Cheapest State for Commercial Truck Insurance – Commercial Truck Insurance may be a requirement for truck drivers. Everyone should have it, as insurance protects you in the event of an emergency. Although truck insurance is required in every state, the amount and cost of commercial truck insurance might vary significantly based on where you live.
Which state has the most affordable business car insurance?
Mississippi, Wyoming, Massachusetts, Iowa, and Arizona are the five states with the cheapest commercial vehicle insurance, in that order. New Jersey, Louisiana, Delaware, New York, and Connecticut are the states with the most costly commercial truck insurance.
- If you are searching for commercial truck insurance in these states, here are our recommendations for the top providers.
- Arizona’s leading commercial truck insurance providers The top trucking insurance providers in Massachusetts New Jersey is home to the greatest commercial truck insurance providers.
New York’s premier commercial truck insurance providers. The top business vehicle insurance providers in Louisiana Mississippi’s leading commercial truck insurance providers The top trucking insurance providers in Wyoming The most reputable commercial truck insurance providers in Iowa Below is a ranking of all fifty states based on the cost of commercial truck insurance.
| Rank | Average local premium rate | Average national premium rate | |
| 1 | Mississippi | $3,552 | $4,664 |
| 2 | Wyoming | $4,927 | $7,149 |
| 3 | Massachusetts | $5,447 | $17,017 |
| 4 | Iowa | $5,615 | $8,866 |
| 5 | Arizona | $6,102 | $11,797 |
| 6 | Nebraska | $6,259 | $8,664 |
| 7 | North Dakota | $6,456 | $9,206 |
| 8 | Montana | $6,501 | $9,492 |
| 9 | Kansas | $6,645 | $10,160 |
| 10 | South Dakota | $6,689 | $9,013 |
| 11 | Wisconsin | $6,714 | $9,231 |
| 12 | New Hampshire | $6,817 | $11,390 |
| 13 | Idaho | $6,887 | $9,008 |
| 14 | Alaska | $6,915 | $9,326 |
| 15 | Vermont | $6,937 | $9,643 |
| 16 | Ohio | $7,094 | $9,933 |
| 17 | Colorado | $7,294 | $12,110 |
| 18 | New Mexico | $7,298 | $9,738 |
| 19 | North Carolina | $7,450 | $10,630 |
| 20 | Pennsylvania | $7,536 | $12,470 |
| 21 | Missouri | $7,646 | $11,757 |
| 22 | Illinois | $7,704 | $13,781 |
| 23 | Indiana | $8,430 | $11,141 |
| 24 | Oregon | $8,484 | $11,272 |
| 25 | Washington | $8,484 | $12,706 |
| 26 | Michigan | $8,910 | $13,793 |
| 27 | Utah | $9,121 | $11,110 |
| 28 | Oklahoma | $9,376 | $13,383 |
| 29 | South Carolina | $9,390 | $13,376 |
| 30 | Maine | $9,535 | $13,763 |
| 32 | Tennessee | $9,592 | $13,773 |
| 33 | Minnesota | $9,669 | $12,820 |
| 34 | Virginia | $9,957 | $13,119 |
| 35 | Alabama | $10,284 | $14,216 |
| 36 | Texas | $10,533 | $14,497 |
| 37 | Nevada | $10,681 | $16,912 |
| 38 | Arkansas | $10,973 | $14,922 |
| 39 | Maryland | $11,112 | $16,056 |
| 40 | Kentucky | $11,555 | $15,500 |
| 41 | West Virginia | $11,687 | $14,638 |
| 42 | California | $11,834 | $14,041 |
| 43 | Florida | $12,872 | $19,480 |
| 44 | Rhode Island | $14,046 | $17,220 |
| 45 | Georgia | $15,200 | $20,641 |
| 46 | Connecticut | $16,946 | $17,004 |
| 47 | New York | $16,949 | $17,585 |
| 48 | Delaware | $17,351 | $19,670 |
| 49 | Louisiana | $19,736 | $23,453 |
| 50 | New Jersey | $20,763 | $20,255 |
Meanwhile, Progressive’s agency business sells via more than 30,000 independent insurance agents in the United States. The headquarters of Travelers is in New York, New York. Premiums written directly: $2.97 billion Market share: 5.6% Travelers offers personal, commercial, and speciality insurance through 13,500 independent agents and brokers in North America and Europe.
