Trucks are vital to Missouri’s economy, transporting 87 percent of all commodities traveling within the state. If you enjoy buying bread or milk at the grocery store in Springfield, you need to thank these unsung heroes.
However, these trucks create many safety challenges for their drivers and other road users. Truck accidents in Missouri account for 11 to 15% of all road fatalities every year. If care is not taken, these accidents can lead to costly damages that might close down trucking businesses.
Therefore, you must protect your trucking business with the best truck insurance policy. Here we have the best 6 recommendations for you to choose from.
- The 6 best commercial truck insurance companies in Springfield, Missouri
- Commercial truck insurance requirements in Springfield, Missouri
- What does commercial truck insurance cover?
- Types of trucks covered by commercial truck insurance in Springfield, Missouri
- How much is the average commercial truck insurance cost per month in Springfield, Missouri?
- What factors affect the commercial truck insurance cost in Springfield, Missouri?
- How to find cheap commercial truck insurance in Springfield, Missouri?
The 6 best commercial truck insurance companies in Springfield, Missouri
Many insurance companies offer commercial truck insurance in Springfield, Missouri. We have done the research and here are our top 6 picks of the best providers for your consideration.
- Progressive: Best Overall
- Simply Business: Best for ease of use
- Sentry: Best for large trucking companies
- Travelers: Best for customer Service
- Commercialinsurance.net: Best for connecting you with knowledgeable agents
- Smart Financial: Best for personalized plans
Progressive: Best Overall
Since its establishment in 1937, Progressive has grown to become one of the largest truck insurance companies in the US.
Progressive can meet the needs of different trucks and their companies thanks to its large size. The company has one of the most comprehensive selections of truck plans. It also has a Smart Haul® Program that offers reductions when you pay electronically.
Another advantage is that they have a friendly online price quotation system, which is among the best. They also known for offering several discount programs. Be sure to ask for discounts that you can be eligible for.
If you are looking for commercial truck insurance for the first time, you should definitely get a quote online from Progressive to establish the cost benchmark. You can get additional quotes from other carriers or brokers and compare with the one from Progressive.
Simply Business: Best for ease of use
Simply Business is a reputable small business insurance agency. The company tries to help businesses find the best policies that suit their business and pockets. Simply business also claims to help their clients find available discounts.
One of their industries that Simply Business is focused on trucking business. They work with several trucking insurance carriers in the country to help get quotes and compare them to find the best coverages and prices for your trucking business.
Their platform is easy to use. All you need is to enter the details of your business, and their agent will call you to deliver your quote options.
Sentry: Best for large trucking businesses
Sentry has been offering dependable commercial truck insurance since 1904. They have become an expert in this field and have customized their product and service to cater to large trucking businesses and transportation fleets They policies are customized for large fleets and medium-sized trucking companies.
The company has a network of 65 trucking-specific agents with over 20 years of industry experience. That means large trucking businesses can benefit from a specialized knowledge base and a rich experience to help them find the best coverage at the cheapest price for their large fleets.
To get a quote from Sentry, you have to work with an Sentry agent.
Travelers: Best for customer service
Travelers insurance is one of the insurance companies that has built a good name for itself in the insurance industry. Their commercial truck insurance covers a wide spectrum of customers, including small companies, commercial trucks, and municipal emergency services.
The company has robust customer service that attends to customers’ claims promptly. Travelers is worth considering because of its low complaint rate and wide range of additional business coverages.
Commercialinsurance.net: Best for connecting you with knowledgeable agents
CommercialInsurance.net is an online platform that works like an insurance broker. Customers can easily find the right truck insurance policies for their companies on this platform.
Commercialinsurance.net works with an expansive network of agents across the country who are knowledgeable about any small business industry, including trucking. Regardless how unique or specialized your trucking business is, you can count on commercialinsurance.net connecting you with the right agents who have had vast experience in the same field. Working with these agents helps you find the right coverage at the best prices without spending a lot of time researching and finding the right carrier for your trucking business.
You just need to fill out a form on commercialinsurance.net website and they will do the rest.
Smart Financial: Best for personalized plans
Smart Financial is a website where you can compare truck insurance quotes. The company’s goal is to make the process of buying truck insurance easier and more efficient.
The website compiles quotations from many insurance companies so that you may compare them and choose the best policy for your needs.
To get a policy, you have to fill out a form on the website and supply answers to a few questions. Using your responses, the company will provide you with the information you need to make a comparison.
If you’d rather talk to someone about your truck insurance alternatives, Smart Financial has a staff of professional insurance assistants who can help you over the phone. This is a unique feature not generally found in a digitally-driven company, and the personalization makes it an excellent choice.
Commercial truck insurance requirements in Springfield, Missouri
Truck drivers in Springfield, Missouri, are required by state law to have a specified amount of liability insurance. The amount you require is determined by the type of freight you transport and the location where it is transported.
