What Factors Impact the Cost of Commercial Truck Insurance?
Frequently Asked Questions
How Is Trucking Insurance Priced?
When checking commercial truck insurance rates by state, it is important to know the factors that determine the rate owner-operators pay for insurance coverage. These include:
• Owner's age and gender
• Owner's credit score
• Motor vehicle history from the past 35 to 36 months
• Radius within which the truck will travel
• DOT operating history
• Size of fleet
• Additional insureds
Insurance companies also apply discounts that can help you save money on insurance. Characteristics that can help you get lower truck insurance rates include CDL experience, business experience, and proof of prior insurance coverage.
What States Are Best for Truckers?
If you have flexibility that allows you to move or if you just want to know where your state stacks up, knowing which states are best for truckers can help you plan for how much you can expect to pay for insurance.
The best states for truckers are those in which commercial truck drivers have the highest incomes and the lowest insurance costs. In addition to determining your insurance rate, where you live can also directly impact your income as a trucker.
Nebraska has the highest-paid truckers with an average truck driver income of $90,000. Nebraska also has the sixth-lowest commercial truck insurance rates, which makes the state very favorable for owner-operators who are looking to maximize their profits.
Other high-paying states for commercial truck drivers include:
• Pennsylvania
• New Mexico
• Oklahoma
• Wyoming
• Iowa
How Much Does Commercial Truck Insurance Cost?
It is important to remember that you may not receive the same insurance quote as the next owner-operator.
However, on average, owner-operators are currently paying approximately $15,000 per year, or $1,250 each month for a commercial truck insurance policy that includes the most important coverages.
Speak with an insurance agent to determine the rates you can expect to pay annually or per month for your commercial truck insurance.
Check out our beginner's guide to Commercial Truck Insurance Prices.
How Do I Find Cheap Truck Insurance?
You can find cheap truck insurance by speaking with an agent or a broker. We highly recommend comparing quotes from several companies.
Before purchasing a policy, be sure to confirm that your policy will include all the coverages you will need in the state from which you plan to operate and for the types of contracts you want for your business.
Contact CoverWallet to learn more about how to get the lowest insurance rates for your commercial trucking business.
Do you have more on the cost of trucking insurance?
What Are The Insurance Covers That Truckers Like Me Usually Get?
More content on trucking insurance cost? You've got it...