If you own a commercial trucking company or if you are an owner-operator of a semi truck, insurance is an expense that you can’t avoid. At least it can’t be avoided if you want to continue hauling freight. Whether you’re just getting started in the business, or you’re an experienced trucker, you’ll likely want good quality insurance at the most reasonable price possible.
Of the approximately 400,000 accidents involving commercial trucks in 2015, over half of those were attributed to driver negligence or error. That has made it more difficult for commercial truckers to secure the necessary insurance the law requires. Insurance is not only required by law, but also it’s necessary for the protection of drivers and owners alike from unforeseen circumstances on the road.
Some of the basic things to consider when shopping for semi truck insurance are as follows:
- The average semi truck insurance cost per month
- The factors affecting the cost of semi truck insurance
- Three ways to save on your semi truck insurance
- The best insurance companies for semi trucks
What is the average semi truck insurance cost per month?
The average semi truck insurance cost per month varies depending on the insurance company issuing the policy and a few other factors. Like personal vehicle insurance, semi truck insurance costs are also tied to the kind and amount of coverage you choose to carry. That choice will likely depend on whether you own one truck or a fleet of trucks.
The average semi truck insurance cost per month is between $675 to $2,000 with the following breakdown:
| Coverages | Average monthly semi truck insurance cost |
| Primary trucking liability | $500-$1,500 a month |
| Non-trucking liability | $25-$50 a month |
| Physical damage coverage | Varies, 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 |
These are just the average costs. Be sure to get your own quotes from several companies or work with a top broker like Simply Business, commercialinsurance.net, Smart Financial, or CoverWallet to compare them to find the cheapest one for your semi trucks. You can also get quotes online directly from the carriers as well. However, Progressive is the only carrier offering semi truck insurance quotes online. It shouldn’t take you more than 10 minutes to get a quote on their website, so it may be worth a try.
What factors affect the cost of semi truck insurance?
When you purchase insurance, whether it is for your personal automobile or a fleet of semi trucks, there are a few factors that affect the cost of your premiums. Some of the factors affecting the average semi truck insurance cost per month are standard for any insurance policy while others are specific to big trucks.
Driving record
It’s pretty common knowledge that a driver’s record on the road affects their insurance premiums. Keeping a good driving record helps to keep the premiums lower. A single ticket can drive rates up, and so can accidents, especially if the driver requesting insurance was at fault.
Credit score
Insurance companies look at credit scores when they write policies. A good credit score along with a good driving record will help to keep your premiums lower. Bad credit can increase your premiums or limit your ability to get insurance.
Distance of operation
Another factor in your insurance premiums for your semi truck is the distance you drive. A local trucker will likely have lower premiums than a long-haul over-the-road driver. Long-haul drivers have a greater risk of becoming tired, losing focus, and potentially being in an accident.
Location of business
The location of the dispatch office for your trucking business plays a role in the cost of your insurance premiums. Each state has different regulations for insurance coverage, and you must meet the minimums of the state that is your home base.
Kind of cargo
What kind of cargo do you haul? That makes a difference in the cost of your insurance premiums as well. Car haulers, for example, will likely pay more than a rig that carries a load of boxes because of the value of their cargo. Any trucker carrying heavier cargo or cargo that is deemed dangerous (flammable liquids as an example) can expect higher insurance premiums.
Kind and size of your truck
The size of your truck, as well as the age of it, play roles in dictating insurance costs. A bigger, heavier truck, or a newer truck, will likely have higher insurance premiums. This is because bigger, heavier trucks are more damaging if they are involved in an accident. Newer trucks tend to cost more to repair, so they cost more to insure.
How can you save on your semi truck insurance costs?
If the insurance costs for your semi truck seem daunting, there are a few ways to potentially save money on your premiums. Here are three of them.
- Pay your premiums yearly. Paying your premiums in one lump sum will save you money over the term of your policy. Typically, if you pay premiums monthly there will be an additional convenience charge attached to your payment.
- Think about having a higher deductible or lower policy limits. Just like with your private automobile insurance policy, the rates on your commercial policy are tied to the deductibles and policy limits. Speak with your insurance agent to determine if changing the deductible or the limit or both can save you money.
- Keep your driving record (and those of your other drivers) clean. As we mentioned earlier, tickets and accidents can greatly affect the cost of your insurance premiums. Insurance companies want to work with consumers who drive safely and therefore cost them less money.
Learn more at How & Where to Find Cheap Semi Truck Insurance
What are the best insurance companies for semi trucks?
Understandably, not every insurance company offers insurance for semi trucks. Some companies specialize in private vehicles. Here are three of the best insurance companies we found for insuring your semi truck.
- Progressive: Best for getting quotes online
- Simply Business: Best for comparing several quotes
- biBERK: Best for low-cost semi-truck insurance coverage
Progressive: Best for getting quotes online
According to Progressive’s website, their average semi truck insurance cost per month is between $640 and $982. Those rates vary depending on your coverage requirements as well as the factors we already discussed. Progressive is the only insurance company offering an online quote for you to get started with your insurance shopping. They have been insuring truckers for over 40 years, so if you’re looking for experience you might want to get a quote from Progressive.
Learn more at where to get commercial truck insurance quotes
Simply Business: Best for comparing several quotes
Simply Business is basically an insurance broker. They work with multiple insurance companies to help you find the correct coverage at the best price for your situation. You input your information online once, and they shop for rates for you.
Learn more at the top commercial truck insurance brokers
biBERK: Best for low-cost semi-truck insurance coverage
biBERK is a subsidiary of Berkshire Hathaway, Geico’s parent company. They are known for their direct-to-customer business model. They optimize their product and operational to cut costs and pass savings to their customers. They claim that their customers can save at least 20% on premiums. Thanks to their direct-to-consumer business model, they offer a great digital experience. Customers can get quotes, buy a policy online, and manage the policy entirely online. If you are looking for low-cost coverage for your semi-truck, you should definitely consider getting a quote from biBERK.
Learn more at the best semi truck insurance companies.
Semi-truck insurance quotes
If you are looking for semi-truck insurance quotes, you have a couple of options: online or from agents or brokers
Semi-truck insurance quotes online
You can get quotes online directly from carriers. Only a few carriers offer semi-truck insurance quotes online: Progressive, biBERK, and THREE. It should take 10 minutes or less to get a quote on their websites. When comparing several quotes online, make sure that other aspects such as coverage limits, deductibles, and exclusions, etc. of the policy are comparable.
Semi-truck insurance quotes from agents or brokers
You can get quotes from the agents who work for insurance companies that you are interested in. For example, if you are interested in getting a quote from the Hartford or State Farm or Nationwide, you need to work with their agents to obtain quotes.
You can get quotes from brokers or brokerage firms. If you are interested in comparing several quotes in one place to find the cheapest one for you. This would be your best option. Simply Business or Smart Financial are the top brokers that can offer you several quotes in one place so that you can compare them conveniently.
Final thoughts
The average semi truck insurance cost per month varies depending on the coverage you need as well as factors related to your business profile and your personal driving history.
