How Much Cost Commercial Truck Insurance on Average?

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There are a few things that can affect the cost of commercial truck insurance, including the type of vehicle and where it’s used.

In the United States, there are about 500,000 trucking accidents that happen each year. 

With that many accidents, it’s important to make sure that you have insurance in case it happens to you. However, it can be costly. 

Are you wondering how much commercial truck insurance costs? Read on to learn about the average prices.

What Is the Average Cost?

This question is difficult to answer because one answer won’t fit all.

However, commercial truck insurance can cost anywhere from $800 up to $2,000. This will depend on a lot of different factors, and you should make sure that you do your research and shop around so that you can try and find the cheapest option.

The average price range is so wide because there are so many different factors that go into it, and there are different kinds of coverage that you can get as well.

To find the best estimate for you, you should contact an insurance company for a detailed and custom quote.

Different Coverages

Along with different factors that could affect your price, there are also different kinds of coverage that you could sign up for.

There are two main types, and you should make sure you know all about them so that you get the most out of them.

Collision Coverage

Collision coverage will pay for the vehicle that you hit in an accident. If the accident ended up being your fault, the collision insurance would also pay to have it repaired.

If you have collision coverage, you won’t have to pay to repair your own truck if the accident wasn’t your fault. If the accident was your fault, you’d have to pay for repairs on your own, and you’ll be out of a truck for a little while.

Comprehensive Coverage

Comprehensive coverage is going to cost you more money, but in the event of an accident or some other misfortune, this may be the best choice.

If you’re involved in an accident with comprehensive coverage, then this insurance will cover the cost of the repairs for your vehicle and the other vehicle if it’s your fault.

This coverage does cost more, but if you have a new truck and don’t have a lot of money in savings to repair for damages, it’s probably the better option. If you don’t have the money to pay for repairs but have this insurance, it’ll also ensure that you’ll be able to get back on the road as soon as possible.

Add-on Coverages

Lastly, there are different add-ons that you can add to whichever coverage you can get. You can customize different options depending on your needs and your budget.

You can add on possibilities such as if something happens with an uninsured motorist. You can sign up for roadside assistance in the event that something happens to your car.

If you’re going to be transporting hazardous materials, you can also get this as an add-on.

These are all great things to have in the case of an emergency, but they will end up costing you more. Before you decide, you should weigh out the pros and cons of the different insurances and figure out if it’s worth the cost for you.

Rating Factors

As well as different types of insurance, there are also different rating factors.

These rating factors can determine how high or low your insurance costs will be. They’re trying to determine how likely you are to get into an accident and have to use the benefits of their insurance money.

For example, the insurance costs will vary by what type of cargo you are planning on hauling. Some cargo is harder and riskier to transport than other cargo.

If you are transporting hazardous materials and get into an accident, it could cost much more in damages than if you are transporting food.

When you ask for a quote, make sure that you accurately tell them what kind of cargo you’re going to be transporting.

If you don’t tell them honestly what kind of cargo you’re going to be transporting, they may deny your claim when you do have an accident.

Lower Your Rates

Now that you know just how expensive truck driving insurance can be, there are some ways that you can help lower the rates.

One way is to make sure that you have a clean driving record. Insurance companies normally don’t want to work with someone who has a high rate of crashes and incidents.

Most companies will offer a lower premium if your drivers have a good driving record because they’re less likely to get into an accident. 

To learn more about driving safely, you can find out more here. 

If you can afford it, paying yearly rather than monthly will also save you money. However, with the high costs, it can be difficult to do.

Most insurance companies will reduce your premium anywhere from 10-20%.

If you have multiple trucks to insure, you could also consider doing that to save money. Most insurance companies will charge you more if you are only insuring one commercial truck, but if you insure multiple, you may get a discount.

Learn More About Commercial Truck Insurance Cost

The commercial truck insurance cost can vary wildly through a bunch of different factors, so until you get a quote, it is hard to say exactly how much it will end up costing you.

Just make sure that you do your research and shop around so you get the best deal for your business.

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