck.
- Your state requires you to have commercial vehicle insurance.
- Your vehicle is utilized for professional reasons.
- Your vehicle transports merchandise or people.
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Nationwide Commercial Truck Insurance
- Does not offer coverage for semi-trucks or tractor trailers
- Received lower customer satisfaction ratings than competing truck insurers for its overall commercial insurance offering
Nationwides coverages are comprehensive, including auto liability, medical payments, collision and comprehensive insurance, and uninsured and underinsured motorist insurance. Furthermore, business owners can purchase additional coverage options for their trucking company, including motor truck cargo liability insurance. Covered vehicles include box trucks, pickup trucks, and utility trucks, and Nationwide offers an additional specific coverage for farm truck insurance. However, semi-trucks and tractor trailers are not covered by Nationwides commercial vehicle policies. For semi-truck insurance, you will need to go with a different provider.
Nationwide has a longstanding history of financial strength and carries excellent ratings with the major credit rating agencies. Nationwide enjoys an A+ rating from both A.M. Best and S& P, along with an A1 rating from Moodys. Together, this means that Nationwide customers can be assured of the companys ability to pay claims in the event of an incident.
Shop More Of These Companies At Once
If you are in the trucking industry and need to cover tractor trailers or any other types of trucks, the fact that insurance quotes can vary by thousands of dollars means that its easy to overpay.
Find the best trucking insurance company for your operation and commercial vehicles by letting 3 insurance agencies compete for your business.
Just fill out 1 quick form and well bring 3 truck insurance agents to you. They are each appointed with different companies and will shop the market and bring you their best quote.
May the best agent win and enjoy the savings!
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Commercial Truck Insurance For Truck Fleets
Fleet truck insurance offers coverage for businesses operating several trucks. The coverage is essentially identical to that for single commercial vehicles however, the price is often decreased for fleets. You can refer to our comprehensive guide on commercial truck fleet insurance for more information.
How Is Commercial Auto Insurance Different From Personal Auto Insurance
Commercial auto insurance is intended specifically for vehicles used for business purposes. Because of the extra risks associated with business use, commercial car insurance is generally more expensive than a comparable personal auto policy.
Youll find business-specific coverage options and sometimes discounts for using a telematics program to track your fleet of vehicles.
Trucking Primary Liability Insurance
This covers the other persons vehicle repairs and medical bills if the truck driver causes damage to the other vehicle or harms the driver in an accident. However, trucking primary liability insurance does not cover the at-fault driver and his truck. This coverage is required by law in all 50 states. If you drive a truck, you must have this coverage. This coverage is also the most expensive in your commercial truck policies.
Where To Compare Commercial Insurance Quotes From Top Providers
If you need to compare quotes quickly, the following insurance brokers offer commercial truck insurance quotes from leading providers. Please note that they do not have insurance policies. Instead, they help you find the best prices from top providers.
- Simply Business: Best for finding low-cost coverage from multiple providers
- Smart Financial: Best for cheap minimum required coverage
- Tivly : Best if you prefer working with an agent
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Which States Have The Cheapest Commercial Truck Insurance
It is helpful to notice which states have the cheapest commercial truck insurance premiums, even if you are unlikely to move to a state with lower rates. The states with the lowest commercial truck insurance rates for interstate truck insurance coverage are Mississippi, Wyoming, Massachusetts, Iowa, and Arizona in that order.
If you are looking for commercial truck insurance in these states, here are our picks for the best companies in these states:
After intensively researching the companies offering commercial truck insurance, here are the best companies that we recommend:
- Progressive: Best Overall as the market leader with several discounts and easy and fast online quotes
- biBERK: Best for low-cost commercial truck coverage
- InsurePro: Best for part-time truckers with the flexible pay-per-day coverage
- Simply Business: Best insurance brokerage for comparing several quotes
- THREE: Best for comprehensive trucking business insurance at an affordable rate
- Tivly: Best for Comparing Quotes from Leading Companies Through an Agent
- The Hartford: Best for longevity
Commercial Truck Insurance Requirements
Both the Federal Motor Carrier Safety Administration and the Department of Transportation require drivers and transportation companies to carry commercial liability insurance. Many shipping companies will also ask about your insurance coverage before choosing to work with you.
