Business

What Commercial Vehicle Insurance Cost Should You Expect? (+ FAQs)

If you’re looking to know all you can about commercial vehicle insurance cost, read on.

If your company owns and uses vehicles for business operations, you most likely need commercial auto insurance coverage. It’s legally required in most states.

On average, commercial vehicle insurance costs around $147 per month for each vehicle. You could pay more or less, depending on your type of vehicle, and coverage limits, among other factors.

Learn more about commercial vehicle insurance and its costs below. We’ll also share practical tips to help you save money when getting insurance coverage for your company vehicles.

What Is Commercial Vehicle Insurance

Commercial car insurance is a form of auto insurance designed for vehicles conducting business operations. You and your insurer get into an agreement outlining how the insurance company will compensate you for any financial losses related to an accident.

It’s different from personal auto insurance, although both offer personal injury protection. Personal car insurance policy only covers claims related to non-business use. You can’t rely on this type of insurance coverage if you or your employee needs to pay for any damages after causing an accident.

Without commercial insurance, your business will have to cater for any legal and medical expenses out-of-pocket, which can be expensive.

How Much Does Commercial Auto Insurance Cost

The cost of commercial auto insurance ranges from $50 to $200 per month, per vehicle, averaging out at about $147, as noted earlier. That’s around $600 to $2400 annually for a standard car used for commercial purposes. Other types of commercial vehicles will require you to pay more.

Here’s what you should expect to pay annually to insure different types of business vehicles:

Box trucks/ Delivery vans: $3,300 to $6,200
Taxis/ Limousines: $4,000 to $10,000
Semi-trucks: $8,000 to $12,000
Commercial bus: $35,000+

Besides the type of business vehicles you own, six other main factors affect how much you’ll pay for commercial car insurance.

Factors Affecting The Cost Of Commercial Vehicle Insurance

Insurance providers use different aspects of your business to set commercial auto insurance rates. Some of these include:

Type Of Coverage

The type of commercial auto coverage you choose will affect your commercial vehicle insurance cost. By law, the basic coverage required in most states is auto liability.

Auto liability is the lowest-cost property damage and bodily injury liability insurance coverage. It helps pay for physical damages to another party’s vehicles or property and their medical expenses when your company vehicle causes an auto accident.

In addition to auto liability, you may purchase any of the following commercial auto insurance covers. Each additional coverage increases your commercial auto insurance costs by a different amount, which varies from one insurance provider to another.

Collision coverage: Pays for damages to your vehicle after an accident, whether you were at fault or not.
Comprehensive coverage: Protects your company vehicles against theft and other non-collision damages, like fire, vandalism, and certain weather events.
Uninsured motorist coverage: Covers vehicle damage and medical costs for victims of an accident caused by someone uninsured.
Hired and Non-owned liability coverage: Pays for property damage if you use your vehicle or rented car for business purposes.
Rental reimbursement: This covers the cost of renting a vehicle for a specific period, outlined in your commercial policy
GAP protection: This covers you if you lose your vehicle before you finish paying it off. You’ll get the difference between your vehicle’s actual cash value and your loan’s unpaid net balance. To learn more about this and other additional coverage options, check out Mission Financial Services’s add-on coverage offers.

Extent Of Coverage

Commercial auto insurance costs for small business owners with several commercial vehicles and drivers are higher than those with one business vehicle and one driver. The more vehicles or drivers you need to insure, the higher the costs will be.

Coverage Limits

When you purchase coverage, you must determine your coverage limits. Most states have a minimum amount of liability coverage you have to meet. In Illinois, for example, commercial auto insurance policy minimums include:

$25,000 bodily injury liability per person
$50,000 in bodily injury compensation per accident, and
$20,000 property damage liability

Often, state minimums are not always enough to cover insurance claims fully. You’ll almost always have to get higher coverage limits for better protection. Higher limits require higher insurance premiums.

Also, these varying state minimums mean that your location affects your commercial car insurance cost.

Deductibles

Most commercial vehicle insurance policies have deductibles – an amount you must pay out-of-pocket for any claim you face. This affects your commercial auto insurance cost. Higher deductibles reduce your insurance rates, while lower ones increase them.

Type of Business

Your primary business activities and the industry you operate in also affect your commercial auto insurance costs. You’ll pay more to insure vehicles constantly on the road and those operating in industries considered high-risk for accidents. The type of cargo you haul and the distance or miles you cover also contribute to your cost of commercial auto insurance.

For instance, commercial car insurance costs for trucks transporting hazardous materials are higher than for pick-up trucks used for delivery services occasionally.

You’ll also pay more if your company drivers make interstate trips or travel long distances.

Employee Driving Records

When calculating commercial car insurance policy rates, auto insurance companies review your employees’ driving records. Your commercial auto insurance cost might be higher if you have a history of speeding tickets, accidents, or other traffic violations.

In contrast, if all your drivers have a clean driving record, you’ll enjoy lower commercial auto policy rates.

