Our goal is to make it easy for you to get a free quote, compare, and get the best policy for truck. Be careful, though, because a higher deductible now could lead to you paying even more down the road. If you can do it though, truckers who pay their insurance cost for the year in a single lump sum can see their overall premium reduced by over 10%, sometimes up to 20%!Ĭonsider higher deductibles or lower limits – Your deductibles and limits are tied to your premium-bigger responsibilities on your part translate to lower premiums. Pay yearly – With the high price of a semi policy, this is easier said than done. As incentives, these companies offer cheaper premiums to operations with clean driving records and safe vehicles. How to Lower Your Semi-Truck Insurance RatesĬlean driving – Insurance companies want to work with drivers who won’t cost them money. Whether youre a company truck driver or an owner operator. Consult the table below to get a rough idea of how much your coverages will cost all together. If youre revamping your monthly spending and looking for ways to cut costs while on the. If you pull a reefer, you might need refrigeration break-down coverage, which costs extra. Truckers with their own authority will bear the full brunt of primary liability themselves. Motor carriers require their owner operators to purchase bobtail or NTL insurance while they handle the primary liability. The coverages your policy needs is a matter of what kind of work you do and what kind of truck you drive. Truck purchase or lease In trucking, to complete the job, you need physical trucks. ![]() The Average Cost of Semi Truck Insurance Coverages Insurance is a large part of your monthly cost. With such a wide range in costs, it really does pay to know your insurance carrier is working for you and carries the best possible coverage for you and your business at the best rate. Where you fall on the spectrum depends on a many things, including:Īll these factors skew your rate either higher or lower, and every company rates each factor differently. The average semi truck insurance costs between $3,000 and $5,000 a year for owner operators that lease on to a motor carrier.įor an owner operator with their own authority, the average cost is $9,000-$12,000 per truck.įor new authorities, semi truck insurance policies have increased in recent years and now are usually priced between $12,000 and $16,000. Fixed costs are expenses that do not change from month to month regardless of how many miles you drive or how many loads you transport. What Does Semi Truck Insurance Cost on Average? When putting together your trucking expenses spreadsheet to calculate your cost per mile, start by creating a column for all your fixed costs.
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