If you do not intend to take your truck out of state, you must obtain an intrastate-only USDOT number and be insured up to the following levels:
- Liability Insurance of $1,000,000 (Oil Transport)
- Liability Insurance of $5,000,000 (Hazmat)
- Liability Insurance of $300,000 (Household Goods)
- Liability Insurance of $750,000 (General Freight)
- $5,000/catastrophe and $2,500/vehicle Insurance for Cargo (Intrastate household goods movers and interstate contract carriers)
The above are the regulations of the Missouri Department of Transportation (MoDOT) for truckers in the state. If your trucks move out of the state, you must meet the Federal Motor Carrier Safety Administration (FMCSA) requirements. Usually, the liability limits, according to the FMCSA, is between $750,000 and $1,000,000
To apply for commercial truck insurance, you must present some documents. The following are the most important among them:
- Commercial driver’s license (CDL)
- Active authority: MC number for truckers that move outside of Missouri or DOT number for drivers that operate in Missouri.
- Forms MCS-94, BMC-95, E, and H
What does commercial truck insurance cover?
Commercial truck insurance is an insurance policy offered to truck companies and other businesses that use trucks for their business. The policy includes several coverage options. Usually, the specific coverage requirements may vary depending on your business type.
For example, drivers who own their trucks but operate as contractors for trucking companies may not require the same liability protection as an independent owner-operator.
Generally speaking, trucking insurance may include the following coverages:
Primary liability coverage
When drivers and passengers are injured in incidents with trucks, the legal procedure can be lengthy and costly. You can easily protect yourself from litigation by purchasing primary liability insurance. This policy helps you cover bodily injury and property damage claims on a third party if you or your driver is at fault.
Non-trucking liability coverage
Your primary liability coverage usually offers protection from incidents while you use your truck for business. The policy will not cover you when you use your truck for non-business purposes. To protect you when on other non-business activities, you need to buy non-trucking liability insurance.
Furthermore, some companies might refuse your claims if you are not connected to a trailer and carrying something for your company when an incident occurs. Non-trucking liability may give protection for such periods when the truck is not attached to a loaded trailer and transporting for your firm. Non-trucking liability insurance might also give coverage when you are not carrying a load. Learn more at the best non-trucking liability insurance companies.
Bobtail insurance is similar to non-trucking liability coverage. However, there are some subtle differences. Bobtail insurance only covers you when there is no trailer attached to the truck. If there is a trailer attached to the truck, even you drive it without carrying a load and during non-working hours, and get involved in an accident, bobtail insurance will not cover you. Learn more at the best bobtail insurance companies.
Trucking physical damage insurance
This coverage pays to repair and replace your truck when it gets damaged. This coverage isn’t required by anyone. However, it protects your most important asset, the truck itself. You may want to have it. It is usually priced as a percentage of the truck value when you buy the coverage. Learn more at the best trucking physical damage insurance companies.
There are two different protection levels:
If your truck is hit by a vehicle or an object, collision insurance might help you pay for truck repairs or replacement.
If something falls on your truck or someone vandalizes it at a rest stop, comprehensive insurance can assist pay the costs. Since the policy is similar to collision coverage, most companies offer the two policies as one.
When transporting valuable goods with your trucks, it’s your responsibility to ensure it gets from place to place as safely as possible. Suppose something goes wrong with your cargo while in your care; you might be held financially liable. Cargo insurance protects you against damages resulting from accidents, fires, and other covered events. This coverage is often required by brokers or shippers. Without it, they may not sign transportation contract with you. Learn more at the best cargo insurance companies.
In Missouri, everyone is supposed to have liability insurance; however, some drivers fail to comply with the law. Even then, some drivers that carry auto insurance do not carry enough limits to allow them properly cover damages, especially with trucks. To protect yourself, you need to get uninsured and underinsured motorist insurance. This policy will fill up the gaps left by the driver’s insurance coverage.
Medical payment insurance may ensure that you receive the medical care you require following an accident, regardless of who was to blame.
Other insurance coverages truckers in Springfield, Missouri might need
Other than insurance coverages to protect them and their truck in accidents, truckers in Springfield, Missouri might need insurance coverage to protect themselves as well. Trucking is a dangerous job. Depending on their employment status, truckers might need either workers comp insurance or occupational accident insurance.
Workers comp insurance for truckers
If you run a trucking company and hire drivers as full-time employees. You are required by law in all 50 states, except Texas to provide workers comp insurance for your drivers. However, if you hire your drivers as independent contractors, you are not required to provide workers comp insurance to them. You should at least provide occupational accident insurance to protect them. At the end of the day, trucking is a high-risk job.
If you are an owner operator who drive a truck, you can choose to buy for yourselves workers comp insurance for occupational accident coverage.
Learn more at the best workers comp insurance for truckers.
Occupational accident coverage for truckers
Occupational accident coverage pays for medical expenses and lost wages if you get injured or become ill while driving a log truck. This is similar to workers comp insurance for truckers, but it is a lighter version. The coverage is not as comprehensive as workers comp insurance for truckers, thus it is usually just half of the price of workers comp insurance. Learn more at the best occupational accident insurance companies for truckers.