How To Save Money When Getting Commercial Insurance

Choose high deductibles. As mentioned earlier, higher deductibles lower your commercial auto policy rates. You’ll save money on cheaper monthly premiums.
Vet your drivers and maintain a good driving record. Vetting your drivers ensures they have clean driving records, so you get cheaper commercial vehicle insurance rates. To keep these rates low, motivate your drivers to continue driving safely by offering incentives, including bonuses.
Install driving GPS trackers. You will likely qualify for huge discounts if you install trackers and observe other safety measures, like parking in a secure location. In addition to protection against theft, GPS tracking helps you monitor your drivers while on the road. Insurance providers interpret this as a safe driving practice and will offer lower rates.
Check your company vehicle safety features. As a standard practice, commercial vehicle insurance companies base their rates on the safety features of your company vehicle. These features include automatic brakes, airbags, and rearview cameras. The safer your car is, the lower your commercial car insurance costs and the more you’ll save.
Bundle your vehicles as a fleet. If your business owns several vehicles, bundle them as a fleet. Some insurance providers offer discounts for fleets.
Pay your premium upfront. Most commercial auto insurance companies offer discounts when you pay your annual dues in a lump sum.

Conclusion

Commercial car insurance is a must-have if you use your vehicles for work. It’s a safety net for your business, preventing you from spending thousands of dollars in settlement and other costs in case of an accident.

To get the best commercial auto insurance, evaluate your business needs first. You want to get the best auto insurance coverage without buying more than your business requires.

Once you understand your business needs, compare multiple commercial auto insurance quotes. Read the fine print of each quote to understand what’s covered, how much it costs, and whether it aligns with what you’re looking for.

Check out our blog to learn everything you need about commercial insurance for small businesses.

All About Progressive Commercial Truck Insurance

One of the most important decisions to make when purchasing a semi-truck is getting the right commercial truck insurance policy in place. When choosing between different insurance companies, you’re bound to consider Progressive Commercial truck insurance.

Progressive Commercial is the most popular business auto insurance provider in the States. The company offers a wide range of flexible insurance plans and areas of specialization to keep all kinds of truck drivers protected.

This guide covers everything you need to know about Progressive Commercial truck insurance.

Progressive Commercial Truck Insurance

Progressive Commercial is the biggest commercial truck insurance company in the US. The insurance company provides versatile, flexible coverage options for commercial truck drivers. They also provide various payment options, free filings, expert support on commercial trucks, and more.

Progressive Commercial has been offering truck insurance for over 50 years. The company insures practically any kind of truck across all states. This makes it a practical choice of insurance for any kind of commercial truck driver.

What Does This Insurance Offer?

Being the largest auto insurance company in America, Progressive Commercial specializes in many different types of commercial truck insurance. This includes specialist insurance for the following:

Owner Operators

If you operate as a truck driver under your own authority, or if you’re leased to a motor carrier, then Progressive Commercial has truck insurance plans that are suitable for your needs.

Being an owner-operator is tricky, as it typically means you only have a single vehicle to take care of. The flexible plans offered by progressive Commercial truck insurance make things easier for owner-operators.

Motor Carriers

Any for-hire trucking operators can also get specialized insurance plans through Progressive Commercial. This is ideal if you run any kind of for-hire semi-truck business.

Progressive Commercial truck insurance plans include many different options to match the needs of your for-hire trucking business. This includes plans for individual vehicles as well as for large fleets.

Private Carriers

Whether you haul goods for your own trucking business or for an employer, then Progressive Commercial offers comprehensive plans that can handle your insurance needs.

Customized Truck Coverage

In case you run a different kind of trucking business or have specific insurance needs, Progressive Commercial also offers customized coverage.

Some of the truck-specific coverages available include insurance for:

Motor truck cargo
Motor truck general liability
Non-trucking liability
Heavy truck roadside assistance
Rental reimbursement with downtime
Trailer interchange insurance

This means you can get a fully comprehensive commercial auto policy for whatever specific needs your business has.

Ultimately, any kind of truck driver or trucking company can get the right protection with the various policies and areas of specialization offered by Progressive Commercial.

Heavy Truck Claims

Progressive Commercial offers expert truck claims services. This is one of the things that sets this commercial insurance company apart.

Progressive Commercial offers a highly specialized team, knowledgeable about commercial truck claims. Their team of adjusters is entirely in-house and manages the commercial truck repairs process from start to finish.

Progressive Commercial also offers a wide range of pre-approved repair shops. This large network of repair shops gives Progressive Commercial customers priority status. This makes it easy to handle your semi-truck repair process and get your truck back on the road as soon as possible.

State and Federal Filings

Progressive Commercial offers state and federal filings. These insurance filings act as a guarantee to the government, showing that you have the right insurance coverage for your vehicle. This is essential for running a trucking business.

Once the authority has been filed, Progressive Commercial truck insurance handles the rest of the process. This makes it easier to manage the admin side of your business – leaving you more time to focus on the road.

How Much Does Progressive Commercial Truck Insurance Cost?

