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In the US, there are about 3.6 million truck drivers who work for more than 711,000 transportation companies.
1 Finding the finest commercial truck insurance is necessary given the sheer number of trucks that use our roadways.
Commercial truck insurance can include a combination of liability, collision, and comprehensive coverage, just like personal auto insurance. Contrary to personal auto insurance, commercial truck insurance demands larger coverage limits to take into account the weight and value of the vehicles as well as the cargo they transport.
We went around with ten different providers to find you the best commercial vehicle insurance in the USA. We came up with the following list after taking into account cost, accessibility, customer happiness, and coverage options. Continue reading to find out which commercial truck insurance made our list of the best.
How Does Commercial Truck Insurance Work?
Similar to other types of vehicle insurance, commercial truck insurance offers protection to third parties in the event that a truck driver is determined to be at fault for an accident by providing bodily injury and property damage liability coverage.
Additional coverages for commercial truck insurance may include comprehensive and collision insurance, cargo insurance, personal injury protection (PIP), and uninsured/underinsured motorist coverage. When an accident occurs, the motorist will notify the insurance company that pays the covered benefits of the claim.
How Much Is Commercial Truck Insurance?
The price of commercial truck insurance will vary depending on several circumstances, just like with all insurance products. These factors include the vehicle(s) being insured, the coverage levels selected, the location, the trip radius, the type of cargo, business experience, and even the age and driving history of the driver themselves.
According to Progressive, the national average monthly premium for commercial vehicle insurance in 2020 ranged from $640 to $982.
How Much Commercial Truck Coverage Do I Need?
Commercial trucks must carry minimum insurance coverage amounts depending on the type of truck being driven and the cargo it is carrying, according to the Federal Motor Carrier Safety Administration. 13 Drivers must carry more coverage the riskier the cargo and the heavier the truck. 14
Currently, the minimum commercial truck insurance limits are:
- $300,000 for non-hazardous loads in trucks weighing less than 10,001 pounds
- $750,000 for non-hazardous freight in vehicles weighing more than 10,000 pounds
- $1 million for the private or hired carriers’ oil transportation
- $5 million for the transportation of additional dangerous goods or explosives by contract or private carriers
- Additional cargo insurance of $5,000 per vehicle/$10,000 per event for household goods being carried
Remember that these are only federal minimums; some states, businesses, or when transporting particular items may have additional requirements.
Conclusion
Choosing the best commercial truck insurance will rely on your unique situation and industry. There are numerous reputable and well rated companies offering secure commercial truck coverage to match your needs, regardless of whether you have a single food truck, a fleet of tractor-trailers, or something in between.
Progressive is a company to consider if you’re seeking for the greatest all-around commercial vehicle insurance. With numerous savings available, this provider provides coverage for a wide range of truck types and sectors across the United States. However, another carrier might be better suited to your needs if you’re looking for specific insurance features.