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.
Factors like business type, fleet size, and type of cargo carried all influence the cost of commercial insurance for semi-truck owners.
Private owner-operators with their own operating authority often need more liability protection due to increased risks and responsibilities.
Insurance needs often increase with fleet size because insurers typically cover each individual semi-truck.
Companies that carry high-value or risky goods may require more insurance coverage to protect against potential losses.
The best approach is to consult trusted insurers, compare quotes from different companies, and assess the coverage terms of each policy.
Still can’t wrap your head around how commercial semi-truck insurance works? Assured Standard can help! Check out our quick guide that simplifies the process of insuring semi-trucks.
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.
