What is the average cost of semi truck insurance for owner-operators?
The typical cost of semi truck insurance for owner operators who lease to a motor carrier is between $3,000 and $5,000 per year.
The typical cost of a truck for an owner operator with their own authority is $9,000-$12,000 per truck.
Semi truck insurance plans for new authorities have risen in price in recent years, and are currently often priced between $12,000 and $16,000.
Many factors influence where you lie on the spectrum, including: * What you haul
- How far do you usually travel?
- What is the value of your truck?
- Age and CDL experience of the driver
- Your financial history
- Your payment schedule
All of these characteristics influence your rate, and each firm assigns a different weight to each factor. With such a wide range of prices, knowing that your insurance provider is working for you and carrying the greatest available coverage for you and your business at the best rate is quite important. Your monthly fee includes a significant amount of insurance.
Semi-truck Insurance Coverage Costs on Average
Your policy’s coverage requirements are determined by the type of work you conduct and the truck you drive. While they handle the principal liability, motor carriers need their owner operators to buy bobtail or NTL insurance. Truckers that operate under their own authority will be responsible for all primary liability. The price of shipping insurance varies. If you’re hauling a reefer, you might need to pay extra for refrigeration breakdown coverage. To get an estimate of how much your coverages will cost in total, look at the table below.
Average Cost of Coverage
- Primary Liability is between $5000 and 7000 dollars.
- General Liability Insurance ($500-600)
- Umbrella Insurance: $500-700
- Damage to the body $1000-3000
- Insurance for Bobtails $350-400
- Motorists who are uninsured or underinsured are charged between $50 and $100.
- Accident at Work: $1600-2200
- Cargo Insurance Costs Vary
How to Save Money on Semi-Truck Insurance
Pay yearly — With a semi-annual policy’s hefty cost, this is easier said than done. If you can do it, truckers who pay their annual insurance premium in one lump amount can save over 10%, and in some cases up to 20%!
Consider raising your deductibles or lowering your coverage limitations – Your premium is linked to your deductibles and limits—larger responsibilities on your part equal lower premiums. However, be cautious because a higher deductible now may result in you spending considerably more in the future.
The purpose of Royalty insurance is to make it simple for you to obtain a free quote, compare policies, and choose the finest truck insurance coverage.