Commercial Truck Insurance
What coverage includes, why you need it, and more.
Written by
Christine Lacagnina has written thousands of insurance-based articles for TrustedChoice.com by authoring consumable, understandable content.
Reviewed by
Paul Martin is the Director of Education and Development for Myron Steves, one of the largest, most respected insurance wholesalers in the southern U.S.
Whether you're an entrepreneur with one commercial truck or run a company that uses a fleet of trucks, you need protection for numerous risks. No matter how many vehicles you own, they're vulnerable to all kinds of threats from accidents to storms. That's what makes having commercial truck insurance so important.
Luckily, an independent insurance agent can help you get equipped with the best commercial truck insurance for your needs. Not only that, but they'll also shop and compare quotes for you from multiple companies to find you the best rate. But first, here's a breakdown of commercial truck insurance and what it's all about.
Top Risks for Commercial Truck Drivers
Unfortunately, the trucking industry does not come without a myriad of risks. Here are just a few of the top risks for commercial truck drivers in the US:
- About 130,000 people are injured each year in truck accidents.
- About 70% of truck accidents result in property damage.
- About 22% of truck accidents result in injuries.
DID YOU KNOW?
Commercial truck accidents resulting in one injury cost an average of $148,000.
Since commercial truck drivers face such huge risks daily, it's crucial for them to be equipped with all the right protection.
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Types of Commercial Truck Insurance
Commercial truck insurance is available for many classes of vehicles. The top categories of commercial truck insurance are:
- Semis (tractor-trailers or 18-wheelers)
- Dump trucks
- Garbage trucks
- Car haulers and auto trailers
- Tow trucks
- Flatbed trucks
- Tank trucks
- Box trucks
How often you or your employees drive your trucks as well as the miles you travel each year and what you haul each factor into the type and amount of commercial truck coverage you need.
What Does Commercial Truck Insurance Cover?
Like many auto insurance policies, commercial truck insurance comes with several types of coverage, each specifically designed to protect your business and personal assets from catastrophic loss.
Common commercial truck insurance coverages include:
- Liability coverage: Covers the costs of lawsuits if you or one of your employed drivers causes an accident. Commercial truck liability includes reimbursement for bodily injury as well as property damage.
- Physical damage coverage: Covers the costs of damage to your vehicle from an accident or other incident like theft, vandalism, storm damage, and more.
- Uninsured/underinsurance motorists coverage: Covers the costs of injuries and damage if you or one of your employees gets into an accident with another driver who's at fault, but doesn't have any or adequate coverage of their own to cover the costs.
- Truck cargo coverage: Covers damage to or theft of the items your truck is hauling.
If your employees drive their own vehicles during the course of business, you may want to add a non-owned vehicles policy. This coverage protects against costs of accidents that occur during business hours when an employee drives their personal vehicle or other vehicle not owned by your company.
Who Needs Commercial Truck Insurance?
Commercial truck insurance is just another specific type of commercial vehicle insurance. Coverage is needed by businesses that rely on trucks for deliveries, receiving shipments, and more.
The most common buyers of commercial truck insurance include:
- Motor carriers: Including for-hire trucking companies with their own fleet of vehicles that need protection from many threats.
- Owner-operators: Including individuals who own and operate their own trucks for business purposes. Owner-operators might lease their vehicle from a motor carrier, or own it outright.
- Private carriers: Including individuals who use their own trucks to do business for their employer, such as to make deliveries.
Commercial truck insurance can be purchased for just one truck or for an entire fleet. The amount and type of coverage you'll need depends on your specific business and its operations. An independent insurance agent can help you get set up with the right type of commercial truck insurance for you.
How Much Commercial Truck Insurance Do I Need?
Commercial truck drivers have mandated minimum coverage requirements, set by the Federal Motor Carrier Safety Administration. The truck's weight and cargo influence the amount of coverage required. Trucks hauling cargo considered more dangerous need more coverage, as do larger, heavier trucks.
Minimum Commercial Truck Insurance Requirements by Truck and Freight Type
| Truck Weight/Type and Type of Freight | Minimum Liability Coverage |
|---|---|
| Less than 10,000 lbs; non-hazardous freight | At least $300,000 |
| More than 10,000 lbs; non-hazardous freight | At least $750,000 |
| For-hire and private carriers; oil | At least $1,000,000 |
| For-hire and private carriers; hazardous material or explosives | At least $5,000,000 |
An independent insurance agent can get you set up with at least your minimum required liability coverage for commercial truck insurance, and any additional protection you may need.
Transportation & Trucking Insurance Coverage Specialists
Do you need insurance for your Trucking or Transportation company?
How to Get Commercial Truck Insurance Quotes
Since commercial truck insurance varies widely depending on the type of truck and the use of the vehicle, it can be tricky to get a comparison of quotes for the same types and amounts of coverage. Fortunately, an independent insurance agent can help by shopping and comparing quotes from several different insurance companies for you.
To help get the most accurate commercial truck insurance quotes, be prepared to answer these questions for your independent insurance agent:
- Which employees will be driving your trucks?
- What kinds of certification or training do your drivers have?
- Will they be in hard-hat areas or at construction sites?
- Will they be hauling heavy equipment or hazardous materials?
- How many miles will they be driving your commercial trucks each year?
- Will they cross state borders?
Questions like these, as well as the driving records of your employees, will help your independent insurance agent gather a range of quotes from several different commercial truck insurance companies.
Best Commercial Truck Insurance Companies
The best way to find the right carrier for your commercial truck insurance is by working with an independent insurance agent. They know which insurance companies to recommend to meet your needs, and can provide informed suggestions based on company reliability, rates, and more.
While many insurance companies offer commercial truck insurance, finding coverage could also depend on the area you live in. Here are a few of the top companies for commercial truck coverage.
| Best Commercial Truck Insurance Companies | Star Ratings |
| Progressive |
|
| The Hartford |
|
| Nationwide |
|
| Sentry |
|
Why Choose an Independent Insurance Agent?
Independent insurance agents simplify the process by shopping and comparing insurance quotes for you. Not only that, but they’ll also cut through the jargon and clarify the fine print so you know exactly what you’re getting.
Independent insurance agents also have access to multiple insurance companies, ultimately finding you the best commercial truck coverage, accessibility, and competitive pricing while working for you.
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