The trucking industry is critical to Iowa’s economy. In 2019, the trucking industry accounted for $15.2 billion of Iowa’s GDP, or 7.8% of the state’s total economic output. Trucking also supports 86,800 jobs in Iowa, or 7.1% of the state’s total workforce.
Commercial truck insurance is critical for the trucking industry. Without adequate insurance, a single accident could devastate a trucking company financially. Commercial truck insurance can help protect companies from financial losses in the event of an accident, and it can also help protect drivers from personal liability in the event of an accident.
This article will reveal the 6 best commercial truck insurers in Iowa, the pros and cons of each, and what you need to know to get the right coverage for you.
- 5 best commercial truck insurance companies in Iowa
- Who needs commercial truck insurance in Iowa?
- Commercial truck insurance requirements in Iowa
- How much does commercial truck insurance cost in Iowa?
- What factors impact commercial truck insurance costs in Iowa?
- How to get cheap commercial truck insurance in Iowa
- Get commercial truck insurance quotes online in Iowa
- Commercial truck insurance for different types of owner operators in Iowa
- What does commercial truck insurance cover?
6 best commercial truck insurance companies in Iowa
Iowa businesses that depend on trucks have many choices when it comes to getting commercial truck coverage. We’ve done the research for you to come up with the top six providers in the state for different reasons. We also explain the pros and cons of each.
- Progressive: Best for discounts, discounts, and discounts
- biBERK: Best for cost-effective coverage
- THREE: Best for complete trucking business coverage
- The Hartford: Best for customer service and claims
- Simply Business: Best for comparing quotes on one screen
- Smart Financial: Best for agent-centric experience
Progressive: Best for discounts, discounts, and discounts
Progressive is the market leader in commercial truck insurance industry. They insure far more commercial trucks than any other carriers and earn a great reputation. Progressive is known for its universal online quotes. They provide a fast and simple online quote to any truckers and trucking companies.
- Many discounts are available including safe driving and driver monitoring.
- Largest commercial vehicle insurance company in the U.S.
- Broad and deep experience in commercial truck coverage.
- Though known for its discounts, not all companies and drivers qualify.
- Progressive doesn’t cover large trucking companies.
- If you need complete business coverage, you can purchase it through Progressive, but it will be backed and serviced by other insurers.
biBERK: Best for cost-effective trucking coverage
biBERK is owned by Berkshire Hathaway, the parent company of Geico, so they know one thing or two about insuring vehicles. biBERK earns a good reputation for its digital experience. They sell insurance directly to small businesses through their onine tools. Customers can get a quote fast in a few mins, buy a policy, and manage the policy completely online.
- Unique approach to underwriting and selling policies directly to customers online could save you up to 20 percent.
- Backed by the financially solid and stable Berkshire Hathaway.
- Download copies of your insurance certificate online any place, anytime.
- Not good for complex or unusual commercial truck insurance needs.
- Difficult to customize coverage.
- May not be able to get coverage for non-standard trucks.
THREE: Best for complete trucking business coverage
THREE is another Berkshire Hathaway’s subsidiary. They also specialize in selling small business insurance directly to customers digitally. THREE targets small trucking businesses rather than individual truckers. THREE is famous for their comprehensive 3-page policy including all coverages a small business would need. For trucking businesses, the policy includes commercial truck, general liability, and commercial property coverages.
- Complete business insurance on one policy.
- Licensed agents available to answer your questions.
- Simple to buy comprehensive coverage.
- Limited online service capabilities.
- Cannot purchase standalone commercial truck insurance.
- Limited policy customization.
The Hartford: Best for customer service and claims
The Hartford is arguably the most reputable and ethical insurer in the industry. They have been around for more than 200 years and insuring more than 1M small businesses. Their commercial truck insurance is very comprehensive and they are known for their consumer satisfaction ratings for claims.
- Top industry professionals are available to answer your questions and help with claims.
- Solid and stable company that’s been in business for longer than any other in the U.S.
- Easy to customize coverage to meet your specific needs.
- Difficult to do business online.
- Not always the cheapest provider.
- Back-end systems have not been fully updated.
