Big Rig Insurance Cost Averages

To get the best deal on your insurance, you need to shop around. It’s tough to find 3 agencies that specialize in big rigs. We can help! Just fill out our quick form and we’ll bring you 3 agencies to compete for your policy!

Typical Big Rig Insurance Rates for Owner Operators

The cost of big rig insurance differs from trucker to trucker and depends on variables like a trucker’s location and driving experience. To calculate your big rig insurance rates, determine which coverages you need and then add their average rates together.

For a big rig policy with auto liability, physical damage, and cargo insurance, an owner-operator can expect to pay between $7,000 and $16,000 a year. That’s a big range. So it makes sense to shop around and find the best deal.

How Much Does Big Rig Insurance Cost for New Authorities?

The above figures are typical for truckers leased onto a motor carrier. For new authorities, prices are a little higher. First year authorities can expect a big rig insurance premium cost of between $12,000 and $16,000 for their first year. That price should drop to between $9,000 and $12,000 for subsequent years, and maybe lower depending on your circumstances.

How Is the Cost of Big Rig Insurance Determined?

Big Rig Insurance Companies use long and complicated formulas to determine a new client’s risk. Several factors go into these formulas, chiefly:

• The truck’s market value,
• the client’s driving record,
• experience,
• location,
• radius of operation,
• age,
• equipment
• credit history.

So a young driver who drives an expensive rig through urban areas can expect to pay more than a seasoned driver operating within a small rural area.

5 Ways to Lower Your Big Rig Insurance Rates

1. Pay in Yearly Installments – Truckers who pay their whole big rig insurance premium at the beginning of the year save roughly 25% compared to truckers who pay in monthly installments.
2. Ask Your Agent about Discounts – Insurance companies offer discounts for a wide range of things. Veteran discounts, safe-driver discounts, and bundled coverage discounts, to name a few. Ask your agent to see what exactly you qualify for.
3. Request a Higher Deductible – Your deductible is the amount you pay after an accident. When you opt for a higher deductible, you’ll be expected to pay more in the event of an accident, but your annual premium will drop by a small amount.
4. Request a Lower Limit – Your limit is the maximum amount the insurance company will pay after an accident. A lower limit won’t protect you against huge catastrophes, but it will save you on your premium. Make sure that you follow your state’s minimum limit laws, and what makes sense for your business.
5. Shop Around! – All insurance companies have different prices and calculate risk differently. By contacting multiple insurance companies, you increase the likelihood of finding the best deal.