Semi Truck Insurance

Semi truck insurance, also known as owner-operator insurance is a liability cover for injuries or damages caused to other parties when the driver is at fault. Different types of protection may be added depending on several factors that are special to the driver. On average, truck insurance costs for leased owner-operators can range from $1,500-$2,000 per year. If you are an owner-operator with your own authority, the prices range from $9,000-$12,000 for each truck you own. For new authorities, the new pricing is a bit higher in recent years and ranges from $12,000-$16,000.

Why You Need a Commercial Semi Truck Insurance

To use the public roads in California, the state requires that you should adequately insure your vehicle. The main reason is to have an orderly system of compensation should an accident occur.

Additionally, as a business owner, you need to keep the trucks on the road and avoid any downtime that may be caused by accidents. Any slight delay in your business activities can cause losses that should be avoided at all costs. The best way of doing that is by having a reasonable truck insurance quote. Otherwise, you’ll be open to a series of lawsuits as a result of accidents caused by an uninsured vehicle.

Besides, there are so many business advantages that come with semi trucking insurance. You can get compensated should one of your trucks get involved in an accident. The compensation may include covering the medical costs of the driver and any damage to the third-party. It saves you the stress of having to handle unexpected financial surges. 

Feel safer and more secure behind the wheel.
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Factors that Determine the Commercial Semi Truck Insurance Cost for Your Business

Several factors come into play when deciding how much you are going to pay each year. Plus, different insurance companies will have put more weight on some factors than others, which will skew the rate either higher or lower. These include:

  • The type of cargo that you haul – hauling hazardous material such as fuel will cost higher premiums than, let’s say, hay.
  • The weight of the load – heavier freight will translate to higher rates.
  • The distance you travel – if you travel for a longer distance, the premium rate will be higher because you are exposed to a greater risk of an accident.
  • The value of the truck – in determining the physical damage premium, a percentage of your truck value is used to come up with the figure. If your vehicle has a higher value, then the more premium you will pay.
  • Your credit history – credit scores and history are having a significant influence in helping insurance companies decide how much premium you will pay. A favorable credit history assures the insurer that you can pay premiums and hence lower premiums. Poor credit history will warrant higher premiums.
  • CDL experience and driver’s age – a longer commercial driver’s experience means you have a lower risk, and hence, you will pay lower premiums.
  • Coverage limit– a higher coverage limit means a higher premium rate and vice versa.
  • Deductible amounts – higher deductibles translate to lower premiums.
  • Claims history – if you have a zero loss history, then your premiums will be reduced.
  • Payment plan

How Much is the Average Truck Insurance Cost for Your Commercial Truck

Generally, the type of policy that you need and the type of truck that you drive will determine the cost you will pay. Motor carriers bear the responsibility of providing for primary liability. If you are a trucker with your own authority, then you will cater for primary liability plus, bobtail, NTL plus any extra costs that may arise.

  1. Primary liability ($5,000-$7,000)

This covers the damage that happens to others as a result of your driving. It does not necessarily cover your own semi truck.

  1. Physical damage ($1,000-$3,000)

It offers coverage for damages caused by a natural disaster, collision, vandalism, and theft that results in actual physical damage to the truck.

  1. General liability ($500-$600)

General liability insurance has a much broader application and covers a majority of what is not covered by primary liability. It applies to the business itself and not the trucks.

  1. Bobtail insurance ($350-$400)

Bobtail insurance covers the driver and the truck when they are not hauling any load, especially when traveling between jobs. It applies to a semi-truck with no trailer attached.

  1. Umbrella policy ($500-$700)

This provides protection above and beyond general liability, auto liability, and worker compensation.

  1. Occupational accident ($1,600-$2,200)

Compensates for work-related injuries as well as provide income benefits and medical payment.

  1. Cargo coverage

Cargo coverage varies according to the cargo limits required for each type of cargo.

  1. Non-trucking

Non-trucking liability covers damages and injuries to third parties that are caused by a lease driver while for non-business purposes.

When shopping for the best semi-truck insurance quote, it is best to compare offers from several companies in the market. It is always a bit hard to find a one-size-fits-all coverage for your semi truck since most insurance companies do not explicitly write all the trucking risks. However, if you dig a little deeper, you might just find the right company to fulfill all your needs.

Extra knowledge will also help in reducing unnecessary costs that come along. For example, you might have to consider higher deductibles or lower coverage limits if you want to save the extra coin in premium rates.

Are you adequately insured?
Strong Tie Insurance offers comprehensive commercial trucking insurance.

The Best Commercial Truck Insurance Coverage for Your Trucking Business

Vehicle owners face multiple risks daily. At Strong Tie Insurance, we know the hustle that you have to go through to keep your vehicle running throughout the year. That is why flexible track insurance quote that fits the need of most vehicle operators.

Our track record speaks for itself, and we have clients all over the state of California who can attest to the exemplary services that we offer. We have the best cheap truck insurance that you need. Our team of professionals will guide the best semi truck insurance quote to pick without cutting back coverage.

We offer a wide range of insurance policies that cover trucks of all types and sizes. Over the years of our operation, we’ve been able to deal with different clients who have different trucks yet want the same goal; to be insured against any damages or injuries that may result from semi-truck accidents.

Our team will guide you on the quest of looking for the best semi truck insurance cover. We’ll walk with you through the journey of ensuring that your business is kept safe from any downtime inconveniences.