Is your business centered on trucking or dependent on trucks? We get it! That’s pretty standard in Utah. When trucks are central to your operation, it’s essential to take steps to protect them by getting complete insurance coverage.
This article explains what Utah-based truckers and trucking businesses need to know to get the right coverage to meet their needs. We’ve also reviewed the traditional and online insurers that sell coverage in the state to find the two best of each for different reasons.
- The 4 best commercial truck insurers in Utah
- How much does commercial truck insurance cost in Utah?
- Commercial truck insurance defined
- Who needs commercial truck insurance in Utah
- Utah commercial truck insurance mandates
- How are commercial truck insurance premiums calculated?
- How do I find affordable commercial truck insurance in Utah?
- Get commercial truck insurance quotes in Utah
The 4 best commercial truck insurers in Utah
Do you prefer to work with an agent or buy your truck insurance online? No matter, we’ve got you covered. Here are the top two of each type of insurer.
- Simply Business: Best for comparing several quotes
- Progressive: Best overall online insurance buying experience
- biBERK: Best for buying low-cost coverage online
- The Hartford: Best insurance coverage through an agent
Simply Business: Best for comparing several quotes
Simply Business is an insurance broker specializing in small businesses. They work with more than 40 insurance companies and they are able to pull quotes from these companies for you to compare quotes and select the cheapest one for your business. Trucking businesses are one of their focused industries.
- Easy to get and compare several quotes
- Simply Business work with carriers that offer low-cost coverage
- Highly personalized level of service
- Limited online servicing capabilities
- Trucking businesses can’t file claims with Simply Business. They have to file claims directly with the carrier
Progressive: Best overall online insurance buying experience
Progressive is the number one insurance company offering coverage for trucking businesses. They insure the most trucking businesses and truckers in the country. Progressive is known for offering several discounts and competitive prices to their customers.
- Easy to get a quote online, PLUS you can always work with an agent if you need help.
- Top commercial vehicle insurance company in the U.S.
- Decades of experience in commercial truck coverage.
- You may need to complete the online insurance buying experience over the phone.
- Progressive doesn’t cover large trucking companies or big fleets.
- If you need more types of business coverage, you can purchase them through Progressive, but other insurers will back them.
biBERK: Best for buying low-cost coverage online
biBERK is a low-cost direct-to-consumers carrier specializing in providing coverage for small businesses. They are a subsidiary of the Berkshire Hathaway group. That means they have a rich experience and knowledge in insurance business.
- You could save up to 20 percent on coverage through biBerk.
- Online insurer backed by financially solid Berkshire Hathaway.
- Good online insurance buying experience.
- Ideal for basic insurance needs. Difficult to purchase coverage for unusual trucking businesses.
- Hard to customize coverage online.
- May not be able to get coverage for non-standard trucks.
The Hartford: Best insurance coverage through an agent
The Hartford is one of the top insurance companies offering business insurance. They are known as the most ethical insurance company with a stellar reputation. They have been in business for more than 200 years and insuring more than 1 million small businesses.
- The Hartford has been in business for more than 200 years.
- Extensive knowledge of trucking and other types of business insurance.
- Easy to customize insurance through an agent affiliated with The Hartford.
- Can’t purchase insurance from an agent not affiliated with The Hartford
- Coverage through an agent can be costly.
- Systems aren’t as modern as those used by newer insurers.
How much does commercial truck insurance cost in Utah?
Let’s start by answering the most common question we’re asked about the coverage.
The average cost for commercial truck insurance in Utah is a relatively high $14,566. Most premiums are wide-ranging: from $8,450 to $14,619.
These cost estimates are based on single-truck operations that need liability, cargo, and physical damage coverage.
These costs are merely benchmarks. Your costs could be higher or lower depending on the specifics of your business.
Factors impacting commercial truck insurance cost
There are lots of things that drive the cost of commercial truck insurance, including:
- what you haul
- your driving history
- your vehicle
- the insurer
- how long you’ve been in business.
Commercial truck insurance defined
Commercial truck insurance is a grouping of insurance coverages that meet the protection needs of trucking businesses and companies dependent on trucks. Commercial truck insurance policies cover your vehicles in the event of accidents, theft, injuries, vandalism, and damage from extreme weather events.
Who needs commercial truck insurance in Utah
Anyone who drives a truck for work is required to get commercial truck insurance in Utah. Personal auto coverage will not pay for repairs, replacement, damage, or medical care if you have an accident or other incident while using your vehicle for work.
You cannot drive a truck in Utah if you don’t have mandated insurance protection.
Utah commercial truck insurance mandates
Utah law requires truck drivers in the state to maintain certain levels of insurance. The amount you need depends on the freight you transport and where you carry it. If you don’t drive your truck out of state and it’s more than 26,000 GVW, you must have:
- Liability insurance (household goods): $350,000
- Liability insurance (general freight): $750,000
- Liability insurance (oil transport): $1,000,000
- Liability insurance (hazmat): $5,000,000
The insurance requirements for truck drivers who drive across Utah state lines are more extensive. In addition to state mandates, you must meet all the U.S. Department of Transportation truck insurance requirements. Typical federal liability limits are between $750,000 and $1,000,000.
How are commercial truck insurance premiums calculated?
Insurers calculate Utah commercial truck insurance premiums based on many factors.
- Personal driving history. People with a long history of safe driving will pay less for coverage than new drivers who’ve had accidents and received tickets and citations.
- Truck driving history. Commercial truck driving is far more challenging than driving a car or SUV. Years of safe truck driving experience will lower your premium costs.
- Driving distance. In most cases, if you drive more than 50 miles from your primary business location or leave the state of Utah, you’ll pay more for your commercial truck insurance.
- Truck model and age. Newer tricked-out trucks are worth more, so they cost more to insure.
- Inflation. Rising prices are increasing insurance costs because it costs more to repair cars.
- Total weight: Heavier trucks are more costly to cover than lighter ones. They typically cause more damage when involved in an accident.
- Type of cargo. U.S. government regulations define how much coverage you must secure if you cross state lines. Even if you don’t, some types of freight cost more to insure when you haul them in Utah.
- Claims history. If you have previous commercial truck insurance claims, whether resulting from accidents, theft, or vandalism, you’ll pay more money for coverage.
Different insurers want to attract different types of clients. This is often referred to as appetite. They offer lower premiums to truckers and trucking businesses they prefer to insure and higher ones to those they don’t.
How do I find affordable commercial truck insurance in Utah?
Trucking is how you earn a living. Don’t take the risk of getting too little protection. It could put you at serious risk.
Here are some things you can do to find affordable insurance:
- Shop around. Request quotes from several insurers so you can compare coverage and premium prices.
- Never stop shopping around. Get new quotes from a few insurance companies before you renew your policy.
- Ask for recommendations. Other truckers may be able to suggest an affordable insurance company.
- Take advantage of discounts. If they’re not offered when requesting a quote, ask about them, whether you’re buying from an agent or online. They’re an easy way to lower your premiums.
These steps will help ensure you’re not paying too much for your commercial truck coverage.
Get commercial truck insurance quotes in Utah
Getting commercial truck quotes can be more challenging than you think.
The one company that consistently provides online quotes without a hassle is Progressive. biBERK and THREE also offer online commercial truck insurance but don’t cover all types of trucks, and you may need to complete transactions over the phone. Some other insurers to consider include:
- Simply Business
- Smart Financial.
Also, insurance agents in Utah will be able to provide you with quotes. Contact one or two of them.
What’s important is that you get quotes from several providers to ensure you get the right coverage at the fairest price.