Operating a commercial trucking business requires specialty insurance that goes far beyond typical auto coverage. Truck drivers face increased risks and liabilities compared to everyday motorists. That’s why having an A-rated insurer with strong financials is so important when shopping for the best commercial truck insurance.
What Does an “A” Rating from A.M. Best Mean?
A.M. Best is the premier rating agency assessing the financial strength and creditworthiness of insurance carriers. They analyze balance sheets, company management, loss ratios, and other data to assign ratings.
A.M. Best uses a simple A++ to F scale to grade insurers. An “A” rating is their second highest score. It indicates a company has an:
- Excellent ability to meet ongoing obligations to policyholders
- Very strong balance sheet with sizeable surpluses and liquidity
- Highest marks for operating and financial performance
The “A” rating is reserved for insurers that demonstrate superior financial metrics and long-term stability. This gives you confidence they will remain solvent and pay out claims for years to come.
Key Benefits of Choosing an A-Rated Commercial Truck Insurer
Going with an A-rated carrier for your trucking business offers several advantages:
Timely Payment of Claims – Top-rated insurers have the cash reserves and balance sheet strength to settle and pay claims promptly. Quick reimbursement keeps your business moving.
Superior Customer Service – Financially stable insurers invest more in experienced claims staff and technology to provide faster service and communication.
Peace of Mind – You don’t have to worry about coverage being denied over minor technicalities or worries about the company going bankrupt. A-rated carriers are reliable.
Negotiating Power – Major insurers have leverage to negotiate better rates from vendors, medical providers, and repair shops. This gets you the best value.
When your trucking livelihood depends on your insurance company keeping promises, an A rating provides confidence.
Top A-Rated Commercial Truck Insurance Companies
Here are some of the top A-rated insurers offering commercial trucking coverage in the United States:
The giant auto insurer earns high marks from A.M. Best for its trucking programs. Progressive provides extensive coverage options tailored to owner-operators and large fleets:
- Physical damage – collision, comprehensive, towing
- Liability up to $1 million
- Optional extras like trailer exchange and vacant trailer
Driver management tools like GPS fleet tracking and driver performance monitoring provide insights on risks. Discounts for safety tech like collision avoidance systems help lower premiums.
This diversified property and casualty insurer has over 30 years specializing in commercial truck coverage. Travelers offers:
- Liability limits up to $10 million
- Collision with $5,000 in towing reimbursement
- Cargo, trailer exchange, vacancy
- Rideshare and terminal coverage
Their Claim Core process uses AI and analytics for faster claims resolution. Discount programs reward fleet safety initiatives, driver training, and years claims-free.
With over 100 years in the insurance industry, Liberty Mutual is a trusted choice for many trucking businesses. Their Truckpins program includes:
- $750,000 base cargo legal liability
- Scheduled rigs and trailer coverage with quick pay
- OnHook roadside assistance app
- Discounts for safety tech and drug/alcohol screening
Liberty Mutual also offers higher Mexico liability limits crucial for cross-border truckers.
This 200+ year old insurer provides specialized trucking coverage. Key features include:
- Ability to bundle commercial auto with other policies
- Accident forgiveness to keep rates stable
- Motor truck cargo options
- Risk engineering consultants to evaluate fleet safety
The Hartford’s Certified Transportation Network helps clients stay compliant with regulations. Discount programs offer savings for routing efficiency, driver training, and idle time reduction.
Old Republic Insurance Group
With an A+ Superior rating from A.M. Best, Old Republic offers extensive trucking products:
- Liability coverage starting at $1 million
- Lease gap protection for leased rigs
- Cargo, trailer exchange, personal effects
- Motor Truck Cargo Legal deadline extender
Technology discounts are available for fleet dash cams, ELDs, lane departure systems, and more.
The well-known auto and home insurance leader also provides commercial policies. Trucking offerings include:
- Liability limits up to $1 million
- Collision and comprehensive deductibles as low as $100
- Cargo coverage and terminal exposure options
- Rental reimbursement if a covered rig can’t operate
- EFT premium discounts
Being with a household name like State Farm provides peace of mind for many trucking businesses.
Key Coverages to Consider
Don’t just stick with the minimum liability insurance required. To fully protect your business, discuss these options with A-rated providers:
Increased Liability Limits – Most states require just $750,000, but accidents with severe injuries or multiple vehicles can easily exceed this. Look into $1 million, $2 million or higher limits.
Collision – Pays to repair damage to your rig, trailer, or cargo from an accident. Can include towing reimbursement.
Comprehensive – Covers damage from non-collision incidents – theft, fire, floods, animal strikes, vandalism and more.
Trailer Exchange – Adds liability coverage when you swap a trailer with another trucker.
Cargo – Protects the contents of your trailer for damage or theft.
Personal Injury Protection – Helps pay medical expenses for you or occupants injured in an accident.
Uninsured Motorist – Provides coverage if you’re hit by an uninsured or underinsured driver who can’t cover damages.
A specialized insurance broker can walk through all your coverage options and limits. Don’t leave gaps that could put your business at risk after an accident. Maximize protection with an A-rated insurer.
Getting the Best Premium Rates
The financial strength and stellar servicing of A-rated carriers does come at a cost. Premiums are often higher than lower-ranked insurers. But you get what you pay for when it comes to reliability.
That said, there are ways to help control costs while enjoying the benefits of an A-rated insurer:
Maintain Spotless Driving Records – Insurers reward clean histories with the biggest discounts. Violations, accidents, or claims will drive rates up quickly.
Drive Fewer Miles – Your estimated annual mileage is a key rating factor. Lower use means lower exposure.
Complete Safety Training – Carriers provide breaks for rigorous driver safety course completion. This proves you’re serious about risk prevention.
Increase Deductibles – Choosing higher out-of-pocket costs in the event of a claim helps lower premiums. Just make sure you can cover the upfront amount.
Compare Rates – Even among A-rated carriers, price variances exist. Regularly shop rates from several to find the best deal.
Leverage Associations – Memberships with groups like Owner-Operator Independent Drivers Association provide access to preferred discounts from top insurers.
Don’t reduce critical coverage just to save a few bucks. The right A-rated insurer coupled with smart driving provides the most protection. Compare options to find the optimal balance of premium savings without sacrificing quality coverage from a financially strong provider.
The Importance of a Stable Trucking Insurer
Operating heavy commercial rigs on the road creates substantial risk. Truck accidents can be severe and claims expensive. There’s no room for error when it comes to insurance backing your business.
Choosing an A-rated commercial truck insurance carrier reduces stress and uncertainty. You can count on expert claims handling, prompt payment, and top-tier customer service. Checking A.M. Best and other financial strength ratings protects your interests so you can focus on your trucking business.