Simply Business: Best for comparing several quotes to find the cheapest coverage
Simply Business is an insurance brokerage firm and specializes in helping small businesses get and compare several quotes from their 30+ partners to find the cheapest one. Simply Business is known for finding low-cost coverage from their top-rated carrrier partners.
- Able to compare several commercial truck insurance quotes at once.
- Agents can help you find discounts and advise you on coverage.
- Flexible payment terms.
- Insurance isn’t underwritten by Simply Business.
- Must file claims through your insurer, not Simply Business.
- You can only get quotes from insurance companies in the Simply Business network.
Smart Financial: Best for agent-centric experience
Smart Financial is another insurance brokerage firm working with small businesses. Smart Financial specializes in matching small businesses with an insurance agent who is knowledgeable and experienced with the small business’s industry and niche. They believe that experienced agents can help small businesses find the right coverages at the lowest cost.
- Large network of licensed agents can help you secure the right coverage.
- Easy to get a quote.
- Good for high-risk truckers and those with unique insurance needs
- Can’t manage your coverage online.
- No mobile app.
Who must have commercial truck insurance in Iowa?
Anyone who drives a truck for work reasons (not people driving pickups for personal use) in Iowa needs commercial truck insurance protection. Personal vehicle insurance will not cover you if you have an accident or other incident occurs while driving a truck for work purposes. You cannot drive a truck in Iowa or cross state lines if you don’t have adequate trucker insurance protection.
Commercial truck insurance is required across Iowa.
|Des Moines||Sioux City||West Des Moines|
|Cedar Rapids||Iowa City||Ames|
Commercial truck insurance requirements in Iowa
All vehicles in Iowa, including commercial trucks, must have at least 20/40/15 in insurance coverage. This translates to $20,000 per person, $40,000 per accident, and $15,000 in property damage.
Commercial trucks hauling specialized cargo in Iowa need additional insurance:
|Cargo that you haul||Iowa minimum liability coverage requirements|
If you cross Iowa state lines and drive in other states, you need to have coverage limits required by the Federal Motor Carrier Safety Administration (FMCSA). The current FMCSA minimum requirements depend on the weight of the truck and types of cargo you haul:
- Vehicles under 10,000 pounds: $300,000 for non-hazardous freight
- Vehicles over 10,000 pounds: $750,000 for non-hazardous freight
- $1,000,000 for oil carried by for-hire and private carriers
- $5,000,000 for other hazardous materials.
Getting the correct levels of coverage will help keep you from running afoul of authorities.
How much does commercial truck insurance cost in Iowa?
The average cost of commercial truck insurance in Iowa is $10,104 per year, or $842 per month. In most cases, truck drivers in Iowa pay premiums of between $8,219 and $13,192.
That is the cost for a 38-year-old trucker driving a 26-foot box truck and having a good driving record. The policy includes trucking primary liability, non-trucking liability, trucking physical damage, and cargo truck insurance coverage. Below are the average costs breakdown by coverage:
|Commercial truck coverages||Average costs in Iowa|
|Trucking primary liability||$392 per month|
|Trucking physical damage||$284 per month|
|Bobtail coverage||$45 per month|
|Truck cargo insurance||$121 per month|
These are just averages though: your costs may be higher or lower. Commercial truck insurance rates are highly individual. Be sure to shop around with a few companies or work with a top broker to compare several quotes to choose the best and the cheapest one for your trucking business.
What factors impact commercial truck insurance costs in Iowa?
How much you pay for commercial truck insurance in Iowa depends on a variety of factors, such as:
- Years of driving experience. Drivers with more experience (and who have good driving records) will pay less than newer drivers
- Years of experience as a trucker: Commercial truck driving is a little different than just driving a regular vehicle, so your years of experience in the trucking industry will impact how much you pay
- How far you drive: generally, if you drive more than 50 miles in a trip, or if you cross state lines, you’ll pay more for insurance.
- Claims history: if you have any claims at all, you will pay more for insurance. Even claims that weren’t your fault, the insurance company will still see you as a higher risk than someone who has never made a claim.
