Truck Insurance for New Drivers: Choosing the Right One

Truck Insurance for New Drivers: Choosing the Right One

So, you decided to go into trucking for a career? More than 3.5-million Americans work in the trucking industry as drivers, and it’s a significant driver of employment and economic activity across the country.

Choosing the right truck insurance for new drivers is a challenging task. Many insurers outright refuse to insure new drivers, and others make premiums sop expensive drivers look elsewhere.

However, there are insurers specializing in new driver policies. This post unpacks everything you need to know about choosing insurance as a new CDL holder.

Choosing the Right Truck Insurance for New Drivers

What Is New Venture Trucking Insurance?

New venture trucking insurance is a specialized set of policies providing your new trucking business with protection against liability.

As a new CDL holder, it’s challenging to find insurance companies willing to insure new drivers. The reality is an insurer sees a new truck driver as high-risk, and they’ll try to stiff you with a high premium to get you to go elsewhere for your policy.

However, there are several trucking insurers and brokers that specialize in providing services for new drivers. New venture trucking insurance helps your vehicles get out on the road, knowing that you have coverage for all emergencies.

New venture trucking insurance consists of a foundational policy covering you for primary liability. However, this policy only covers third parties involved in accidents with your truck. To get comprehensive cover, you’ll need to apply for several other policies for your cargo, damage, and more.

These policies all come with additional costs, and those add up for your business. As a new business owner or owner-operator, you’re looking to keep your operating costs as lean as possible. You need an insurer that offers coverage at an affordable price.

What Is the New CDL Driver Insurance Cost?

As a new CDL driver, you must insure your vehicle and your trailer/cargo. Many states won’t let you drive without at least having primary liability coverage for your business. Insurance is one of the most significant costs for any commercial trucking company. However, it’s especially expensive for new drivers.

As a new CDL holder, you have no track record. Therefore, the insurer sees you as high risk. Depending on the risk involved with insuring you, you might pay up to 50% more for an insurance policy as a new driver.

Most startups pay around $15,000 to $30,000 for their annual insurance costs. The primary liability policy forms the foundation of your insurance costs, and the other policies come as add-ons. In some cases, you might be able to avoid the costs of the secondary policies if the risk doesn’t apply to your company (i.e., hotshot insurance).

What are the Top 10 Commercial Truck Insurance Companies?

There are dozens of insurance providers willing to provide trucking insurance policies to your business. As a new CDL driver for a motor carrier, or an owner-operator, you need the right cover for your business.

Hiring a broker to help you navigate the insurance market and choose the best provider is the smart thing to do. An agent helps you navigate the complexities of insurance policies. They ensure you have the right cover to suit your trucking requirements.

The broker should also make you aware of all the policies you need to stay in compliance with state and federal trucking regulations.

Choosing the right insurance company for your policy is challenging. We decided o save you some time and recommend the top 10 commercial trucking insurance companies.

#1 Hiscox Insurance

Hiscox is a leader in small business insurance for trucking companies. They offer policies covering you for the $750,000 minimum requirement for primary liability insurance for your trucking company.

They also offer various other policies, such as bobtail, hotshot, and even workers compensation.

#2 Progressive

This company offers you commercial trucking insurance policies for all your business needs.

You get customized coverage for non-trucking liability, motor truck cargo, trailer interchange downtime compensation, and rental reimbursement.

Progressive also assists with federal and state filings, keeping you in compliance with government regulations. Progressive specializes in handling heavy-truck claims.

It handles the adjustment process in-house and a network of pre-approved repair shops offering Progressive customers priority service.

#3 HUB International

HUB International Transportation Insurances Services, Inc. (HUB Transportation) is a top-level insurance and risk management firm.

They negotiate favorable policy premiums and the right cover to suit the needs of your trucking business.

#4 Statefarm

State Farm is another top choice for new CDL holders. The company offers drivers a range of insurance policies covering liability, injury, damage, and collisions.

Use a broker to find you the best premium prices with this provider.

Our top four insurers all offer you excellent deals on your policies and premiums as a new CDL holder. However, if you want to continue your due diligence, we recommend checking out the following insurers for your business.

#5 TruckWriters

This family-owned insurance company dedicates itself to serving your business. The company offers you tailored insurance policies to suit your business.

TruckWriters understands your problems with finding insurance at an affordable rate as a new CDL holder. They specialize in preparing a policy with a reasonable premium cost and all the cover you need.

#6 Northland Insurance

Northland has a 70-year tenure serving the commercial trucking industry. The company specializes in taking care of new CDL holders, offering you affordable premiums on a range of policies tailored to your business. Whether you’re an owner-operator or a motor carrier managing a fleet, Northland has the right policies to suit your needs as a new CDL holder.

#7 Reliance Partners

Reliance Partners is another top choice for your trucking insurance. Truckers founded this company with the mission of bringing customized policies tailored to each driver’s need. They specialize in assisting new CDL holders with affordable policies and premiums.

Reliance Partners has an excellent industry reputation.

#8 National Interstate

As a leading commercial transportation insurer, National Interstate offers you coverage for your business in all 50-states. They offer policies in a wide range of trucking classes, and they also help new CDL holders with affordable policy premiums.

Some of the company’s offerings include traditional insurance policies and innovative alternative risk transfer (ART) programs. ART programs include over a dozen group captive policies and programs catering to the niche trucking markets, like a hotshot.

#9 1st Guard

1st Guard believes that lease operators shouldn’t have to pay for all the other smaller companies’ policy premiums. You get better prices and policies with 1st Guard compared to many commercial truck insurers.

1st Guard is the only insurer offering non-trucking liability and physical damage direct to the trucking industry. You don’t have to worry about dealing with a broker or agent, which is a bonus for new CDL holders.

Choosing the Right Truck Insurance for New Drivers

#10 AIG Truck Insurance Group

AIG is one of the worlds leading insurance firms. It comes as no surprise that the company has a dedicated commercial trucking insurance division.

AIG is a leader in the game, with a long track record of providing comprehensive insurance polici4es for new CDL holders.

Truck Insurance for New Drivers FAQ

Q: Can a new CDL driver get insurance?  

A: Yes, new CDL holders can receive owner operator truck insurance for their business. However, as a new driver, the insurer sees you as a high risk.
High risk commercial truck insurance policies typically cost more than those policies covering drivers with a track record. It pays to shop around for your insurance policy to find the best rate and cover.

Q: What kind of insurance do truck drivers need?

A: At a minimum, truck drivers need a primary liability policy covering them when carrying loads. However, most truck drivers reduce their risk by adding other cargo, damage, and injury policies.
The additional policies help cover your business needs in case of lawsuits or damage to your truck and trailer.

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