Of course, the cost of your business auto insurance is a major factor you need to consider.

Every insurance company offers different rates, depending on your specific insurance plan. Your truck insurance quote will also depend on factors like the gross vehicle weight, your coverage limit, whether the insurance covers medical expenses, how long you’ve had your commercial driver’s license, and so on.

The national average monthly cost for Progressive Commercial hire specialty truck insurance ranges from $736 for vocational truckers to around $1125 for other types of transportation truckers.

Every insurance quote is different, based on various factors surrounding your trucking business, The main factors that will influence your insurance costs include:

USDOT inspection history
Coverage requirements
Vehicle type
Cargo
Operating radius
Driving history

Progressive Commercial’s bill plans are competitive, with low down payment options. The company also doesn’t include interest on monthly installments as they do not rely on external premium financing.

Progressive Commercial Truck Insurance: Savings and Discounts

Progressive Commercial also offers various special discounts and options for saving on your commercial truck insurance policy. These options include:

The Smart Haul Program lets truckers save on their payments by using an electronic logging device (ELD) that provides the insurance company with access to the driving data.
The Snapshot ProView saving option that lets truckers save at least 5% on their commercial insurance policy. This is available to truckers without an ELD.
Business Experience Discounts that are available to trucking businesses that have been operating for over three years.
Commercial Driver’s License (CDL) discounts let for-hire truckers save by simply having the right license.

It’s worth exploring these different discounts and saving options if you pursue business auto insurance with Progressive Commercial.

Conclusion

Choosing the right commercial truck insurance policy is a critical step when purchasing a business vehicle.

It’s so important to compare quotes from different insurance providers and understand exactly what type of coverage and specializations you need from your insurance policy. Progressive Commercial offers an extensive range of solutions for all kinds of trucks and truck drivers.

Of course, you’ll also need to use the right commercial vehicle financing provider when purchasing a truck. Get in touch with us at Mission Financial, where we help truck drivers of all backgrounds finance their ideal vehicle.

All You Need To Know About Semi-Truck For Sale By Owner

Buying a used semi-truck is like gambling.

You can gain great fortune if you get a clean deal and buy a good model that will serve you for years. But it’s also possible to fall on the other end of the spectrum and incur losses.

Here’s the thing, though, you can increase your chances of getting a good deal by purchasing a semi-truck being sold by its owner. Below, we’ll discuss the advantages and disadvantages of choosing this option.

We’ll also discuss what you need to do to avoid losing money when buying semi-trucks that are on sale by the owner.

Advantages And Disadvantages Of Buying A Semi-Truck For Sale By Owner

Generally, you have two options for purchasing used semi-trucks for sale by owner:

Buying directly from another trucker
Buying from a fleet owner looking to upgrade their fleet of semi-trucks to the latest models

Here are the advantages and downsides of both:

Advantages

When buying a semi-truck from its owner, you can build a good relationship with the seller and get all the information you require about the truck. This is especially true if you’re buying the truck from another trucker.

Truckers have enough experience driving the specific semi-truck. They can provide first-hand information on how the truck works on the road. It’s easy to find out if the truck has any issues and decide whether you’ll work with it this way.

Fleet owners, on the other hand, might not have driven the truck you’re looking to buy. But they can give their view of the model from their experience as a fleet operator and connect you with the driver upon request.

Another advantage of buying semi-trucks for sale by their owners is the flexibility of the purchase process. You’ll have the owner’s contact information, including their phone and email. With this, you can contact them anytime to request more details about the truck, including up-to-date proof of features.

You may request real-time videos of a semi-truck on a listing to examine its current condition. You could also ask for a video of a specific part of a vehicle for further scrutiny.

It’s also beneficial to purchase semi-trucks for sale by owners due to their price. They’re less expensive than semi-trucks from dealerships, although the makes and models may be similar.

That’s because owners can sell the latest models from top manufacturers, like Freightliner, International, Peterbilt, and Kenworth, at low prices and still make a good profit. They don’t have salespeople or other overhead costs to consider, like dealerships.

For example, you can purchase a used 2020 Freightliner Cascadia for about $49,500 from a private seller in Texas. Dealerships in the same location may sell the same model for around $79,995.

Disadvantages

The main disadvantage of purchasing semi-trucks for sale by owner is financing. Most private sellers don’t offer any financing options to help you make your purchase. It’s different from getting your truck from dealerships or other traders.

Some dealerships partner with financing companies, like Mission Financial Services, to offer financial support in the form of loans to customers. Others can work out a payment plan based on your financial situation to help you buy your truck without breaking the bank.

Another drawback of getting used trucks from private owners is the number of options available. Dealerships provide more options than private sellers because of their wide selection of semi-trucks.

Still, you must research thoroughly to get the best used truck for your needs. To do this, there are a few steps to take and things to look out for.

What To Do When Purchasing A Semi-Truck On Sale By Owner

Evaluate Your Needs

First, assess your needs to identify the type of truck you require. Single out the specs the truck must have to perform the type of job you’re looking to do.

