Understanding Commercial Truck Insurance
Commercial truck insurance is a significant investment for business owners. Before signing up for a policy, it is important to understand the coverage that your business needs and to adhere to federal and state law. This guide will first provide an overview of commercial truck insurance, including the types of coverage, costs, and legal requirements. Then well review how to evaluate different providers and share some recommendations for top insurance companies that cover commercial trucks.
Best Customer Service: State Farm
State Farm
The provider above may not be one of the providers in the CommercialInsurance.net network at this time.
With top satisfaction ratings and below-average consumer complaints in two out of the past three years, State Farm snags our pick for the best customer service among commercial truck insurance companies.
Coverage for individual or fleet vehicles
Available in all 50 states
No online quotes
Need to work with agent
Whether youre looking to insure a single commercial truck or an entire fleet, State Farm is our recommendation if youre looking for the best customer service experience. They earned the second spot for overall customer satisfaction in the 2021 J.D. Power U.S. Small Commercial Insurance Study and received far fewer consumer complaints than expected in 2019 among commercial auto customers, according to the NAIC.
Through State Farm, customers can purchase commercial truck insurance for single or fleet pickup trucks, box trucks, tractor-trailers, and more. The company offers liability, collision, comprehensive, personal injury protection , medical payments, and uninsured/underinsured motorist coverage.
Commercial truck insurance is available in all 50 states. Limited information is offered on State Farms website, and there are no online quotes instead, youll need to work with a local agent to get additional info to build and buy your policy.
State Farm currently boasts an A++ financial strength rating through AM Best, the highest possible.
Best For Single Trucks: Sentry
Sentry
Though many carriers offer coverage for large businesses and trucking fleets, Sentry is a carrier that focuses heavily on single-truck customers. Their level of personal service and industry expertise earn it our nod for owner-operators and businesses with just one truck.
Available in all 50 states
Specializes in coverage for owner-operators and personal use liability
Need to work with a local agent
Smaller company
Sentry has been providing trusted commercial insurance coverage since 1904. Though this carrier is on the smaller side of commercial truck insurance, they offer coverage in all 50 states through their network of 65 agencies, all of which specialize in trucking.
Sentry believes in customizing the insurance experience, tailoring their commercial truck coverage to build exactly the policy you need, even if youre a single owner-operator. They have a knowledgeable claims staff who understand trucking and offer certified safety directors who boast more than 20 years of industry experience. This level of expertise and specialization, especially for non-fleet business owners, makes Sentry our top pick for the best for single trucks.
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Get A Cheap Box Truck Insurance Quote Today
Ready to get a box truck insurance policy? Contact us today to get a free box truck insurance quote. Make sure you let us know your zip code, details of your business, and information on your box trucks. By providing us with all this, we can get a better idea of the coverage you need.
Quotes are available either at one of our many locations or online in just a few clicks via our website and mobile app. Our Customer care agents are also just one call away to answer any of your frequently asked questions or FAQs. Get your box truck insured today and drive worry-free tomorrow.
Affordable Box Truck Coverage is only a click away. Receive a personalized quote online or call Insurance Navy⢠today at 888-949-6289.
Box Truck Coverage may not be available in every state, please call an insurance agent for more information. *
What Your Insurance Company Should Send To The State Or Fmcsa
For your business to be compliant and legal, once you obtain insurance, your agent will send over the necessary information to your state and/or FMCSA.
The items that are sent over to your state could be:
State Insurance filing or Form E. Form E check with your local dmv if you need one. Only a handful do.
Cargo Form H Filing depending on the state you could need these for because you are a household goods mover or its part of your states cargo filing.
PUC Filings Some state requires you to file over to your public utilities commission. You can search online your state plus state filings of PUC filings for more information on which one you will need.
MCS90 Endorsement This is an endorsement with FMCSA stating that your insurance is filed
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Who Needs Box Truck Insurance
If you own a box truck, you need box truck insurance. Most states require that all registered vehicles driven on public roads have insurance. Your box truck is not an exception to this rule.
Consider also the potential losses you might incur if an accident or other incident involving your box truck occurred and you were not properly insured.
