The Best Commercial Car Insurance for 2021
Finding the best commercial truck insurance depends on you and your specific business. Whether you have a single food truck, a fleet of tractor trailers, or something in between, there are many trusted and highly rated carriers offering secure commercial truck coverage to meet your needs.
If you’re looking for the best all-around commercial truck insurance, Progressive is worth a look. This carrier offers coverage for many different types of trucks and industries across the U.S., with a variety of discounts available.
However, if you are looking for specific policy features, there may be another carrier that best suits your needs.
|Progressive||Best Overall||Top insurer for a range of truck types; many discounts, 24/7 claims, available in all 50 states; free state and federal insurance filings|
|Sentry||Best for Single Trucks||Personalized service and customized policies for individual owner-operators|
|The Hartford||Best for Fleets||Specialized technology and products designed for fleet management and risk reduction; fleet discounts|
|CoverWallet||Best Value||Aggregator offering instant quotes starting at £125, and policies in minutes|
|State Farm||Best Customer Service||#2 in customer satisfaction, below-average consumer complaints, and the highest-possible financial strength rating|
Frequently Asked Questions (FAQs)
How Does Commercial Truck Insurance Work?
Similar to other forms of auto coverage, commercial truck insurance provides protection for others in the form of bodily injury and property damage liability coverage, if a truck driver is found responsible for an accident.
Commercial truck insurance can also offer other coverages, such as comprehensive and collision protection, cargo coverage, personal injury protection (PIP), and uninsured/underinsured motorist protection. When an incident happens, the driver will report the claim to the insurance carrier who pays the covered benefits.
How Much Is Commercial Truck Insurance?
As with all insurance products, the cost of commercial truck insurance will vary according to individual factors. These include the vehicle(s) being insured, coverage limits chosen, location, travel radius, type of cargo, business experience, and even the driver’s own age and record.
The national average monthly cost for commercial truck insurance ranges from £795 to £931 per month, however, according to Progressive.
What Is Fleet Insurance?
Fleet insurance covers businesses that operate more than one vehicle.
The vehicles receive the same coverage options and get a discounted price when in a fleet. While a fleet is typically considered five or more company vehicles, some insurance companies will consider offering a commercial fleet policy if you operate just two or more vehicles for your business.
How Much Commercial Truck Coverage Do I Need?
According to the Federal Motor Carrier Safety Administration, commercial trucks are required to carry minimum insurance coverage amounts depending on the vehicle and cargo being driven. The more dangerous the cargo, and the heavier the truck, the more coverage drivers are required to have.
Minimum commercial truck insurance limits are currently:
- £300,000 for non-hazardous cargo in trucks under 10,001 pounds
- £750,000 for non-hazardous cargo in trucks 10,001 pounds and over
- £1 million for oil being transported by for-hire/private carriers
- £5 million for other hazardous materials or explosives being transported by for-hire/private carriers
- Additional cargo coverage for household goods being transported, £5,000 per vehicle/£10,000 per occurrence
Keep in mind that these are federal minimums; additional minimums may be required by certain states, companies, or when hauling specific cargo.
How We Chose the Best Commercial Truck Insurance
In order to help you find the best commercial truck insurance, we compared the products offered by 10 different carriers, including Progressive, The Hartford, Sentry, State Farm, GEICO, Berkshire, NITIC, Travelers, OOIDA, and Owner Operator Direct.
We looked at factors like the types of trucks covered, coverage options, availability, and consumer satisfaction feedback.
We also looked at whether these companies specialized in a specific type of commercial truck insurance coverage, the types of discounts offered, and how they held up in terms of financial strength ratings.