How Much Does Commercial Truck Insurance Cost Yearly?

Does A Commercial Auto Insurance Company Care What Kind Of Truck I Have?
by Arthur Williamson

Contrary to popular belief, commercial truck insurance premiums are neither volatile nor unpredictable. This misunderstanding primarily stems from misinformation. Newbies unfamiliar with the variables that affect insurability tend to set baseless, misleading premium expectations—which ultimately lead to disappointment.

A single-vehicle, $1 million commercial truck insurance policy would set you back by $900 to $1,700 per annum. However, the actual amount will vary based on several variables. Your insurer could increase or decrease your premiums based on your fleet size, driving history, business tenure, cargo, truck model, and overall business nature. 

Worried that your small trucking business can’t afford insurance? Assured Standard can help with the computation. Check out our comprehensive review on the best independent owner-operator insurance providers for a fair premium estimate.

5 Factors That Can Increase Your Commercial Truck Insurance Policy’s Premium

1. Fleet Size

Insurers quote policies per vehicle, so the more trucks you need to insure, the more you’ll have to pay for insurance.

2. Driving History

Trucking companies with unpaid tickets, histories of road accidents, and undesirable driving records classify as high-risk clients, which means they cost more to insure.

3. Business Model

Are you an independent owner-operator? Do you own or lease your trucks? Does your fleet drive under your own authority? All these legal implications will affect your policy premiums.

4. Cargo Hauled

Trucking companies that haul transportable properties like automotive vehicles spend more on insurance than specialty truckers that haul waste. Remember: valuable goods carry significant risks, so truckers need higher limits to insure them.

5. Vehicles Used

Tractors, semi-trailers, box trucks, cargo trucks, and pickup trucks, among other different types of vehicles, require varying coverage limits.

Understanding the variables affecting insurability will help you make well-informed insurance premium estimates. However, if you want accurate quotes, consult with insurers directly. Select your top prospective insurance companies, schedule consultations, gather sample policy quotes, then compare the coverage terms indicated.

Assured Standard can help you compare the top insurers in the country! Check out our free in-depth review on the most widely known truck insurance companies on the market today.

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Assured Standard will protect your business with the right insurance, depending on your needs. Now more than ever, it’s crucial to have the right general liability insurance experts on your side. Protecting the future of your business starts today.
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