Struggling to find cheap big rig insurance? You are not alone! Finding affordable big rig insurance can be tough—either insurance companies don’t write policies for big rigs or the premium is sky-high.
We can help! Shopping around is still the best way to save and we’ve made that part easy. We connect you with trucking agencies that understand big rigs and compete to earn your business.
We’ve helped over 100,000 truckers shop for insurance and earned a 4.9-star rating on TrustPilot. See how we can drive down your big rig insurance costs today!
How Much Does Big Rig Insurance Cost?
The average cost of big rig insurance ranges between $9,000 and $14,000 per year for most truckers operating with their own authority.
The essential coverages that make up a commercial truck insurance policy include primary liability, physical damage, and cargo insurance. Primary liability alone averages $5,000 to $7,000 annually.
Additional policies like general liability or umbrella coverage can increase your overall premium.
For leased-on owner operators, annual insurance usually ranges from $3,000-$5,000 with Physical Damage making up the bulk of the premium. Non-Trucking liability insurance is needed too.
For new authorities, these costs can be even higher, averaging $12,000 to $16,000 in the first year. However, costs often decrease after the first year if you keep a clean record.
How Is the Cost of Big Rig Insurance Determined?
Big Rig Insurance Companies use long and complicated formulas to determine a new client’s risk. Several factors go into these formulas, chiefly:
- The truck’s market value,
- the client’s driving record,
- experience,
- location,
- radius of operation,
- age,
- equipment
- credit history.
So a young driver who drives an expensive rig through urban areas can expect to pay more than a seasoned driver operating within a small rural area.
Typical Big Rig Truck Insurance Rates by Coverage
The cost of big rig insurance differs from trucker to trucker and depends on variables like a trucker’s location and driving experience, and what type of cargo they are hauling.
To get a very rough estimate of what your big rig insurance rates might be, determine which coverages you need and then add their average rates together. This list is just to give you an idea on the cost. Getting real quotes will always be the best, of course. We can help with that!
| Coverage | Yearly Cost | Description |
| Primary Liability | $5,000-7,000 | Insurance required by the FMCSA for O/O which protects the public when you’re at fault in an accident |
| General Liability | $500-800 | Coverage for non-collision-related accidents when you’re at fault. Good for business owners |
| Umbrella Policy | $500-1,000 | Liability insurance that goes beyond what other coverages offer. Protects you from the unexpected |
| Physical Damage | $2000-4000 | Covers the repairs of your big truck when it’s involved in an accident |
| Bobtail Insurance | $500-800 | Acts as liability insurance when your tractor isn’t attached to a trailer. Not required if you have primary liability. |
| Uninsured Motorist | $300-500 | If you’re in an accident with a motorist who doesn’t have insurance, this pays for damages anyway |
| Occupational Accident | Varies | Protects for-hire O/O from work-related hazards in the place of worker’s comp, since they aren’t technically employees of shippers |
| Motor Truck Cargo Insurance | Varies | Pays for damages done to any freight involved in an accident |
Wondering how much big rig insurance costs for you? Find out! We give you the average rates here, but we can get you in touch with an agent who can give you a fair quote.
Compare Big Rig Insurance Quotes
To secure the best rates, it’s important to compare multiple big rig insurance quotes. Each insurer uses a different formula to calculate risk, which can lead to significant price differences for the same coverage.
One of the biggest factors, if not the biggest factor, is what insurance agency or company you go with. The marketplace is very inefficient and the same trucking company can get quotes that are thousands of dollars apart. This is why you must shop your commercial insurance for your trucking business with multiple agents in the trucking industry.
Our service can connect you with up to three agents to make comparing quotes easy and effective. We’ve done the legwork and can bring you agencies with truck insurance specialists—they understand the needs commercial trucks and can offer more tailored policies.
5 Ways to Lower Your Big Rig Insurance Costs
Once you’ve got quotes in hand, use these strategies to lower your big rig insurance costs:
- Request Discounts: Many insurers offer discounts for safe driving, veteran status, bundling policies, and more. Be proactive and ask about any discounts you qualify for.
- Pay Annually: Paying your premium in full upfront can save you up to 10% compared to monthly payments. This requires a larger initial payment but can lead to substantial savings.
- Increase Your Deductibles: A higher deductible can reduce your premium. This is a good choice for drivers with a clean safety record, but remember, you’ll pay more out-of-pocket if there’s an accident.
- Adjust Coverage Limits: Lowering your coverage limits can reduce your premium. However, be sure it meets legal requirements and still adequately covers your risks.
- Shop Around Regularly: Premiums can rise even without claims. Compare quotes annually to ensure you’re still getting the best rate.
Commercial Truck Insurance Requirements
It’s important to stay compliant with state and federal laws when you insure your big rig truck and trailer.
- Liability Insurance: Required by the FMCSA, this covers property damage and bodily injury. The minimum limit is $750,000. Many truck insurance specialists will recommend $1M in coverage, and some companies even offer $2M in coverage now.
- Motor Truck Cargo Insurance: $100,000 is the minimum limit required, but for most truckers that won’t cut it anymore. Keep in mind that load brokers won’t work with drivers who lack cargo insurance. Also, some brokers won’t work with you if your insurance is from certain insurance companies. It’s a good idea to ask your agent, or your load broker, if there are truck insurance companies they won’t work with.
- Physical Damage: This coverage is not required if you own your truck and trailer outright. Even so, many truckers still opt for this coverage. But if you are still making payments this coverage is required. It pays repairs for your truck after an accident, and usually costing 2-3% of the truck’s value.
Additional coverages, like bobtail insurance, occupational accident insurance, and umbrella policies, provide extra protection for leased owner-operators.
Bottom line is that you need to work with an experienced agent to customize a policy that meets your specific insurance needs without unnecessary costs.
Big Rig Insurance Savings for Owner-Operators, Motor Carriers, and Fleets!
Big rig insurance is a major expense, but there are ways to reduce costs while keeping yourself protected. Compare quotes, take advantage of discounts, and review your coverage regularly to ensure you’re getting the best value.
As mentioned, we have helped over 100,000 truckers shop the insurance marketplace. We help truckers in every state, hauling any cargo, and every operation type from Owner Operators to Fleets. Give us call or complete our quick form today!
