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How Much Does a Commercial Truck Insurance Cost?


If you operate a truck for any commercial purpose, it is crucial to cover all the legal conditions and policies. Among those legal conditions, insurance coverage is one of the most important ones that you need to concern about.

Usually, operating a vehicle like a truck is associated with many risk factors. So when something bad occurs, the insurance company will cover the compensation for that loss.

But how much does commercial truck insurance costs? Let’s find the answer in this article.

Commercial truck insurance explained:

First and foremost, it is essential to know that several types of insurance are out there. Different insurance types will cost you a different amount of money.

Primary Liability Insurance:

If you go for primary liability insurance, it will cover all the damages during driving.

The primary liability insurance will cost you more or less $5000 to $7000.

Physical Damage Insurance:

This type of insurance will cover all the physical injuries during the accident. And this insurance may cost you $1000 to $3000.

Occupational accident insurance

This insurance covers the compensation that is related to your work. Sometimes it also covers the income replacement and medical bills. This type of insurance may cost you $1500 to $2000.

Other types of insurance:

Apart from these three common types of insurance, there are some other types of insurance too. Generally, when you operate a truck for commercial purposes, you may need general insurance. Sometimes it is also known as general liability insurance.

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Usually, general liability insurance will cost you around $500-$600. The coverage for this insurance includes the additional injuries and damages resulting from the accident. It also includes many other things not covered by the primary and physical liability insurance.

The average cost for commercial truck insurance: 

Usually, the cost of commercial truck insurance depends on several factors such as the truck’s size, engine, capacity, etc. But if you operate a commercial truck, you may expect to pay around $9000 to $15000 on an average.

 This is just an average amount you can expect to pay every year. This amount will include all the insurance elements required for the truck insurance. There are certain cases where the insurance cost can be increased or decreased than the average cost.

Do you need truck insurance?

According to the Federal Motor Carrier Safety Administration (FMCSA), you need to have adequate insurance for your vehicle to operate it for commercial purposes. You may also need an insurance certificate to drive it on any public road.

But sometimes, if your company has multiple drivers to operate your truck, it is better to keep them in monitoring. Having good drivers with a clean driving record will help you save money and protect your company’s reputation. 

How is the truck insurance cost calculated? 

As we have said earlier, several things influence the insurance cost. Sometimes the business activities and reputation also affect the insurance cost. But usually, the cost depends on some common factors.

For example, the vehicle operating radius, type of the vehicle, location of your company, and the driver’s driving history. All these factors are directly connected with the insurance cost. 

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So when you try to find out an estimated insurance cost, you may keep these factors in your mind.

Conclusion:

Getting insurance coverage for commercial trucks is always very challenging. You may need to deal with legal policies and processes. However, if you are confused about getting truck insurance for commercial purposes, you can always seek help from a professional lawyer.

A professional lawyer will always assist you in getting the correct information with the right resources. Hopefully, this writing helped you know how much commercial truck insurance costs.


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