The Average Cost of Commercial Truck Insurance

The Average Cost of Commercial Truck Insurance

Did you know that around 500,000 trucking accidents occur every year in the United States? As a business owner or truck driver, it’s crucial that you have excellent commercial truck insurance to protect you in the case of an accident – big or small.

But what is the cost of commercial truck insurance and what factors influence the price? Keep reading for our guide on truck insurance and what to expect.


While there is a standard range of costs for commercial truck insurance, there are some important factors that influence the price.

The type of goods that you haul greatly affects your commercial truck insurance cost. Different cargo carries different levels of risk to your vehicle.

If your truck is carrying a load of tomatoes, the cargo is unlikely to cause excess damage in an accident. On the other hand, if your truck is carrying heavy machinery there’s a high possibility of excess damage caused by the cargo.

When buying commercial truck insurance it’s crucial that your insurance company is aware of the type of cargo you’re hauling. You risk having a claim denied in cases where that information was not disclosed.

Operating Areas

The operating radius affects commercial truck insurance prices. Regional and local travel carry different prices as the greater the radius, the higher the risk.

Type of Vehicle

Regardless of the cargo, a lighter pickup truck will almost always be cheaper than a heavier semi. This is because heavy vehicles are more likely to cause severe damage in an accident.

Newer vehicles also carry a higher insurance price as replacing and repairing them cost more than older vehicles.

Driver’s History and Age

Insurance companies want to work with drivers who are low risk. Those being drivers without a history of accidents and road violations. Even a minor speeding ticket could raise insurance prices exponentially.

Ensuring that you or your drivers have a clean driving history will help to bring insurance costs down and save you hundreds of dollars.

The age of the driver also influences costs. Young drivers typically pay more for insurance as they have less experience and are considered to be higher risk. The same goes for senior drivers past the age of 65. The lowest costs are usually for drivers between the age of 25 and 65.

How Much is Truck Insurance?

So, how much does truck insurance cost? The average cost per year for semi-truck insurance is between $3000 to $5000 a year for owners that lease on to a motor carrier.

On the other hand, owners with their own authority can expect to pay between $9000 to $12000 for commercial truck insurance.

And for new authorities, the price is quite steep, ranging between $12000 and $16000 every year.

Bringing Down the Cost of Commercial Truck Insurance

There’s no doubt that it’s essential for you to have comprehensive truck insurance to protect you and your business in the case of an accident. And while the prices can be quite steep, you can work to bring down the cost of commercial truck insurance.

Ensure you have a clean driving history, keep your routes local where possible, and be straightforward about the cargo you haul.

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