This post was last updated on July 20th, 2019

Driving commercially requires the proper insurance to ensure that you’re never held liable for accidents that arise on the road.  Truckers are on the road for tens of thousands of miles per year, and securing the right insurance provides peace of mind in knowing that if you’re in an accident, you’ll be covered financially.

How to Buy Truckers Insurance

Commercial Truck Insurance Companies

When going to purchase trucker’s insurance, you may be afraid that the process is long and tedious. But it’s no different than getting your personal vehicle insured, for the most part. And if you drive for a company that provides a truck to you, It’s likely that you won’t need to secure your own insurance.

But if you do own your own truck, getting insurance is a requirement.

There are also options for insuring fleets that act as an umbrella coverage for all of the vehicles under one policy. There are two ways to go about getting the insurance you need:

  1. Broker: A broker will work to find you the best insurance option to meet your specific needs. Brokers may work with one or multiple companies and aim to take the hassle out of getting insurance.
  2. Direct: Nothing is stopping you from directly contacting potential insurance companies and seeking insurance. Most companies have an online quote system which allows for a fast and easy way to get prices for your desired policy.

But the hardest part is scouring through all of the commercial truck insurance companies and making a choice. It’s all about policy limits and premiums.

 

Top Commercial Truck Insurance Companies

OOIDA

ooida truck insurance

Owner-Operator Independent Drivers Association (OOIDA) is one of the industry’s most trusted associations for everything trucking – not just insurance.

But the company does offer low-cost options to drivers and has done so since the mid-1970s.

 

The company offers two main tiers of insurance:

Owner-Operators with Authority

If you have authority over your truck, you can secure insurance under this classification. This coverage provides:

  • Primary Liability (FMCSA requires $750,000 coverage)
  • Commercial General Liability
  • Motor Truck Cargo
  • Physical Damage
  • Passenger accident

You’ll be able to adjust your coverage limits accordingly to your needs.

For Leased Owner-Operators

If you’re currently leasing a truck, you’ll need coverage that is a little different and provides further protection to safeguard you against liability claims. Coverage offered includes:

  • Physical damage
  • Unladen liability
  • Bobtail liability
  • Non-trucking liability
  • Passenger accident

And there are several optional coverage options that can be added to either policy. These optional coverage options include:

  • Downtime coverage
  • Limited depreciation coverage
  • Gap insurance
  • Trailer interchange
  • Personal property
  • Rental reimbursement
  • Supplemental towing and clean up
  • Roadside breakdown coverage

All of the optional components will add to your overall premium, but they’re well worth the cost in most cases.


Great West

Great West Trucker Insurance

Great West is all about the experience, and the company has over 50 years of experience helping policyholders. Insuring semi-trucks, the company offers a wide range of coverage options.

Base Policies

The base policy provides coverage that trucks of all types need:

  • Auto liability
  • Cargo
  • General liability
  • Garagekeepers
  • Physical damage
  • Inland marine
  • Workers compensation
  • Umbrella

As you can see, some of the options are geared towards company owners and other specialties.

Owner-operator Specific Options

Owner-operators have special needs, and as a result, there are several coverage items that are provided to owner-operators specifically:

  • Lease/finance reimbursement
  • Occupational accident
  • Rental reimbursement
  • Downtime
  • Equipment coverage

The company does provide online quotes and will contact you about coverage options and concerns.

 


Progressive Commercial

Progressive-Commercial-truck-insurance

Progressive is one of the most prominent insurance companies in the United States, and the company provides insurance policies designed for truckers. You’ll find that Progressive offers insurance for trucks of all kinds, including:

  • Box trucks
  • Flatbeds
  • Semis
  • Front loaders
  • Garbage trucks
  • Tractors
  • Tank trucks
  • More

Three main insurance options are offered:

Owner Operator Insurance

Under this policy, you’ll be able to get insurance for leases and own authority trucks. Coverage includes:

  • Non-trucking liability insurance
  • Physical damage coverage
  • Motor truck cargo insurance

The above is within the permanent lease option. If you fall within the own authority option, you’ll be able to choose:

  • Liability insurance
  • Physical damage coverage
  • Motor truck cargo insurance
  • Motor truck general liability insurance

Motor Carrier Insurance

The following options are available:

  • Non-trucking liability insurance
  • Physical damage coverage
  • Medical payments insurance
  • Uninsured motorist insurance
  • Motor truck cargo insurance
  • Bodily injury insurance
  • Property damage coverage

Private Carrier Insurance

If you’re using your own truck to haul goods for an employer or your own company, private carrier insurance is recommended. This insurance includes:

  • Liability insurance
    • Property damage liability
    • Bodily injury liability
  • Physical damage
  • Medical payments insurance

Progressive Commercial further offers other options for optional coverage that is needed on a per-circumstance basis.

 


1st Guard

1st Guard Truck Insurance

A trucking specialization company, 1st Guard Commercial deals with just trucking insurance, so the company’s policies are often tailor-made to your specific needs. The company is better able to accommodate the needs and concerns of their policyholders as a result.

The company offers three product packages for truckers:

PD Insurance (Physical damage)

Physical damage coverage ensures your truck is covered in the event of an accident. Your vehicle is covered whether it’s driven for business or personal use. Coverage includes:

  • Extended towing
  • Downtime
  • Loan gap
  • Emergency expense reimbursement
  • Truck rental reimbursement
  • Contents
  • No deductible glass
  • Roadside assistance
  • Traps, chains and binders

NTL Insurance (Non-Trucking Liability)

A unique insurance that acts as a form of limited liability coverage when permanently leasing a truck.

Occupational Accident Insurance

Coverage for owner-operators for work-related injuries that may occur.  This insurance also has the options for:

  • Worker’s compensation insurance
  • Passenger accident insurance

You’ll be able to get a personalized quote right on the company’s website.

 

 

Commercial Trucking Insurance Tips for Getting the Best Rate

How to Buy Truckers Insurance

When getting a quote or talking to a broker, you’ll find that the initial policy figures are not set in stone. There are a lot of different things you can do to lower your premiums, and a lot of this starts with your coverage maximums and policy requirements.

A few tips that will help you save money when trying to obtain commercial trucking insurance include:

  1. Haggle: When talking to a broker, don’t be afraid to mention other quotes you’ve received and ask if they can be matched or beaten. You lose nothing by haggling for a lower price.
  2. Pay in Full: It may not be realistic for everyone, but if you have the ability, you can pay for your premium in full to save a decent chunk of change in the process.
  3. Cargo Insurance: What type of cargo do you haul? You’ll want to look at your cargo insurance limits to ensure you’re not covering $1 million of goods when you haul $200,000 worth of goods normally. If you have a special haul in the future, you can often work out coverage increases on a one-off basis.
  4. Raise the Deductible: All policies have deductibles, and raising your deductible can save you money. Just remember that in the event that you’re in an accident, raising premiums will require more out of pocket expenses, which isn’t always ideal.
  5. SAFER Scores: The FMCSA data can be wrong, and these errors can cost you a lot of money. SAFER scores that are misrepresented can cost you money. Insurers want clients that are safe drivers and a lower risk.
  6. Experience: The CDL experience you have can lower your premiums. The more experience you have, the better it will be when trying to negotiate cheaper insurance rates.
  7. Logbook Violations: The dreaded logbook needs to be filled out properly at all times. Errors in your logbook can cause you to pay inflated premiums.

Working with reputable commercial truck insurance companies will give you peace of mind that you and your rig are covered in the event of an accident. Discussing your options with a broker or representative is the first step in securing trucking insurance.