If you own and operate a truck, you should anticipate paying between $9,000 to $15,000 per year for trucking insurance, assuming you have a clean driving record.
However, trucking insurance rates have increased in recent years, and you may be required to pay as much as $30,000 a year, depending on the coverage you need and your driving history. Owner-operators pay between $2,000 and $4,000 for coverage, assuming they are leased to a motor carrier. Of course, various variables will affect your premiums.
Maintaining a clean driving record is one of the best ways to save money on truck insurance. Additional safety training can assist you in avoiding difficulties, speeding tickets, and accidents. If you have CDL experience, you can also save a lot on insurance.
Furthermore, paying your annual subscription in full can save you money. If the company can afford it, you may wish to choose this expenditure in order to save more money in the long run. Rather than monthly installments, a single payment can save you up to 20% on trucking insurance.
Your deductibles will also affect your price. If you want to save money on your premiums in the long run, you may choose to increase the deductible. This means that you will have increased financial responsibilities in the event of an accident, but as you minimize the insurance company's risk, your monthly premiums will decrease.
Choosing the appropriate coverage for your truck can be difficult as numerous insurance policies are available to protect your drivers, the general public, and your business. So look around and ensure that you are prepared for any possibility that your truck may face.
If you don’t have trucking insurance yet or are looking for a good one, consider contacting an agent today. Check out Assured Standard’s article covering how to find a good trucking insurance agent.