Categories: Commercial Auto Insurance, Truckers' Insurance
How Much Is Trucking Insurance?
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. - CARGO
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. - LOCATION
Commercial truck insurance, like regular auto rates vary by state. You might just pay more just because you operate in states with higher rates.