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Home » Factors Influencing the Cost of Your Trucking Insurance?
March 31, 2021

Factors Influencing the Cost of Your Trucking Insurance?

Factors Influencing the Cost of Your Trucking Insurance 

Trucking insurance is a unique form of auto insurance geared specifically for trucks and trucking companies. This insurance can be expensive depending on a variety of factors, including: 

  • Driving record 

  • Credit history 

  • Amount of coverage 

  • Value of the insured vehicle 

  • Years in business (for trucking companies) 

  • Cargo 

  • Cost of surrounding vehicles 

  • Location 

  • Number of uninsured motorists 

  • Claims in the area 

  • Cost of living in the area 

For trucking, all these factors count—as does the weight of the vehicle, the danger of its cargo and where it is going. Trucks that transport dangerous or volatile cargo typically cost more to insure. 

This is all because insurance agencies consider the cost of risk to insure you. When signing an insurance policy, an insurance company will look at the likelihood that they will have to pay for a claim. The higher risk a driver or company presents, the higher likelihood that the insurance company will have to pay for repairs. This means they charge more to make up for the possibility of the insured filing a claim. 

Some of these factors are out of your control, such as the cost of living in the area and number of uninsured motorist where you will be operating. Other factors, however, like the drivers you have and the cost of the vehicles can be used to save money on your coverage. 

How Much Does Trucking Insurance Cost? 

Additional to the previous factors, it also matters who is insuring the vehicles. For owner operators, trucking insurance is expensive. A trucking company may pay anywhere between $8,000-$12,500 a year for one truck. 

Check with your state as well, as they may have additional or different requirements. Liability insurance isn’t all a trucker or trucking company needs, however. You should also invest in cargo insurance to protect the transported materials, comprehensive coverage, collision coverage and personal protection insurance for the driver. There are also optional coverages such as bobtail insurance, non-trucking liability insurance, trailer interchange, uninsured/underinsured motorist and trucking umbrella insurance. A trucking umbrella insurance policy fills in the gaps left by your other liability policies. 

You can save money on your trucking insurance policy by shopping around to compare quotes and being careful about who you allow to drive your company’s trucks. Also ask about discounts you or your company may qualify for. 

Speak with an insurance agent today about your coverage options and ways you can save on trucking insurance for your business.

Categories: Trucking Insurance

Tags: Cost of trucking insurance

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