What type of trailers are you hauling, and what type of engine and transmission do you require to operate efficiently? Doing this is crucial because getting an underpowered truck for hauling heavy loads can be an expensive mistake.

Also, consider your budget. Understand your finances and determine how much you can comfortably spend on the truck.

Check Documentation

Ensure the truck owner you’re buying from has proper registration and proof of ownership documentation. Also, check the truck’s service history. You can request copies of the vehicle’s maintenance records to confirm if it has been maintained as it should.

Inspect The Vehicle

Carry out a thorough vehicle inspection to check if everything is in order. Specifically, look at the truck’s odometer reading to confirm its mileage.

If it has over 500,000 miles on it, you might have to replace the engine soon, and this is something you should consider. Engine repairs, including complete overhauls, are expensive.

Replacing a Kenworth engine, for instance, might cost between $20,000 and $40,000. If you don’t factor this in during purchase, you’ll spend more than planned.

Also, examine the truck’s interior and exterior features. Look for any signs of wear and tear on the interior. These could be rust in the areas surrounding the door handles or torn fabric and cushions.

On the outside, look at the tires to confirm if they’re still in good condition. You want to ensure all tires have enough tread and there are no bald spots or cracks. Investigate the bottom of the semi-truck for any dents or rust spots and check the paint to ensure it’s not peeling or cracked.

You may also want to listen to the truck’s engine and transmission for any sounds that point to damage.

All these signs might indicate the need for repairs and can help you determine the truck’s actual value.

Overall, we recommend getting your mechanic to help with the inspection process. They can accurately analyze the health and reliability of the truck’s features, including the engine, transmission, and tires. Your mechanic can also advise you whether the deal is worth it based on their professional view.

Conclusion

You can find decent used semi-trucks on popular online traders and listing websites like eBay. But be thorough with your research to ensure you get a used truck that can serve you almost as well as a new one.

Remember to ask as many questions as possible to get all the details you need to make an informed decision. If you do this and notice the seller is dodging or withholding certain information, stop the process and walk away from the deal.

If you want to buy a semi-truck and are looking for a lending institution to finance your purchase, contact us. We offer direct and dealership lending options for seasoned and first-time buyers of commercial trucks.

What to Do After a Semi Truck Accident

There’s a lot of risk involved in running a semi-truck business. Of course, one of the main risks is ending up in a semi-truck accident.

Experiencing a truck accident can be a traumatic experience. Depending on the accident, you could face all kinds of issues – such as damage to your vehicle, injuries, and a pause in your business operations. This is why it’s so important to know exactly what to do after experiencing an accident.

Even though you may be shaken up, following the right step after a semi-truck accident is essential. Doing so will help you with your well-being, as well as any potential legal claims you might make.

So if you experience a semi-truck accident of any scale, be sure to follow the steps below.

After a Semi Truck Accident: Top Steps

Focus On Safety

The first and most important step after a semi-truck accident is to make sure that everyone involved in the accident is safe. Assess your condition and check up on the condition of anyone else involved in the accident. Passenger vehicles should first check that everyone in the vehicle is safe, and make note of any serious and minor injuries.

If possible, move the semi-truck to a safe location away from traffic for public safety. Make sure to turn on your hazard lights to alert any other drivers of the accident.

If you are injured or unable to move, try to remain still until help arrives. The same applies to any passengers that might be in the semi-truck. If you need to tend to any serious injuries, try to first get guidance from emergency services over the phone.

Contact Emergency Services

Call emergency services immediately to report the accident and request medical assistance if anyone involved in the accident needs it. The police will also arrive at the scene to document the incident and prepare an accident report, which is important for insurance purposes.

You may also need to arrange for a tow truck to come to clear the accident scene. Of course, semi-truck crashes involve large vehicles, so you may need a special commercial truck towing service.

Gather the Right Information

As soon as everything is safe at the scene of the accident, the next step is to gather all of the necessary information about the accident. This is important for reporting semi-truck accidents and making sure you have all of the facts for doing this.

Collect information from all parties involved in the accident, including the semi-truck driver, witnesses, and passengers. If another commercial vehicle is involved in the crash, take down the details of the trucking company too.

Gather everyone’s names, contact details, driver’s license numbers, insurance information, and license plate numbers. While this may seem like a hassle straight after a semi-truck accident, having this information available is essential.

Document the Accident Scene

The next critical step in dealing with a semi-truck accident is making sure that you gather enough physical evidence about the crash. You’ll need this when reporting the accident and filing any insurance claims.

Use your phone to take pictures and videos of the accident scene. Capture the position of vehicles, damages sustained, skid marks, traffic signs, and any visible injuries. Having these visual records of the accident will make it a lot easier to file any claims and proceed with the legal aftermath of the accident.

When gathering this information, you’ll also need to make sure that you get the story straight for how the accident took place and which party was at fault. Ensure the evidence you gather can clearly depict this.

