5 Best Commercial Truck Insurance Companies in 2022

A trucker needs insurance to operate legally on the road, but finding the best commercial truck insurance company is important but difficult. We have thoroughly reviewed the best commercial truck insurance companies in this post. Keep reading to learn which one is well suited for your needs!

The commercial trucking business is tough to handle and succeed in. Other than ensuring the safe delivery of various types of cargo, keeping your truck investment protected is another vital consideration in this business. You can secure your commercial vehicle via truck insurance that protects it against several potential risks on the road.

However, as there are so many options to get insurance done, finding the best insurance provider is not easy. Don’t worry! We have thoroughly researched the market and have jotted five leading truck coverage providers who are ruling the insurance market this year. We have mentioned the pros and cons, reputation, cost, and financial strength of each insurer to help you come up with the best decision.

Why do you need commercial truck insurance? Who is the best insurance provider in the market?

Companies or independent drivers who use trucks for commercial purposes need commercial truck coverage. The sole purpose of commercial truck insurance is to provide legal as well as financial support when your truck does property damage and physical injury to the third party and even your own property & driver. Some coverages also protect trucking equipment and particular shipment.

Commercial truck insurance applies to heavy-duty vehicles like semi-trucks which are used for construction, transporting goods, and agriculture.  

Now you know why you need commercial truck insurance for your business; getting it through the right provider becomes the next vital thing. So, here is the list of top truck insurance providers in 2022 to meet your trucking needs.

State Farm

This company is the leading insurance provider for vehicles and houses in the US. State Farm is counted among Fortune 500 Companies that offer various truck insurance products including coverage for cargo, drivers, and vehicles used for commercial purposes.

Pros Cons
Offers a variety of insurance policies that suits every trucker’s need. There is no option for getting online quotes.
They have received an A++ rating from AM best for their financial strength. Mixed customer reviews.
You get discounting options in a wide range of insurance coverages.  

 Reputation: State Farm is one of the reputed commercial truck insurance providers in the US. They have received a high rating in customer satisfaction levels. This shows they are dedicated to providing the best insurance services to their clients.

Financial strength: As they have received A++rating on AM this shows State Farm enjoys high ratings in their financial strength. This makes this insurer a reliable company that will pay your claims hassle-freely at the time of need.

Coverage options: It provides all the expected insurance coverages including:

  • Property damage liability
  • Collision
  • Comprehensive
  • Uninsured motorist
  • Bodily injury
  • Cargo and transportation coverage
  • Rideshare insurance

From pickup trucks to dump trucks, no matter what type of truck you use for transporting cargo, State Farm will find coverage that fits your business needs.

Cost of coverage: You can save many bucks on your truck insurance policy with State Farm as they offer many discounts on different types of coverages. The downside of this company is they don’t provide online quotes so you have to contact local insurance agents to get an idea of the price. These quotes depend on the number of trucks you want to insure, the nature of your business, and the driving records of truckers.

Progressive

Progressive commercial truck insurer have a very strong presence in the insurance market.  Headquartered in Mayfield, Ohio, they are the largest commercial vehicle insurer in the United States and are providing insurance solutions for many years.

Pros Cons
You get the largest options in truck insurance policies. They have received below-average customer satisfaction ratings.
Their tool for generating online insurance quotes is one of the best features.  
Wide range of coverage at discounted rates.  

Reputation: Progressive has a strong reputation in the country. They have received an A+ rating with BBB (Better Business Bureau).

Financial strength: Progressive enjoys a superior A+ rating with AM which is the highest on the scale. This means they have a very resilient image in meeting their client’s claims as they have very low credit risk.

Coverage options: Progressive has an extensive range of coverage for motor carriers, private carriers, and owner-operators. They also offer truck-specific coverages like non-trucking liability, truck cargo, on-hook towing, trailer interchange, and much more.

Cost of insurance: The average monthly cost for commercial truck insurance ranges from $640 to $982. If you want more specific information then you can get a rough idea of your insurance cost over the phone or via online quotes.

