Commercial Truck Insurance for Truckers

The FMCSA requires all for-hire interstate carriers to carry at least $750,000 in primary liability insurance for general freight, documented via a BMC-91 filing. Carriers hauling hazardous materials face higher minimums ($1-5 million depending on the material). Most brokers and shippers also require motor truck cargo insurance (typically $100,000), and lenders mandate physical damage coverage on any financed equipment.

A single-truck owner-operator with 2+ years of clean experience typically pays $8,000-$20,000 annually for a full coverage package (primary liability + physical damage + cargo). New authority carriers pay closer to $12,000-$25,000 for the same coverage. Rates drop 15-30% after the first two years of clean operating history. Telematics-based insurers (Cover Whale, HDVI) can cut another 10-30% for demonstrably safe drivers.

Nine insurers in our comparison write policies for brand-new authorities: Progressive, Great West Casualty, HDVI, Lancer, Cover Whale, Nirvana, Sentry, OOIDA, and Northland. Each has different experience requirements (most require at least 6 months of CDL experience regardless of authority age). biBERK and National Indemnity require 2+ years of operating history and do not write new authorities.

Actual cash value (ACV) pays the depreciated market value of your truck at claim time, which may be less than you owe on a loan. Agreed value establishes a set payout amount when you write the policy, providing more predictable coverage. Agreed value typically costs 10-20% more but eliminates valuation disputes after a total loss — usually worth it if you financed the truck.