10 Best Commercial Truck Insurance Companies In 2020September 1, 2020
Commercial trucking insurance is a necessity for owners in the trucking industry, as those who find their fleet inadequately insured may face severe penalties from state and federal entities. Unfortunately, Commercial Truck Insurance Operation premiums can be quite expensive, and can vary greatly depending on the type of coverage needed. Factors that determine insurance premiums can include operation radius, number of trucks, years in business, the type of cargo that is hauled, and much more.
Because of the diversity of insurance plans and the wide price range that comes with them, finding the right truck insurance company for your business is especially important. Here is a list of who we believe are the top insurance companies to cover your semis.
Progressive has the largest volume of commercial truck insurance claims and is rated number one truck insurer according to SNL 2019 premium data review. In addition to standard coverage options, Progressive offers customized plans for motor truck cargo, motor truck general liability, non-trucking liability, rental reimbursement with downtime, and trailer interchange. Their agents also offer state and federal filing upon authorization, so owners may be certain that their fleet is covered up to government standards.
BHHC offers trucking insurance on a wide variety of classes, including:
- Caterers/Mobile Concessions
- Dump Trucks
- Tow Trucks/Auto Haulers
Standard coverage options are offered, and additional features such as combined deductible, limited pollution liability, and waiver of subrogation are available in specific states.
Lancer offers trucking insurance across a range of operations, but they specialize in intermediate to-long-range hauling for fleets of up to 10 vehicles. Combined single limit coverage of up to $2 million is provided for bodily injury and property damage, and additional liability coverage options such as personal injury protection, uninsured motorist, underinsured motorist, and medical payment are available. Collision and comprehensive coverage are offered for body repair as well.
Comprised of over 240,000 heavy-duty trucks and small truck fleets across the US and Canada, the Owner-Operator Independent Drivers Association represents the interests of independent owner-operators and professional drivers on all trucking-related issues. Owner-operators who are insured through the OOIDA will benefit not only from comprehensive trucking insurance, but from the advocacy performed by the OOIDA on behalf of the trucking industry. Primary liability, general liability, motor truck cargo, passenger accident and physical damage coverage is available for owner-operators with their own authority, and non-trucking liability, unladen liability, bobtail liability, physical damage and passenger accident is offered to leased owner-operators.
Canal Insurance provides trucking insurance for companies with 10 or fewer power units (Express), 11-50 power units (Mid-fleet), and 51 or more power units (Fleet). Standard coverage can include auto liability, physical damage, and cargo/freight damage, with additional features including broadened coverage for limited pollution liability where required, auto liability up to $1,000,000, trucker’s general liability up to $1,000,000/$2,000,000, and hired and non-owned auto coverage. Further benefits include expanded refrigeration coverage to cover exceeded temperature ranges due to driver’s errors and broadened auto hauler coverage.
Eastern Atlantic prefers to provide commercial auto insurance for clients with up to 25 power units that operate within a 600-mile radius, but will consider insuring larger fleets subject to underwriting conditions. In addition to conventional commercial automotive vehicles, dump trucks, flatbeds, oversized loads, and non-hazmat dry bulk or liquid tanks can be covered subject to underwriting guidelines. Highlights of their coverage plan include commercial auto liability and physical damage with a $1,000,000 maximum combined single limit for liability and $2,000,000 maximum fleet value, motor truck cargo of up to $100,000 per load, and passengers are not insured under any circumstances. Dashcam reimbursement is also provided for fleets with under 10 power units that agree to preserve all video in the case of an accident.
Founded in 1948, Northland Insurance is one of the most experienced trucking insurance providers. They offer auto liability, general liability for trucking class, motor truck cargo, physical damage, a tool and equipment floater to cover valuable tools used in trucking operation, and worker’s compensation. A few specifics include MCS90 or MCS90B endorsements that are offered at no extra charge when required for passenger or motor carriers, pollution liability coverage that is automatically attached with the purchase of an MCS90, and trailer interchange coverage.
AIG’s Trucking Insurance Group offers general liability, physical damage, and admitted liability coverage for vehicles facing heavy exposure of up to 26,000 lbs. Their preferred fleet size to insure is 5-250 power units, with two years of required operating experience for fleets of 5-10 power units, and three years for fleets with 11 or more power units. They do not have a restriction on operation radius either, and underwriting offerings of liability deductibles of up to $50,000 can be given.
Consisting of Independent Contractors Owner-Operators, Moving and Storage Companies, General Trucking, Retail Trucking and DealerPack, IAT Insurance Group’s five different districts make their Commercial Transportation Unit the sixth largest writer of truck coverage in the industry. Due to the fact that all plans are offered by a wholesale or retail agent to accommodate the individual needs of each company according to their trucking operations, it is best to contact the IAT insurance representatives to ascertain the specific details of the coverage plans they offer.
National Interstate uses its vast experience to insure trucking fleets of any size by providing coverage for trucking general liability insurance, physical damage, motor truck cargo, garage liability, worker’s compensation, and more. Excess liability is available as well.
These are the 10 trucking insurance companies we have found to be most effective in the scope and quality of the services they provide, but there are a wide range of other trucking insurance companies as well. The most important thing is that you find an insurer that can handle the needs of your specific operation. We can help with that, so just contact us today and we’ll help you find the right trucking insurance company for you.