Notify Your Insurance Company

After commercial trucks have an accident, things can get expensive very quickly. The first thing you’ll want to do once the accident is cleared is notify our insurance company.

Report the accident to your insurance company as soon as possible. Provide them with accurate details of the incident and share the evidence you have gathered. By filing a claim quickly, you’ll have a far smoother claims process. Gaining compensation for any damages or injuries will also be a lot quicker.

Seek Medical Attention

You might not think you’re injured, but if you’ve been in a semi-truck accident it’s a good idea to seek medical attention.

Some injuries get worse over time, without showing full effect immediately. By going for a proper medical examination, you’ll detect any underlying issues which means you can treat them quickly.

Consult With a Lawyer

This isn’t always an absolutely necessary step, but consulting with an attorney certainly has its advantages after a semi-truck accident.

Consulting with an experienced personal injury attorney who specializes in semi-truck accidents is ideal. They will evaluate your case, protect your rights, and guide you through the legal process. An attorney will handle negotiations with insurance companies, gather evidence, and represent your best interests if litigation becomes necessary.

While you don’t always need a lawyer after an accident, you will want to work with one after a complicated incident.

Preserve Your Evidence

If there is a case and you need to work with a lawyer, then make sure you have all of your supporting evidence stored safely.

Preserve all evidence related to the accident, including medical records, accident reports, photographs, and witness statements. This evidence will be vital for supporting your insurance claim or potential lawsuit, should you pursue legal action against the responsible party.

Understand Your Legal Rights

On the topic of lawsuits and attorneys, it’s vital that you understand your legal rights after an accident. Know what you can and cannot do, and familiarize yourself with the specific laws surrounding semi-truck accidents in your jurisdiction.

Each state may have different regulations and statutes of limitations. Understanding your rights empowers you to make informed decisions regarding insurance claims and legal actions. Having enough legal knowledge also means you can proceed with the case faster and more efficiently.

File an Insurance Claim

Now you’ve got legal help, evidence of the semi-truck accident, and you’ve been in touch with your insurance company. The next step is to file an insurance claim with the at-fault party’s insurance company.

Provide them with all relevant information and evidence to support your claim. The more support documents you have, the better.

Insurance companies can be difficult to work with – especially in cases where large commercial semi-trucks are involved. This is why having good legal representation is so useful.

Negotiate a Settlement

A key part of the claims process is negotiating a settlement. If you work with an attorney, then they will negotiate with the insurance company on your behalf.

Try to reach a fair settlement that compensates you for property damages, medical expenses, and possibly lost wages. Of course, the settlement you reach will depend on the specifics of the accident and the commercial insurance company.

If you cannot reach a suitable agreement with the insurance company, then you may need to pursue a lawsuit. This is not ideal, but can be worthwhile depending on the accident.

Consider Legal Action

This isn’t always the case, but there are certain accidents where filing a lawsuit is necessary. You would do this to seek full compensation (which the insurance company isn’t offering) and to protect all of your rights.

If you do decide to take legal action, your attorney will guide you through the entire litigation process. They will represent your interests in court and work to get you the compensation you desire.

While filing a lawsuit can be very worthwhile, it really just depends on the specifics of your case. Each case is different, with some more suitable for lawsuits than others.

Complete Your Semi-Truck Repairs

There are plenty of legal challenges you have to face when dealing with a semi-truck accident. Despite all of this, you’ll still need to get your truck back on the road and your business back in operation as soon as possible. This will likely involve following through with semi-truck repairs.

You may need to rake out a semi-truck repair loan in order to do this if you are still waiting on the insurance settlement. In some cases, you may even need to replace the entire semi-truck completely. Knowing how to buy a semi-truck and find the right semi-truck financing is important here.

The sooner you get your truck repaired, the faster you can get past the accident and back on the road.

Conclusion

Experiencing a semi-truck accident can be an incredibly difficult event. However, following the right steps and knowing what to do after the accident will make the whole process a lot easier to manage. By taking the right steps efficiently, you’ll be able to get past the accident faster and more positively.

If you find yourself needing to purchase a new semi-truck after experiencing an accident, then it’s also important to understand what semi-truck financing options you have available. Get in touch with us at Mission Financial, where we can help any truck driver secure financing for the commercial vehicle of their dreams.

Top 10 Commercial Truck Insurance Companies

With so many commercial truck insurance providers out there, finding the best policy can be tricky.

When you buy a semi-truck, you must get the right commercial truck coverage for your business needs. The best commercial truck insurance depends on your specific business, vehicle, and scenario.

To help you find the right policy, here are the top 10 commercial truck insurance companies operating right now.

Top Commercial Truck Insurance Companies

Progressive

Progressive holds the largest market share of commercial truck insurance companies in the US, making it an easy choice for truck drivers.

This insurance provider is available in all 50 states and offers free state and federal insurance filings. Progressive also offers a wide variety of commercial truck insurance discounts to drivers.

Another one of the main reasons why Progressive is so popular is because their commercial trucking insurance is available to cover a large variety of truck types. No matter what kind of semi-truck business you run, there will be a suitable commercial auto insurance plan available from Progressive.

