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What Is The Average Truck Insurance Cost Per Month? (2022 Rates)

A commercial truck is any truck that is used routinely for work purposes. Usually, when people say, “commercial truck,” they refer to a van, a box truck, or a semi-truck. However, even a pickup truck can be considered a commercial truck in some instances. 

A truck, even a pickup truck owned by a business, can be considered a commercial truck. A personal truck can be regarded as a commercial truck for insurance purposes if used for work-related transportation of equipment or products. Simply commuting in your truck doesn’t make your truck a commercial vehicle. 

When considering your average truck insurance cost per month, you must consider the use of your truck. A commuter vehicle will likely be acceptable on your personal automobile policy. However, a truck routinely used for work-related tasks must be placed on a commercial truck policy. 

Before you purchase truck insurance, here are some things to consider:

The average commercial truck insurance cost per month

Your average commercial truck insurance cost per month depends upon insurance company policies and state regulations. Every insurance company determines its own underwriting rules. The amount of coverage and the kind of policies you have also affect your insurance costs. A typical commercial truck insurance policy costs between $500 and $2,100 per month.

The average commercial truck insurance cost per month depends on the coverage types. Below are the main coverages that a commercial truck insurance policy may include:

CoveragesMonthly average semi truck insurance cost
Primary trucking liability$500-$1,500 a month
Non-trucking liability $25-$50 a month
Occupational accident insurance$140-210 a month
Physical damage coverageVaries, depending on the value of the semi-truck, usually $100-$300 a month
Motor truck cargo insurance Varies, depending on the cargo type, usually $50-$150 a month

Primary trucking liability is required by laws in all states. You must have this coverage before driving a commercial truck. Non-trucking liability is not required by laws, however, it is an essential coverage that all truckers should have.

Occupational accident insurance is a cheaper alternative to workers comp insurance for truckers. Since most truckers work as independent contractors, trucking companies are not required by laws to provide workers comp insurance. However, trucking is a high-risk industry, truckers should have occupational accident insurance to protect themselves in case they get injured at work.

Physical damage coverage will pay out to repair or replace the truck in case of damages. And motor truck cargo insurance will pay out for damages related to the cargo.

Comparing rates between companies is the best way to find the best coverage. Make sure to compare equal coverage amounts. For example, if you choose a $1,000 deductible and $1M for liability coverage for one policy quote, be sure to select the same deductible and coverage limit for all the quotes you receive. 

Progressive and biBERK are the only two carriers that offer truck insurance quotes online. So you might want to start with them. It should take you 10 minutes or less to get quotes on their websites.

Work with a top broker like Simply Business, Commercialinsurance.net, or CoverWallet is a good way to get and compare several quotes in one place. They work with many truck insurance companies and can pull quotes from these companies for you. If you only drive your truck for a few days a week or a month, you may want to work with InsurePro, they offer flexible pay-per-day truck insurance coverage. You only need to pay when you are on the road.

The average commercial truck insurance cost per month for different types of owner operators

Another big factor impacting the average monthly cost of commercial truck insurance is the types of owner operators. Owner operators that lease on with a trucking company will pay substantially less for commercial truck insurance than owner operators that operate under their own authorities. And new authority will pay a bit more than experienced ones.

Owner operator typesAverage commercial truck insurance cost per month
Owner operators that lease on with a motor carrier$170-$300 per month
Owner operators with their own authority $600-$1,400 per month
Owner operators with new authority $800-$2,200 per month

The factors affecting the cost of commercial truck insurance

Several factors affect your average commercial truck insurance cost per month. Here are a few of them. 

Size classification

Your average truck insurance cost per month depends partly upon the size of the truck or trucks you operate. Even a personal pickup used for delivery or ridesharing services requires commercial truck insurance. There are eight size classifications for commercial trucks. Bigger trucks cost more to insure. 

Location

Where is your business located? Both the location where your business is based and the place where you transport equipment or products factor into the cost of your commercial truck insurance premiums. Your insurance cost will reflect that. 