- Age of your truck: Newer trucks are worth more, and therefore cost more to insure
- Weight of your truck: heavier trucks also cost more to insure. The insurance company knows that heavier trucks tend to do more damage if they are involved in an accident
- Type of cargo: federal regulations dictate how much you pay if you cross state lines, but even if you don’t, some types of cargo cost more to insure.
- Location: some locations have higher crime rates, and therefore if your truck is parked there, you’ll pay more for insurance.
How to get cheap commercial truck insurance in Iowa
Commercial truck insurance in Iowa is expensive. But there are ways to save money on your truck insurance policy. Below are a few practical tips to lower your insurance costs:
The best way to save money on commercial truck insurance is to shop around
Different companies will vary by hundreds of dollars in insurance quotes. The reason for this is different insurance companies weigh different factors differently. One company may place a high emphasis on location, whereas another may weigh the age of your truck more heavily.
Maintain your vehicles
Have a regular maintenance schedule for your truck to make sure it is in good shape. Always do a pre-trip vehicle inspection, so that you’re not surprised by mechanical difficulties, or worse, an accident.
Ask about discounts
Some companies, like Progressive, will give you a discount if you enroll in their Snapshot program. This is a device that you install in your vehicle and it evaluates your driving.
Other companies offer additional discount programs that you may be qualified for. Always ask the agents or the brokers for discounts. Even if you are not eligible for the discount now, you may be in the near future.
Get commercial truck insurance quotes online in Iowa
Getting commercial truck quotes can be trickier than you would think. The only company that consistently gives an online quote without a hassle is Progressive. biBERK and THREE also provide commercial truck insurance online although they may not be available in all 50 states and they may not cover a comprehensive range of trucks. However, it is likely that their quotes are cheaper than Progressive’s since their policies are usually with the lower coverage limits. However, there are insurance brokers that can offer online quotes as well. Companies like:
- Simply Business
- Smart Financial
And possibly some regional brokers will be able to help you by presenting you with several quotes. It’s worthwhile to try at least one or two of them.
Commercial truck insurance for different types of owner operators in Iowa
Whether you are a new truck owner operator or an experienced trucker part of a fleet, whether you drive a 18-wheeler, a tow truck, a dump truck, or a box truck, you must have commercial truck insurance in Iowa.
Learn more about commercial truck insurance for different types of trucks and different types of truck drivers:
- The best commercial truck insurance for new drivers
- The best commercial truck insurance for new authorities
- The best commercial truck insurance for new ventures
- The best commercial truck insurance for truck fleets
- The best tow truck insurance companies
- The best semi truck insurance companies
- The best dump truck insurance companies
- The best box truck insurance companies
What does commercial truck insurance cover?
Commercial truck insurance protects truck drivers and trucking businesses from risks associated with driving their trucks and running their trucking businesses. There are several coverages included in commercial truck insurance.
As we discussed above, trucking primary liability insurance covers bodily injuries and property damages caused to the other driver and vehicle in an accident with your truck.
In addition, truckers and trucking businesses in Iowa can get other coverage to protect themselves and their businesses. These coverages are not required by laws, but highly recommended:
- Trucking physical damage coverage to protect your own truck if it gets damaged in an accident. Learn more at the best trucking physical damage insurance companies
- Bobtail insurance to cover you when you drive your drive without a trailer attached to it. Learn more at bobtail insurance cost and the best bobtail insurance companies.
- Non-trucking liability insurance covers you when you drive your truck for personal purposes. Learn more at the best non-trucking liability insurance companies
- Motor truck cargo insurance covers risks associated with the cargo that you haul. Those can be losses due to collision, theft, fire, water damage, refrigeration breakdown, or equipment failure. Learn more at the best motor truck cargo insurance companies.
- Trucking general liability insurance covers third party’s bodily injuries and property damages caused by the operations of the trucking business but not associated with an accident. Learn more at the best trucking general liability insurance companies.
- Workers comp insurance for truckers covers truck drivers if they are injured or getting sick while they are at work. It pays for your medical expenses, lost wages, and other related costs. Learn more at the best workers comp insurance for truckers.