If you operate a truck, especially a semitruck, it’s essential to have the appropriate insurance coverage. Our MarketWatch Guides team will explain truck insurance, outline associated costs, and suggest some of the best insurance companies for your needs.
Understanding Semitruck Insurance
Similar to regular car insurance, truck insurance is mandatory for legal operation. Given the higher risks associated with trucks, insurance premiums are typically more expensive. These rates help shield you and your business from financial impacts in the case of an accident. We advise comparing multiple quotes to find the most affordable options for semitruck insurance.
Types of Truck Insurance
A semitruck requires several types of insurance coverage:
Primary Liability Insurance
This insurance is federally mandated, varying by state, and covers damages you cause while driving a truck. It typically includes:
- Property Damage Liability: Covers repair/replacement costs for another party’s vehicle/property if you’re at fault.
- Bodily Injury Liability: Covers medical expenses for injuries caused to others in an accident you cause.
Physical Damage Insurance
This coverage consists of several elements that protect your vehicle, including:
- Collision Insurance: Covers vehicle damage regardless of fault.
- Comprehensive Insurance: Covers damage from non-collision incidents like theft and vandalism.
Occupational Accident Coverage
This protects drivers in the event of job-related injuries, similar to worker’s compensation but with more flexible terms.
Average Costs of Truck Insurance
Experts suggest that commercial truck insurance typically costs between $9,000 to $16,000 annually for independent truckers with clean records. Rates vary significantly by state and have been on the rise recently. To get accurate estimates, reach out to multiple insurers for quotes, with Progressive’s monthly rates reported between $736 and $1,125 as a reference.
How to Save on Truck Insurance
Maintain a clean driving history to lower your premium costs. Additionally, consider switching insurance providers for better rates or discounts.
Do You Need Truck Insurance?
If you run a business with commercial vehicles or have your own semitruck, carrying truck insurance is essential. Compliance with the Federal Motor Carrier Safety Administration (FMCSA) is necessary for legality on public roads.
Recommended Insurers
Consider obtaining quotes from various providers to secure the best deals, with Progressive and State Farm being notable options in the truck insurance market.
Data is accurate as of publication.