Work with your commercial auto insurance agent to make sure your policy is compliant with your states laws.
Commercial Truck Insurance For New Drivers & Companies
It can be difficult for first-time truck insurance buyers to get a good rate because insurers have no track record of safe driving to reference. Especially if the individual is young, the premiums can be much higher than for experienced drivers. New businesses may face similar challenges finding affordable truck insurance.
For this reason, new drivers and companies should look for commercial truck insurance providers with already affordable rates, as well as numerous discounts that can lower the cost of the policy. Based on our research, the company with the best commercial truck insurance company for new drivers is Nationwide, followed by Progressive. Read detailed reviews of each company below.
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Box Truck Insurance For Amazon
Amazon is an eCommerce behemoth that offers a wide variety of employment and business opportunities. Why not grab the opportunity of delivering the company’s goods to customers through its Amazon Relay program?
The program offers everything from freight networks to driver apps to make your work a breeze. But you need to meet the program’s insurance demands . Here are the required policies:
Commercial General Liability: at least $1 million per occurrence and $2 million in the aggregate
Auto Liability: at least $1million per occurrence
Cargo: at least $100,000
Workers’ Compensation: coverages in all jurisdictions where you do business
Employer Liability: at least $100k per occurrence
Before taking out a box truck insurance, tell your insurer that your truck will be for Amazon commercial deliveries. They’ll work with you to ensure the solution is tailored to your needs.
Types Of Businesses Requiring Box Truck Insurance
Box trucks are a special kind of vehicle that comes in many different shapes, but they all have one thing in common: theyre big. The box truck you see rolling down the street might be specialized for construction work or labeled as an LTL carrier transporting light loads. Box trucks need specialized commercial insurance because the purpose of owning and operating these trucks is very niche. Here are some examples of box trucks:
- Moving Truck
And here are some of the businesses that use box trucks for transporting goods:
- Courier Companies
- Retail Companies
- Contractors
The state you operate from, your liability requirements, and the size of your fleet determines what kind of coverage you need and how much you should invest.
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What Commercial Truck Insurance Doesn’t Cover
Commercial truck Insurance is essentially Primary Commercial Auto Liability which will not cover any damage that ISNT done to other. So, if you were to get into an accident and your vehicle needs to be repaired or replaced, you would NOT be covered.
For instance, If someone were to be injured or have their property damaged by your commodities coming loose and falling onto their property, you would not be covered.
The only thing that will be covered by this coverage alone, is bodily injury and property damage done to other while the vehicle is being operated for business purposes by someone who is covered on the policy.
Commercial Truck Insurance Quotes
Freeway helps all types of truckers stay legal and safe on the road. Request a free commercial truck insurance quote online or by giving us a call. All you need to do is provide some information about your business and the truck or fleet of trucks you own, and well help you find affordable commercial truck insurance with great coverage. We have partnerships with all the top commercial truck insurance companies so you can be certain youll be matched with the best company to meet your needs.
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How Much Does Truck Insurance Cost
The average owner-operator cost is between $175-200 a month provided that they are leased to a motor carrier. Of course, there are certain circumstances that will have an impact on the price of the insurance premium. For example, a 3,000-pound tow truck will cost around $2,000 to insure. Commercial trucking insurance covers all aspects of your rig and equipment, including drivers.
How do I get a quote? Most commercial insurance agencies can give you a low-cost quote online with minimal personal information. while you can get an insurance quote online, its probably not as accurate which is why you should always make a phone call that way the broker can give you a cost-effective policy that meets your businesss requirements and your budget.
Box Truck Rental Insurance
It will help if you take out rental insurance when renting a box truck. This is offered as hired auto liability insurance. If youre renting a box truck and cause an accident with it, hired auto liability insurance will cover the medical expenses of injured third parties and reimburse the owners of damaged property. If you do some research before purchasing insurance, youll discover that insurance companies offer additional options:
Limited damage waiver – Covers loss or damage to the rented truck
Cargo coverage – Reimburse the losses of your clients if their cargo becomes lost or damaged during the trip
Supplemental liability – States require truck leasing firms to provide minimum liability limits on every rental. You can take out supplemental liability insurance to cover extra liabilities
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State Farm Commercial Truck Insurance
- Unlike other insurers, State Farm does not offer an online quote tool
- Potential customers must speak to a local representative to get a quote
Coverage Options
State Farm offers all of the standard commercial trucking coverage options one would expect, including bodily injury, property damage liability, personal injury, comprehensive, collision, and uninsured/underinsured motorist coverage. They also offer motor truck cargo and transportation coverage through their inland marine policies, as well as less common coverage options like rideshare insurance.
