Average Cost of Commercial Truck Insurance

Average Cost of Commercial Truck Insurance

Semi-trucks are an incredibly reliable form of transportation for many products. Without these motor carriers, our entire economy would fall apart as we know it. If you’ve decided to start your own trucking company or have your own fleet of trucks, you’re going to need insurance.

When it comes to choosing the right plan for your fleet, there are a few things you’ll want to consider. First, you should know how much new CDL driver insurance costs. Next, you’ll need to decide which type of insurance for commercial truck drivers is best for you.

Read on to find out how much commercial truck insurance costs on average and what insurance plan will work best for your trucking company.

Average Cost of Commercial Truck Insurance: What to Know

On average, commercial truck insurance costs in the state of Ohio are about $15,000. The premiums for insurance for truck drivers can range from $12,000 to $20,000.

These figures depend on several factors that affect the commercial truck insurance cost. We’ll explore these factors more below.

What Influences the Cost of Truck Insurance?

When it comes to how much full and semi insurance can cost, it depends on a wide range of factors. These can include guidelines from the US Department of Transportation (DOT), the vehicle and cargo types, the operating radius, and driver history. Each factor affects how much semi-truck insurance costs and the type of plan is needed. This is to help cover the driver, the property, and any accident.

Some insurance companies, like InsurA, will offer customers customized truck coverage. Because commercial truck owners and drivers have different needs, InsurA can help narrow down the plans needed for the correct coverage for liabilities.

Factors like vehicle types influence commercial truck insurance costs because of their size. Semi-truck insurance pricing varies because of the differences in the number of axles and weight across units. The larger the truck, the more expensive the cargo.

The operating radius also changes how much commercial trucking insurance costs. If a trucking company is traveling out of state, there will be a higher premium to cover any interstate fees.

Driving history can affect the cost of truck driver insurance. A driver with a high history of accidents is a higher liability than one without accidents. If the driver has a very short driving history, they are more liable than veteran drivers. New CDL driver insurance costs might also be higher because they have little to no professional background to base on. Different histories may potentially drive the cost of the premium up.

Legal factors may also play a role in the semi-truck insurance cost. For one, any truck driver needs authorization through the DOT to operate a truck.

Typical Inclusions of Truck Insurance

Truck insurance typically has two main categories: cargo and liability.

Cargo is responsible for covering the contents of a semi-truck or any other vehicle. It covers the value of the freight in case it gets lost, stolen, or damaged in an accident.

Liability coverage protects against legal fees if the truck causes damage to anyone or anything. This is often the most expensive aspect of commercial semi-truck insurance plans.

Types of Liability Coverage

There are three main types of insurance for truck drivers: physical damage, property damage, and bodily injury.

  • Physical damage coverage refers to coverage for any physical damage to the vehicle. The plan reimburses customers if the truck has an accident or gets damaged in some other way that costs money to repair.
  • Property damage is included with commercial truck insurance. It covers damage to objects that are not attached to the ground. This includes fences, trees, signs, and poles.
  • Bodily injury takes care of any medical bills from injuries or deaths suffered by other people in an accident. The plan may also include additional coverage, like legal fees if there is a lawsuit.

Types of Coverage for Commercial Trucks

When looking for coverage for truck drivers and how much old or new CDL driver insurance costs, you need the right plan. Each plan for your business will affect the final commercial truck insurance average cost. Let’s look at some of the most preferred plans in the state of Ohio.

Motor Truck Cargo Coverage

Cargo insurance is the commercial truck insurance that covers physical damages to any cargo a truck hauls. The motor truck cargo coverage covers the loss or damage while the carrier is in possession of the cargo. Until the cargo is at its destination and signed for, the cargo has coverage if broken or lost.

The policy will cover anything that gets lost or broken, as long as it is stated in the policy. If something happens to the cargo while in transit, and it is not in the policy, the damages are not covered.

This commercial truck insurance can cost an average of $5,000 or more per year, depending on the plan that you buy.

Motor Truck General Liability Coverage

As a for-hire truck driver or motor carrier, you’re also going to need general liability insurance. Any risk manager for a trucking company is going to want coverage from any liability. This physical damage insurance for semi-trucks is coverage when not directly operating the truck.

Motor truck general liability insurance for truck drivers covers accidents like slip and falls, products that cause damage, and destruction to work areas. Lastly, the insurance can cover medical expenses and legal fees if the driver or anyone else gets injured.

