Does your Delaware business depend on trucks? If they’re involved in an accident or stolen, it could be costly. Not just to get the truck repaired or replaced, but also because of the impact on your overall business operation.
Countless insurers offer trucking insurance in Delaware. It can be challenging to find the right one to get coverage from. This article will explain what it takes to find the ideal insurer to cover your trucks and trucking business.
- 5 top commercial truck insurance companies in Delaware
- Commercial truck insurance: Who in Delaware needs it?
- Commercial truck insurance requirements in Delaware
- Commercial truck insurance costs in Delaware
- How are trucking insurance premiums calculated in Delaware?
- Finding low-cost commercial truck insurance in Delaware
- How to get commercial truck insurance quotes in Delaware
5 top commercial truck insurance companies in Delaware
Companies in Delaware that depend on trucks to conduct business have many choices of commercial truck insurance providers. We’ve checked them out to come up with the top five insurers in the state for different reasons along with the pros and cons of each.
- Progressive: Best vehicle insurance company in Delaware
- biBERK: Best for low-cost truck insurance coverage
- The Hartford: Best for specialized truck insurance coverage
- Simply Business: Best for comparing several quotes with one company
- THREE: Best for affordable comprehensive business coverage
Progressive: Best vehicle insurance company in Delaware
Progressive is the largest commercial vehicle insurer in the US. They are also one of the top 4 personal auto insurance companies in the country with a good reputation for offering affordable coverage to millions of households.
- Largest commercial vehicle insurer in the United States
- Extensive commercial truck insurance experience
- The only insurer consistently offers commercial truck insurance quotes online for all types of trucks: semi trucks, box trucks, dump trucks, tow trucks, etc.
- Simple to get a quote online or to connect with an experienced agent
- Offer several discounts to help businesses save money on rates
- Not all businesses will qualify for Progressive’s famous discounts.
- Progressive may not be the best option for larger trucking companies with a fleet of hundreds of trucks
- If you need other types of business insurance, you can purchase it from Progressive, but the policies will be backed by other insurers.
biBERK: Best for low-cost truck insurance coverage
biBERK is famous for offering direct-to-customers trucking insurance coverage, bypassing agents and brokers. It is a subsidiary of Berkshire Hathaway, the parent company of Geico.
- A unique approach to underwriting can save you up to 20 percent on coverage
- Completely digital experience from getting quotes, buying and managing policies, and filing a claim
- Download your insurance certificate and other documents anytime
- Backed by the financially solid Berkshire Hathaway family of companies
- Best for basic truck insurance needs.
- Can be challenging to customize coverage.
- May not be able to get insurance for unusual types of trucks.
The Hartford: Best for specialized truck insurance coverage
The Hartford is one of the biggest and most reputable insurance companies for small businesses. They are also considered one of the most ethical companies in the world. They have insured more than 1 million small businesses and have had experience for more than 200 years.
- Specialized coverage for all types of trucks and sizes of fleets.
- An exclusive safety program can save your business money on premiums.
- Able to work with your agent to customize coverage.
- Limited online capabilities.
- Often more expensive than other insurers.
- Back-end systems can be a bit old school.
Simply Business: Best for comparing several quotes with one company
Simply Business is a digital broker specializing in small businesses. Trucking businesses are one of their focused industries.
- Able to get several insurance quotes at once.
- Agents can help you find all the discounts you qualify for.
- Flexible payment terms: monthly, semi-annual, annual.
- Insurance is provided by Simply Business partners, not the company itself.
- Must file claims through your insurance provider, which can be inconvenient.
- You can only get quotes from insurers affiliated with Simply Business.
THREE: Best for affordable comprehensive business coverage
THREE is another subsidiary of Berkshire Hathaway. They have a special approach offering comprehensive business insurance coverage for small businesses in one three-page policy.
- Several business insurance coverages are included in a single policy.
- Licensed agents can answer your questions and help you understand your coverage.
- Easy to purchase all your business coverage at once.
- Unable to purchase standalone commercial truck insurance.
- Limited online capabilities.
- Challenging to customize coverage.
Commercial truck insurance: Who in Delaware needs it?
Anyone in Delaware who drives a truck for work reasons is required to get commercial truck insurance coverage. Your personal auto insurance policy will not cover you if you have an accident or another incident occurs while driving your truck for work reasons. You cannot drive a truck in Delaware — or other states — if you don’t have the right insurance protection.
Commercial truck insurance is required throughout Delaware:
Commercial truck insurance requirements in Delaware
In Delaware, all vehicles, including commercial trucks, must carry at least 25/50/10 in insurance coverage. This translates to $25,000 per person, $50,000 per accident, and $10,000 in property damage.
Commercial trucks hauling specialized cargo require additional insurance in Delaware:
|Cargo||Minimum liability coverage requirements in Delaware|
If you drive your truck across state lines for business reasons, you must have the coverage limits required by the Federal Motor Carrier Safety Administration (FMCSA). The current FMCSA minimum insurance requirements depend on the cargo and the weight of your truck:
- $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
Commercial truck insurance costs in Delaware
The average cost of commercial truck insurance in the state of Delaware is $10,464 per year ($872 per month). In most cases, truck drivers in Delaware pay between $7,820 and $12,986 for the coverage.
