trucks insurance companies
trucks insurance companies

The Best Trucks Insurance Companies 2023!

What are the best trucks insurance companies in 2023? Read our guide below to find out typestrucks.com!

What are the best truck insurance companies in 2023? If you own a trucking company or about to establish one, or maybe you’re an independent truck driver, you know you’ll need coverage for your trucks. Insurance is one of the independent owner-operator’s largest expenditures, after the truck loan and gasoline expenses.

The Best Trucks Insurance Companies 2023!

trucks insurance companies
trucks insurance companies

Since commercial truck insurance is a fixed expense, getting the best offer is crucial if you want to minimize the number of miles you must travel to break even low. An accident or cargo theft/damage claim could ruin your finances if you don’t have enough insurance. Today, there are numerous trucks insurance companies offering various coverages to meet your business needs. Without further ado, here are our top list of best insurance companies for commercial trucks.

Progressive Commercial

Progressive Commercial
Progressive Commercial

Progressive Commercial, or most commonly known as Progressive is one of the largest truck insurance companies in the States with wide ranges of insurance services. The company doesn’t only provide insurances for dump trucks or pickup trucks. Progressive is also widely known as one of the best insurance companies for semi trucks. Type of insurances provided by Progressive are liability, property damage, medical expenses, uninsured motorist, rented car, any car, and non-owned coverage. This company operates in over 50 states all over the US.

Commercial auto insurance coverage from Progressive offer a lot of customization options. When you need to insure more or fewer vehicles at specific times of the year, the company even enables you adjust your policy to seasonal variations. Progressive provides many discounts on its commercial auto insurance policies, including CDL discounts, bundle discounts, and EFT payment discounts. If Progressive already insures your personal vehicle, you are also eligible for a discount. On average, Progressive charges $205 per month for business auto insurance, according to its website. The typical price for contractors is $196 a month. If you wonder how much does insurance companies spent for trucks crash, you can contact their agent that will also help you to complete all the steps.

Nationwide

Nationwide
Nationwide

Nationwide is also on our top list for the best trucks insurance companies in 2023. This company provide a variety of coverage options, including uninsured and underinsured motorist protection, comprehensive and collision coverage, and liability coverage. Additionally, it enables you to increase your coverage by adding endorsements like rental reimbursement, roadside assistance, new car replacement, and auto loan or lease coverage. While it doesn’t cover all vehicles, Nationwide is probably the best choice if you’re looking for insurance companies for semi trucks.

Using the insurance policy offered by this company, you can combine your commercial auto insurance with Nationwide’s business owners’, general liability, workers’ compensation, and umbrella insurance policies. Numerous options are available through Nationwide to tailor your coverage according to your needs. Expanded towing and labor, rental reimbursement, and auto loan or lease gap coverage are some of these choices, which Nationwide refers insurance as endorsements.

Nationwide’s telematics service app called Vantage 360 helps you to discover various insurances catered for your business needs. It also enables you to oversee the movement and activity of a driver’s fleet of vehicles. For outstanding diving behavior, individual drivers can also accrue points that can be later redeemed for gift cards. However, it’s quite unfortunate that you can’t quote the policy online. To buy a policy from Nationwide, you should contact an agent with their contact provided.

Sentry

Sentry
Sentry

If you own a large trucking company, you’ll definitely need more coverages for your fleets. We’ll introduce you to one of the best insurance companies for commercial trucks: Sentry. This company covers industries such as construction, manufacturing, retail, transportation, and auto dealerships. In addition to alternatives for dealerships, motor carriers, and motor truck freight, it also offers business auto insurance.

Furthermore, Sentry offers commercial car liability, physical damage, and non-trucking liability coverages for commercial vehicles. The latter makes the business an excellent choice for contractors because it protects you if you occasionally use your work car for personal purposes. Sentry provides clients who take part in training programs with a number of discounts. These consist of online safety and theft prevention classes, as well as video coaching sessions. Sentry has an A+ rating from A.M. Best despite not being graded in the most recent J.D. Power Auto Claims Satisfaction Study for insurance companies for trucks. To buy policy from this company, you’ll have to contact the agent because Sentry doesn’t provide online applications.

How Much Does Insurance Companies Spent for Trucks Crash?

How Much Does Insurance Companies Spent for Trucks Crash?
How Much Does Insurance Companies Spent for Trucks Crash?

Finding the best insurance companies for trucks alone is not enough. You must also know how much does insurance companies spent for trucks crash to know which coverage you should choose. According to a recent report, a commercial vehicle accident with one injured person costs, on average, $148,279. If there are fatalities as a result of the accident, the cost increases to about $7 million. If there are additional fatalities or injuries, these statistics increase.

On side note, you must also consider the hidden costs caused by the accident. The difference between hidden and direct costs might range from four to ten times. It is vital that businesses understand the enormous impact of hidden costs associated with truck accidents as well as the amount of revenue required to make up for lost earnings as a result of these hidden expenses.

If you wonder how much does insurance companies spent for trucks crash, it’s estimated that the national average cost of auto insurance increased by 1.0 percent to $1,070.47 in 2019 from $1,059.41 in 2018. The state with the greatest average expenditure in 2019 (the most recent year for which data is available) was Louisiana ($1,557.22), Michigan ($1,495.94) and the last one is New York ($1,445.30).

The National Association of Insurance Commissioners (NAIC) bases its calculations on the assumption that all insured automobiles have liability coverage, but not necessarily collision or comprehensive coverage. The average cost represents the average amount that consumers pay for insurance for each car. Due to the fact that not all policyholders choose to acquire all three coverage options, it does not equal the total of liability, collision, and comprehensive costs. The average cost is an indicator of how much consumers really pay for insurance provided by trucks insurance companies.

 

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