When shopping for commercial truck insurance, the choices can seem overwhelming. How do you choose the right insurance and the right company? Comparing quotes seems the logical answer to select the right company for you, but how can you get a quote quickly and easily when time is of the essence?
Two options for getting truck insurance quotes that are convenient and time-saving are getting online quotes and working with an insurance broker either online or in person. This article discusses the similarities and differences between getting quotes from a broker and getting online quotes and gives an overview of some of the most popular commercial truck insurance companies. If you are unsure which would be more beneficial to you, keep reading.
- What is a truck insurance quote?
- How does an online truck insurance quote differ from a quote from a broker?
- When does it make sense to get an online truck insurance quote?
- Best insurance companies for online truck insurance quotes
- When does it make sense to get truck insurance quotes through a broker?
- Best brokers for truck insurance quotes
What is a truck insurance quote?
A truck insurance quote is an estimate from a carrier how much they would charge you for a policy with the coverages and limits that you request. It is worth pointing out a quote is just an estimate, not the final rate. Insurance companies reserve the right to change the quote based on new information or data they learn about you and your driving record. Insurance companies usually provide the final rate only when they are relatively certain that you will buy a policy from them. You providing the insurance company a payment details such as credit card information can be considered a signal that it is very likely that you will buy a policy from them. Only at the time, they will run the final check on your past 3-7 years of driving history to confirm your final rate. The reason is that checking on your driving record of the past 3-7 years can be expensive.
A truck insurance policy can be delivered from a carrier directly to you, an insurance buyer or a consumer, or it can be delivered through agents or brokers. Direct quote delivery or delivery through agent or broker usually don’t change the rate.
How does an online truck insurance quote differ from a quote from a broker?
With an online quote, you typically receive a quote directly from an insurer. Occasionally, the quotes come from a broker who offers online quoting. With an online quote directly from an insurer, you get the company’s estimated price based on your selected coverage. With a broker, even an online broker, you get multiple quotes for specified coverage. That would make it easier for you to compare several quotes in one place.
To get an online quote, you need to have basic personal information such as name, address, phone number, email address, and the kinds of coverages and limits you are looking to purchase. You input your information, and you get a quote within about 10 minutes (usually). Occasionally, the company needs more information and requests a phone call or email to get a quote.
With an online quote from a carrier, if you like the quote, you can immediately purchase and start your policy. With a broker, you receive multiple quotes. When you choose the one that works the best for you, you let them know and they work with the insurer to have a policy written for you.
When does it make sense to get an online truck insurance quote?
Online quotes are usually best for people who already understand the available insurance types. They’ve done their research and know precisely what kind of truck insurance policy they need and how much coverage limits they need. People who don’t require personal interaction with an agent or broker will appreciate the online quote process.
Best insurance companies for online truck insurance quotes
While preparing this article, we decided to compare some commercial truck insurance companies and some brokerage firms. We’ve chosen the top three in each category.
- Progressive: Best for truck owner operators and small trucking businesses with less than 20 trucks
- biBERK: Best for low-cost commercial truck coverage
- THREE: Best for complete and comprehensive policy
Progressive: Best for truck owner operators and small trucking businesses with less than 20 trucks
Progressive was founded in 1937 as an affordable car insurance company for all drivers. They now offer commercial truck insurance as well as other insurance coverages. They are the market leader with the highest market share in truck insurance industry. This company offers various discounts depending on the coverage you need and your driving record.
Progressive is the only company that consistently offer truck insurance quotes online. Every time we request an online quote on their website, we are always able to get a quote within 10 minutes. If you are just starting out the process of buying truck insurance, you may want to get a quote from Progressive. Below is an quote example from Progressive.
biBERK: Best for low-cost commercial truck insurance
biBERK is one of many Berkshire Hathaway companies that offer commercial auto insurance. biBERk specializes in serving small businesses. They build the small business insurance products in a way that allows them to sell directly to small business owners, bypassing agents and brokers. And that’s how they can cut costs and reduce rates for their small business customers. They claim to save at least 20% on premiums for their small business owners.
