How Much Does Commercial Truck Insurance Cost?

What five states charge the most for commercial auto insurance?

Michigan, Florida, New Jersey, Lousiana, and Connecticut have the worst rates for commercial drivers. For instance, in Michigan, the statewide average for commercial policy premiums rests right around $2,600!

How much will truck insurance cost you? It all depends.

Semi-truck insurance policy rates vary greatly. However, understanding the different cost factors can help you get the best rate. In this article, we’ll review insurance cost factors, coverages, and discount opportunities!

Read on to learn all about commercial truck insurance rates.

Truck Insurance Cost Factors

There’s isn’t a 1 size fits all answer when it comes to commercial truck insurance costs. You could wind up with a commercial policy that costs as little as $600 every year, or your policy could cost your $2,000 or more.

To determine what your policy rates will be, you have to know the different factors insurance companies use to rate you. Here are a few of the most important truck insurance cost factors:

  • Type of business
  • Radius of travel
  • Driver’s history
  • Types of trucks insured
  • Annual mileage
  • Number of vehicles
  • Location of your business
  • Years of experience

The type of vehicle you’re insuring will impact your rates. If you’re looking into buying a new semi-truck for your company, call insurance providers ahead of time with the vehicle’s year, make, and model. By getting quotes for specific types of semis, you can figure out what trucks are the best for low semi-truck insurance rates. 

Coverages You Need

Moving on, let’s look at the types of coverages you’ll need as a commercial trucker. For starters, you’re going to need primary liability coverages to protect you in the event of a third party accident.

There’s more than one type of liability coverage you’ll need, so take a moment to learn more about each type. Next, you’ll need physical damage coverage to pay for damage to your truck or trailers.

For instance, vandalism, theft, and natural disasters are a few of the things physical damage coverages will help with. We also suggest you opt to purchase bobtail coverage. Bobtail coverage helps if an accident occurs while the truck’s being driven for personal reasons. 

How to Get Insurance Discounts

How can you lower your policy premiums instead of raising them? It all starts with finding a trustworthy insurance provider who’s willing to work with you to lower your rates.

For instance, look for companies that offer safe driving discounts. Finally, you can look into adjusting your coverage limits or raising your deductibles to lower your costs.

Get Back Out on the Road

How much does truck insurance cost? Now you know the truth, it all depends on your company, and the types of coverages you’ll need.

Remember to take your time as you find a trustworthy insurance provider who’s willing to work with you to lower your costs.

For more helpful information about saving money in your business, explore the rest of our site.

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