Commercial Truck Insurance
Commercial Truck Insurance can be a trucking companies highest cost after fuel, and every year, truck drivers are required to have more expensive Insurance to keep the lawyers at bay. The Trucking industry faces a routine struggle to maintain adequate insurance and stay afloat after paying the ever-growing fees to operate a motor vehicle.
How much does Insurance cost?
Insurance cost typically depends on these 6 factors.
- What you will be hauling. The cargo you haul can and will influence how much you pay to insure your trucks.
- How many miles you expect to drive.
- The value of your Truck: is it New or Used.
- Driver age and CDL experience. The more experience you have, the easier it will be to find an insurance company.
- Your credit history.
- Your payment plan. The more you are willing to pay upfront at a time, the cheaper your rates may be.
What’s the average insurance price for new owner-operators
Today, the average insurance cost to insure new owner-operators equipment averages to about 15,000 a year or 1,250 a month. After the first year, you should expect your insurance rate to go down significantly, provided you don’t live in Florida, and you didn’t have any accidents.
Trucking industry advocates
Thankfully the trucking industry has advocates that do their part in pushing back against the onslaught of laws and bureaucracy that would otherwise strangle the industry.
According to reports, industry advocates have spent $7.6 million just in the first nine months of 2020 to make a case to lawmakers and the federal agencies, according to the Center for Responsive Politics.
The Trucking industry spent $14.8 million on campaign contributions for the 2020 elections.