Selling insurance directly to small business owners means that they are one of a few companies being able to offer commercial truck insurance quotes online. It takes less than 10 minutes to get a quote on their website and if you are happy with the quote, you can buy online. You can also manage your policy completely online.
If your main goal is to get cheap commercial truck insurance, you may want to get a quote from biBERK to start with.
THREE: Best for a complete and comprehensive policy
THREE insurance is another subsidiary of Berkshire Hathaways, the owner of Geico. They believe that small business insurance should be simple and easy to understand. That’s the reason why their commitment to you is that their policy document is always 3-page long with plain English, ie. no jargons and no fine prints, and always includes all coverages that your small business may need. So even if you only apply for a commercial truck insurance policy, THREE will provide you with a quote including not only commercial truck coverage, but also general liability and commercial property coverages, which are the two most popular coverages for small businesses.
If you want to get one single and comprehensive policy protecting your trucking business at a reasonable price, you may want to get a quote from THREE.
Learn more at 3 Best Commercial Truck Insurance Quotes Online
When does it make sense to get truck insurance quotes through a broker?
Brokers are typically good choices if you have complex insurance requirements. If you need several policies or have specific business insurance needs, a broker might be good for your next insurance purchase. People who might benefit from working with a broker include:
- Those who are not sure which coverage and the limits they need
- Those who want to thoroughly understand their policy’s limits, exclusions, and other specifics.
- Those who are shopping for business insurance
- Those who want to save time while still shopping for multiple quotes.
- Those who would like a relationship with someone who takes the time to understand complex insurance needs and backgrounds.
Best brokers for truck insurance quotes
These are the top three brokers that we found for commercial truck insurance.
Simply Business: Best for comparing several quotes
Simply Business is an insurance brokerage specializing in serving small businesses, especially trucking businesses. You can request commercial truck insurance quotes through the company’s website. After submitting your information, Simply Business will find several quotes from their partners for you to compare to choose the cheapest one. If you want to compare several quotes from highly reputable carriers in one place, you may want to start your process with Simply Business.
Smart Financial: Best for finding cheap quotes of minimum coverage
Smart Financial is another insurance brokerage. They have been around for decades and accumulating vast experience in helping truck owner-operators and small trucking businesses find cheap quotes from their partners. If you are looking for the minimum coverage required by your state laws and have a hard time finding coverage, you definitely should consider working Smart Financial. That is an area of their focus and expertise.
Tivly: Best broker if you prefer working with an experienced agent
Tivly is another insurance brokerage. They don’t have many digital capabilities. However, they have an intensive network of experienced and knowledgeable agents. If you prefer working with a knowledgeable agent who has a lot of experience working with similar businesses like yours, you may want to start with Tivly. However unique and special your trucking business is, Tivly will be able to match you with an agent who has much relevant experience.
What information do you need to get commercial truck insurance quotes?
As an example, Progressive asked us:
- If we were currently insured with Progressive
- USDOT number (if we had one)
- How business is structured (sole proprietor, LLC, partnership, etc)
- Business type
- Types of vehicles to be insured
- Year, make, and model
- Is the vehicle used for sightseeing tours
- Is there a loan on the vehicle
- Is the vehicle used to transport seasonal farmworkers
- Is the vehicle used for business, personal, or both
- Is there collision insurance on the vehicle
- Any accidents or violations in the past five years?
- Would you like to enroll in Snapshot savings?
Some companies claim to offer online quotes for commercial trucking, but when we tried it, we were told to call. It’s possible that’s because we didn’t have supporting documents or USDOT numbers, but usually, it’s more difficult to get a quote for commercial trucking insurance online than it is for other types of business insurance.
What does commercial truck insurance cover?
In addition to the standard bodily injury and property damage coverage, commercial truck insurance also offers comprehensive and collision protection, cargo coverage, personal injury protection (PIP) and uninsured/underinsured motorist coverage. If you or your driver are involved in an accident or cause an accident, you’ll be covered.
Trucks have a few extra requirements, depending on the type of freight you haul and if you cross state lines. Here are the minimums for various freights.
