How to Get a Commercial Truck Insurance Quote: What You Need to Know
Updated: 15 hours ago
Getting an accurate commercial truck insurance quote starts with giving the insurance company a clear picture of your operation. The more complete the information is upfront, the easier it is for me to determine which insurance companies may be a good fit and obtain accurate quotes.
Two trucking companies with similar trucks can receive very different quotes. Driver experience, driving records, cargo, operating radius, equipment values, loss history, years in business, DOT safety history, and coverage can all affect underwriting and pricing. For a broader overview, see my Commercial Truck Insurance Guide.
Prefer to watch? Here's my quick video on what to have ready so your quote doesn't get held up:
What Information Do You Need for a Truck Insurance Quote?
For most trucking insurance quotes, I typically start by gathering information about the business, drivers, equipment, operation, and current insurance.
Business information: Legal business name, DOT and MC numbers, business address, years in business, and years operating under your current authority.
Driver information: Driver names, dates of birth, driver's license information, CDL experience, and driving history.
Truck and trailer information: Year, make, model, VIN, stated value, ownership or financing information, and garaging location.
Type of operation: Dry van, reefer, flatbed, hotshot, box truck, auto hauling, intermodal, dump truck, or another trucking operation.
Cargo: What you normally haul and the maximum value of cargo you may have on one load.
Operating radius: Where you normally operate, including the states you travel through and your typical or maximum radius.
Mileage: Estimated annual mileage and, when applicable, mileage information for the fleet.
Current or prior insurance: Current insurance company, policy expiration date, current limits, and prior insurance history.
Loss history: Prior claims and loss runs when required.
Not every insurance company asks for exactly the same information. Underwriting requirements can vary by insurance company based on the size of the account, type of operation, years in business, coverage requested, and the risk being reviewed.
One question I get a lot: does the owner have to be listed on the insurance if they don't drive?
What Documents Might Be Required?
A basic quote may not require every document upfront, but established trucking companies and fleets should expect underwriting to request additional documentation.
Current insurance policy or renewal offer
Current loss runs
Driver's licenses
Motor vehicle records (MVRs)
Vehicle and driver schedules
IFTA mileage reports
ELD reports
Safety policies or driver-training information
Preventive maintenance information
Proof of garaging
Lienholder or loss-payee information
The exact requirements vary by insurance company. Larger fleets or more complicated operations generally require more underwriting information than a straightforward one-truck operation. If you're preparing for renewal, my Truck Insurance Renewal Checklist can help you organize the information before underwriting starts.
What Affects the Cost of Commercial Truck Insurance?
There isn't one rate that applies to every trucking company. Insurance companies evaluate the individual risk before determining whether they want to insure it and what premium they will charge.
Driver Experience and Driving Records
The drivers operating your trucks are one of the most important parts of underwriting. CDL experience, MVRs, accidents, moving violations, license suspensions, and other driving history may all be considered. Driver age and experience requirements can also vary considerably between insurance companies.
Type of Trucking Operation
A dry van operation is not necessarily evaluated the same way as an auto hauler, hotshot operation, dump truck, tow truck, intermodal carrier, or refrigerated operation. The type of equipment, cargo, loading and unloading exposures, operating environment, and other characteristics of the operation can affect underwriting.
Cargo
What you're hauling matters. General freight, refrigerated goods, automobiles, machinery, building materials, household goods, and other commodities can present very different exposures. The cargo limit you need also matters. Learn more about Motor Truck Cargo Insurance and how cargo type, limits, and exclusions can affect the policy.
Operating Radius and States Traveled
A local trucking company operating within a relatively small radius presents a different exposure than a carrier running long-haul routes throughout the country. Insurance companies may consider your operating radius, states traveled, annual mileage, and garaging location.
Equipment
The year, type, and value of your trucks and trailers can affect the Physical Damage Insurance portion of your policy. If your equipment is financed, the lender may also have specific insurance requirements that need to be satisfied.
Loss History and Safety Record
Prior claims can have a significant effect on underwriting. For established trucking companies, insurance companies may review loss runs and available safety information when evaluating the account. The frequency, severity, and circumstances surrounding prior losses can all matter. A loss does not automatically mean every insurance company will decline an account or charge the same amount.
Why Can Two Insurance Companies Give Completely Different Quotes?
Insurance companies do not all have the same underwriting appetite. One company may be very competitive for a particular operation while another may not want that type of risk at all. They can also have different requirements for driver experience, radius, cargo, equipment, loss history, authority age, and other underwriting factors.
Sometimes a quote that makes no sense is a go-away price. Here's what that means.
That's why I don't assume the company that was competitive for one trucking business will automatically be competitive for another. Price should not be the only thing you compare.
If you've only gotten one quote directly from an insurance company, here's why buying direct from Progressive or GEICO may not be your best option.
What Should You Compare Besides the Premium?
When comparing trucking insurance quotes, make sure you're actually comparing similar coverage. A lower-priced quote may have different limits, deductibles, exclusions, endorsements, or coverage than another option.
Primary Auto Liability and the liability limits that apply to your operation
Non-Trucking Liability, when applicable
Additional coverages or endorsements required by a shipper, broker, lender, lease agreement, or other contract
Not every trucking company needs every coverage listed above. The right insurance program depends on how your business actually operates and what requirements apply to your operation.
How Can You Lower Your Truck Insurance Cost?
There isn't one trick that automatically makes trucking insurance cheaper. In my experience, one of the most important things a trucking company can do is build an operation that insurance companies are comfortable underwriting.
That can include maintaining experienced drivers with acceptable driving records, controlling losses, keeping accurate records, maintaining equipment, and developing a consistent safety program as the company grows.
Your policy structure can also affect the premium. Coverage limits, equipment values, deductibles, radius, drivers, and other selections may affect the cost depending on the insurance company. Increasing a deductible may reduce the premium for certain coverages, but it also means accepting more of the financial responsibility if you have a covered loss.
I would rather look at where the premium is coming from and determine whether there are reasonable changes that make sense for the business than simply remove coverage to make a quote look cheaper.
When Should You Start Shopping for Truck Insurance?
I recommend starting the renewal process at least 30 days before your current trucking insurance policy expires. Trucking insurance quotes can take time, especially for fleets or more complicated operations. My Truck Insurance Renewal Checklist covers the documents and information I recommend preparing before renewal.
Starting 30 days ahead gives you time to gather missing documents, work through underwriting questions, approach the appropriate insurance markets, and properly compare your options instead of rushing to make a decision a few days before expiration. For larger or more complicated fleets, I may recommend starting even earlier.
A new authority is different. The timing of the policy effective date needs to be coordinated with the authority and required insurance filings. See my New Authority Truck Insurance page for the insurance side of that process.
How Can Alex Help?
As an independent trucking insurance broker, I help owner-operators, new authorities, and fleets organize the information underwriters need, identify available insurance markets that may fit the operation, and compare the coverage, deductibles, requirements, and pricing in the quotes they receive.
Insurance availability, underwriting requirements, coverage, and pricing vary by insurance company and individual risk.
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