How Much Does Commercial Truck Insurance Cost – Commercial truck insurance is expensive but necessary. There are approximately 77,000 truck drivers in Florida alone, and one in nine out of every 1,000 jobs is owned by a truck driver. Whether you own a fleet of trucks or work for yourself, whether you drive a truck in Miami, Orlando or Jacksonville, commercial truck insurance is essential. The good news is that many companies offer commercial truck insurance coverage in Florida. Here are our recommendations for the top 7 providers.
We researched several insurance companies that offer commercial truck insurance in Florida and here are our top 7 recommendations for your consideration.
How Much Does Commercial Truck Insurance Cost
Progressive is the leading commercial auto insurer in the United States, with 12% of the total market. They serve all fifty states and insure all types of commercial vehicles: from tractor-trailers to ice cream trucks.
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This quote from Progressive comes from a tractor-trailer company that has had no accidents or traffic violations in the past three years.
Progressive offers you an online offer, but you have to contact an agent to purchase the policy.
Simply Business is an online insurance broker. They work with several commercial insurance companies and can get quotes from these companies for your comparison. Your reference form is simple and straightforward. After answering questions about your business, revenues, and drivers, they will usually generate at least one quote, sometimes two or three quotes for you to compare. This makes comparison shopping easier.
However, it doesn’t always work. When we requested a quote for our commercial trucking business, we received a screen telling them to call us because they needed to work out some details on our trucking business.
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If this happens to you, you need to call. This makes sense because many details make up a commercial truck insurance quote, including:
According to Simply Business, basic commercial truck insurance starts at $135 per month. They are a subsidiary of Travelers, one of the largest insurance companies in the world, so they have good financial security. They average 4.1 stars out of five on TrustPilot, which is pretty good.
BiBERK is a direct insurance company specializing in small businesses, with trucking as one of their core industries. biBERK is a subsidiary of Geico’s parent company, Berkshire Hathaway, so you can be sure that they specialize in auto insurance and have the best financial support to pay claims when needed.
BiBERK developed its direct business model, bypassing agents and brokers, to reduce costs and lower rates. In fact, they claim to help their customers save at least 20% on commercial truck insurance rates.
Pros And Cons To The Cheapest Commercial Truck Insurance Quote
On the plus side, working with biBERK is very convenient and fast. You can get quotes online in less than 10 minutes, but get the policy and manage the policy completely online. You will find that biBERK usually offers cheaper offers compared to other providers.
Founded in 1904, Sentry has over a hundred years of experience. They serve all fifty states, including Florida. You can insure large companies, fleets of trucks or just one truck. As a small business they offer personal attention and a level of service that is hard to find these days.
Most major insurance companies offer products to both individual and business customers. Some insuretech startups, like Next or Thimble, specialize exclusively in commercial insurance. However, these insuretech startups do not offer commercial auto or truck insurance. Sentry is probably the only commercial insurance specialist that offers commercial truck insurance. That makes them unique.
Sentry does not offer online quotes: you must work through an agent. They are not accredited on the BBB website (which doesn’t mean much) and deserve 1.05 out of five stars. However, this is based on only 22 reviews so it may not be representative.
Commercial Truck Insurance Brokers And Quotes
InsurePro is a new broker. They offer innovative business insurance coverage, which they call Insurance on Demand. This means you have the flexibility to buy truck insurance for shorter periods, even just one day, and only pay for coverage while you’re on the road.
This is perfect for part-time truckers or shipping companies that don’t ship every day of the month. Buying truck insurance for a few days when you need it can save you a lot of money because you don’t have to pay for coverage when you’re not driving your truck.
InsurePro also offers great digital experiences. You can get quotes and buy the policy directly on their website, which only takes 10-15 minutes. After purchasing the policy, you can manage your policy online through a dashboard with many useful functions.
THREE is another subsidiary of the Berkshire Hathaway Group. However, they provide a very unique business insurance product that is completely different from other products available in the market. Three Cover for any company, they offer a simple, comprehensive policy that a company needs. For trucking companies, the policy includes general liability, commercial property, and commercial truck insurance.
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Although comprehensive in scope, the policy is only three pages long and is in simple, straightforward language without any technical jargon. It does not include disclaimers in the fine print.
The policy rates are very competitive and reasonable compared to the three types of separate policies purchased from other insurance companies.
If you are looking for a comprehensive policy that will protect your trucking business at a reasonable price, you should ask for a quote from THREE.
Also offers three online offers. It takes less than 10 minutes to get a quote and buy a policy on their website.
Truck Insurance Costs On The Rise
Smart Financial is a national broker specializing in insurance for small businesses, including trucking companies. They offer a wide range of small business insurance for all industries. For trucking companies, they offer all the coverage required by the truck owner or the trucking company. Whatever coverage you need for your trucking business, you can find it at Smart Financial
What makes Smart Financial unique is that they work with hundreds of agents across the country representing hundreds of transportation companies. These agents are experts in their fields and know the ins and outs of each industry, having accumulated experience helping thousands of customers. No matter how unique your trucking business is, you can trust Smart Financial to connect you with experts who know your situation and can help you find the right coverage for your business at the most affordable prices.
Commercial truck insurance is an insurance policy that covers trucking companies, people who use trucks for work, or businesses that use trucks. Unlike commercial auto insurance, commercial truck insurance typically covers large vehicles used in construction, leasing, or freight transportation.
Although commercial truck insurance is typically purchased by business owners, it also insures drivers, passengers, and anyone injured in an accident.
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Comprehensive commercial truck insurance provides all of the above coverage and more. Details below:
This is the basic cover that all trucks should have. This is required by all state and federal regulations. It pays for personal injury and property damage to third parties if you are involved in an accident and are at fault. This may also include health insurance and uninsured/underinsured coverage. Find more atruck liability insurance.
Truck cargo insurance covers what you carry in your trailer. This is not coverage required by the Federal Motor Carrier Safety Administration (FMCSA), but most brokers and carriers will force you to purchase it. If you don’t have that, they won’t hire you. The standard limit for cargo insurance is $100,000, but you may need a higher limit if you are carrying particularly valuable cargo. Learn more at Best Truck Cargo Insurance.
Bobtail insurance covers you if you drive your truck without a trailer. You will need this coverage if you drive alone. If you rent from a car carrier, you can find out if you need these or other covers by checking your rental agreement. It’s possible that the carrier will only cover your primary truck liability insurance, but you’ll need to confirm this with them. Learn more about bobtail insurance costs and the best bobtail insurance companies.
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Non-truck liability insurance covers you if you are involved in an accident while driving your truck without any cargo. Learn more about Best Non-Truck Liability Insurance. It is sometimes confused between bobtail and non-trucking liability. They are similar but slightly different. Here are the differences between the two and what you need more of.
Comprehensive truck insurance protects you if your personal tractor or trailer is damaged in an accident. This coverage is required when financing your truck. Even if you don’t have one, it’s a good idea to buy one. Your truck is your lifeline. If it is seriously damaged in an accident, you may be forced to pay for repairs out of pocket. Truck repairs are expensive and the cost of an accident can jeopardize the future of your trucking business.
If your trucking company hires truckers as full-time employees