Sentry

If you’re looking for a commercial truck insurance company that focuses on single truck drivers, then Sentry is one of the best options. Unlike other truck insurance companies that focus on coverage for larger businesses and fleets, Sentry’s main focus is on individual trucks and drivers.

Their commercial insurance coverage is flexible depending on your vehicle and situation. Sentry is also available in all 50 states and offers more personalized insurance coverage for owner-operators in the trucking industry.

Hartford Trucking Insurance

Hartford is another one of the most popular commercial truck insurance companies available across all 50 states. Whether you’re an owner-operator or manage a large fleet, Hartford offers relevant insurance coverage for your needs.

Compared to other commercial truck insurance providers, Hartford offers some of the best discounts and complimentary coverages. They also provide special risk engineering services for fleets, which is a useful option for any larger trucking company.

While owner-operators can use Hartford, the company’s multi-vehicle truck insurance policies are the most popular.

State Farm

State Farm is consistently recognized as one of the top 10 commercial truck insurance companies thanks to its high level of customer service.

The company’s commercial truck insurance premiums are reasonable, and they offer various packages for individual owner-operators or fleet vehicles. State Farm’s commercial truck insurance is also available in all 50 states.

While State Farm offers good coverage to commercial truck drivers, their main differentiator is their consistently strong consumer satisfaction ratings.

CoverWallet

Technically, CoverWallet is not one of the top 10 commercial truck insurance companies because it’s an aggregator. However, if you’re looking for the best commercial truck insurance deal, then CoverWallet is one of the best places to find it.

You can use CoverWallet to compare commercial truck insurance costs, features, and coverage options across multiple premiums with instant quotes. The platform also offers comprehensive coverage options for owner-operators with bad credit history.

If you’re looking to purchase commercial truck insurance for any type of vehicle or business, then CoverWallet is a great place to start your journey.

Chubb

When it comes to commercial truck insurance in the US, Chubb is a market-leading name.

Chubb offers business insurance to all kinds of industries and business sizes, including a range of commercial trucking insurance policies. This includes truck insurance, motor truck cargo insurance, non-trucking liability coverage, and more.

Chubb has a large network of offices across the US, and its commercial truck insurance protects anyone from individual owner-operators to large fleets. Their flexible policies and premiums can be tailored to any trucking business.

Nationwide Insurance

As their name suggests, Nationwide Insurance is a top choice if you want comprehensive coverage across all 50 states.

Nationwide is one of the most popular commercial truck insurance companies thanks to being one of the most well-known personal and business insurance providers in the US. Unfortunately, this does mean that their commercial trucking insurance prices can be on the higher side.

However. Nationwide offers a wide range of policies for owner-operators and large fleets. You can access motor truck cargo insurance, commercial auto insurance, and semi-truck insurance for vehicles of all types and sizes. Coverage options are flexible and can include various discounts.

Berkshire Hathaway

Berkshire Hathaway offers truck insurance coverage through GEICO, biBERK, and THREE. These insurance companies are not as large as others, but they all offer a good range of commercial truck insurance and business insurance for companies of all sizes and types.

Berkshire Hathaway’s various insurance companies offer good policies for specific types of trucking businesses. This ranges from low-cost auto insurance to commercial insurance for businesses with specific needs.

Whether you’re looking for rental reimbursement policies, motor truck cargo insurance, non-trucking liability coverage, insurance that offers medical payments, or just straightforward coverage for commercial vehicles, BH’s subsidiaries will have a solution for you.

Farmers Insurance

Farmers Insurance does not offer the most extensive policies compared to other trucking insurance companies. However, the company is straightforward and transparent with its policies and offers good value for money.

Farmers Insurance is also known for its fast claims settlement process and attractive discounts for responsible drivers.

Allstate

If you’re after affordable insurance policies, then Allstate is certainly one of the top 10 commercial truck insurance companies out there. The company offers a wide range of commercial truck insurance policies and is known for its excellent customer service and claims processes.

Allstate also offers flexible commercial insurance coverage to match the specific needs of owner-operators or large fleets of commercial trucks.

Conclusion

We chose this list of the top 10 commercial truck insurance companies based on their variety of policies and coverage options available.

Whether you’re an individual with a semi-truck or operate a large commercial fleet, these truck insurance companies will offer a policy that works for your scenario.

Always compare quotes and shop around when choosing commercial truck insurance. This will help you get the best policy, premiums, and coverage for your trucking business needs.

If you’re looking to purchase a commercial truck, then you’ll also need to work with the right truck financing provider. At Mission Financial, we help everyone gain financing to match their needs – regardless of whether you have bad credit. Get in touch if you’re ready to buy your dream truck.

All About Self-driving Semi-trucks

2027 is the year that some experts believe self-driving semi-trucks will get on the highways, although a few road tests are already underway. This will shake up the trucking industry!

