Whether you’re an owner-operator or control a fleet of trucks, you’ll need insurance coverage for the commercial vehicles you’re operating. Not only is insuring your truck necessary from a legal standpoint, but it makes financial sense, too, because an accident could wipe out your finances without it.
We’ve assembled a list of the 7 best insurance providers for truckers, so keep reading to get the best coverage for your truck currently available.
Progressive is the largest insurer of commercial vehicles in the United States. This 85 year old insurer provides coverage to over 12% of customers in the trucker insurance market and offers policies for commercial trucks in every US state. Through Progressive, you can get insurance for all types of trucks, including tractor-trailers and ice cream trucks.
Additionally, Progressive provides specialized coverage for heavy trucks. You can make free state and federal filings with this insurer and obtain general liability, comprehensive collision, medical, uninsured/underinsured, and personal injury protection insurance.
Moreover, if you have a CDL certification, you’ll be eligible for a discount. Other discount eligibility criteria include signing up for Progressive’s autopay feature and purchasing personal vehicle insurance along with your truck’s coverage, among many others.
While you can get an online quote, you’ll have to engage the services of a Progressive agent to get the right policy. However, you can file a claim at any time as its agents are available 24 hours.
Progressive offers a large selection of discounts
You can get coverage for a wide range of trucks
You can make free insurance filings at state and federal levels
Agent still needed even though you can get a quote online
Progressive is the best trucking insurance company currently. Its long history and discounts will be hard to pass up.
If you’re an owner-operator with a single truck, Sentry’s policies will appeal to you. Rather than choosing from a selection of one-size-fits-all policies, you’ll get access to a claims staff with a deep understanding of trucking and certified safety directors with a wealth of experience totaling over 20-years. That fact is what makes Sentry the best insurer for single trucks.
Established in 1904, Sentry currently insures over 37,000 trucks, so you’ll be in good company. This insurer’s unique proposition is how highly customizable its policies can be for each customer’s policy needs. Policies Sentry offers include physical damage, motor truck cargo, personal use coverage, and collision comprehensive.
Unfortunately, you can’t get an online quote from Sentry’s website, so calling one of its local agents is the only way to kick things off. However, you can monitor its status online once you file a claim.
Specializes in owner-operator coverage
Offers flexible coverage
Has a very experienced claims staff
This insurer is a relatively small company
Sentry is an excellent option if you’re an owner-operator. They boast a knowledgeable claims staff and offer tailor-made policies, making them fantastic for insuring a single truck.
Using a policy aggregator to buy insurance for your truck is a viable option when you’re not financially buoyant, and CoverWallet is the best among the lot. Though not a traditional insurer, you can get a trucker’s policy at an unbeatable price through this platform.
Using CoverWallet, you’re given a choice of multiple providers and can get a quote from these providers instantly. Moreover, it doesn’t matter whether you have bad credit or a bad driving record; you can still purchase a policy through the platform. Just expect to pay a higher premium in exchange for the provider doing business with you.
Truck types you can insure through CoverWallet include a box truck, car carrier, food truck, dump truck, hot-shotter, or log truck. Basic truck coverage starts at $125 per month, though the price may vary depending on the type of truck you own or drive and your travel radius, among other factors.
Also, it takes just minutes to purchase a policy through CoverWallet, and you’ll receive proof of purchase via email. However, if the providers need more information from you before they provide a quote, the whole process can drag on for two working days.
You can get a policy within minutes
Provides coverage for drivers with bad driving records and bad credit
Very low-cost coverage
CoverWallet isn’t an actual individual carrier
If you don’t have a lot of cash to spare, the low-cost policies you can find through CoverWallet will seem like a godsend. You can also get a policy through the platform within minutes.
State Farm offers the best customer service among the insurers on this list. They ranked 2nd place in last year’s J. D. Power U.S. Small Commercial Insurance Study, thanks to the low amount of customer complaints.
You can buy insurance from State Farm for a single truck or a fleet. Box trucks, pickup trucks, and tractor-trailers are among the many truck types covered by its policies. Additionally, State Farm offers standard liability options like personal injury protection, medical, collision comprehensive, and uninsured/underinsured motorist protection.
Unfortunately, State Farm doesn’t provide adequate information about its truck insurance on its official website. Also, you can’t get a quote online. Therefore, you’ll have to work with one of the insurer’s local agents to buy a policy that’s right for you.
Superior customer service
Highly-rated insurer in terms of customer satisfaction
It provides coverage for individual trucks and fleets
Its website doesn’t contain adequate information
State Farm enjoys a high customer satisfaction rating, making it an excellent truck insurer if customer service is high on your list of priorities.
Evolution Insurance Brokers (also known as EIB Direct) specializes in long-haul and short-haul trucks, fleets, truck cargo, and other types of trucking insurance. However, their standout feature is how amenable they are to providing policies for risky vehicles.
