On average, accidents involving vehicles other than trucks cost $400, while those occurring on the job often cost between $1,600 and $2,000. It usually costs between $400 and $1,800 for cargo insurance.
The typical cost of physical damage is between $1000 and $3000. Average costs for workers’ compensation range between $3,000 and $5,000. The typical cost of truckers’ general liability insurance is $600. Yet, factors such as claims, high crash rates, and DOT infractions can cause this truck insurance costs to rise steadily over time.
Reasons Why Commercial Vehicle Insurance Is so Expensive
The intricacies of insurance policies mean that a number of criteria must be weighed in order to determine which policy is ideal for your company. The first step toward lowering the cost of your commercial vehicle insurance is to gain an understanding of these elements.
What you transport, the experience and background of your drivers, where you are now, where you have operated in the past, how many claims have been filed, the year, make, and model of your semi trucks, and how long you have been in business are all variables. There are other factors besides these that can affect your insurance premiums.
For instance, in a leasing arrangement, the lessor may be responsible for providing insurance, either entirely or in part. Larger leasing corporations often pay for all insurance costs, whereas smaller corporations are more likely to place some of the insurance burdens on the lessee.
It’s crucial to remember that various insurers use different metrics in calculating insurance quotes. So, obtaining numerous estimates from various insurers will provide you with more options from which to select the most suitable policy.
Advice on Cutting the Cost of Semi-Truck Insurance
Because several factors go into determining an insurance company’s final quote, it can be helpful to know what exactly it is that insurers look for. What follows are suggestions for lowering the cost of semi-truck insurance: