How much does insurance cost for a semi truck

It is impossible to give a definitive answer to the question “how much does semi-trailer insurance cost?” The reason for this is that commercial truck insurance costs vary widely and depend on a number of different factors. As I’m sure you know, every trucking business has its own unique risks.

On average, it can cost between $3,000 and $5,000 per year if you rent it from a motor carrier. however, if you operate under your own authority, it can cost you around $9,000 to $12,000 per year. Unfortunately, if you are a new authority, you could be paying close to $16,000 per year.

Reading: How much does insurance cost for a semi truck

Recently, truck insurance has been steadily increasing due to a high number of accidents, claims, and point violations. In this article, we’ll look at the average cost of semi-trailer insurance, as well as ways you can save.

How much does semi-trailer insurance cost on average?

the cost will depend on several things. you need to consider what you are carrying and how large your transport radius is.

If you are rented from a motor carrier, then they are responsible for making sure you have adequate insurance. therefore, most of the time the motor carrier will cover these expenses, but you may be asked to contribute. However, this varies from company to company, the smaller the trucking business, the more likely you will be asked to cover some of the insurance. costs.

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Here are some of the types of coverage you’ll need and their average annual cost:

  • auto liability: $5,000+
  • cargo insurance: $400-$1,800
  • without trucks: $400
  • workplace accident: $1,600-$2,000
  • physical damage: $1,000-$3,000
  • pollution/hazardous materials: $2500+
  • Trucker General Liability: $600
  • workers comp: $3,000-$5,000
  • what affects the cost of semi trailer insurance?

    Your semi-trailer insurance rates will be affected by the following factors:

    • what you transport
    • your transport radius
    • the age and experience of your drivers
    • how long you have been in business
    • your claims history
    • the year, make and model of your trailers
    • how many semis do you have
    • your location
    • By evaluating the following factors, you can get a general idea of ​​what your semi-trailer insurance quote will be.

      Keep in mind that every insurance company rates things differently. therefore, you should explore your options and collect multiple quotes from several reputable truck insurance companies. this way you can make an informed decision and weigh your options.

      This decision should not be taken lightly as insurance is an integral part of a trucking business.

      how to reduce the cost of your trailer insurance

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      drivers can try many methods to reduce high insurance rates. you can try the steps mentioned below to get the best deal in terms of money.

      1. annual payment

      Another way truck drivers can save on their premiums is by paying a lump sum. Many truck insurance companies offer substantial discounts if you decide to pay annually instead of monthly. We understand that paying all at once is a significant amount of cash; however, you can save 10-20% overall.

      2. keep a clean driving record

      A clean driving record can substantially affect your semi-trailer insurance rates. a clean record tells the insurer that you put safety first and will likely have fewer claims. therefore, some trucking insurance companies offer additional discounts to drivers with a clean driving record.

      3. lease to motor carrier

      leasing a motor carrier can save you a substantial amount of money than operating under your own authority. this is because you will be responsible for paying for your own insurance. When you rent with a motor carrier, you can typically save 50-75% on insurance.

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