The average cost of trucking insurance can go up to $30,000 a year, depending on the amount of coverage you need. Owner-operators can expect to pay around $2,000 to $4,000 if they are leased to a motor carrier. The good news is that non-trucking liability insurance is usually much more affordable and costs an average of $350 to $800 per year.
Although it isn’t usually required by law, non-trucking liability insurance can be incredibly useful for your business. It typically covers medical and legal expenses for third-party injury or property damage when you are driving your truck for non-business purposes.
The cost of non-trucking liability insurance will depend on a variety of factors such as driver history, truck model, and business location. Depending on your desired coverage level, you may have to pay much more or less compared to the national average.
Investing in non-trucking liability insurance for your business can give you greater peace of mind when it comes to covering expensive legal settlements and medical fees. However, it doesn’t cover physical damage to your truck, so investing in other forms of insurance can create an additional safety net.
Interested in greater cost savings? Learn about which state has the cheapest commercial truck insurance at Assured Standard today!
Ora Price is a licensed insurance producer. Since she majored in Finance at the University of San Diego, she knows how to deal with both clients and insurance providers alike.