The policies are designed to cover everything and everyone involved in trucking operations.
How Much Does Commercial Trucking Insurance Cost?
Commercial trucking insurance can range anywhere from around $9,000 to $30,000 per vehicle per year for owner-operators of semi-trucks. This depends on a variety of factors, but a key one is the types of coverage needed for a specific business, vehicle, and driver.
Ready to shop for Business Insurance? Start hereWhat Are the Different Types of Commercial Truck Insurance Available?
The primary types of commercial truck insurance include commercial truck liability, physical damage coverage, and uninsured motorists coverage. Some insurance plans may or may not cover your trailer. Non-trucking liability (NTL) insurance covers truck drivers when using their trucks for personal (nonbusiness) reasons.
Here are some examples of pricing ranges for the most common types of commercial trucking coverage:
What Are the Different Types of Commercial Truck Insurance Available?
| Type of Coverage | Cost |
|---|---|
| Primary Auto/Public Liability | $5,000-$7,000 |
| Cargo Insurance | $400-$1,800 |
| Non-Trucking Liability | $400+ |
| Occupational Accident | $1,600-$2,200 |
| Physical Damage | $1,000-$3,000 |
| Pollution/Hazmat | $2,500+ |
| Truckers General Liability | $500-$600 |
| Workers' Compensation | $3,000-$5,000 |
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What Factors into the Cost of a Commercial Trucking Policy?
Many factors contribute to the exact costs of a commercial trucking policy and range from the specific vehicle type to what’s required by federal law.
More specifically, costs can depend on:
- Your location and driving radius
- Vehicle type and weight
- Whether you lease or own your trucks and other equipment
- Business type
- Goods carried
- Your driving history
- Trucking business experience
- Minimum required coverage limits set by the Federal Motor Carrier Safety
- Administration (FMCSA)
Do Certain Industries Affect the Cost of a Commercial Truck Insurance Policy?
Yes. For instance, freight drivers carrying customer cargo need commercial auto liability and cargo insurance to cover potential loss or damage to another’s property.
Additionally, some types of trucks are not necessarily covered by typical public liability insurance and therefore require a more specific type of liability policy.
Generally, the types of trucks commercial insurance covers include semi tractor-trailers, 18-wheelers, box trucks, car hauler trailers, dry vans, dump trucks, flatbed trucks, intermodal, pickup trucks, tank trucks, tow trucks, and tractors.
However, truck types from various industries that may need more specific policies include:
- Cement trucks
- Food trucks
- Buses
- Hearses
Can Truck Insurance Be Combined with Other Types of Business Insurance?
Yes. Truck insurance can be combined with other types of business insurance that include:
Can Truck Insurance Be Combined with Other Types of Business Insurance?
| Type | Covers |
|---|---|
| Commercial Auto Liability | Bodily injury and damage to others' property |
| Non-Trucking Liability | Trucks being driven with or without a trailer and when they're not carrying cargo |
| Occupational Accident Insurance | Accidental death or dismemberment of a vehicle/equipment operator |
| Bobtail Insurance | Trucks when driven for personal use and/or when driven without a trailer after dropping off a load of cargo |
| Personal Items | Personal items damaged during an accident |
| Workers' Compensation | Wage replacement and medical expenses to employees experiencing work-related injury or illness |
| Business Interruption Insurance | Losses related to having to suspend operations due to driver injury, accident, or other cause |
Key Takeaways About the Cost of Commercial Truck Insurance
For any commercial truck driver, a primary goal in choosing coverage should be to obtain affordable coverage for every area of your business, taking coverage costs into consideration alongside the value of your vehicles and equipment. With so many factors at play such as the size of your business and number of vehicles to insure, regulations, driver histories, and even your industry niche, we know obtaining the right amount of coverage can feel like a daunting task. A licensed agent can help guide you through the process of shopping for and purchasing policies to ensure your policy includes all the coverage you need.
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