What is the Average Cost of Commercial Truck Insurance

Every year, about 500,000 trucking accidents occur in the United States. If you drive a truck or employ truckers, you must have the proper insurance to safeguard everyone.

But how do you find commercial truck insurance? What is the cost of trucking insurance?

That is what we will look at today. In this post, we will discuss what local trucking insurance entails as well as truck insurance quotes to assist you in finding the correct coverage.

What Is the Definition of Truck Insurance?

Truck insurance protects truck drivers against injuries and property damage in the event of an accident. It begins with the main liability, and various plans provide additional coverage.

There are several types of trucking insurance, but experts recommend purchasing general liability insurance. Litigation, libel, and other legal attacks are all protected by general liability.

Most truck insurance packages provide the following coverage:

  • Medical bills incurred as a result of bodily injuries caused during or after an accident.
  • Any truck-damaged property and the cost of replacing or repairing that property
  • The cost of truck damage at delivery locations
  • Slander, libel, defamation, and other legal claims

Non-truck vehicles are not covered by trucking insurance. It also does not apply to individual drivers, who are covered by worker’s compensation.

It does not cover lost income as a result of an accident. Your coverage will also exclude lost freight or merchandise.

Why Do You Require Commercial Truck Insurance?

The Federal Motor Carrier Safety Administration mandates businesses to properly insure their vehicles in numerous states. Otherwise, you may be unable to bring cargo across borders between states.

When an accident occurs, commercial truck insurance shields you from legal liability. When you are charged with multiple lawsuits following an accident, general liability insurance will mitigate the harm.

Additionally, insurance lessens recovery time following a crash. Even though some incidents may not be serious, having the wrong coverage could make the administrative process take longer.

Additionally, it will lessen future losses for you. Trucking insurance essentially provides businesses with peace of mind whenever their drivers are on the road.

What Are the Various Kinds of Truck Insurance?

The first step in determining the cost of your trucking insurance is determining the type of insurance you require. Different types cover different forms of harm. Here are some of the most typical ones to think about:

  • Property damage, medical bills, and litigation are all covered by general liability insurance.
  • Physical damage from accidents is covered by trucking liability insurance.
  • Bobtail insurance protects you if you use your truck without a load.
  • Vandalism, theft, and natural disasters are all covered under physical damage coverage.

Workers’ Compensation

If you own a trucking company, you also need to think about worker’s compensation insurance. This is a state-mandated benefit that covers the medical expenses of your employees.

Workplace injuries include:

  • Accident-related injuries
  • Loading and unloading freight can cause stress injuries.
  • Truck driver illnesses

The policies you select are determined by whether you are an owner or operator. You must obtain that coverage if you employ many drivers. Truck drivers who are on a lease must review their contracts to see what they require.

Truck Insurance Costs on Average

Trucking costs for insurance may differ depending on the insurance company and the type of coverage you obtain.

General liability insurance normally costs between $750 and $7,000 per year. This provides you with a $1 million coverage limit.

Trucking liability insurance ranges between $2,500 and $4,000 per trucker. This will cover at least $750,000 for each driver. Non-trucking liability insurance ranges from $450 to $5,000 per trucker and covers a quarter of a million dollars.

The annual price for bobtail insurance is estimated to be around $450. This policy has a $1 million coverage limit.

Physical damage insurance operates uniquely. Insurance companies often pay the cost of damage to your trucks, so there is no defined minimum coverage. As a result, the annual premium rate is based on the value of the truck.

What Factors Influence the Price of Local Trucking Insurance?

The price of insurance varies depending on several criteria for each driver or business, just like it does with any other sort of insurance. The amount of money a bank will loan a homeowner, for instance, may depend on their credit score.

Similar principles apply to trucking insurance.

Insurance costs can be influenced by a driver’s safety record and driving history.

Prices are frequently better when a person has a clean record with few accidents or claims. However, a driver who has a history of accidents may find it difficult to get lower insurance rates.

Prices will also vary depending on the company’s choice of trucks. A newer truck has a higher intrinsic value. When compared to older models, this results in higher insurance prices.

Rates may also change if your drivers make lengthier interstate travels. Longer drives increase the likelihood of an accident, raising the cost of insurance.

Prices may vary depending on the kind of cargo you are transporting. If you are carrying precious resources, your insurance may be more expensive.

To keep monthly charges low, you can select a payment option that allows you to pay more upfront. You might be able to negotiate lower rates if your credit score is higher.


It can be difficult to calculate the price of trucking insurance. Nevertheless, it’s a crucial part of every trucking company. Use the following guide to comprehend how insurance premiums are determined and how it impacts the budget of your business.

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