Insurers consider several variables when computing truck insurance premiums. The rates vary depending on your motor carrier classification, hauled freight, truck model, business tenure, and operating authority. However, most owner-operators pay around $9,000 to $12,000 per annum to insure one truck. This amount meets the FMCSA-mandated truck insurance coverage.
Truckers can get a good idea of how much to set aside for owner-operator insurance by assessing the following factors:
Keep in mind that insurers follow different insurability rates. You will likely get varying insurance rates and computations, so make sure to consult with at least three to four insurance providers and sort through the most cost-efficient offers.
Moreover, don’t blindly sign up for the cheapest insurance rates on the market — truck insurance goes beyond affordable premiums. You must compute your trucking company’s insurance needs, identify the most significant road risks your drivers face, then assess which policies offer the most suitable protection.
Are you having doubts about whether your business can afford trucking insurance? Assured Standard has you covered. Check out our helpful tips on how owner-operators can save on their premiums.
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.