Truck drivers in Madison, WI, make, on average, $46,493 a year according to a job portal, zipRecruiter. That is about 2.5% lower than the national average of $47,700. If you drive a truck in Madison, commercial truck insurance is a must-have whether you are an owner-operator or part of a fleet. Most states require you to carry specific liability limits while operating your truck. If you travel across state lines, there are also federal interstate guidelines. Commercial truck insurance protects both you and other people on the road.
If you are looking for commercial truck insurance in Madison, you have come to the right place. We discuss the best commercial truck insurance companies and everything you need to know to buy commercial truck insurance in Madison, WI.
- 6 best commercial truck insurance companies in Madison, WI
- Minimum commercial truck insurance requirements in Madison, WI
- What does commercial truck insurance cover in Madison, WI?
- Who needs commercial truck insurance in Madison, WI?
- How much does commercial truck insurance cost in Madison, WI?
- How to get cheap commercial truck insurance in Madison, WI
- Getting commercial truck insurance quotes online in Madison, WI
6 best commercial truck insurance companies in Madison,WI
Hundreds of insurance companies offer commercial truck insurance in Madison, WI, which can make it hard for you to find the best one for you. We have done the research and here are our recommendations of the 6 best providers in Madison, WI for your consideration.
|Companies & Best for||Pros||Cons|
|InsurePro: Best for short-term, pay-per-day coverage||-Digital broker specializing in providing short-term, pay-per-day coverage|
-Best if you only need coverage for a few days or a few weeks. This will save you a lot of money
-Fast and simple online quotes
|– Can’t file a claim through InsurePro|
– Not all policies are available for every business
– Relatively new company
|Progressive: Best Overall||-The biggest provider of commercial truck insurance|
-Offers a variety of coverage options and covers a wide range of trucks
-Easy and fast online quotes. Buy and manage the policy online
-Several discounts & competitive rates
-Available in all 50 states
|– Not all discounts are available in all states|
– Not for large fleets
|biBERK: Best for low-cost coverage||-A subsidiary of Berkshire Hathaways, ie. Warren Buffet|
-Selling truck insurance directly to customers, bypassing agents and brokers to save costs
-Save at least 20% on premiums
-Easy and fast online quotes. Buy and manage the policy completely online
|-Not available in all states|
-Some specialized coverages may not be available
|Simply Business: Best for comparing several quotes||-Digital broker specializing in small businesses, including trucking|
-Provide several quotes from their partners for you to compare in one place. Easy to compare and select the cheapest one
-Good consumer satisfaction rating
-Offer online quotes, but inconsistent
|– Can’t file a claim through SimplyBusiness|
– Only pull quotes from partners
|Commercialinsurance.net: Best if you prefer working with knowledgeable agents||-An extensive network of knowledgeable agents with lots of experience in your industry|
-If you are new to the trucking business, may not know exactly the coverages that you need, or may have a hard time finding trucking coverage, their agents can help you find the best coverages at the most affordable rates
|– No tools for managing your policies online|
– No mobile app
|THREE: Best for simple yet comprehensive policy||-A subsidiary of Berkshire Hathaways, ie. Warren Buffet|
-Comprehensive policy including commercial truck, general liability, and commercial property coverages
-Only 3-page policy document. No insurance jargons, no fine-print exclusions
-Fast and easy online quotes. Buy and manage the policy completely online
|–Some specialized coverages might not be available|
– Limited online features
Minimum commercial truck insurance requirements in Madison, WI
If you operate a truck for business purposes in Madison, you must have commercial truck insurance coverage. That is required by the state law. The minimum coverage required in Madison is primary liability, which covers both bodily injury liability and property damage liability. If you are involved in an accident and found at fault, this coverage will pay for the other driver’s injuries and the other vehicle’s damages. This coverage doesn’t pay for your own injuries or your truck’s damages.
The minimum primary liability coverage requirements in Madison, WI depend on the cargo that you haul and if you cross the state lines or not. If you only drive in Wisconsin, below are the minimum liability coverage limits:
|Cargo||Minimum coverage requirements|
|Cargo||$7,500 per vehicle|
If you cross the state lines, you need to have coverage limits required by the Federal Motor Carrier Safety Administration (FMCSA). The current FMCSA minimum requirements depend on the types of cargo and the size of the truck. Below are the current minimum requirements:
- $300,000 for non-hazardous freight in vehicles under 10,001 pounds
- $750,000 for non-hazardous freight in vehicles over 10,001 pounds
- $1,000,000 for oil carried by for-hire and private carriers
- $5,000,000 for other hazardous materials
What does commercial truck insurance cover in Madison, WI?
Commercial truck insurance works much like your auto insurance: you pay a set amount each month to cover your costs in case you are in an at-fault accident. You can also add coverage to protect:
- your cargo by motor truck cargo coverage
- your trailer with trailer interchange coverage
- your truck by trucking physical damage coverage
- yourself when you are not driving your truck as a commercial vehicle with non-trucking liability insurance or without a trailer attached to it with bobtail insurance, or
- when you are injured and become sick while being at work with workers comp insurance for truckers
Who needs commercial truck insurance in Madison, WI?
If you drive a truck for business purposes or running a trucking business in Madison, you must have commercial truck insurance, at least trucking primary liability with minimum coverage required by the state law.
How much does commercial truck insurance cost in Madison, WI?
The average cost of commercial truck insurance in Madison, WI is $862 per month or $10,344 a year. This is for a 40-year-old driver driving a box truck and having a good driving record.
The policy includes trucking primary liability, bobtail, physical damage, and truck cargo coverages. Below are the average cost breakdown of different coverages:
|Commercial truck insurance coverages||Average costs in Madison,WI|
|Trucking primary liability||$394 per month|
|Trucking physical damage||$272 per month|
|Bobtail coverage||$51 per month|
|Truck cargo insurance||$145 per month|
These are just the averages. Your rates may be higher or lower. Commercial truck insurance rates are highly individualized. You need to shop around with a few carriers or work with a top broker to compare several quotes to find the cheapest one for you.
How to get cheap commercial truck insurance in Madison, WI
Commercial truck insurance is expensive, but there are ways to lower the cost. Below are a few practical tips to get cheap commercial truck insurance.
- Only get the coverage that you need: As you see above, different coverages have different costs. The more coverage you have, the more expensive your policy is. So make sure you only get the coverage that you need for your trucking business.
- Keep a good driving record: Your driving record has a significant impact on your commercial truck insurance cost. Make sure you keep a clean record. If there are any violations on your driving record, make your best efforts to have them removed.
- The policy details: The higher your policy’s coverage limits are and the lower your deductibles are, the more expensive your policy will be. Make sure you have the right coverage limits and the right deductibles.
- Compare several quotes: The most significant factor affecting your commercial truck insurance cost is the insurance companies that you choose. Be sure to shop around with a few companies or work with a broker to compare several quotes to choose the best and the cheapest one for you.
Learn more at the cheapest commercial truck insurance companies
Getting commercial truck insurance quotes online in Madison, WI
Here are a few carriers offering commercial truck insurance quotes online for truckers and trucking businesses in Madison, WI: Progressive, biBERK, and THREE.
It shouldn’t take more than 10 minutes to get a complete quote from these companies’ websites.
Getting a quote from these companies should be the first step in your buying process. After getting quotes from these companies, I will have a good idea of what your premiums should be.
If you are not very happy with these quotes, you can choose to work with a top broker like Simply Business or Commercialinsurance.net or Smart Financial and have them get several quotes from their partners so that you can compare and select the best and the cheapest one for you.