It may affect you, whether you’re a seasoned truck driver or new to trucking. What are self-driving trucks? Are they a good idea? Will they replace human truck drivers?

In this post, we discuss everything you should know about self-driving semi-trucks to help you plan and avoid any disruption to your livelihood.

What Are Self-driving Semi-trucks?

Self-driving or automated semi-trucks are eighteen-wheelers capable of traveling independently, i.e., without input from human drivers. They can go anywhere traditional trucks go and do almost everything human drivers do.

These trucks depend on self-driving technology, including sensors, actuators, machine learning systems, and powerful processors to navigate. They create and keep a clear map of their environment using several sensors and cameras strategically placed in various parts of the vehicle.

Some of these include:

Radar sensors scan the positions of any vehicles nearby.
Light detection and ranging (Lidar) sensors identify lane markings, detect road edges, and measure distances.
Video cameras look for pedestrians, track other vehicles, read road signs, and detect traffic lights.
Ultrasonic sensors in the truck’s wheels detect other vehicles when parking.

Once the sensors receive relevant input, they send it to sophisticated software for processing. The software then plots a path and instructs the car’s actuators to control steering, acceleration, and braking.

Predictive modeling, hard-coded rules, obstacle recognition, and avoidance algorithms help the software navigate obstacles and obey all traffic rules.

At the moment, very few semi-trucks, which are still in their testing phase, can operate entirely on their own. Most require human drivers to act as safety drivers and take control if anything goes wrong. But this is changing fast as autonomous technology continues to improve.

Key car manufacturers in the autonomous trucking industry are also channeling more resources to perfect self-driving technology and eliminate the need for drivers. So far, there are a few types (about 6) of self-driving trucks, each with a different driving automation capacity.

Types of Self-driving Trucks

Driverless trucks are categorized according to their levels of automation or how much human input the vehicles require to operate on public roads. The less human involvement the autonomous vehicle needs to operate, the higher the automation and the category.

Some common levels of autonomous driving include the below.

Level 0: No Automation

Such a vehicle requires manual driving. A human driver must be behind the wheel to perform most driving tasks like steering and acceleration. There could be a few automated truck features, such as automatic emergency braking, blind spot, and lane departure warning. But they are limited to offering warnings and momentary assistance.

Also, the driver has to supervise these features constantly to maintain safety. Most trucks currently fall under this category.

Level 1: Driver Assistance

Level 1 semi-trucks have the most basic form of automation. They come with at least one automated driving system to support the driver’s efforts. It could be a brake or /acceleration driver support system, lane centering, or adaptive cruise speed monitoring control. But not all three.

Level 2: Partial Automation

For level 2 trucks, there is an advanced driving assist system (ADAS) with lane centering and adaptive cruise control. The system provides steering and acceleration plus brake support to the driver. However, the driver still needs to remain alert and monitor all driving operations behind the wheel.

Level 3: Conditional Automation

Autonomous semi-trucks at level 3 have sophisticated self-driving features like environmental detection capabilities. The trucks can perform nearly all the driving tasks but under limited conditions. These conditions must all be met for the automated driving systems to work.

A human driver must also be present to take over upon request by the Artificial Intelligence (AI) systems or during an emergency.

Level 4: High Automation

Level 4 autonomous semi-trucks can perform all driving operations. This includes stopping in case of a system failure or emergency. They don’t require truck drivers.

These autonomous vehicles also don’t need pedals or a steering wheel. Their self-driving autonomous system can take the truck from one point to another following preprogrammed route set via geofencing.

Level 5: Full Automation

Full driving automation for level 5 autonomous trucks lets the vehicle travel to any place through all conditions. It doesn’t require any human interaction or geofencing. Such a system only needs the final destination details, and it takes care of all driving tasks.

Are Driverless Trucks A Good Idea?

Like most opinions, the answer to whether self-driving trucks are a good idea depends on an individual’s perspective. Some people believe autonomous trucks are a good idea for the same reasons others think they are not.

For example, big players in self-driving truck companies and fleet managers support autonomous trucks because they’ll revolutionize the trucking industry by eliminating driver shortages. At the same time, most truck drivers see automated trucks as a threat because they might lose their jobs.

We’ve outlined some of the advantages and disadvantages of self-driving trucks below. So you can weigh and judge for yourself whether they’re a good idea or not.

Advantages Of Autonomous Trucks

Improved Efficiency

With advanced technology comes increased efficiency, and autonomous trucking technology is no exception.

A self-driving semi maximizes performance in terms of the time taken to deliver freight and fuel efficiency. It can choose the most effective route to deliver freight in the shortest time possible. Also, shorter transportation time may push companies to expand their operations. More distribution centers with an increased variety of products can emerge because of this.

Increased Safety

Autonomous trucks will enhance road safety by eliminating human error – one of the most common causes of truck accidents. All the high-tech sensors and software we mentioned earlier work jointly to promote excellent driving and minimize the chances of road accidents.