Driving record

Just as your private automobile insurance requires you to have a good driving record, your commercial truck insurance policy will need a good driving record as well. If you have more than one person who drives your truck, everyone who operates it will need to keep a good driving record. Your average truck insurance cost per month is affected by the driving records of the people who use the vehicle regularly. 

Cargo

Insurance rates are affected by the items you transport. Cargo that is considered hazardous will cost more to insure than non-hazardous materials. It’s often a wise course of action to include cargo insurance on your commercial truck policy. 

5 ways to save on your commercial truck insurance

Are you wondering how you can save on your commercial truck insurance policy? Here are three of the best ways to save on your premiums. 

Consider raising your deductibles or lowering your policy coverage limits.

Changing these numbers could save you money on your premiums. Your insurance company can give you details on whether you can save by changing these deductibles and limits. 

Keep clean driving records

Just as an adverse driving record can adversely affect your insurance premiums, a good driving record can help them. 

Commit to paying annual premiums

The easiest way to save money on your commercial truck insurance policy or any insurance policy is to pay the premiums in bulk. If you pay for a year’s coverage, you will pay less than if you pay a monthly premium. This is since insurers charge convenience fees when you pay the fees in smaller increments.

Shop around to compare several quotes

Similar to those in personal car insurance, different insurance companies will provide you with different quotes. Be sure to shop around with a few companies and/or working with a commercial truck insurance broker or agency so that you can compare several quotes to choose the best and the cheapest one for you.

Ask for discounts

Some insurance companies offer discounts for good driving records or insure multiple vehicles on the same policy. Check with your insurance agent to see if discounts apply to your truck insurance policy. Some insurance companies even offer discounts for new drivers if you agree to share your driving records. Make sure you always ask for discounts from the insurance companies or the agents at a broker or agency that you work with.

How to find cheap commercial truck insurance?

Commercial truck insurance is expensive, but it is a critical protection for your trucking business and you must have it. The good news is that there are several ways for you to save money:

  • Maintain a clean driving record or only hire drivers with clean records
  • Require, maintain, and monitor driving logs closely so that you can detect problems before it becomes real problems
  • Enroll in a safe-driving program (apps, or other devices to monitor driving), especially if it is offered by your insurance companies. If you are a safe driver, your premiums will decrease and you will save money thanks to your good driving habit. Some insurance companies offer discounts just after the first few months.
  • Provide and require continual safety training for your drivers. Monitor their driving activities closely so that you can provide feedback timely.
  • Shop around with several companies to compare and find the best rates
  • Maintain your vehicles regularly

Learn more at the cheapest commercial truck insurance companies.

The best and the cheapest insurance companies for commercial trucks

  1. Progressive: Progressive offers coverage to a variety of commercial vehicles. They are available in all 50 states. Progressive offers multiple discounts. 
  2. Commercialinsurance.net: Commercialinsurance.net is an insurance brokerage that allows you to get multiple quotes from one questionnaire. Once your quotes are compiled, you have the opportunity to choose from numerous options. 
  3. CoverWallet: Like Commercialinsurance.net, CoverWallet is an insurance broker that compiles multiple quotes for you. They do not hold the policy; they act as a middleman between the customer and the insurance companies. They help you compare several quotes and choose the best one for you given you unique situation. They are knowledgeable and experienced and therefore, will be able to help you navigate the industry to find the best policy for you.

Final thoughts

Your average truck insurance cost per month is dependent on several factors. The location of your business, how far you travel, and your driving record are some of the factors that insurance companies consider before writing your policy. Your truck’s size and the cargo you carry also affect your rates. 

Each insurance company has its own underwriting procedures. The procedures are dependent upon the state’s regulations. On average, your annual premium will range from about $600 to about $2400. Adjusting your deductibles or coverage limits could help you save money on your commercial truck insurance policy. 

A commercial truck can range in size from a pickup truck to a semi-truck. The critical factor in determining if a truck is a commercial vehicle or not is the use of the truck. If a truck is used to transport goods or equipment, then it can be considered a commercial vehicle. Using a truck for delivery or ridesharing services could also put it into a commercial vehicle; however, simply using it to commute to and from work doesn’t qualify as a commercial truck.

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