Box truck insurance has earned an unfair reputation for having high fees. Most truckers only get one because the state requires it. While it does cost more to insure box trucks than regular trailers, the rates are not as exorbitant as most newbies assume. This misconception primarily stems from the fact that not many understand the need for short-haul trips insurance.
Companies with a single box truck can expect annual premiums to range from $2,000 to $5,000. However, enterprises regularly operating dozens of trucks might have to shell out upward of $30,000 to $40,000 per annum. The projected estimates leave a wide gap because premiums depend on several variables like driving history, business tenure, and, most importantly, cargo.
Assured Standard notes that even small-scale trucking companies shouldn’t forgo getting insured. Check out our comprehensive guide detailing the fees involved with getting an owner-operator insurance policy.
We understand that not every trucker has the capacity to shell out upward of $5,000 for insurance every year. Most individual owner-operators are barely even starting to generate profits. Some best practices to help you reduce your box truck insurance premiums include:
While it’s a smart move for truckers to hunt the best insurance deals on the market, you should never compromise your coverage terms. Remember: sufficient coverage takes precedence over minimizing premiums. Trust me—paying a few grand per month pales in comparison to the six- to seven-digit losses you might suffer from totaled box trucks.
Truckers should never hit the road without sufficient insurance coverage! Assured Standard explains the risks could be enough to put you in hundreds of thousands worth of debt, depending on the damage. Check out our article on how commercial truck insurance reduces accidents.