If you’re a driver or an owner operator, you know how important commercial truck insurance is. Without the proper coverage, you can’t hit the open road or make any money without one of these policies.

So how much is insurance for a commercial truck? Well, that depends. There are no exact figures, but there are certain factors that affect the price.

Commercial Truck Insurance Factors

There are a few specific factors that can determine how much insurance costs for a commercial truck. When applying for a policy, these factors will determine your price:

• Where you’re located
• Your payment plan
• Your credit history
• Age
• CDL experience
• Value of your truck
• How far you drive

An insurance company will look into all these factors before offering you a quote. Your policy will be skewed greatly by where you fall in this spectrum. Each insurance company will value these variables in a different manner. As such, it’s important to get multiple quotes.

How Much is Insurance For a Commercial Truck?

With all the factors in mind, let’s talk costs. While varied, the average semi truck driver pays between $3,000-5,000 per year for coverage. This assumes the driver has a clean driving record and are leased through a motor carrier.

Owner operators can also opt to buy more coverage. Many choose to get liability and cargo insurance. These plans often cost significantly more. Many pay between $10,000-15,000 annually for these types of coverage on new ventures.

Here are a few coverage options available to all drivers:

• Primary liability
• Umbrella policy
• General liability
• Bobtail insurance
• Physical damage
• Cargo insurance
• Occupational accident
• Uninsured motorist

Easy Ways to Reduce Your Semi-Truck Insurance Rates

Semi-truck insurance can be exceptionally costly. You already know that. Luckily, there are a few specific ways to reduce how much you pay each year. By using these strategies, you’ll get as good a deal as possible.

• Compare Quotes

Like anything, you’ll get a better deal by comparing and contrasting quotes. Speak with a number of different insurance companies. Get quotes from different sources. Compare and contrast.

• Pay Yearly

If you can pay for all your coverage at once, you’ll receive a steep discount. If you can pay annually for coverage, you’ll receive 10-20% off. That’s a significant reduction in premiums.

• Clean Driving

If you have a crystal clean driving record, don’t be afraid to let insurance agents know about it. Insurance companies love drivers who won’t end up costing them money. If you have a clean record, you’ll qualify for discounts with many insurers.

• High Deductibles or Lower Limits

You can purchase a policy that has higher deductibles or lower limits. This will ensure you spend less on premiums. However, this is risky. If your deductible is too high, you’ll end up spending way too much down the road after an accident.

Find the Perfect Quote For Your Truck

Semi-truck insurance can be confusing. There aren’t as many companies who work with trucks. With a little research, you’ll get a plethora of quotes. Use the information above to help you find the ideal quote for your truck driving needs.