Top 10 commercial truck insurance companies name

Insurance essentially provides financial protection against risk. Insurance can be of different types such as life insurance, fire insurance, car insurance, home insurance, car insurance, motorcycle insurance, truck insurance, etc. You can choose any of these insurances according to your needs. But if you are a truck driver truck owner or truck business, you should have commercial truck insurance. Because this insurance will provide you with financial assistance in case of damage to your truck. This insurance also provides coverage for various types of damages to the truck and truck owner. Now the question is which company provides this insurance.

Many companies in the world provide commercial truck insurance. However, in this post, we will list the top 10 commercial truck insurance companies and some information about them. So that you can easily decide which company to take insurance for your commercial truck. Also from this post, you can learn more information about commercial truck insurance. So keep reading the post carefully.

What is commercial truck insurance?

What is commercial truck insurance? Commercial truck insurance is a type of car insurance policy that indemnifies a trucking business truck driver or truck owner in case of loss due to an unforeseen event. This insurance is usually made to cover the special needs of trucks, trailers, or larger vehicles. That is if the truck and truck driver are damaged due to an unexpected event, the insurance that is taken to get financial protection against this damage is basically called commercial truck insurance. This insurance is generally suitable for those who are in the business of trucking or renting trucks or importing and exporting trucks. Commercial truck insurance includes coverage for excess perils and certain liability issues.

Let me make it more clear with an example. Suppose you run a truck business or drive a truck. Every day you carry goods from one district to another district or from one country to another country by this truck. Now on the road, this truck can have an accident at any time. And this can happen naturally. Now the insurance that you take to get financial protection against the damage to your truck the damage to the truck driver or the damage to the truck's cargo is basically known as commercial truck insurance.

There are different types of insurance coverage available for commercial truck insurance. However, there are three main types of commercial truck insurance coverage.

Basic Coverage: This insurance coverage generally provides coverage against damages caused by truck collisions. That is, if the vehicle or the vehicle's cargo or the driver is damaged due to a collision with another vehicle or object while carrying the goods in the vehicle, then the compensation covers it.
Non-Trucking Coverage: This insurance coverage covers the compensation or liability when a truck is involved in an accident without carrying any cargo. For example death of your driver due to an accident or organ removal etc.
Specialized Coverage: Specialized coverage is insured to cover every situation of a truck. This insurance coverage is basically more affordable for those who require more truck insurance coverage. This insurance coverage covers any situation with the truck, the cargo of the truck, and the driver of the truck.

What Types of Companies Use Commercial Truck Insurance?

After learning about commercial truck insurance, you may have a question on your mind: Who provides this insurance, or what types of businesses purchase this type of insurance? Businesses that purchase commercial truck insurance generally fall into the following categories.

Owner-operators: Such category of people basically take out commercial truck insurance to protect their own trucks from any unforeseen accident damage. In this type of insurance basically, the truck owner himself works on his truck.
Motor carriers: Traders who own some trucks and rent them to others instead of driving them themselves. And for paying this rent they charge a fixed amount of commission daily or every month. Again such people buy trucks for business purposes. Such dealers also carry commercial truck insurance. Your insurance needs may also vary depending on the type of business you operate.
Private carriers: If you use your own vehicle to transport any goods for your business, you should consider this insurance, etc.

Those of us who take commercial truck insurance can be broadly divided into the categories mentioned above. Commercial truck insurance is mainly taken by those who own trucks, operate trucks, use trucks for business purposes, transport cargo or passengers in trucks, or are contractors of trucks, etc. who fall under the above-mentioned categories.

What Does a Commercial Truck Insurance Policy Cover?

We already know what commercial truck insurance is. Commercial truck insurance is insurance that provides financial benefits for commercial truck losses due to unforeseen accidents. Commercial truck insurance also covers various other types of damages. Below is a list of the types of damages that this insurance provides coverage for.

Accident or Collision: This insurance will cover the compensation if the commercial truck is damaged due to an accident or collision.
Theft and Vandalism: The commercial truck will be covered in case of theft or vandalism.
Fire: If the commercial truck gets caught in fire, this insurance will cover the compensation.
Natural calamity: This insurance will cover the compensation if the commercial vehicle is damaged due to any natural calamity.
Personal Accident: Pays compensation if the driver is injured or dies due to a commercial vehicle accident.
Third-Party Damage: Commercial truck insurance will cover damages if you are responsible for damages caused to others due to an accident caused by you.
Personal Damage: This insurance covers personal damage.
Medical Expenses: This insurance will cover the medical expenses incurred by the driver after he is injured in an accident.
Stolen Goods Coverage: Provides coverage if the goods transported by the truck are damaged due to an accident etc.

Apart from the above-mentioned, this insurance provides compensation for several other accidents. However, the accident must be covered under the policy specified by the insurance provider.

Top 10 commercial truck insurance companies

If you own several trucks and use those trucks for business purposes drive those trucks for rent or work on those trucks yourself, then commercial truck insurance is a must for you. Because driving any car on the road is risky. Any type of accident can happen at any time. A study found that more than 500,000 trucks in the United States are involved in accidents each year. So those of us who deal with trucks should always have commercial truck insurance as a backup. Now you may ask that, then where do we do this commercial truck insurance?

