Commercial Truck Insurance Cost

How much is truck insurance?

The average truck insurance cost depends on your trucking type. In 2023, we considered new for-hire truck policies in two groups:

• For-hire transport: Truckers who haul goods, such as general freight and autos
• For-hire specialty: Truckers who specialize in a specific niche, such as garbage, septic waste, or logging

Our national average monthly cost for commercial truck insurance ranged from $767 for specialty truckers to $1,041 for transport truckers^‡‡.

Remember, these numbers are only averages. Many factors can influence your premium. To find your commercial truck insurance cost start a custom quote online, or call us to speak with an insurance expert.

Truck insurance cost factors

USDOT authority

Your U.S. Department of Transportation (USDOT) authority can impact your commercial truck insurance cost. It considers whether you're leased to another company or operating independently.

Leasing to a company is usually cheaper than working under your own authority because it can help with:

• Primary liability insurance: Companies typically cover their drivers' primary liability risks while under dispatch. Truckers might need their own non-truck or bobtail coverage to fill the gaps, but they can usually save on their overall truck insurance cost.
• Risk management: Motor carriers that operate under their own USDOT authority assume risk for all accidents, violations, cargo claims, and more. By contrast, leasing companies often take on much of this risk.

Coverage requirements

Generally, the more coverage you need, the more your trucking insurance will cost.

For example, the Federal Motor Carrier Safety Administration (FMCSA) usually requires truckers who need a federal filing to carry a minimum combined single limit (CSL) of $750,000 or $1,000,000 depending on their cargo and vehicle type. These amounts are higher than most state minimum limits, which can increase your truck insurance premium.

Certain contracts might also require you to carry additional coverages, such as physical damage or trailer interchange, which can affect your truck insurance rate.

Cargo

What you haul affects your truck insurance cost because some cargo is riskier to transport than others. For example, a semi truck carrying heavy equipment will likely cause more injury or property damage in an accident than one hauling fresh produce.

In addition to liability coverage, you might also need motor truck cargo insurance for added protection against lost or damaged cargo. This extra coverage can influence your truck insurance cost.

Operating radius

Truckers with a large operating radius usually take on more risk due to longer drive times between stops and more varied routes. Specifically, insurers consider whether you drive across state lines or work in a single state. For example, a semi truck driver who travels regionally will usually pay more for insurance than a driver whose routes are local.

Truck type

The type of vehicle you drive can determine your commercial truck insurance cost. For example, it generally costs more to cover a heavy semi truck than a lighter pickup truck carrying the same product because the semi truck can cause more damage in an accident.

Your vehicle's age can also impact your rate. Newer trucks with advanced safety features might cost less to insure because they reduce the likelihood of accidents and theft.

Driving history

Accidents and violations impact commercial truck insurance premiums more than typical auto policies because large, heavy vehicles can cause more damage. A minor speeding ticket on a trucker's driving history could drastically increase their insurance cost.

Keeping a clean record could save you hundreds, or even thousands, on your truck driver insurance cost.

Location

Commercial truck insurance rates vary by state. You can sometimes expect to pay more if you operate in locations with heavy traffic, roadwork, and accidents. Learn more about commercial truck insurance by state.

How to get affordable commercial truck insurance

The meaning of "cheap" is relative, but few truckers would describe their truck insurance as cheap — nor would they want to. Trucking is their livelihood. What they're usually looking for is the best value, which is a combination of competitive pricing, customized coverages, and first-rate service.

Here are a few tips to help you get affordable commercial truck insurance:

Adjust your coverages

While more coverage provides greater protection, it's not always in the budget. Luckily, you can adjust your coverages to help you save on your truck insurance cost.

For example, physical damage coverage is usually required for trucks with an outstanding loan or lease. To reduce your total cost, you could simply raise your deductible. Just remember that you'll have to pay more out of pocket if you have a claim.

Make sure you're satisfied with the coverage you choose before you start your policy. You can also reach out to an expert on commercial driver insurance cost if you have questions about balancing price and protection.

Calculate monthly payments

Don't let the annual cost shock you. For example, a commercial truck insurance quote that costs $11,300 per year might sound difficult to manage, but breaking it into monthly payments can make it less intimidating and easier to budget.

Some companies, like Progressive Commercial, offer significant discounts to customers who pay in full. Be sure to ask about unique billing options when getting your truck insurance quote.

Ask about discounts^†

Discounts are one of the easiest ways to get the best value on commercial truck insurance. A few of our favorite discounts for for-hire truckers include:

• Paid In Full Discount: Most customers can save 15% or more if they pay their policy in full^‡. That's a $1,500 savings on a $10,000 policy.
• Smart Haul^® Program: Progressive truck customers can save an average of $1,056^** on their commercial truck premium by enrolling in this program and allowing us to access data from their electronic logging device (ELD).

Discover your truck insurance cost

As America's #1 truck insurer^Δ, we offer competitive rates and multiple ways to save. Our goal is to create more affordable commercial truck insurance options for our customers.

Choosing Progressive Commercial means you'll have access to:

• 24/7 customer support and claims assistance
• Flexible payment plans
• Discounts on your truck insurance cost

Our licensed agents can tailor a policy to help you meet your business and truck insurance needs. They'll work within your budget to find the best commercial truck insurance rates in your state. Start a quote to learn what you'll pay.