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What does semi truck insurance cost on average?




Semi-trucks are an important part of the transportation industry, and their insurance costs can get out of hand, especially when you need to make a payment to your truck insurance carrier. 

Semi truck insurance costs depend on the size of your semi. A medium-sized rig, usually carrying half a ton or more of cargo, can cost $600 to $1,000 per year for liability insurance and $400 to $600 for comprehensive (collision) coverage. Large rigs that carry more than five tons of cargo may need more comprehensive coverage

Owner-operators who lease a semi-truck can expect semi-truck insurance costs of between $3,000 and $5,000.

The average truck cost for an owner operator operating under their own authority is between $9,000 and $12,000

Semi-truck insurance policies for new authorities have increased in recent decades and are now priced between $12,000 to $16,000.

The spectrum is dependent on many factors, including:

* What do you haul?

* The distance you drive most often

* What is the value of your truck?

* Experience with CDL and driver age

* Credit history

* Your payment plan

These factors can make your rate higher or lower depending on how the company rates them. There is so much to consider when choosing an insurance company. Insurance can make up a significant portion of your monthly costs.

Also, check - Why Tow Trucks Need On-hook Coverage

The Average Cost of Semi Truck Insurance

Your work and truck type will determine the coverage you need. Motor carriers require that their owners purchase NTL or bobtail truck insurance to cover the primary liability. Truckers who are their own owners will be responsible for the entire burden of primary liability. Cargo coverage costs vary. You might also need refrigeration breakdown coverage if you are pulling a reefer. The table below will give you an idea of the cost of your coverage.

The average cost of coverage

Primary Liability 5000-7000

General Liability 500-600

Umbrella Policy $500-700

Physical Damage $1000-3000

Bobtail Insurance 350-400

Uninsured/Under-insured Motorist $50-100

Occupational Accident $1600-2200

Cargo Insurance Varies


How to lower your semi-truck insurance rates

Clean driving - Insurance companies are looking for drivers who will not cost them a lot. These companies offer lower premiums for drivers who have clean driving records and drive safely.

Pay annually - This is a good option considering the high cost of semi-policies. Truckers who pay their entire insurance cost in one lump sum for the year can sometimes see their premiums drop by more than 10%.

Higher deductibles are better than lower limits. Your premium is tied to your deductibles and limits. Greater responsibilities can lead to lower premiums. You should be careful though as a higher deductible could mean that you end up paying more.

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