There are many insurance companies in today's world that provide commercial truck insurance to customers. Due to this, it becomes difficult for a common man to find a good company for this insurance. And so to make this task easier for them, in today's post, we will discuss some of the top insurance companies that offer commercial truck insurance. We have mainly considered the overall aspects of various companies and put some companies on the top list. Things you can consider for your commercial truck insurance. Below are the names of the companies and the details of some of the companies.

Progressive Trucking Insurance

Progressive Insurance Company is one of the best companies in providing commercial truck insurance. This company was established in 1937. Currently, it is a reputed insurance company in the USA. Which offers different types of coverage to their customers. This insurance company is one of the best for comprehensive truck insurance. This insurance company offers its customers coverage for a wide variety of vehicles and businesses, from tractor rigs and flatbeds to pickups and dump trucks. A customer can customize his insurance policy at any time, and get information about various coverage prices, etc. from the official website of this company.

In addition, these insurance companies offer commercial truck insurance coverage to their customers such as bodily injury, personal injury, collision, uninsured motorist liability, medical expenses, etc. Another characteristic of this company is its branches. The company has branches spread across more than 50 states. Due to this, a customer can enjoy the facilities of this company anytime from anywhere. But this company also has some flaws. This company generally does not provide this type of insurance to truck drivers in some states. These states include Alaska, Louisiana, Hawaii, etc.

Below is a list of coverages that this company offers to its customers:

Medical payments
Uninsured/underinsured motorist
Motor truck cargo
Collision
Comprehensive
Non-trucking liability
Motor truck general liability
Rental reimbursement with rental
Heavy truck roadside assistance
Garage Keeper's legal liability
On-hook towing insurance
Trailer interchange
Liability (bodily injury/property damage)

Apart from this, this company offers some more discounts to its customers. A list of which is given below-

Smart Haul Program (electronic logging device)
Bundling with general business owner’s policy (BOP)
Commercial driver license
Business experience (operating for more than 3 years)
Electronic payments
Prior insurance savings
Bundling with personal auto coverage
Paid in full
Snapshot ProView (electronic fleet monitoring)

The company currently has an A+ (Superior) financial strength rating from AM Best.

Sentry Trucking Insurance

Sentry Insurance is a well-established insurance company that offers customers a variety of residential insurance including commercial truck insurance. This company has been faithfully providing commercial insurance coverage since 1904. Although the career of this insurance company started with small aspects of commercial truck insurance. Currently, the company has around 65 agencies in more than 50 states offering various types of coverage to customers. This company mainly works with agents of Nationwide companies. This company offers various types of coverage to its customers, which are highlighted below-

Motor truck cargo insurance
Physical damage insurance (collision, comprehensive, named perils)
General liability (medical expenses, legal expenses, physical damage)
Non-trucking liability (use for non-business purposes)
Motor carrier insurance (rented vehicles, bodily injury/physical damage, loss-of-use expenses due to theft)

The company received an A+ AM Best rating in 2021. And this company had the lowest number of consumer complaints in 2022 according to NAIC.

OOIDA Trucking Insurance

OOIDA Trucking Insurance Company is one of the best-known companies to provide commercial truck insurance for small companies. This company provides very fast coverage to their customers. These company coverages are designed for small business truck insurance. These company policies are written internally. This company provides affordable coverage to its customers. Already this company has achieved the satisfaction of their customers. This company is rated "A+" or "Excellent" by the BBB for performing well.

CoverWallet Trucking Insurance

CoverWallet is not primarily known to consumers as an insurance company, it is primarily known to consumers as a digital insurance brokerage. Which helps customers find the best policy. And this company works with about 10 third-party insurers. Insurers represented here include Travellers, Hiscox, Progressive, Chubb, etc. The CoverWallet company can be a good option mainly for truck owners. This company is completely different from other companies. You can get any quote from this company without having to speak to an agent of the company and be able to purchase coverage. This company offers various types of coverage to its customers, a list of which is given below-

Long Haul Trucking
Hot Shot Truck
Box Truck
Refrigerated Truck
Bobtail
Dump Truck
Motor Truck Cargo
Owner Operator Insurance
Non-Trucking Liability
Car Hauler
Truck Driver
Commercial Trailer
Flatbed Truck
Trailer Interchange
Semi Truck
Log Truck
General Liability for Truckers

Apart from these companies mentioned above there are several more companies. Who is on the top list in providing commercial truck insurance? Below is a list of some more such company names.

Best Commercial Truck Insurance for Large Fleets: The Hartford Trucking Insurance
Best Commercial Truck Insurance for Customer Service: Lancer Trucking Insurance
Best Commercial Truck Insurance for High Risk: Evolution Insurance Brokers Trucking Insurance
CHUBB Trucking Insurance
State Farm Trucking Insurance
Great West Casualty Company
Berkshire Hathaway Homestate Companies (BHHC)
Travelers Trucking Insurance
Nationwide Trucking Insurance
Zurich Trucking Insurance
Trucking Insurance Mart
Liberty Mutual Commercial
EIB Direct Trucking Insurance
Allstate Commercial

Conclusion

Dear Readers, In this complete post we have presented several information about the companies that provide commercial truck insurance. Information that will help you choose the best commercial truck insurance company. And in our opinion, Progressive Insurance Company may be the best for most drivers and owners. Because this company provides overall facilities to the customers. Which no other company provides. However, if you want to get commercial truck insurance, you must research several companies before taking it. You can also consider the CoverWallet company if you want. Because Progressive insurance company but CoverWallet represents the company. Hope you liked the post and benefited from a read. Visit our Blogger Mamun website regularly to get more such posts.