The cost of commercial tow truck insurance usually ranges between $4,000 to $15,000 every year. However, the cost of trucking insurance can vary depending on the number of trucks in your fleet, your driving record, and the insurance company you choose.
In general, truck owner-operators can expect to pay around $750 to $2,000 a month on all of their insurance plans since trucking insurance costs have gone up in recent months.
One of the most important forms of insurance coverage that trucking businesses should invest in is primary liability insurance. This covers the cost of driving-related damage caused by your truck such as damage to people or property and can cost between $400 to $600 per month.
In addition, physical damage coverage for your truck can cost around $80 to $250 per month. This can help cover the cost of damage related to theft, vandalism, or collision, related to your truck.
Another type of trucking insurance to consider is occupational accident coverage. It can pay for work-related injuries including the cost of hospital fees and lost income. It costs around $150 to $180 a month.
Finally, general liability insurance coverage can help pay for costs outside of primary liability and physical damage coverage. It can pay for business-related fees such as reputational harm and advertising injury.
To help you save on truck insurance costs, you can bundle together several insurance plans with the same insurance company. Paying annually instead of monthly can also lower costs, depending on your chosen provider.
Read on to learn about the most affordable commercial truck insurance providers at Assured Standard!