Minimum to No Breaks

Unlike a human driver, a self-driving truck can operate round-the-clock, including off-peak hours, without any breaks. This means that it can transport more loads faster than human truck drivers and whenever the need arises.

Fleet managers also don’t have to stress about drivers complying with the strict logging requirements by the Department of Transportation.

Reduced Operating Costs

As a result of all the benefits above, automated trucks lower operating costs. Specifically, faster freight delivery and fuel efficiency reduce fuel expenses. While increased safety translates to substantial savings in insurance claims, settlements, and accident repairs. Having no drivers also lowers labor costs for trucking companies.

Disadvantages Of Autonomous Trucks

System Failures

Picture a fully loaded automated vehicle, say a semi-truck at about 80,000 pounds. It’s taking instructions from its high-tech system, cruising the highways. Then, the system fails. What would happen?

Critics of autonomous trucking argue that accidents ensuing from driverless trucks are more damaging than those with truck drivers for one main reason: They lack the human connection and live-saving instincts humans have.

In this scenario, if a human driver were behind the wheel, they could make eye contact with other drivers, send subtle cues, and make split-second judgment calls to prevent the accident or minimize its impact. A self-driving truck cannot do the same.

Security Threats

Self-driving technology is susceptible to cyber criminals, including hackers. Malicious attacks can bring trucking operations to a halt, affecting the entire supply chain and leading to losses.

Weather Conditions

Unpredictable weather poses a significant challenge to most self-driving vehicles. Can the sensors still identify lane markings if they’re obscured by snow?

Automotive engineers are working hard to ensure autonomous cars can operate under all weather conditions. But the uncertainty of weather and other natural phenomenon may pose new challenges with time.

Government Regulation and Legal Liability

What happens when one autonomous semi-truck collides with another? Who will be accountable or liable for the accident? What if the truck collided with a non-self-driving vehicle?

The regulatory process for self-driving cars shifted from federal control to state-by-state mandate. However, most states are yet to polish their autonomous vehicle laws to clarify such matters. Things are likely to change over time, but until then, government regulation on the operation of autonomous trucks remains a challenge.

Overreliance On Big Tech

Automated trucks will require periodic software updates to operate optimally. Because of this, big tech companies currently working to make driving automation a reality, like Torc Robotics, might take control of the transportation industry. If this happens, fleet managers may lose control of their fleet management costs.

Will Self-driving Semi-trucks Replace Human Drivers?

The truth is that trucking jobs, as we know them, will change significantly. And yes, a good number of truck drivers will lose their jobs. But self-driving semi-trucks will only displace as opposed to completely replacing human drivers.

Research estimates that automated trucks may displace more than 2 million truck drivers in the United States and Europe. The demand for new drivers will also reduce by about 70% as most current professional trucking jobs will become redundant.

New opportunities are likely to emerge. Following the trends from the ongoing driverless testing pilot programs, truck drivers may be required to take on a supervisory role. That is, supervising the truck and cargo and ensuring everything goes smoothly. They may also need to conduct emergency repairs from time to time.

Also, short-distance truck drivers will keep their jobs longer to help the trucks navigate congested urban areas. However, if you work long-haul routes, you will have to adjust since the trucks are made to automate highway driving. You can switch to short-distance trucking to continue driving. This can mean reduced working hours which will translate into a pay cut.

Alternatively, you can acquire more maintenance and supervisory skills. Or take new training and explore new roles like being an automated truck technician.

The good news is we still have a few years before driverless trucks become the norm on our highways. So, you’ll have enough time to adjust and prepare for the change.

How Soon Will Large-Scale Use Of Driverless Trucks Become A Reality?

As noted before, we might start seeing a good number of self-driving trucks on our highways as soon as 2027. But the full transition into autonomous trucking will occur gradually throughout the next decade.

The automated trucks will be made available for use in four distinct phases, using a fleet of self-driving trucks connected through wireless technology:

Phase one: A fleet of semi-trucks follows a lead truck closely on the highway. Each truck will have a human driver to take control of the wheel on some, mostly smaller, roads and allow the AI program to take over driving on freeways. This technique is commonly referred to as platooning.
Phase two: In this phase, only the lead truck will have a human driver, as a convoy of automated trucks follows closely behind. It may become a reality by 2025.
Phase three: For the third phase, the lead truck will be completely self-driving on the highway. Meaning the entire convoy will be autonomous. However, a human driver might have to be present in the lead truck to help navigate loading docks and small roads.
Phase four: The final phase will see 100% automated trucks on the highways at scale. There will be no human driver in any of the trucks. This may become a reality by early 2030.

What’s Next?

If you’re a truck driver, you may be required to adapt and take on a more passive but crucial role similar to pilots in the aviation industry.

New opportunities you can take advantage of will also emerge as automation continues to infiltrate the trucking industry.

Chances are, with time, other tasks like loading and unloading will get automated too. Overall, the transportation industry is staring at a completely digitized 24/7 supply chain, and hopefully, you are ready to make it work for you!

To stay updated with the latest news on self-driving AI and autonomous trucking, read our blog!