As an owner-operator under lease with a carrier, you should carry bobtail, non-trucking liability, and physical damage. On average, expect to pay $1,500 to $2,500 annually for all three.
Under your own authority, you need a greater amount of coverage, such as liability and cargo insurance. For this type of coverage you can expect pay around $8,000 to $12,500 per year.
Different types of commercial businesses need different types of insurance. For instance, if you’re an owner-operator that owns one truck, you may need bobtail insurance to cover your truck while you’re not hauling cargo. However, towing companies should consider insurance to cover vehicles that are being towed or stored, as well as liability coverage for any damage that may occur while you’re towing a vehicle.
As expensive as it may seem, it is possible to lower your commercial trucking insurance rate. By keeping a clean record, maintaining your rig to prevent accidents, and preventing loss of cargo, your rate will gradually start to decrease over time.
Clean up your driving record - A clean driving record and a safe vehicle are paramount to lowering your rate. As you continue to drive safely, your rate may continue to decline as you may be qualified to receive incentives on your insurance policy.
Pay your premium annually - Instead of paying your premium monthly, you may have the option to pay your insurance premium for the full year. By paying upfront, you could save up to 20% on your policy premium.
Choose an insurance plan with a higher deductible - Choose a plan with a deductible that’s as high as you’re comfortable paying in the event of an accident. By having a higher deductible, your premium will go down in cost immensely.
Do you have questions about what type of insurance coverage you need for your commercial trucking business? Contact us at ### ### #### to talk to an agent or start your quote online.