Semi-trucks are an incredibly reliable form of transportation for many products. Without trucking, 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 couple of things you’re going to want to consider. First, you’ll want to know how much semi-truck insurance costs. Next, you’ll need to decide which insurance for truck drivers is best for you.
Read on to find out how much commercial truck insurance costs and what insurance plan is 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 roughly about $15,000. The premiums for insurance for truck drivers can range from $12,000 through $20,000.
These figures depend on several factors that affect the commercial truck insurance cost. We’ll explore these factors more below.
Factors that Influence Coverage Costs
When it comes to how much commercial truck insurance can cost, it depends on a few factors. These can include US Department of Transportation (DOT) authority, the vehicle and cargo types, the operating radius, and the driver history. Each factor affects how much semi-truck insurance costs and the type of plan needed. This is to help cover the driver, the property, and any accidents.
Some insurance companies, like Insura, will offer customers customized truck coverage. They can help narrow down the plans needed for the correct coverage for liabilities.
Factors like vehicle types influence the cost because of their size. Semi-truck insurance costs vary because of the number of axles and weight. The larger the truck, the more expensive the cargo.
The operating radius 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. Different histories may potentially drive the cost of the premium up.
Legal factors may also play a role in the semi-truck insurance cost. Any truck driver needs authorization through the DOT to operate a truck.
Types of Coverage for Commercial Trucks
When looking for insurance for truck drivers and how much semi-truck insurance can cost, you need the right plan. Each plan for your business will affect the commercial truck insurance average cost. Let’s look at the three biggest 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 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 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 damages to work areas. Lastly, the insurance can also cover medical expenses and legal fees if the driver or anyone else gets injured.
The cost of this truck insurance 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 truck driver insurance 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 for this commercial truck insurance is roughly between $29-50.
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 plan that suits your needs. Our independent insurance agents can offer you customized and comprehensive plans.
Contact Insura today to learn more about how we can help you get the truck insurance you need.