What does Average semi truck insurance costs for owner operators?

What Does Semi Truck Insurance Cost on Average?

The average semi truck insurance costs between $3,000 and $5,000 a year for owner operators that lease on to a motor carrier.
For an owner operator with their own authority, the average cost is $9,000-$12,000 per truck.
For new authorities, semi truck insurance policies have increased in recent years and now are usually priced between $12,000 and $16,000.
Where you fall on the spectrum depends on a many things, including:
* What you haul
* How far you typically drive
* How much your truck is worth
* Driver age and CDL experience
* Your credit history
* Your payment plan

All these factors skew your rate either higher or lower, and every company rates each factor differently. With such a wide range in costs, it really does pay to know your insurance carrier is working for you and carries the best possible coverage for you and your business at the best rate. Insurance is a large part of your monthly cost.


The Average Cost of Semi Truck Insurance Coverages

The coverages your policy needs is a matter of what kind of work you do and what kind of truck you drive. Motor carriers require their owner operators to purchase bobtail or NTL insurance while they handle the primary liability. Truckers with their own authority will bear the full brunt of primary liability themselves. The cost for cargo coverage varies. If you pull a reefer, you might need refrigeration break-down coverage, which costs extra. Consult the table below to get a rough idea of how much your coverages will cost all together.

Coverage Average Cost
Primary Liability $5000-7000
General Liability $500-600
Umbrella Policy $500-700
Physical Damage $1000-3000
Bobtail Insurance $350-400
Uninsured/Under-insured Motorist $50-100
Occupational Accident $1600-2200
Cargo Insurance Varies

How to Lower Your Semi-Truck Insurance Rates

Clean driving – Insurance companies want to work with drivers who won’t cost them money. As incentives, these companies offer cheaper premiums to operations with clean driving records and safe vehicles.

Pay yearly – With the high price of a semi policy, this is easier said than done. If you can do it though, truckers who pay their insurance cost for the year in a single lump sum can see their overall premium reduced by over 10%, sometimes up to 20%!

Consider higher deductibles or lower limits – Your deductibles and limits are tied to your premium—bigger responsibilities on your part translate to lower premiums. Be careful, though, because a higher deductible now could lead to you paying even more down the road.

Our goal is to make it easy for you to get a free quote, compare, and get the best policy for truck.


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