How Much Does Commercial Truck Insurance Typically Cost?

Are you curious about how much commercial truck insurance cost? Commercial truck insurance is a necessity for any truck driver. If you were on the job and were to get into an accident, you would be liable for any damage and would need to pay out-of-pocket If you didn’t have any insurance.

There several factors that affect the cost of insurance. In this article, we are going everything you need to know about the cost of commercial truck insurance.

  1. Cargo

Depending on what cargo you’re hauling, The insurance cost might go up, or it might go down. If you are hauling something hazardous such as combustible liquids or heavy loads, this will drive the price up. Insurance companies see this as a risk.

Anytime there’s a risk, your premium will increase because the insurance company will need to pay out more for damages.

  1. Operating Location

Truckers who haul cargo off-roads or travel in tight metropolitan areas influence the cost of truck insurance. This type of travel and is deemed dangerous and more of a liability.

This means more upfront costs and higher premiums.

  1. Truck Type

The type of vehicle you drive will influence the cost of your commercial truck insurance. A sizeable semi-truck will likely increase your premium compared to a light semi-truck.

This is because a semi-truck will likely cause more damage than a pickup truck.

  1. Driving History

An employee who has multiple violations and accidents will negatively impact your commercial truck policy than a driver with a clean record. This means you need to choose wisely with who you choose to drive your vehicles.

  1. Driving Radius

Truckers with a large radius to cover are typically exposed to longer drive times and unfamiliar routes. This can cause more liability and will increase the cost of your insurance quote.

  1. Insurance Requirements

A mandate by the FMCSA requires a minimum liability of $1,000,000 for companies that claim federal filing. If a trucker needs to do federal filing, expect to pay more for trucker insurance, especially with intrastate commerce.

Some states require even more insurance on top of commercial truck insurance. This is especially so when it comes to hauling hazardous loads or oversized cargo. Check with your state and local requirements to know what you need.

How Much Does Commercial Truck Insurance Cost?

In this article, factoring everything that we’ve discussed in this article, expect to pay around $750 to $2,000 per month. You’ll need to know what your business needs are. Employee driving history, vehicle types, and operating locations all come into play regarding commercial truck insurance.

If you are a small company using light trucks that operate in a local area, expect to pay the lesser end of the spectrum.

If you are a company that hauls hazardous cargo, does regional or national traveling, expect to pay more.

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