Depending on the type of trucking company you operate, these organizations may also require you to have other forms of insurance coverage, such as Cargo Insurance or General Liability.
Further, the FMCSA has specific insurance limits that trucking companies must obtain, like:
- Commercial Liability Limits for Non-Hazardous Goods Transport: $750,000
- Commercial Liability Limits for Hazardous Materials Shipments: $5,000,000
- Cargo Insurance: $5,000 per vehicle $10,000 per occurrence
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What To Look For In A Company
Some things that you should look for in a great commercial truck insurance policy include the following options.
Discount options. Commercial truck insurance can be very expensive especially if youre an independent owner-operator and you dont have a corporation that foots your insurance bills. Look for policies that offer you ways to save. From maintaining a safe driving record to discounts for getting additional safety licenses, the best policy providers offer you plenty of ways to save.
Coverage for your current truck. While every insurance provider will offer coverage for pickup trucks, some providers might have limitations on specialized vehicles like dump trucks and semis. Understand the exact make and model of your vehicle and look for an insurer who offers protection for your investment.
Coverages across the country. Every insurance company isnt authorized to operate in every state and with a commercial truck, you may have areas of the country excluded from your policy. Look for companies that provide coverage in as many states as possible for greater protection.
Take Your Business Higher With Commercial Protection
Youll feel a sense of relief after you finally choose an insurance provider but dont think that finding insurance is a one-time experience. As your business grows and changes, your insurance needs will, too.
Reevaluate your insurance needs every year, and dont be afraid to shop around for quotes every so often. You might be able to save even more as you gain more experience on the road.
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How To Find Cheap Commercial Truck Insurance
Commercial truck insurance is extremely important and should not be skimped. However, there are still ways to save on insurance and find cost-effective coverage that works. In fact, saving a few hundred or a few thousand dollars a month in insurance means that money can be used on other parts of the business. The main ways to save on commercial truck insurance are to find discounts or choose a policy with less coverage.
Multiple Price Quotes
Usually a business can find similar coverage from different providers, which makes getting quotes from multiple truck insurance providers a worthwhile exercise. If your business needs only basic protection, its likely that most commercial truck insurance companies can provide the coverage you need. While some make it easier than others, all insurance companies will provide a quote to potential customers. Shop around, and request price quotes from multiple companies if price is a key consideration.
Commercial Drivers License Discount
For-hire truck drivers who have had a Commercial Drivers License for at least two years can receive a discount on their liability coverage.
Business Experience Discount
Owner-operators who have been in business for more than three years can receive a business experience discount.
Prior Insurance Savings
With some insurance companies, policyholders who have maintained continuous insurance coverage for the last 12 months can receive a discount on the next years insurance.
Paid in Full Discount
Location And Operating Radius
Though there are some federal guidelines around commercial truck insurance, for the most part, each state establishes its own requirements. Thus, the state in which an owner operator or motor carrier resides will have an effect on insurance costs.
Moreover, a truckers operating radius also impacts prices. Long-haul truckers who travel nationwide or across regions will pay more than delivery drivers who only venture to several ZIP codes.
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How To Save On Trucking Insurance
Trucking insurance isnt cheap, but its necessary. Fortunately, you can do a few things to save on coverage, and certain providers might offer special discounts you can take advantage of.
- Maintain clean driving records: Whether youre a single owner-operator or you have employees, maintaining clean driving records can help keep your premiums relatively low.
- Hire experienced drivers: Typically, insurance costs are lower for drivers with more experience.
- Pay for the year: If you pay your policy in full for the year rather than monthly, certain insurers may be willing to give you a discount on your coverage.
- Opt for a newer truck: Newer trucks with modern safety equipment may be less expensive to insure than older trucks with fewer safety features.
- Carefully consider your routes: Mapping out your routes carefully could work in your favor as you shop for insurance. Insurers consider where you travel as theyre calculating the cost of your premiums. If possible, try to avoid major cities and areas known for terrible weather.