The cost of full- or semi-truck insurance policies like this one is much higher than other types of insurance because of the higher liability that comes with it.

Non-Trucking Liability Coverage

If you’re using a commercial vehicle for personal use, you’ll need non-trucking liability insurance (NTL). This product will cover any truck driver if they are in an accident when driving outside of work.

The NTL is for traveling to a safe location to rest after a pickup or drop-off or to travel between entertainment or restaurants. It is also used to travel between a driver’s home and their terminal. The non-trucking liability insurance does not cover any goods. If you are driving for business, it does not provide accident coverage.

A non-trucking liability truck driver insurance costs much less than other policies. The average monthly premiums for this commercial truck insurance is roughly between $29 to $50.

Motor Truck Cargo Coverage with a Non-Trucking Extension

The commercial truck insurance that includes non-trucking liability is a new CDL driver benefit. The new CDL driver extension can cover the vehicle up to 12 hours before or after work. This plan extends the coverage limits to include items being transported prior to and after work. In addition, this new CDL driver insurance can cover an additional vehicle while it is being driven for non-trucking liability.

The cost of new CDL driver insurance depends on which new CDL driver truck insurance policy you choose. Non-trucking liability new CDL driver truck insurance costs more because the average commercial truck insurance is priced at $5,000 to $10,000.

Motor Truck Cargo Coverage with a Personal Auto Liability Extension

If new CDL driver insurance costs are a concern, then new CDL driver truck insurance with a personal auto liability extension may be a good choice. This new insurance policy differs from the standard plan as it includes non-trucking liability coverage while driving a personal vehicle for pleasure.

The new CDL driver commercial truck insurance is only about $63 per month with this new CDL driver extension.

How Much Does Semi Truck Insurance Cost in Ohio?

The cost of new CDL insurance in Ohio for trucks or semi-trucks is determined by many factors, including the driver’s qualifications and a clean driving record. The most important factor, however, is experience. A new CDL driver won’t get the same rates as an experienced trucker that has been driving in Ohio their entire life.

For new Ohio residents, it is important to shop around for new CDL insurance. The new hire truck driver’s previous driving history plays a large role in determining insurance rates. If they had no accidents or infractions on record, this will lower the new CDL driver’s premiums significantly.

For new applicants that have had no accidents or infractions on record, the new Ohio resident will typically pay between $1,000 to $2,000 per year for a new commercial driver’s insurance. There is also insurance available for new residents that have had a few minor infractions. However, this new type of commercial truck insurance will only pay up to $1,200 per year

Ohio Truck Insurance Requirements

New CDL insurance requirements in Ohio include new commercial truck insurance coverage on the vehicles listed on the new CDL driver’s license for between $25,000 – $80,000.

Ohio commercial truck insurance laws require a new semi-truck driver to have new CDL insurance before being allowed on the road. If an individual is caught driving a commercial semi-truck without new CDL insurance, they will have their commercial license suspended until new semi-truck insurance is purchased. In addition, new semi-truck drivers are required to have general liability coverage for their vehicles.

How to Compute Semi Insurance Costs

The new semi-truck insurance cost is determined by the truck’s weight and mileage, the driver’s history of accidents, the new CDL’s overall safety rating, the semi truck’s year of manufacture, the vehicle type, and the engine type/size/miles per gallon. Your insurance company will give you a pricing breakdown based on your unique case.

To help you compute an estimate for your semi-truck insurance costs, here are the ballpark figures per situation.

Trucks that are new and have accidents on record will typically pay between $1,500 to $2,000 per year.

Trucks that have had accidents on record will typically pay between $3,000 – $5,000 annually.

Trucks that have a new semi-truck, new CDL, and new commercial drivers with little to no experience will typically pay between $1,000 to $2,000 annually.

Find the Best Commercial Truck Insurance with InsurA

Looking for someone to help you decide which coverage is best for you? InsurA can help.

With a team of reliable, independent agents, you will receive the best plan for your needs. An independent insurance agent is not a typical broker. Independent agents are contracted by several insurers as opposed to one. This factor helps you get the best customized commercial truck insurance plan that suits your needs. Our independent agents can offer you customized and comprehensive plans at competitive rates.

Contact InsurA today to learn more about how we can help you get the commercial vehicle insurance you need.

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