Vehicles covered under State Farms commercial truck policies include everything from pickup trucks to equipment like dump trucks and bucket trucks, which means that your businesss fleet is likely to find the type of coverage needed with State Farm.
Company Reputation
State Farm has one of the best reputations of any major commercial truck insurance provider. In J.D. Powers 2021 study of auto insurance providers, State Farm tied for the highest customer satisfaction rating of all large insurers with a score of 872 out of 1,000. Further, State Farm is rated as an A+ business with the Better Business Bureau, showing State Farms dedication to treating customers fairly.
Financial Strength
Cost
Additionally, State Farm also provides many other forms of business coverage which can be packaged or bundled together with a commercial truck policy for savings and convenience.
Recommendation
How We Chose The Best Commercial Truck Insurance
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.
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Where To Get A Quote: Broker Vs Agent Vs Online
Insurance brokers are individuals or companies that help clients to find the best insurance policy for their situation because they are well-versed in the specifics of different companies policies for commercial truck insurance. It is worth noting that the price of the insurance might ultimately be higher with a broker because of the added broker fees. However, using a broker can save business owners a lot of time in the research process and result in the best coverage for the budget, which many clients believe is well worth the investment.
Insurance agents are representatives of one insurance company. They help clients understand different insurance options offered by that one insurer. Agents are the way to go if you have narrowed down your choice to a specific insurance provider, but need more information about different policies and coverage options before making a decision.
Individuals can also forgo the help of a broker or agent and purchase a policy online. In general, this option is best for those who are already familiar with insurance policies or who have conducted extensive research to determine the coverage that their trucking business requires. Business owners can usually sign up directly on an insurance companys website, although some insurers will also confirm the purchase over the phone.
Upload Your File For Quotes:
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Who Is Commercial Box Truck Insurance For
If your construction company uses any kind of vehicle for transport or hauling equipment or material to and from the site, you should get Commercial Box Truck Insurance. As mentioned before, it is even obligatory in some states.
You have to make sure that you have all the named insured and have permissive users added. The best coverage would include all the vehicles you need for your business, owned or rented.
One more thing you need to be sure of is that most Commercial Box Truck Insurance policies do not cover employees who were in an accident while driving their own vehicle, even if it is for work.
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.
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How And Why Rates Change
Insurance rates are always changing and will often fluctuate depending on a number of reasons depending on the insurance company. Some insurance companies will change rates primarily based on your driving record and some will change rates because of an increase in accidents and claims from other motor carriers in your particular operation type.
It can be pretty frustrating having your rates increase out of nowhere, but just as rates can increase, they can also lower. Just as there are a different reasons your rates can go up, there are different reason for why your insurance rates can go down. Most insurance companies will look at your driving record for any violations or accidents that have occurred within 3 years. If you have an accident on your record from 2 years ago that is effecting your insurance rates, in one year, it will not be counted as an accident by your insurance company once it passes the three year mark and your rates will go down as if you never had the accident on your record. Being safe on the road will not only keep you from harm, but it will also keep your rates down.
What Does Truck Insurance Cover
Commercial insurance covers business owners and help truck drivers protect their assets from the financial damage of a truck collision or accident. It also covers physical damage, also known as bodily injury liability, that is caused by an accident or the physical act of driving. Truck Insurance also protects businesses for property damage caused by a crash or being abandoned after a crash. Heres a list of coverage: Liability, Physical damage, Medical payments coverage, or MedPay, Uninsured motorist, Trailer interchange, Non-trucking liability, Motor truck cargo, Motor truck general liability, On-hook towing, Garagekeepers legal liability and Workers compensation.
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