For example, if you transport hazardous cargo or have a legal history that has made it difficult to get insurance elsewhere, EIB Direct can provide coverage for your truck. The caveat to this insurer’s open-door policy is that it charges a higher price.
You can contact one of EIB Direct’s agents via email, telephone, or by filling out a form online. Unfortunately, EIB Direct isn’t well-known, which may put you off if you’re looking for an established brand.
They specialize in long and short-haul truck insurance
They provide a smartphone app
Amenable to insuring risky vehicles
This insurer isn’t very well-known
Don’t let past legal troubles or hazardous cargo stop you from getting a policy: Evolution Insurance Brokers are willing to provide policies to truckers who fall into either category.
The Hartford has been in the insurance business since 1810, making it the oldest company on this list. Its services are available in all 50 states, and it offers coverage for single trucks and fleets. However, its risk mitigation offerings for fleets stand out among its many services.
You can get coverage for your ambulance, dump truck, refuse truck, dry-freight, or refrigerated trailer. Additionally, it runs a Fleet Ahead program that merges technology with risk mitigation, preventing loss while improving driving performance.
However, The Hartford doesn’t provide online quotes, so you’ll need to pick up the phone and speak with an agent. Also, it isn’t the best insurer to approach if you own only one truck.
It provides a wide range of complementary coverages
Risk engineering services available for fleets
Incredibly long-lived insurer
Not many options for single trucks
The Hartford is a fleet owner’s best friend regarding insurance for truckers. You’ll also want to take advantage of its Fleet Ahead program if that’s you.
The Owner-Operator Independent Drivers Association (OOIDA) is a membership-only organization that’s excellent at looking out for small trucking companies and individual truckers. As a member, you get discounts from over 90 manufacturers.
Additionally, this organization provides insurance for truckers and health insurance for their families. Some of the policies provided include physical damage coverage and motor truck cargo.
The coverage extends to both owner-operators and leased owner-operators alike. However, to join the OOIDA, you’ll have to pay a yearly membership fee of $45. While the organization has garnered positive reviews, customers have complained about its lack of responsiveness.
In-house underwriting provided
Provides competitive insurance prices
Advocates for the little guy
Not very responsive
Gaining membership into the OOIDA will mean you get discounts from over 90 manufacturers and health insurance for you and your family.
Factors to Consider When Choosing an Insurance Provider for Truckers
The number of choices available to truckers regarding insurance coverage won’t be confusing when you know what to look for. To that end, we reveal some factors to consider when choosing an insurer below.
Basic coverage won’t be sufficient in every instance. Therefore, you’ll need to determine your coverage needs by carefully considering variables like the type of truck you want to insure and the type of cargo you haul during your day-to-day operations, among others.
Insurer’s Financial Standing
Picking an insurer with good financial standing is crucial because it’ll give you peace of mind to know your policy will remain valid as long as you keep up the contributions.
It’s always a good idea to research how long a potential insurer has been in business. The longer they’ve been in the game, the more likely it is that they’re experts at what they do and will provide you with a good customer service experience.
When you run into issues or need to make a claim, you’ll want to receive a prompt response from your insurer’s customer services representatives. Therefore, ensure that you research a potential insurer’s past customers’ reviews of their customer service.
Many insurers try to sweeten the deal by offering discounts when you purchase an add-on, so inquire into whether a prospective insurer makes such provisions.
It’s preferable and more convenient if your trucking insurance provider has branches in all 50 states of the US. That way, if you relocate to another state, you won’t have to worry about switching insurers.
How Much Does Insurance for Truckers Cost?
Typically, trucking insurance costs can range between $2000 and $4000 per truck. However, it depends on the provider.
Will the Coverage on My Truck Extend to My Personal Belongings?
Yes. Many insurers give truckers the option to include coverage for their personal belongings through physical damage coverage.
Can You Pay for Truck Insurance in Instalments?
Yes, it’s possible. For example, some insurers will require you to make a 10% deposit, and in return, you can spread the cost of your premiums.
Can You Cancel the Policy at Any Time Without Penalty?
Yes, you can cancel your policy any time you see fit. However, you’ll need to find out from your agent whether you’ll be penalized for it. Additionally, canceling your policy won’t affect your credit score.
Well, that’s a wrap. You’re now privy to the 7 best insurance providers for truckers in the business.
We highly recommend Progressive due to the insurer’s generous discounts, long history, excellent customer service, and wide availability throughout the US.
You could go with Sentry as an alternative, especially if you’re an owner-operator with a single truck. This insurer’s highly-customizable policies are an excellent feature that’ll give you a tailor-made policy suitable for your unique needs.
Finally, if you’re on the market for a lower-priced policy, try getting one through CoverWallet.