How Much Does Commercial Truck Insurance Normally Cost?

Did you know that nearly every good consumed in the United States is placed on a truck at some point? The trucking industry is the lifeline of the economy and something as important as this business needs protection.

Every trucking business should have commercial truck insurance for protection. Not sure how much you’ll expect to pay for insurance? Read on to find out.

Types of Commercial Truck Insurance

As the trucking industry continues to grow, the importance of commercial truck insurance does as well. The correct insurance to purchase will depend on the type of trucks you own and how they are used.

For example, interstate vs intrastate commerce will require different insurances. The main insurances that every truck driver should consider include:

  • General liability insurance
  • Physical damage coverage
  • Non-trucking liability
  • Non-owned trailer liability
  • Cargo insurance

General liability insurance is the core of your truck driver insurance that covers injuries to others and property damage to others. You’ll also want to purchase physical damage coverage in case your truck is the victim of glass breakage, theft, fire, or vandalism.

Truck Insurance Cost

Truck insurance prices differ on multiple factors. Owner-operator truck drivers will spend an average of $3,000-$5,000 per year on insurance costs.

Owner-operators who have their authority instead of a lease will spend much more when buying insurance. These professionals can expect to pay $9,000-$12,000 per year on insurance.

Primary liability insurance alone can range from $5,000-$7,000. All truck businesses require this type of insurance. However, if you have an owner-operator plan, you can add general liability to your current plan.

Along with the owner-operator status, these factors can influence whether or not you find cheap truck insurance:

  • Cost of your truck
  • Type of hauls
  • Driver’s age and experience
  • Driving distance
  • Credit history of the owner
  • Payment plan

Depending on the insurance provider you go with, your payment plan might be yearly, monthly, or per policy period.

Lowering Truck Insurance Rates

Cheap truck insurance is out there, but you need to know how to get it. A trucking insurance company will offer a quote that depends on multiple factors. To lower those rates, you can do the following:

  • Better your driving history
  • Bundle liability insurances together
  • Paying yearly
  • Consider high deductibles

Lastly, you’ll want to compare different rates from different providers. When looking for policy packages, find one that has everything you need for a reasonable price.

It’s never a good idea to go with the first insurance provider you find if you want a chance at getting the best prices.

Finding Commercial Truck Insurance for Your Needs

Every trucking business will need commercial truck insurance. Although not every type of insurance is necessary, you might want to consider additional options to protect your business completely.

With our guide, you can understand the averages you’ll pay for truck insurance. Start finding the best providers for you with the help of our tips.

For more information that can benefit your trucking business, check out the other posts on our blog.

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