According to Progressive Insurance, the national monthly cost for commercial truck insurance ranges from $640 for specialty truckers to $982 for transport truckers.
- For-hire transport are truckers who transport goods such as general freight and autos.
- For-hire specialty are truckers who transport in a specific niche such as garbage, septic waste, or logging.
What factors affect the cost?
- USDOT AUTHORITY
Leasing to a company will mean your primary liability will be covered while you are under dispatch. It is much cheaper because of this! You may need to carry non-truck or bobtail coverage to fill some gaps, but it’s less expensive than the primary liability.
- CONTRACTUAL REQUIREMENTS
The FMCSA (Federal Carrier Motor Safety Administration) generally requires a minimum liability limit of $750,000 CSL or $1,000,000 CSL for truckers who need a federal filing. This is much higher than most state minimum limits, unfortunately.
Commercial truck insurance costs are greatly affected by the type of cargo you carry. Some cargo is simply riskier to transport than others, for example, an accident involving a truck transporting heavy farm equipment will likely cause more injury or damage than a truck carrying fresh produce.
- OPERATING RADIUS
Truckers with a large operating radius typically are exposed to higher risks due to longer drive times and potentially less familiar route options.
- VEHICLE TYPE
A small pickup trick will cost less than a heavy semi carrying the same type of product because of its potential to cause more damage in an accident.
- DRIVING HISTORY
Keeping your driver record free of accidents and violations can save you hundreds to thousands of dollars, especially since you’re driving a large vehicle that has the risk of creating more severe damages.
Commercial truck insurance, like regular auto rates vary by state. You might just pay more just because you operate in states with higher rates.