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How Much Is Insurance On A Commercial Truck?

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    How Much Is Insurance On A Commercial Truck?

    Commercial trucking insurance policies provide extensive liability protection in the event of a covered accident. They are paramount to the success of any trucking service provider. Unfortunately, several SMBs still neglect their insurance to avoid costly premiums, as there is a common yet baseless misconception that insurance will exhaust your future profits.

    The average premiums on a commercial trucking insurance policy can vary anywhere from $600 to $1,000. Specialty truckers that haul garbage and septic waste typically pay less than trucks carrying transportable properties of value like automobiles and general freight. However, note that premiums can still exceed $1,000 depending on your insurability.

    Is trucking insurance worth it? Assured Standard emphasizes that driving uninsured compromises both your business and your drivers’ lives. Check out our guide detailing how commercial trucking insurance can mitigate the damage stemming from road accidents.

    5 Factors That Affect Commercial Trucking Insurance Premiums 

    5 Factors That Affect Commercial Trucking Insurance Premiums

    1. Contractual Requirements

    Expect policy add-ons, endorsements, riders, and additional policies to increase your premiums accordingly.

    2. Coverage Limits

    Higher limits will increase your premiums, although we discourage stunting coverage just to save a few bucks on premiums.

    3. Location

    Trucking insurance premiums vary per state. The average premiums in Louisiana start at $1,546, while the average in North Dakota is at a measly $686.

    4. Cargo

    As we mentioned above, transport truckers that carry high-value goods pay more than niche specialty truckers hauling garbage, logging materials, or septic waste regularly. Expensive cargo requires higher insurance, of course.

    5. Truck Model and Make

    Larger trailers and tractors generally cost more to insure than compact, smaller alternatives like pickup trucks. 

    Commercial trucking insurance premiums come with a steep price, but the liability protection they provide is invaluable. Having a broad, all-encompassing policy can spell the difference between six-digit lawsuits and business continuity.

    Frequently Asked Questions:

    Is commercial trucking insurance costly and does it affect my profits significantly?

    The average premiums for commercial trucking insurance vary from $600 to $1,000, depending on various factors, and it's considered an essential expense due to the liability protection it provides.

    How do contractual requirements affect commercial trucking insurance premiums?

    Policy add-ons, endorsements, riders, and additional policies can increase your premiums.

    Does the location of my trucking operation influence my insurance premiums?

    Yes, premiums vary per state, with some states having higher average premiums than others.

    How does the type of cargo I haul affect my insurance premiums?

    High-value goods require higher insurance and therefore will increase your premiums compared to carrying lower-value cargo like garbage or logging materials.

    How does the model and make of my truck influence my insurance premiums?

    Larger trailers and tractors generally cost more to insure than compact, smaller vehicles like pickup trucks.

    If you still have doubts, we highly encourage performing further research. Skepticism almost always stems from ignorance. Explore the different policies, compare policy quotes, and assess coverage terms to ensure that you make well-informed decisions.

    Discover the diverse range of commercial trucks that can be insured through our dedicated blog post. Expand your understanding of insurance costs for commercial trucks by delving into the insights about how much is insurance on a commercial truck while exploring the array of insurable vehicles.
    Having trouble qualifying for your first policy? Assured Standard can help! Check out our dozens of free resources explaining the ins and outs of commercial truck insurance.

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