The costs are based on a 41-year-old trucker driving a 16-foot box truck with a good driving record. The policy includes trucking primary liability, non-trucking liability, trucking physical damage (bobtail), and cargo truck insurance coverage. Here is the average cost breakdown by coverage type:
|Commercial truck coverages||Average costs in Delaware|
|Trucking primary liability||$412 per month|
|Trucking physical damage||$297 per month|
|Bobtail coverage||$38 per month|
|Truck cargo insurance||$125 per month|
These are just averages. Your costs could be higher or lower.
Commercial truck insurance rates can vary dramatically. Shop around or work with a broker to get several quotes. Compare them to get the best and the cheapest coverage for your trucking business.
How are trucking insurance premiums calculated in Delaware?
Insurers consider many things when determining commercial truck insurance premiums, including:
- Location. Delaware is a small state. Still, certain places have higher crime rates than others. If you park or store your truck in one of them, you’ll pay higher insurance premiums.
- Where you drive. If you stick to driving in Delaware, you’ll pay less for coverage than if you travel out of state.
- Distance you drive. Typically, if you drive more than 50 miles per trip, you’ll pay more for your commercial truck insurance coverage.
- Driving experience. People with a longer driving history and a clean driving record will pay less for coverage than newer drivers who’ve been involved in accidents and other incidents.
- Years of trucking experience. Driving trucks is different than driving a regular vehicle. More years of truck driving experience will reduce your premium costs.
- Claims history. If you have made claims on your truck, you’ll pay more for coverage, even if the incidents weren’t your fault. Insurers view you as higher risk than someone who has never made a claim.
- Age of your truck. Newer trucks cost more, making them more expensive to insure. Some of that could be mitigated because they have better safety and security equipment.
- Vehicle weight: Heavier trucks cost more to insure than lighter ones because they typically do more damage if they’re involved in an accident.
- Cargo type. Federal regulations define how much you pay for coverage if you cross state lines. Even if you don’t, some types of cargo cost more to insure when you transport them on Delaware roads.
Finding low-cost commercial truck insurance in Delaware
Commercial truck insurance in Delaware can be costly. However, it’s possible to save money on your coverage. Here’s how:
- Take advantage of discounts. Some insurers will grant you a significant discount if you allow them to electronically monitor your driving habits. Many insurers reduce premiums if you have multiple business policies with them. Of course, having a safe driving record could also cut dollars off your premiums. Always ask about discounts. Even if you don’t qualify for one currently, you may in the future.
- Maintain your trucks. Consistently maintaining your vehicles will help ensure they’re always in sound driving condition. Always do a pre-trip vehicle inspection, so that you don’t experience mechanical difficulties which could cause an accident.
- Shop around. Different companies calculate premium costs in different ways and weigh a range of factors based on their desire to cover certain types of trucks and truckers. One insurer may place more of an emphasis on vehicle type and age, while another may weigh the location of your business more heavily.
How to get commercial truck insurance quotes in Delaware
There are two ways to get insurance quotes in Delaware: Online or through an agent or broker.
The only insurer that consistently provides online quotes without a hassle is Progressive. biBERK and THREE also provide commercial truck insurance online although they may not cover all types of trucks. Some other insurers to consider include:
- Simply Business
- Smart Financial.
Learn more at the best commercial truck insurance quotes online
Agent or broker
Also, insurance agents and brokers in Delaware will be able to provide you with quotes. It’s worthwhile to contact at least one or two of them.
What’s important is that you get quotes from several providers to ensure you get the right coverage for your truck or trucks at the fairest possible price.
What does commercial truck insurance cover?
Commercial truck insurance protects truckers and trucking businesses from risks associated with driving their trucks and running their trucking businesses. Here is what some of the most common types of trucking insurance cover:
Trucking primary liability insurance
This covers the other person’s vehicle repairs and medical bills if the truck driver causes damage to the other vehicle or harms the driver in an accident. However, trucking primary liability insurance does not cover the at-fault driver and his truck. This coverage is required by law in all 50 states. If you drive a truck, you must have this coverage. This coverage is also the most expensive in your commercial truck policies.
Trucking physical damage insurance
This covers damage to the policyholder’s trucks. Trucking physical damage insurance has two types, collision coverage and comprehensive coverage.
Collision coverage only covers damages sustained in an accident, while comprehensive coverage covers non-accident losses or damages to trucks, such as theft or vandalism.
Non-trucking liability insurance
Non-trucking liability insurance covers damages that occur while using the truck for non-business purposes, such as grocery shopping. In such cases, the insurance would pay for related medical and property damage costs.
Non-trucking liability coverage is relatively inexpensive. Learn more about non-trucking liability insurance cost.
Bobtail insurance covers your trucks after the cargo has been delivered and the truck is no longer used for trucking purposes, or when there is no trailer attached to a truck when it is involved in an accident.
Bobtail insurance and non-trucking liability can be confusing. However, you can learn more about the differences between bobtail and non-trucking liability
And learn more about bobtail insurance costs
Trucking general liability insurance
Trucking general liability insurance protects trucking firms against lawsuits filed by victims of accidents caused by their drivers. This insurance is a standard requirement for states and risk managers for any business that runs commercial vehicles.
Some companies do not offer this policy to all truckers. Make sure to double-check with your agents or insurance companies to see if they offer this coverage.
Truck cargo insurance
Motor truck cargo insurance covers the contents being transported by your commercial trucks. This coverage protects the truck owner-operators and the trucking firm if the products being carried are damaged, lost, or stolen. It is usually required by shippers or freight brokers because they want to protect their goods. Having this coverage may be able to help you increase your revenue. Some shippers and brokers require up to $1 million cargo insurance coverage, which may be costly, but it will help you get more work and increase your revenue.