How Much is Insurance for Used Semi Trucks?

September 9, 2019

Trucker's Corner

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Before buying a used semi truck, one of the first questions drivers ask is, “How much does semi truck insurance cost?” Although costs tend to be lower for used trucks, the price you’ll pay each year will vary depending on a number of factors, such as your state, driving history, cargo type, and more. Here’s a quick look at the averages:

  • Owner-operators with good driving history can expect to pay around $9,000 to $15,000 per commercial truck.
  • Semi truck coverage for new authorities can be anywhere from $12,000 to $18,000 — and sometimes up to $30,000.
  • Owner-operators that are leased to a motor carrier pay usually around $2,000 to $4,000, although this can fluctuate depending on the truck’s value.

Read on to learn more about semi truck insurance and how costs are determined with International Used Truck Centers!

Semi Truck Insurance Companies

If you’re searching for truck insurance companies, you have several options from which to choose, including:

  • Insurance 321 — offers help with finding the right coverage for your business.
  • Progressive Commercial — offers a lot of discounts on truck insurance.
  • AP Intego — offers pay-as-you-go workers’ comp insurance for owner-operators and motor carriers.
  • CoverWallet — offers quick quotes for insurance and is especially helpful if you’ve been declined elsewhere.
  • HUB International — offers commercial auto insurance, as well as auto warranties, road service, and discounts.

Of course, there are more options on the market than what’s listed above, but these are some of the most commonly chosen.

What Are the Common Types of Semi Truck Insurance?

Below, you’ll find a quick overview of the types of insurance coverages frequently held by commercial truck drivers:

  • General Liability Insurance — covers third-party property damage and bodily injury.
  • Primary Liability Insurance — covers third-party property damage and bodily injury that occur as the result of a trucking accident.
  • Non-Trucking Liability Insurance — covers third-party damages that may occur while you’re using your truck for a non-commercial purpose.
  • Bobtail Insurance — covers third-party damages that may occur while you’re using your truck for business but aren’t carrying cargo.
  • Physical Damage Coverage — covers damage to your truck caused by theft, vandalism, natural disaster, or a collision.
  • Motor Truck Cargo Insurance — covers damage to the cargo and materials you’re transporting.
  • Workers’ Comp Insurance — covers lost wages and medical expenses that incur as a result of a work-related illness or injury.

Keep in mind, you may not need all of the above-listed insurance coverages. Working with a professional can help you determine which insurance plans are vital to you, your cargo, and others on the road.

What Determines Semi Truck Insurance Cost?

Insurance costs for commercial vehicles — and any other type of vehicle — vary depending on a variety of factors. For truck drivers, some of those factors include:

  • USDOT Authority: If you lease to a company, chances are you’ll pay less than you would if you operated under your own authority. Usually, leasing companies cover primary liability insurance for drivers while they’re on the road. Drivers who lease to a company often pick up bobtail and non-truck insurance coverages for added protection, but the costs are less than primary liability.
  • State: If your state has higher rates on commercial truck insurance, you’ll probably pay more for that reason alone.
  • Federal Filing: Certain types of trucking businesses require federal filings, such as interstate trucking companies and companies that haul hazardous materials. The minimum liability limits are much higher for these types of businesses and so are the overall insurance costs.
  • Cargo Type: The type of cargo you haul can impact the cost of your insurance. It’s important to be as accurate and straightforward as possible about the cargo you carry, however, as failure to disclose that information to your insurance provider can cause a future claim to be denied.
  • Routes: Do you travel locally or regionally? The greater your operating radius, the more you can expect to pay for insurance.
  • Truck Type: Used trucks are usually cheaper to ensure than brand-new trucks. This is because repairing or replacing a used truck costs less than repairing or replacing a new one.
  • Driving History: If your driving record is marked by accidents and violations, it’ll make a greater impact on the cost of commercial auto insurance — more so than regular auto insurance. This is because semi trucks are much heavier vehicles with the potential to do more damage than a passenger car. Even a minor traffic violation can cause an increase in insurance costs.

Learn More About Truck Insurance from International Used Truck Centers

If you’re shopping for a used semi truck, let the experts at International Used Truck Centers be your guide. From helping you choose the right truck for you to selecting the best possible semi truck insurance for the job, our team can walk you through the process. It’s just one of the many reasons to buy from us. Contact us to learn more about our current offers or visit one of our locations today!

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