NITIC

NITIC is one of the leading commercial truck insurance providers in the US with over 30 years of experience in providing numerous insurance solutions to customers. They provide a wide range of commercial truck insurance options at the most affordable prices. They have top the charts in customer satisfaction ratings.

Pros Cons
Over 3 decades of experience in the field makes it a reliable insurer. They don’t provide online quotes. You need to contact them for insurance quotes.
Received the highest customer satisfaction rating.  
Provides an extensive range of insurance coverages under one roof at a very affordable cost.  
Got the best rating with AM.  
Offers short-term insurance policies as well.  

 Reputation: NITIC has built a sturdy reputation in the insurance industry since its foundation. They have received the best rating with AM. They are counted among the reliable insurers in the United States.

Financial strength: As NITIC has received a good rating with AM, this means this insurance company has a solid financial background. They are known for their fastest claiming process so you will get your money reimbursed on time.

Coverage options: They offer a wide range of insurance coverage options including non-trucking liability, physical damage, primary liability, motor truck cargo, short-term insurance, and much more.

Cost of insurance: The cost of truck insurance at NITIC is pocket-friendly. They offer customized insurance solutions to their clients. Your insurance cost depends on the following factors:

  • Type of cargo you haul
  • Type of truck you own
  • Driving radius
  • Truckers driving records

Hartford

Hartford provides insurance policies for businesses, vehicles, and homes. It is listed as Fortune 500 Company that strongly offers coverages for trucking insurance. They have provided insurance to over 1 million small businesses. They offer insurance to people in their 50s or above.

Pros Cons
There are a lot of insurance coverage options for auto and home. They have received several customer complaints for both vehicle and home insurance products.
There is a high level of customer satisfaction. They don’t provide online quotes, you need to contact them to find out the cost.
You can file, track, get quotes, and manage policies on its website as well as in the app.  

 Reputation: They have been in this business for more than 200 years. They have received an A+ rating from Better Business Bureau which states that Hartford serves their customers well.

Financial strength: Financial strength of this insurer is good as they have earned an A1 rating from Standard & Poor and AM. Their customers will surely receive the reimbursement on time without any hassle.

Coverage options: They offer a range of insurance options including property, liability, and uninsured motorists. Hartford provides a number of trucking insurance solutions to their clients for trailer interchange, in-transit cargo, on-hook towing, motor-truck cargo, and more.

Cost of insurance: As they don’t provide online insurance quotes, you need to call them at their communication number to get an idea of the coverage cost. Once contacted, you can work with an insurance agent to know the price of insurance for your truck.

Nationwide

This is the oldest commercial truck insurance company in the United States with over 32000 employees around the country. You can easily find their local offices, get quotes, and take coverage that works for your trucking business.

Pros Cons
They score above average in the level of customer satisfaction. Don’t offer coverage for tractor trailers and semi-trucks.
You get several auto coverages at discounted prices. They have received mixed customer reviews on their insurance offerings.
Budget-friendly insurance quotes for new truckers.  

 Reputation: The reputation of Nationwide insurance company is not great as compared to their competitors. But they are BBB accredited as they have received an A+ rating from Better Business Bureau. This means they are following the right business practices.

Financial strength: Nationwide has a good credit rating and has an age-old record of its financial strength. They have received an A+ rating from AM best and Standard & Poor which shows its good capability to settle their client’s claim.

Coverage options: They provide comprehensive coverages for trucks including collision, medical payments, auto liability, and uninsured motorists. Businesses can also customize their insurance and get additional coverage for their company. Except for tractor trailers and semi-trucks, they provide insurance for box trucks, utility trucks, pickup trucks and all other types of vehicles.

Cost of insurance: You can easily generate online insurance quotes from their website. Its inquiry form also allows people to add extra coverages. This way you can get the right estimation for your insurance. Those who take multiple policies from them, get huge discounts on their agreement.

Final thoughts

At present, approximately 3.6 million truckers are working for more than 7,11, 000 businesses in the United states. With this many commercial trucks on the road, we can imagine the need for finding the best commercial truck insurance for the trucking business.

The above list of truck insurers are providing the best insurance solutions to their clients. Pick one that suits your budget and coverage needs.

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