- Non-hazardous freight in vehicles under 10,001 lbs.: $300,000
- Non-hazardous freight in vehicles over 10,001 lbs.: $750,000
- Oil moved by For-Hire and Private Carriers: $1,000,000
- Other hazardous material moved by For-Hire and Private Carriers: $5,000,000
How much does commercial truck insurance cost?
Commercial truck insurance cost varies as we discussed above. However, you should expect to pay in the range of $8,000 to $22,000 a year for a commercial truck insurance policy.
Different companies will offer you different quotes. Be sure to shop around with a few companies to compare several quotes or work with a top broker like Simply Business or Smart Financial, or Tivly before making your final decision.
Learn more about the details of commercial truck insurance costs.
What affects the cost of commercial truck insurance?
How much you pay for commercial truck insurance will vary depending on the following factors:
- Driving record
- Vehicles insured
- Amount of coverage
- Driving radius
- Type of business
- Years of experience in your industry. If you are a new truck driver, you’ll pay 2 or 3 times more than an experienced drivers with at least 2 years of experience. Learn more at the best commercial truck insurance for new drivers.
- Weight of the vehicle
In general, the heavier the vehicle, the more expensive it is to insure. Hazardous cargo is also expensive to insure.
How to find cheap commercial truck insurance?
Commercial truck insurance is not cheap. However, you may be able to save some money by doing the following:
- Hire drivers will excellent driving records
- Hire drivers over the age of 23
- Raise deductibles
- Pay your premium in full
- Ask about discounts
- Sponsor safe-driving seminars for employees
- Look into a CDL (commercial driver’s license) for a discount
- Shop around
Although online quotes are difficult to obtain, it still pays to shop around, even if you have to call and speak to someone on the phone. It’s more time-consuming, but it might save you some money.
Why is trucking insurance so expensive?
One reason commercial truck insurance is so expensive is that trucks are involved in more accidents than cars. Trucks are larger and heavier, and when they collide with smaller vehicles, the results can be catastrophic. A truck accident can cause serious injury or death to the occupants of the smaller vehicle, and can also damage the truck itself. That’s the reason why trucking primary liability insurance is the most expensive coverage in commercial truck insurance. Trucking physical damage is the second most expensive coverage.
Another reason commercial truck insurance is more expensive than car insurance is that trucks often travel long distances, and are therefore more likely to be involved in accidents that occur outside of the driver’s home state. The liability incurred by the trucking company in these accidents can be significant.
Lastly, commercial truck insurance also includes cargo coverage, which covers the cargo they haul. Depending on the cargo type, this coverage also adds to the commercial truck insurance cost.
Who has the cheapest commercial truck insurance quotes?
The only way to find out who has the cheapest commercial truck insurance quotes for you and your trucking business is to make sure you get both online quotes from Progressive, biBERK, and THREE and work with one of the top trucking brokerages like Simply Business or Smart Financial. Comparing several quotes is the only way to find the cheapest one for you. In our experience, biBERK tends to offer the cheapest quotes online and Smart Financial is a good brokerage to work with if you are interested in getting minimum trucking coverage only.
What states have the cheapest commercial truck insurance quotes?
The 10 states with the cheapest commercial truck insurance are Mississippi, Wyoming, Massachusetts, Iowa, Arizona, Nebraska, North Dakota, Montana, Kansas, and South Dakota in that order. Below are the average commercial truck insurance costs in these states for your reference.
|Rank||Average local premium rate||Average national premium rate|
Keep in mind that these are just the average rates in these states. Your rates will be different. If you want to get the cheapest quote for your trucking business, be sure to shop around with a few companies or work with a broker to compare several quotes to find the cheapest one for you.
Best commercial truck insurance quotes in 50 states
Commercial truck insurance quotes vary by state. Different insurance companies operate in different states. We have compiled the list of the best commercial truck insurance companies with the best quotes in all 50 states below for your consideration. Clicking on the state name to see the best commercial truck insurance quotes in the state:
Commercial trucking insurance is necessary, although it’s hard to get an online quote. It’s probably not a coincidence that Progressive is the number one provider of commercial trucking insurance and they also happen to offer online quotes. They would be a great place to start your search.
Learn more at the best commercial truck insurance companies.