With the fallout of the pandemic, today’s operators need to make the most of every dollar. As a commercial truck owner, you might wonder, “Who has the best commercial truck insurance?” Well, the answer depends on your needs.
There are millions of commercial truck drivers in the United States. What’s more, there are hundreds of thousands of commercial trucking companies.
With so many trucks on the road, it’s important to find the best commercial truck insurance available. As a matter of fact, insurance is one of many challenges in the auto transport industry.
Commercial truck coverage can provide a mix of liability, collision and comprehensive coverage. However, commercial truck coverage has higher limits compared to personal auto insurance.
This higher limit accounts for heavier weight and more valuable vehicles. It also helps protect the cargo that commercial truck owners haul.
To learn more about the five best cargo insurance companies, keep reading.
What Is Commercial Truck Insurance?
Commercial truck insurance is a special kind of coverage for trucking businesses. Companies that use trucks or independent truck drivers may purchase a commercial truck insurance policy.
When looking for a commercial truck insurance policy, there are a few things that are helpful to know. For example, you may find a brief overview of the best insurance policies and the products that they offer beneficial.
Commercial trucking insurance is an underwriting product especially for trucking businesses. For example, you may own a company that operates many trucks. Alternatively, you may drive a truck independently.
In either case, commercial insurance will provide you with financial and legal protection. For instance, it will provide coverage if you or someone else gets hurt because your commercial truck is in an accident.
Likewise, a commercial truck policy will provide coverage for property damage. It will also provide coverage in the event your cargo or trucking equipment gets damaged on the job.
Commercial trucking insurance applies to large vehicles. These vehicles include semi-trucks. They might even include trucks used for moving, construction, agriculture or the transportation of retail goods, such as passenger vehicles.
Choosing the Right Insurer
It can prove challenging operating a commercial trucking company. One important responsibility as a commercial truck owner is choosing the right insurance. In this regard, you’ll need to select an underwriter that can meet your needs.
You might have a sole commercial vehicle. Alternatively, you may have a fleet of commercial trucks.
Either way, you’ll need an insurance policy that can help you to save money on your premiums. However, cheap commercial truck insurance isn’t always the best option. You’ll also need an insurer that can provide you with the right protection for your needs.
5 Best Cargo Insurance Companies
Following are the five best commercial truck insurance companies on the market.
1. PROGRESSIVE
Progressive is the best overall cargo insurance company in the nation. They hold the largest market share among United States commercial insurance carriers.
The underwriter covers a variety of commercial trucks. They also offer several discounts.
Progressive cargo insurance is available in all 50 states. They also offer free federal and state insurance filing.
Progressive holds more than 12% of the overall commercial cargo insurance market in the nation. The company offers a wide variety of commercial truck insurance coverage and features.
You can access Progressive insurance quotes online. What’s more, Progressive offers flexible coverage and payment options.
However, Progressive also offers specialized support for commercial truck clients. In addition to free state and federal filings, the company also issues commercial truck claim payments within 48 hours.
With Progressive, you’ll enjoy additional coverage for your cargo. You can also receive reimbursement for rentals.
Progressive will give you a discount for business experience. You can also receive a discount for using an electronic logging service. Furthermore, you can save on Progressive insurance by paying your full commercial truck premium upfront.
2. SENTRY
Sentry is one of the best commercial cargo insurance companies for single truck owners. Most companies carry coverage for large businesses with trucking fleets. However, Sentry focuses greatly on single truck clients.
The insurance company provides an enhanced level of personal service for single truck owners. They’re well experienced in the industry. For this reason, Sentry is a great choice if you only own one truck.
With Sentry, you’ll enjoy flexible coverage options. Sentry also provides coverage across the United States.
The company specializes in coverage for owner-operators. You can also purchase coverage from Sentry for personal use for this reason.
Sentry has provided commercial cargo insurance for nearly 120 years. The company has held firm to its roots of customizing the insurance experience. They’ll custom tailor a commercial cargo insurance policy especially for your needs.
Furthermore, their staff is familiar with the challenges of single truck ownership intimately. They’re well equipped to help you manage your insurance needs if you only own one commercial truck.
Although Sentry specializes in providing policies for single commercial truck owners, they also provide policies for large fleets. In either case, you’ll need to purchase Sentry insurance through an agent. The company does not offer online quotes.
3. THE HARTFORD
The Hartford is one of the most well-known names in the insurance industry. The company is especially well-suited for providing coverage if you own a fleet of commercial trucks.
The insurer offers special programs and discounts for multivehicle businesses. Resultantly, The Hartford is an easy choice if you own several commercial trucks.
The underwriter offers fleet-specific programs, devices and discounts. The company also operates across the nation.
Furthermore, The Hartford provides several complementary coverages. They also offer special risk engineering services for commercial fleet owners.
If you only own a single commercial vehicle, you should know that your options are limited with The Hartford. You’ll also need to secure coverage from The Hartford through an agent, as a company does not provide online quotes.
The Hartford has provided insurance products for more than 200 years. They provide single vehicle and fleet insurance across the United States.
However, the company excels at providing coverage for fleet owners. In fact, the company prefers to write multi-commercial vehicle policies.
You can also purchase additional insurance products from The Hartford. For example, you can purchase general liability, property and worker’s comp insurance for your business. You can also purchase additional liability coverage for your commercial vehicles through the underwriter.
4. COVERWALLET
If you’re looking for the best value, CoverWallet’s got you “covered.” CoverWallet is a great way to find the best commercial cargo insurance value.
However, CoverWallet is not an insurer. The company is actually a commercial insurance aggregator.
The CoverWallet platform makes it easy for commercial truck drivers to purchase insurance. Using their website, you can purchase commercial truck insurance right online.
What’s more, you can complete the entire process in minutes. If commercial truck insurance prices are your top concern, you might find basic coverage for as little as $125 a month.
With CoverWallet, you can instantly access online quotes. On their website, you can find many coverage options for a wide range of commercial vehicles.
5. STATE FARM
If customer service is at the top of your priority list, State Farm has what you need. State Farm is top-ranked for customer satisfaction.
They’ve also received well below the market average of customer complaints. The underwriter is one of the best providers of commercial truck insurance customer service in the industry.
State Farm provides coverage for both individual and fleet vehicles across the United States. You can purchase insurance for a truck or a fleet of vehicles from State Farm. However, you’ll also need to work through an agent if you want to secure cargo insurance through the company.
Selecting the Right Insurer for Your Company
The best cargo insurance company for your needs will vary on your vehicles and the nature of your business. You might have a single truck or a fleet of commercial vehicles.
Alternatively, you may operate somewhere between these two extremes. In either case, there are many trusted and reputable commercial cargo insurance companies.
If you want the best overall commercial truck insurance, Progressive is a good bet. However, you may have other needs. If so, you may want to try one of the alternative commercial truck insurance companies on our list.
As a commercial truck owner, it’s always important that you’re insured and bonded. If you’re in an accident, these items will cover the cost of damages to your vehicle as well as any property damage.
You never know what could go wrong on the road. Flying rocks could damage your vehicle. Likewise, inclement weather or debris can result in unexpected damage.
The Best Auto Transport Company for Your Needs
Now you know more about the five best cargo insurance companies. Hopefully, you’re closer to choosing the right insurer for your needs.
It’s vital that carriers have the proper commercial truck insurance. If you’re looking for a vehicle transporter that’s reliable and fully insured, look no further than Nexus Auto Transport.
Please feel free to call our transportation experts at (224) 218-2949. We’re ready and waiting to exceed your automotive transportation needs.
