Trucking insurance costs

Trucking insurance costs mean the annual premiums truck owners or operators pay for coverage required to operate commercial trucks in the US. The average yearly cost ranges from $9,000 to $15,000 per tractor-trailer, based on 2023 data from the Owner-Operator Independent Drivers Association (OOIDA).

Cargo type affects costs, with hazardous material haulers paying up to 30% more than dry van operators; for example, refrigerated freight averages $12,000 annually, while tankers may reach $20,000. Driving record impacts rates–drivers with no accidents or violations save up to 40% compared to those with citations; a clean CDL reduces liability premiums by at least $2,500 annually.

Fleet size influences premiums–fleets of ten trucks often get 10–20% group discounts versus single-truck businesses. State location matters; Texas and California report the highest average annual trucking insurance costs above $13,500 due to higher accident rates and population density.

Coverage limits affect pricing–a $1 million liability policy is standard, but increasing to $2 million raises costs by approximately 25%. New ventures face surcharges–first-year operators typically pay up to 20% more than established businesses; for instance, new authorities reported median policies of $16,500 in 2023.

Vehicle type alters expenses–newer trucks cost less to insure by around 10% due to improved safety technology and lower breakdown risk. Claims history drives premiums–a company with two or more claims in three years faces surcharges of up to 50%, as seen in Progressive’s commercial auto data, Your Insurance Info has reported.

Insurers evaluate business operations–hauling long distances increases rates by roughly 15% versus local-only routes according to National Association of Insurance Commissioners reports.