In addition, the insurance employs over 30,000 workers. For both small and big fleets, Travelers’ business vehicle insurance policies include liability, physical damage, and UM and UIM coverage.3.The headquarters of Liberty Mutual are in Boston, Massachusetts.2.05 billion dollars in direct written premiums; 3.8% of the market According to NAIC’s 2021 statistics, Liberty Mutual Holdings Company Inc.
is the sixth-largest P&C insurer globally and the fourth-largest in the United States. The mutual insurer offers personal insurance products under the Liberty Mutual and Safeco brands and collaborates with independent agents, brokers, and benefits consultants to offer business insurance solutions to clients.
- Its business vehicle insurance coverage includes risk management instruments.
- Old Republic’s main office is located in Greensburg, Pennsylvania.
- Premiums written directly: $2.02 billion Market share: 3.8% Old Republic General Insurance Group is the main business sector of Old Republic International Corporation, specialized in the P&C market.
Its 15 speciality enterprises share the same fundamental principles. Several of these businesses, including BITCO Insurance Companies, Great West Casualty Company, Old Republic Contractors Insurance Group, Old Republic Risk Management, Old Republic Specialty Insurance Underwriters, and PMA Companies, offer commercial car insurance.5.National Headquarters Located in Columbus, Ohio Directly underwritten insurance premiums: $1.68 billion Market share: 3.1% Nationwide Mutual Insurance Company is a Fortune 100 company that provides insurance and financial services in the United States.
- It offers auto, motorcycle, homeowner, pet, farm, life, and business insurance plans.
- Additionally, the organization provides annuities, mutual funds, retirement plans, and specialized health services.
- The insurer’s business vehicle insurance policies include liability and medical payments coverage, as well as collision, comprehensive, and UM/UIM coverage.
The highest and least costly states for auto insurance in 2022 are revealed.6. Berkshire Hathaway Headquarters: Omaha, Nebraska Directly underwritten insurance premiums: $1.68 billion Market share: 3.1% Berkshire Hathaway is a conglomerate comprised of insurance and reinsurance, utilities and energy, freight rail transportation, manufacturing, and retail enterprises.
- Insurance is one of the company’s “four giants,” which account for a major portion of the company’s assets.
- With a vast float value of $147 billion, Berkshire Hathaway controls all of its insurance operations.
- It offers its commercial insurance policies through subsidiaries such as Berkshire Hathaway Homestate Insurance Company, BHHC Special Risks Insurance Company, Continental Divide Insurance Company, Cypress Insurance Company, Oak River Insurance Company, and Redwood Fire and Casualty Insurance Company.7.
Zurich Headquarters: Schaumburg, Illinois (US office) 1.61 billion dollars in direct written premiums.3.0% of the market. Zurich Insurance Group is a multi-line insurer that provides services to clients in over 210 countries and territories. Automobile, corporate accident and business travel, credit risk, cybersecurity and privacy, D&O liability, management or professional liability, maritime, and political risk are the commercial insurance speciality lines offered by Zurich.
Zurich offers both conventional and non-conventional motor insurance for its automobile solutions, with the latter incorporating deductible plans, captive fronting, and reinsurance. The headquarters of Auto-Owners is in Lansing, Michigan. Directly underwritten insurance premiums: $1.68 billion Market share: 2.6% Auto-Owners Insurance Group is a Fortune 500 mutual insurance company comprised of many firms, such as Atlantic Casualty Insurance Company, Concord Group Insurance Companies, and Capital Insurance Group.
The company insures a range of vehicles, including motorcycles, motorhomes, RVs, boats, trailers, and all-terrain vehicles (ATVs). It offers collision, comprehensive, and UM/UIM coverages to owners of business vehicles in over 20 states.9. Allstate Headquarters are located in Northbrook, Illinois.1.15 billion dollars in written premiums Market share: 2.1% Allstate Corporation is the largest publicly traded insurer of personal lines in the United States.
