The Average Monthly Commercial Truck Insurance

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There is no cut-and-dried average cost for commercial truck insurance. Like all vehicle insurance policies, your costs will depend on a number of factors related to the driver of the vehicle, what the vehicle will be used for and the type of truck you are insuring, among other things. You can estimate an average range of costs before you apply for coverage, but need insurer quotes to get actual monthly costs.

Personal Factors

Insurance companies use the driving histories of any people who will drive your truck when they calculate your insurance costs. If all of the listed drivers have a safe driving record, the costs will be much lower than if one or several of the drivers have had a few traffic citations. And if only one of those drivers has had a DUI or had his license suspended for too many points, the costs of insuring the truck will be noticeably higher.

Truck Factors

The type of truck is another important factor. For example, a basic Ford F-150 is less expensive to insure than an F-250 with a full crew cab, and both will be cheaper than a closed delivery truck or a truck with a dump bed installed. Where the truck is parked at night will also be important, as will the amount of use it is expected to see. More miles on the road equates to a higher risk of getting involved in an accident, and insurance companies will calculate the premiums accordingly.

Business Factors

The way you use your truck affects its insurance cost. For example, if it is only used as transportation to and from an employee’s home, it will be less expensive to insure than if it is used daily to transport materials to a construction site. Transporting heavy duty cargo increases costs, especially if your truck transports loads in excess of 10,000 lbs. The distance your truck will travel also plays a part. Driving longer distances increases the risk of accidents, which may increase your coverage costs. If you are insuring your own truck for commercial use and want to add personal coverage for your family, you may have to pay extra for an endorsement.

Average Commercial Truck Insurance

When all of the factors have been calculated, the average cost of commercial truck insurance could range anywhere between $800 and $2,000 per year. In some cases, such as when the driver of the truck has a poor driving record, or the truck is being used to transport volatile chemicals, the costs could be much higher, according to the perceived risk of driving the truck. In order to refine your costs, the best solution will be to contact the insurance company and request a personalized quote designed around your truck.