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Leased Owner Operator Truck Insurance Cost

by Fred Podris. Updated on Nov 29, 2019

Leased Owner Operator Trucking Insurance

Are you leased to a Motor Carrier and need an insurance quote? Don’t get 1 quote. Get 3!

We’ll help you find the best deal on your truck insurance by bringing you 3 agents that will compete for your policy. It’s fast and free.

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How much insurance costs for owner operators is an important question, and one that we’re asked very frequently.

On average, an owner operator that is leased to a motor carrier will pay $2,000 and $5,000 a year. Every policy is different. How much you can expect to pay depends mainly on the value of your truck.

Coverages

If you’re an owner operator with a permanent lease, your company will pay for several insurances that you use. Depending on the company, you might not be responsible for cargo insurance or occupational accident insurance. But almost all leased truckers can expect to pay for physical damage insurance and non-trucking liability insurance. To make things easier, we’ve included this table showing the average costs of owner operator insurance coverages.

CoverageYearly CostDescription
Primary Liability$1000-3000Often provided by a motor carrier. Insures you when you’re at fault during an accident
Umbrella Policy$350Fills in gaps in your coverage
Physical Damage$2500Pays for repairs to your 18-wheeler whether it’s damaged from collision, vandalism, theft, or many other incidents. The premium is based on the value of your truck.
Bobtail Insurance$375Covers your tractor when it isn’t attached to a trailer
Uninsured Motorist$75If you’re in an accident with a motorist who doesn’t have insurance, this pays for damages regardless
Occupational AccidentVariesProtects independent contractors from work-related hazards in the place of worker’s comp. Many motor carriers require this coverage
Cargo InsuranceVariesPays for damages done to the goods you carry

Area

If you live in Michigan, New York, or Louisiana, expect to pay a little more for insurance. One key factor insurance companies use to assess risk is location. If your area of operation includes states with higher traffic accident rates, like the three above, you’ll find that your owner operator policy will be higher than average.

Policy Limits and Deductibles

A policy with low deductibles costs more than a policy with high deductibles. If you have cash reserves, you might consider a high deductible.

Personal Details

Insurance companies also look at things like your age and credit history when calculating how much to charge you.

How to get the best rate on an owner operator insurance policy

The absolute best thing a leased O/O can do to lower his or her insurance cost: compare different companies. We’ve made this part easy. Fill out our quick form and we’ll connect you with three different owner operator insurance agents who’ll compete for your business. Get started today!

Truck Insurance for O/O Leased to a Motor Carrier

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Disclaimer: Commercial Truck Quotes LLC is a nationally licensed insurance agency and has created the content of this website with the aim to provide you the most up to date and accurate information possible. This information, however, does not come with any warranty, and should not be received as personal financial advice. Insurance terminology varies from state to state. Your coverages and how they are governed are decided by the language in your insurance policy.
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