The cost of trucking insurance varies depending on a variety of factors, including who owns the truck. On average, owner operators with their own authority may pay a significantly higher rate than owner operators who have a lease on their truck(s). For example, an owner operator with a lease could pay as low as $3,000 a year while an owner operator without a lease could pay up to $12,000 a year.
Factors Influencing Your Trucking Insurance Rates
Aside from leasing and ownership, other factors can also affect the cost of your trucking insurance, including:
Depending on where you own and operate, your trucking insurance premiums may vary. Truckers in areas with a long history of natural disasters and bad weather or a high crime rate may generally pay more for trucking insurance than those in different areas. This is because the more likely you are to file a claim on your insurance policy, the more your insurer will charge you in your premiums.
Your driving record—and the driving record of anyone operating the truck—can affect the cost of trucking insurance, as well. This is one of the biggest influences, as a poor driving record can cause your trucking rates to jump by a relatively large amount. Even a single at-fault accident on your record could raise your trucking insurance premiums by 30%. This is why it is important to drive defensively and carefully vet potential truckers.
It generally goes without saying that the more insurance coverage you have, the more you will pay for trucking insurance. Lower limits aren’t always the answer, however, as choosing lower coverage can leave gaps in your policy and leave you to face expenses out of pocket after an accident. In general, full coverage is recommended for most trucking policies.
The policyholder’s credit score determines how reliable you are in paying insurance premiums in full and on time. A low credit score can mean higher trucking insurance premiums while you can save money by having a higher credit score.
Full coverage typically includes comprehensive coverage, collision coverage, liability, medical payments coverage, uninsured/underinsured motorist and roadside assistance.
Every trucker’s insurance needs are different, so be sure to speak with your insurance agent about how much coverage you need and how you can save on trucking insurance. You may qualify for certain discounts such as mature driver discounts and bundling discounts.
Also Read: What Kind of Insurance Do Truck Drivers Need?
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