In the United States, around 715,000 trucking companies employ roughly 4 million truck drivers. There are so many trucks on the road today that business owners must have adequate protection.
Commercial truck insurance, like standard auto insurance, can include various combinations of liability, collision, & comprehensive protection.
Commercial truck insurance, in contrast to standard auto insurance, typically has larger coverage limits to account for the greater weight and value of the trucks and the cargo they transport.
Here are some companies to get you the most affordable tanker truck insurance in the United States.
We analyzed cost, accessibility, customer service, and plan alternatives to create the following ranking. Check out the following to learn more about the truck insurers.
Finding the Correct Truck Insurance Company
There is no shortage of insurance providers for commercial trucks, but it might not be easy to compare policies.
Because of this, working with a broker or agent can be beneficial. Alternatively, you might perform independent research to determine which service provider best suits your needs.
Agent, Broker or Online
There is no shortage of insurance providers for commercial trucks, but it might not be easy to compare policies.
Because of this, working with a broker or agent can be beneficial. Alternatively, you might perform independent research to determine which service provider best suits your needs.
Insurance brokers are well-versed in the particulars of various insurance companies’ policies for commercial vehicle insurance, and they help clients discover the best approach for their scenario.
However, it’s important to remember that working with a broker may increase the total cost of insurance due to the commissions they earn.
Nevertheless, many customers believe that the cost of employing a broker is justified because it saves them time and ensures they have the greatest coverage possible within their financial constraints.
Agents only work for one insurance provider. They educate customers on the various coverage choices available from that company.
An agent is a place to go if you’re down to a few potential insurance companies but still have questions regarding policies and coverage levels.
Individuals can buy a policy directly from an insurance provider via the internet without the intervention of an intermediary, such as a broker or agent.
This course of action is recommended for trucking business owners who are either already well-versed in insurance plans or have done a significant study to identify the type and level of coverage they need.
Many insurance providers now offer direct online enrollment for business owners; however, some may require a phone confirmation.
Comparing Truck Insurance Providers
Coverage
Coverage options are important when choosing an insurer. Most insurance providers offer general liability and property damage insurance, but your firm may need trailer interchange or non-trucking liability.
In those instances, find a provider with all the coverage you need. You must also grasp each company’s policy restrictions and terms to choose the finest plan.
Finally, not all insurance firms operate in every state, so interstate trucking business owners must ensure they are protected in each state they work in.
Read these recommendations to narrow your top insurance coverage selections for independent research. Next, talk to company reps.
Reputation
After determining which insurance companies give your required coverage, consider their reputation. For example, J.D. Power and the BBB are reliable insurance company reputation sources (BBB).
J.D. Power annually analyzes major insurance firms’ products, business operations, and customer satisfaction.
The Better Business Bureau lets customers air their grievances and gives corporations a chance to fix them.
J.D. Power and the BBB comprehensively assess the company’s customer reputation and complaint handling. As a result, reaching the correct truck insurance will become easier.
Financial Position
Commercial truck insurance covers costly events. Trucking accidents cause more economic harm than personal or smaller commercial vehicles.
Thus, business owners should carefully assess an insurer’s financial strength to determine its capacity to pay pricey claims. In addition, public insurance businesses must release their financial information for self-research.
To compare insurance firms, even private ones, use AM Best, Moody’s, and S&P ratings. These agencies assess a company’s finances. All three main rating agencies approve our insurance providers.
As said, driving history, location, and truck type affect prices. J.D. Power’s insurance industry surveys on consumer satisfaction with pricing policies do not reduce customer satisfaction by policy type. To compare prices, you’ll need quotes from each company.
Our Recommendations
For New Drivers
When shopping for truck insurance for the first time, you may find it challenging to secure a low rate because insurers have no prior experience with you and your driving habits on which to base your premium.
The rates can be significantly higher than those of more seasoned drivers, especially if the policyholder is a young person. Finding cheap truck insurance may be difficult for new enterprises for the same reasons.
This is why new drivers and businesses should search for commercial truck insurance firms that provide inexpensive base rates and various discounts that can further reduce those prices.
Our investigation led us to conclude that Nationwide is the finest commercial truck insurance provider for new drivers.
High-Risk Drivers
High-risk drivers, like those who have been in accidents or have accumulated several traffic tickets, may have trouble finding a cheap policy for their commercial trucks.
Drivers with a history of DWI or hit-and-run tickets may discover that their insurance premiums are significantly higher than those of other customers. A “high-risk” driving record might still affect insurance premiums.
Drivers at risk of being classified as high-risk should shop around for the most affordable rates. In addition, high-risk drivers can save money on insurance by taking advantage of the multi-policy, up-front payment, and multiple-vehicle discounts that many insurance providers offer.
As the policyholder’s driving record improves or extra safety measures are added to the car or the business’s procedures, some insurance providers will reward them with price reductions.
Considering the preceding, we have concluded that Hartford is the premier commercial truck insurance provider for high-risk drivers.
Their focus on safety and discounts assists high-risk drivers in saving money and reducing the likelihood of accidents. In addition, another excellent choice for high-risk motorists is Progressive.
Progressive’s origins may be traced back to an effort to cover high-risk drivers who could not obtain insurance from other companies. In addition to their low rates, flexible discounts, and stellar reputation, they’re a great pick for drivers with greater risk on the road.