Although insurance requirements vary per state and are based on the type of cargo you carry and your truck’s weight, the cost of cargo insurance typically ranges between $500 to $2000 on an annual basis. On a monthly basis, this can cost between $40 to $170 depending on your coverage limits and other factors.
However, the cost of cargo insurance policies can also vary greatly between companies. A cheaper policy with $50,000 worth of coverage usually costs between $500 per $800 per year. A mid-range policy with $100,000 worth of coverage would cost between $900 to $1500 per year.
If you’re looking for a cargo insurance plan with more coverage of around $250,000, expect to pay somewhere between $1,200 to $2,000 per year.
The main factors that impact the overall cost of your cargo insurance policy include the type of goods you carry (such as whether they are hazardous in nature), the overall limits of your cargo insurance policy, and driving records.
Federal law requires trucking companies to have some form of carrier liability insurance, but cargo insurance isn’t typically required by law. However, it can provide added protection when it comes to physical damage or theft of your goods.
Read more at Assured Standard to learn about why truck insurance can cost significantly more than other types of insurance!
Arthur Williamson graduated with a degree in Business and Management at the University of California, Berkeley. He is knowledgeable about what small and big businesses require to keep operations moving.