- The insurer was placed number 70 on the Fortune 500 list of the top U.S.
- Companies by total revenue in 2021.
- The majority of Allstate’s revenue comes from the sale of vehicle and homeowners’ insurance through independent agents.
- These items are sold under the Allstate, Encompass, and Esurance brands.W.R.
Berkley’s headquarters are located in Greenwich, Connecticut. Premiums written directly: $1,1 billion Market share: 2.1% The W.R. Berkley Corporation is a worldwide supplier of property and liability insurance for commercial lines that operates in two segments: insurance and reinsurance.
- Each of its operational entities engages in a niche market that requires specialized product or area expertise.
- The insurance arm of Berkley underwrites commercial insurance business, with certain operational units writing excess and surplus lines to cover complicated risks and specific exposures.
- Other divisions provide accepted insurance products and services to support a specific geographical group or the specialist risks of a certain customer type.
Here are the remaining top 25 US business auto insurance.
| Rank | Insurer | DWP | Market share |
|---|---|---|---|
| 11 | Chubb | $1.03 billion | 1.94% |
| 12 | The Hartford | $911 million | 1.71% |
| 13 | AIG | $899 million | 1.69% |
| 14 | American Financial | $880 million | 1.65% |
| 15 | State Farm | $834 million | 1.57% |
| 16 | Cincinnati Financial | $813 million | 1.53% |
| 17 | Farmers | $806 million | 1.51% |
| 18 | Tokio Marine | $805 million | 1.51% |
| 19 | Selective Insurance | $791 million | 1.49% |
| 20 | Sentry | $785 million | 1.47% |
| 21 | Erie Insurance | $746 million | 1.36% |
| 22 | Markel Corp. | $698 million | 1.31% |
| 23 | Fairfax Financial | $689 million | 1.31% |
| 24 | Acuity | $680 million | 1.28% |
| 25 | CAN Insurance | $634 million | 1.28% |
Property/Casualty Market Share Report of the NAIC for 2021
Is commercial vehicle insurance tax deductible?
TUESDAY, MAY 7, 2019 Business owners must be proactive in their financial management. Many get commercial vehicle insurance to mitigate the financial risk involved with an accident. However, your insurance costs a considerable amount of money. Can you deduct this expenditure? It might be possible to do so.
- Here are some factors to consider.
- Auto Insurance and Taxes for Businesses There are several reasons why business owners may benefit from getting commercial auto insurance.
- It reduces the likelihood that you may incur out-of-pocket expenses following an accident.
- The majority of company owners may write off the cost of their coverage as a tax deductible.
This is an advantageous position for any business owner. To be clear, every firm should discuss this advantage with its tax advisor. Not all vehicles or drivers are eligible. Typically, only those owned and operated as company components will. Nonetheless, this may be one of the greatest strategies for you to lower your total tax burden.
- It may not be a significant deduction, but it is one option to lower your expenses.
- When Can It Be Used? In most circumstances, commercial vehicle insurance is tax deductible.
- However, this is often only applicable if the firm utilizes the vehicle as part of its activities.
- The automobile you drive to work, for instance, is not necessarily deductible.
On the other hand, the insurance premiums your firm pays to protect its fleet of delivery vehicles may be. Again, whether business auto insurance delivers tax benefits to self-employed persons depends on how the vehicle owner utilizes the vehicle. You may be allowed to deduct the amount for commercial vehicle insurance on Schedule C.
- On their Form 2106, Employee Business Expenses, certain employees may be allowed to deduct this coverage.
- This often applies only if you do not obtain reimbursement for car-related expenditures.
- It also does not apply when you obtain reimbursement for driving your automobile for business purposes.
- What should you do if you believe you are eligible? Consult your tax preparer.
Describe how you utilize your automobile. Then, debate the price of your commercial vehicle insurance. In many instances, you may be able to deduct the whole cost, resulting in a substantial tax reduction. In addition to protecting your assets, this might be a significant advantage of obtaining an insurance coverage for a small company owner.