How Much Does It Cost to Insure a Semi Truck?

If you are looking for semi truck insurance, Neighbors Insurance Agency is here to help. Not only do we provide the low semi truck insurance cost that Florida recommends, we also care about informing our clients and making sure they understand what the cost of insurance is. To learn more about truck insurance, contact us at Neighbors Insurance Agency.   […]

If you are looking for semi truck insurance, Neighbors Insurance Agency is here to help. Not only do we provide the low semi truck insurance cost that Florida recommends, we also care about informing our clients and making sure they understand what the cost of insurance is. To learn more about truck insurance, contact us at Neighbors Insurance Agency.

What Factors to Consider for Semi Truck Insurance

The average semi truck insurance costs are dependent on a number of factors that impact the final expense. Where you end up on the spectrum of cost depends on what you haul in your semi, how far you typically drive in your semi, how much the actual truck itself is worth, your age and CDL (commercial driver’s license) experience, your credit history, and your payment plan for the insurance itself. Each company that you consult is going to rate these factors differently and will offer you quotes that will range widely in cost. That is why it really does make a difference to company insurance companies and plans so that you can make the right decision for yourself.

The type of coverage that you will end up getting will also be impacted by the type of work that you do with your semi truck and what type of truck it is. Motor carriers, for instance, require that their owner operators purchase bobtail or NTL (non-trucking liability) insurance while they take care of the primary liability. Meanwhile, truckers with their own authority who are self-employed will bear the brunt of the primary liability themselves. For cargo coverage, the cost can also vary.

How to Lower Semi Truck Insurance Cost

There are several things that you can do that will lower your insurance costs and make it more reasonable for you.

Good Driving: No insurance company is going to want to work with a driver that costs them more money. To incentivize better driving, companies will offer cheap premiums to operations with good driving records and safer vehicles. Pay Your Insurance Yearly: Given the high price of a semi truck insurance policy, this may be a difficult task. If you can do it, however, you will see that truckers who pay their insurance cost for the year in one single payment will see their premium reduced by over 10%–depending on the company you may even get 20%. Get Higher Deductibles or Lower Limits: Your deductibles are limits are always tied to your premiums. The more that you take responsibility for, the lower your premiums are. You have to be careful when you do this, though, because a higher deductible now may just mean paying more down the line. Always Compare Rates: Just as with anything else, the best way to get a low semi truck insurance cost is to make sure that you get as many offers as possible and then compare with what you have. Not all companies are going to be forthcoming about their trucking policies, so be sure to ask for a quote if necessary.

Contact Us

Neighbors Insurance Agency is located in Florida and we offer a variety of truck insurance options. Contact us at Neighbors Insurance Agency to learn more.