Commercial Truck Insurance With No Down Payment
Insurance companies usually require truck owner-operators or trucking businesses to pay upfront 20-30% as down payment for their annual policies and they can pay the remaining balance monthly in the next 11 months. The commercial truck insurance premium is one of the largest expenses of operating a trucking business. Paying the down payment amount for your truck insurance policy can become a challenge to get your trucking business going.
However, the sad news is that commercial truck insurance with no down payment isnt an option available. However, by looking for cheaper options, you can reduce the down payment amount significantly so that you can afford it.
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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.
Commercial Truck Insurance For High
Drivers with accidents or moving violations on their record may be deemed high-risk by insurance companies, and, thus, find it challenging to find a fair affordable rate for commercial truck insurance. Insurance companies can be especially discriminatory to drivers who have hit-and-run or driving under the influence citations in their past. Even if the history of high-risk driving track record is from years ago, it can still affect insurance rates today.
Drivers who might be considered high-risk should look for companies who have generally low premiums. Furthermore, companies that offer discounts for things unrelated to driving history can help high-risk drivers save: multi-policy, up-front payment, and multi-car discounts are all commonly available and great ways to save on premiums regardless of driving history. Some companies will also give additional price breaks as the policyholders driving record improves over time, or as they implement safety measures on their vehicle or in their processes.
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How We Chose The Best Commercial Truck Insurance
To help you find the best commercial truck insurance, we compared the products offered by 10 different carriers, including Progressive, The Hartford, Sentry, State Farm, GEICO, Berkshire, NITIC, Travelers, OOIDA, and Owner Operator Direct. We looked at factors like the types of trucks covered, coverage options, availability, and consumer satisfaction feedback.
We also looked at whether these companies specialized in a specific type of commercial truck insurance coverage, the types of discounts offered, and how they held up in terms of financial strength ratings.
Size And Value Of Fleet
A business with a larger, more expensive truck fleet will pay more for coverage. The more trucks you have the more premiums you have to pay since commercial truck insurance is priced on each individual truck. Similarly, the more expensive your trucks are, the more expensive your truck insurance is. Particularly, the trucking physical damage coverage will be more expensive. Learn more at the best trucking physical damage insurance companies.
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Commercial Truck Insurance Providers For New Drivers: Compare Quotes
When you use your trucks for business, having commercial trucking insurance is a non-negotiable part of operations. The rules vary per state, but generally, any truck that is used to transport goods or people, haul equipment, or to fulfill any transaction is required by law to have insurance coverage. Because of the high value of the cargo being moved, not to mention the cost of the truck itself, the right insurance policy will protect the business, the vehicle, the goods transported, and the person driving.
This article compares five of the best commercial truck insurance for new drivers, discussing what each covers and their cost ranges. But before we dive into that, lets talk about requirements.
Pros Of Commercial Truck Insurance
- Secure Your Assets: Commercial truck insurance helps protect your vehicle from accidents, theft/vandalism, towing damage, and third-party losses.
- Tracking Discounts: You may get additional discounts if you share your vehicle tracking data with your insurer.
- Driver Discounts: If you can prove your driving skills or show good driving records, you may be eligible for discounts on your commercial truck insurance premiums.
- Custom Coverage: You can customize your insurance requirements if you need to include any additional trucking equipment or mitigate unique business liabilities.
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What Insurance Do I Need For My Trucking Business
Auto Liability: The minimum coverage limit is $750,000 but it is more common to carry $1,000,000 in coverage since most brokers or vendors require the higher limit.Cargo Insurance: This pays for the damage or loss of cargo you are carrying. Shippers, brokers, or customers ask you for cargo insurance, its not a legal mandate. A common coverage limit is $100,000 for general freight but can vary based on the type of cargo and vendor or broker requirements.Physical Damage: Regardless of whose fault, if you take physical damage insurance you get covered for collision or comprehensive coverage. Collision coverage typically pays for colliding with someone. Whereas comprehensive coverage covers acts of god-like hurricanes and fires. Hail storms etcThe insurance company pays for the damage to your equipment, trailer, and tractor.General liability: