Big Rig Insurance Prices
Insurance Prices
Before you buy a big rig, it’s a good idea to check the prices of insurance policies for big rigs. Prices can vary from one company to another, and it’s a good idea to shop around to find the best deal. Generally, new authorities can expect to pay between $7,000 and $16,000 for their first year’s policy. However, this cost can decrease significantly the following year, depending on your circumstances.
Cargo type and operating radius will also impact your insurance premiums. Cargo with high value and a long operating radius will cost more than a truck carrying boxes. Also, insurers check your credit history to see whether you are a risk for losses. Heavy trucks are more expensive to insure, as they tend to cause more damage if they are involved in an accident. To reduce your premiums, make sure to inform the insurer of the type of cargo you haul.
Liability insurance is a must for commercial truck owners. This type of insurance covers bodily injury and property damage for other drivers and property. Regardless of who is at fault, liability insurance will cover damage caused by collisions, weather conditions, and more. The minimum liability coverage for cargo is $5K, but individual shippers can require more limits. And don’t forget to check if your insurance company provides physical damage coverage. There are several options available, but they all have different price tags.
Big Rig Insurance Prices
Some factors that affect insurance costs include the type of truck you own and your driving history. Newer and better vehicles will cost more to insure, while older and less expensive vehicles won’t fetch as high of a price. Some insurers will offer special rates for low credit or no credit history drivers. The payment plan you choose for your insurance will also affect your insurance rates. If you pay the insurance premium in full upfront, you can often get a cheaper rate.
Physical damage big rig insurance can cost up to $2000 or more per year, depending on your policy limits. The price for this type of insurance can increase significantly if you are hauling hazardous materials. And, of course, there’s liability coverage for yourself and your drivers. Having liability insurance will protect you in case someone else is injured while driving your big rig. If you’re the type who drives for pleasure, it’s worth the cost.
If you have multiple drivers on your truck, be sure to monitor their skills and behaviors. Good drivers will save you money and protect your reputation, so choosing clean drivers will save you a lot of money. Generally, owner operators will pay between $9000 and $15,000 for big rig insurance. If you’re a newbie, it’s worth looking into additional safety training and CDL experience. If you’re already driving a big rig and need insurance, a company will bundle the policy with a lower-cost truck insurance policy.