Many truckers find semi-truck insurance confusing because of the wide premium range. In fact, insuring a single semi-truck could range anywhere from $2,000 to upward of $30,000. Confusing, right? While the spread between the highest and lowest estimates is undoubtedly large, you can narrow down the difference by understanding the different pricing variables.
Private owner-operators with their own operating authority can expect annual semi-truck insurance premiums to range from $9,000 to $15,000 per vehicle, although those using newly approved authorities might pay around $13,000 to $30,000. Meanwhile, leasing owner-operators can minimize premiums down to $2,000 to $5,000 per semi-truck.
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Some of the most prominent factors that insurance companies consider when pricing insurance policies include:
Why do private semi-truck owner-operators with their own operating authority pay more than leasing owner-operators? Primarily because the latter requires less liability protection. Having your own operating authority increases profitability, but it also comes with several risks and responsibilities.
Insurance companies charge clients per semi-truck. If you own five semi-trucks and have your own operator authority, you might have to shell out $90,000 to $150,000 per annum.
Trucking companies that carry high-value goods prone to damages, risks, and theft require more insurance coverage. As such, they ultimately end up with higher-costing policies.
Keep in mind that this guide only serves as a starting point on business insurance planning. For accurate semi-truck insurance estimates, consult with trusted insurers. Compare quotes from different insurance companies, assess the coverage terms, then see which policies fit your budget.
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