What is the Average Cost of Semi Truck Insurance?

Selecting commercial insurance for your semi truck is a decision no owner-operator should take lightly. Whether you’re an owner-operator with your own authority or leased onto a motor carrier, various factors will impact the cost of insuring your semi-truck. Broadly speaking, you can expect to pay on average between $10,00 – $15,000 if you’re an experienced owner-operator with your own authority. If you’re an owner-operator leased to a carrier, your semi truck insurance may cost between $3,000- $5,000 on average. For brand-new drivers, the price may be significantly higher. 

Factors that Affect the Cost of Semi-Truck Insurance

Commercial insurers will take into consideration a variety of factors when calculating your insurance premiums.  

Experience as a Driver
The longer you’ve been driving, the lower your semi truck insurance, assuming you have a good driving record. Longevity as a commercial trucker works in your favor when shopping for commercial insurance.

It may not be fair, but your age will impact the cost of semi-truck insurance. Drivers under the age of 25 are considered at higher risk compared to older and more experienced truckers. 

Driver Record
Your driving record and accident history will be evaluated by insurers to determine the price of your truck insurance. Fewer violations and accidents will benefit you in terms of the cost of your insurance. Conversely, your insurance can skyrocket if you’ve had multiple violations and accidents. 

Drive Distance/Route
The distance you drive weekly, monthly, or yearly can also impact the cost of your semi-truck insurance. Likewise, if you drive on routes known to insurers as dangerous or risky, your premiums may cost more.

State Carrier Operates In
Different states can require different liability minimums which can impact the cost of your truck insurance.

Previous Insurance Policy Cancellations
If you’ve previously had an insurance policy canceled for non-payment, the cost to insure your semi-truck may be higher than if you have a history of on-time payments. 

Type of Cargo You Transport
The specific cargo and its value will be considered by insurers when setting your insurance rates. Cargo deemed high risk for theft may lead to an increase in your insurance.  For example, if you transport produce, your cargo is likely to be deemed less risky than if you transport expensive electronic equipment.

Type, Age, Condition of Truck
An older commercial truck may wind up costing more to insure than a newer truck, particularly if it is well-maintained.  As such, it is always in your interest to keep up with routine and preventative maintenance. 

Payment Type
Insurers may offer discounts for premiums paid all at once. So, you may be able to save a bit of money by paying every six months, or yearly, as opposed to paying your insurance premium monthly.

Insurance Carrier You Select
Different companies offer different prices, whether for car insurance, homeowners insurance, or semi-truck insurance. Shopping around for the best rates can help you find the best price. 

Your Carrier’s Liability Coverage May Not Be Enough

If you’re a lease-on operator, your carrier will cover liability while you’re driving for them. However, accidents don’t always happen when you’re on the clock. To that end, you may wish to purchase supplemental insurance such as:

  • Non-Trucking Insurance

This coverage protects you when using the truck for personal reasons.

  • Bobtail Liability

This coverage protects you when using the truck without a trailer attached.

  • Occupational Accident

This provides coverage for injury or death resulting from a work-related accident.

  • Physical Damage

This can help offset losses due to vandalism, theft, fire, or accident.

Get a Quote for Semi Truck Insurance Today

10-4 Financing provides fast, free semi-truck insurance quotes. Use our convenient online form to request a quote today.  If you prefer, you may book a free phone appointment with a 10-4 Financing specialist.