Average Semi Truck Insurance Cost

Below is a list of the best Truck insurance rates voted by users and compiled by us, invite you to learn together

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The best way to save big on your semi truck insurance is to shop around. We can help by bringing you up to 3 agents to compete for your business. It’s quick and easy to find the best deal!

How Much Does Semi Truck Insurance Cost on Average in 2019?

For an Owner Operator with their own authority and a couple of years of good clean driving, the average cost is $9,000-$15,000 per truck.

For new authorities, semi truck insurance policies have increased in recent years and now are usually priced between $12,000 and $18,000. Sometimes even over $30,000!

For a owner operator that is leased onto a motor carrier, the average semi truck insurance costs between $2,000 and $4,000. This largely depends on the value of your truck since you’ll mainly just need physical damage and bobtail insurance.

Factors that Drive Cost

Where you fall on the spectrum depends on a many things, including:

  • Years in business
  • What you haul
  • How far you typically drive
  • How much your truck is worth
  • Driver age and CDL experience
  • Your credit history
  • Your payment plan
  • The insurance company you choose

All these factors skew your rate either higher or lower, and every company rates each factor differently. With such a wide range in costs, it really does pay to compare as many insurance companies as you can.

The Average Cost of Semi Truck Insurance Coverages

CoverageAverage CostPrimary Liability$5000-12000General Liability$500-800Umbrella Policy$500-700Physical Damage$1000-3000Bobtail Insurance$350-600Uninsured/Under-insured Motorist$50-100Occupational AccidentVariesCargo Insurance$400-1200

Get a Free Semi Truck Insurance Estimate

These rate ranges are just averages. What really counts is you getting the best deal on your coverages for your unique operation. Quotes between companies can vary by thousands of dollars and some of the best companies are hard to find. We can help you find the best deal by connecting you with different companies so you can make a comparison and find the best deal.

semi trucking insurance cost

The coverages your policy needs is a matter of what kind of work you do and what kind of truck you drive and whether you have you own authority or lease on to a motor carrier.

Motor carriers require their leased owner operators to purchase bobtail or NTL insurance and physical damage while they handle the primary liability.

Truckers with their own authority will bear the full brunt of primary liability themselves. The cost for cargo coverage varies. If you pull a reefer, you might need refrigeration break-down coverage, which costs extra. Consult the semi truck insurance cost estimator above to get a rough idea of how much your coverages will cost all together.

How to Lower Your Semi-Truck Insurance Rates

Clean driving – Insurance companies base their premiums on the likelihood of having to pay a claim. Drivers with CDL experience and a good get discounts.

Pay yearly – Paying the whole premium in 1 shot, with the semi truck insurance policies being high, is easier said than done. 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%!

Consider higher deductibles or lower limits – Your deductibles and limits are tied to your premium—bigger responsibilities on your part translate to lower premiums. Be careful, though, because a higher deductible now could lead to you paying even more down the road.

Compare rates for semi truck insurance between several companies – Just like with anything else, the easiest way to get the best price is to compare estimates from many different sources. With semi truck insurance, shopping around is a little harder since many of the main insurance companies don’t write trucking risks. Our goal is to make it easy for you to shop, compare, and get the best policy for truck. Connect with 3 different semi truck insurance agents today!

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