January 3, 2022
January 3, 2022

Average Semi Truck Insurance Cost: Coverage, Cost and More!

Semi Truck Insurance is a type of insurance that most fleet managers and owner-operators need. Moreover, it provides coverage to protect you financially if any perils take place. Additionally, semi Truck Insurance is a type of insurance policy the protects the fleet managers or a private contractor running a trucking business. It provides coverage during events that lead to financial loss. Thus, finding good semi-truck insurance is not hard if you know how to shop around for the best insurance company.

Semi Truck Insurance Coverages

Average Cost of Semi Truck Insurance

Semi-truck insurance is a special type of insurance in terms of coverage and cost. These vehicles face two major threats when they’re out on the roads. Moreover, one is a collision and the other is theft. Purchasing semi-truck insurance in New York is not cheap. The average cost of truck insurance in New York is $12,789. However, this cost varies based on various factors according to the insurance blog. These factors include semi truck’s model, age, credit history, driving record, and location.

Saving Money and Investing on Insurance can sound impossible at times as insurance sometimes sounds expensive. However, companies like Renegade Insurance, on the other hand, with their team of experts with unrivaled resources ensure that you obtain the finest insurance at the greatest price which helps you save your money in the best insurance policy. 

Coverage in Semi Truck Insurance

Semi truck insurance is a policy that secures your trucking business no matter how small or big. There are many coverage option that you can choose from. However, for a full protection, you should opt for a full coverage semi truck insurance. A standard tractor trailer insurance includes:

  1. General Liability Insurance  
  2. Uninsured/Underinsured Motorist 
  3. Hazmat Coverage 
  4.  Trailer Interchange Policy 
  5. Commercial Umbrella Insurance    
  6. Bobtail Insurance   
  7. Limited Depreciation Policy 
  8. Motor Truck Cargo Insurance   
  9. Physical Damage Coverage   
  10. On-Hook Coverage   

Commercial Semi Truck Insurance Requirements

The requirements to obtain semi-truck insurance  are not as hard as you may think. Nevertheless, you should make sure you can provide as much information as possible for your company’s situation so your agent can effectively find the best fit policy for your needs. Here are some of the things you may need to get started:

Firstly, you will need to have your Commercial Drivers License if you are hauling over 26,000 pounds, according to Investopedia. Also, you will want to keep in mind that if you have had your Commercial Drivers License for less than two years, you will end up paying substantially more.

You will also need to have an active authority, meaning your Motor Carrier(MC) and Department of Transportation(DOT) numbers, depending on what applies to your business, to obtain commercial insurance. Additionally to this, you will need to provide the specifics of the vehicles you want to add to the policy, including make, model, year, and Vehicle Identification Number(VIN) numbers.

If you have a truck business in Georgia, the best decision you can make is to go through Semi Truck Insurance Georgia and understand the basics and details from a successful insurance agency with an insurance agency management system and insurance software that helps in the overall agency management system.

Read this article to know about the law, the factors that impact your premium, and the coverage on semi truck insurance for new drivers. 

  • First Type

  • Second Type

  • Third Type

Primary Liability Insurance

There are various types of coverage you should look for when purchasing a semitruck insurance. The first is primary liability insurance, which will cost you between $5000 and $7000 and will cover you for any damages you may cause while driving.

Frequently Asked Questions

What is the average cost of semi-truck insurance?

The typical cost of semi truck insurance for owner operators who lease to a motor carrier is between $3,000 and $6,000 per year. The typical cost of a truck for an owner operator with their own authority is $8,000-$16,000 per truck.

Why is trucking insurance so expensive?

Accidents and violations have a greater impact on a commercial truck policy than on a standard auto policy because large, heavy vehicles transporting bulk levels of cargo can cause significantly more damage. A minor speeding ticket on a trucker's driving record could result in a significant increase in their insurance premium.

Does a Truck Cost more to insure?

Is trucking insurance less expensive? Trucks, as one might expect, are more expensive to insure than cars. The monthly insurance cost difference between pickup trucks and cars is $100. Consider contacting us if you're looking for a low-cost truck to insure.

Are older trucks cheaper to insurance?

An older vehicle is less expensive to insure because they are less valuable, so an insurer will not have to pay as much in the event of a total loss. However, the age of a car has less of an impact on insurance premiums than its make and model.

semi truck insurance

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