Types of trucks covered by commercial truck insurance in Springfield, Missouri
Your insurer will tell you the types of trucks that they insure. Some companies do not offer insurance to some trucks because they feel the trucks are too expensive for coverage. However, in most cases, insurance companies will offer truck insurance to the following vehicles:
- Dump trucks – Learn more at dump truck insurance cost and the best dump truck insurance companies
- Cement mixers
- Box trucks – Learn more at box truck insurance cost and the best box truck insurance companies
- Tow trucks – Learn more at tow truck insurance cost and the best tow truck insurance companies
- Semis – Learn more at semi truck insurance cost and the best semi truck insurance companies
- Pickup trucks – Learn more at the average pickup truck insurance cost per month
- Log truck – Learn more at the best log truck insurance companies
- Farm truck – Learn more at the best farm truck insurance companies
Ask your insurer if they cover your truck before you start discussions.
How much is the average commercial truck insurance cost per month in Springfield, Missouri?
In Springfield, Missouri, the average cost of commercial truck insurance is $13,800, or $1,150 a month. Most premiums vary from $11,700 to $15,100. This is the average cost for a 40 years old driver with 5+ years of experience and the policies cover trucking primary liability coverage, non-trucking liability coverage, cargo insurance, and comprehensive physical damage coverage. Below are the cost breakdowns of different coverages:
|Truck insurance coverages||Average costs in Springfield, Missouri|
|Trucking primary liability coverage||$750 a month|
|Non-trucking liability coverage||$70 a month|
|Trucking comprehensive physical damage coverage||$175 a month|
|Cargo insurance||$155 a month|
Your premium might be higher or lower than these estimates depending on several factors described below. Be sure to shop around with a few companies or with a broker like Simply Business, CoverWallet, commercilinsurance.net, or Smart Financial to compare several quotes to find the cheapest one for you.
What factors affect the commercial truck insurance cost in Springfield, Missouri?
Various factors determine the cost of commercial and semi-truck insurance. The following summarizes the elements that influence your truck insurance prices.
The policy limits are the amounts that the insurer will pay for claims. High limits mean higher rates since the insurance provider wants to cover the possible expense.
Physical damage coverage
Physical damage rates are calculated as a proportion of the truck’s worth; therefore, more valuable trucks cost more to insure.
The value of your cargo will also affect the price of your premium. For instance, companies that move hay have limited risks, and so their premiums would be significantly lower than companies that carry dangerous materials like gasoline.
The longer the distance your trucks travel in Spring field, Missouri, the greater the danger of an accident, which affects your premium. So, companies that move more within or outside of Springfield might pay more. Similarly, trucks that travel outside of Missouri might pay more for commercial truck insurance.
Insurers look at your credit score and history to see if you’re a good risk. Bad credit history is an indicator that you will cost them money. As a result, they might charge more to cover the expected risk.
Experience with a commercial driver’s license (CDL)
The more experience you have after acquiring your CDL, the less risk you offer to an insurance provider. This might get you a lower premium.
If you run your truck business as an owner-operator on a permanent lease, the motor carrier will cover your public liability, significantly lowering your overall insurance expenses. On the other hand, owner-operators with their authority pay for their general responsibility, which may be higher.
How to find cheap commercial truck insurance in Springfield, Missouri?
To find cheap commercial truck insurance, you have to reduce the liability your insurer carries on your behalf. The following are some ideas to help you do this:
1. Compare quotes to find the cheapest one
The best way to find cheap commercial truck insurance in Springfield, Missouri is to shop around with a few companies. It is not easy to get commercial truck insurance quotes online, except with Progressive, so working with a broker like Simply Business, CoverWallet, commercialinsurance.net, or Smart Financial may be a good way to compare several quotes to find the cheapest one for you. Different insurance companies have different underwriting policies and they will have different rates for you.
2. Hire experienced drivers
Insurance carriers place a high value on years of driving experience when deciding truck insurance prices. Experienced truck drivers can better deal with inclement weather and other challenging working situations. As a result, they will likely get reduced costs on insurance. Your drivers should ideally have at least two years of CDL experience to get a reduction in your truck insurance costs.
3. Increase your deductibles
Higher deductibles reduce the cost of your commercial insurance. However, this is not a good plan because you get to pay more if an incident occurs. But you might consider this idea if you feel you can pay more out of pocket on a claim. It can also work for you if you feel you won’t have to submit a claim.
4. Commit to safety
Since insurance companies cover you for risks, Insurance companies frequently reduce costs for truckers who submit fewer or no claims. Having a safety plan in place is a good place to start.
Your commitment to safety can also include hiring drivers with clean driving records. Ideally, your truck drivers should not have more than 2 driving infractions in 3 years.
A good safety plan tells your insurer that you will have few or no claims. As such you might get a discount.
5. Pay the entire premium amount in advance.
If you can afford it, pay your complete payment ahead and in advance. This means you’ll send your insurance provider a single payment for the whole premium each year. Depending on the company, you can save up to ten percent or even twenty percent by paying annually.
6. Request Discounts
Well-established insurance firms typically give discounts for safe driving records, established companies, and new consumers to make their plans more appealing. Simply ask your agent which ones you qualify for and how much the company might reduce your rates.
While large insurance firms provide discounts to their loyal customers, they also quietly raise their prices at the end of each year. So, to find low prices, some trucking operators switch insurance carriers regularly and stay up to speed on the newest plans and costs.