There is no one-size-fits-all commercial trucking insurance policy. Many variables go into calculating rates. A few factors that go into calculating the trucking insurance costs are territory (area garaged/traveling), commodities transported, radius of operation, loss history, driver age, and equipment values. These are just a few of the many rating factors.
If you are a trucking business already in operation, you’ll want to pay very close attention to your ISS scores, as these can drastically affect you. ISS Scores are accessible to you via the Federal Motor Carrier website. CAB reports/ISS scores are the first thing we as agents look at when considering partnering with a new trucking operation. Carriers also look hard at these scores before reviewing an application. Bayou Insurance can assist you with ISS score monitoring and help develop plans of action to keep these scores favorable. To read my blog on ISS Scores, CLICK HERE.
Back to how much does trucking insurance cost. You’re required by Federal Motor Carrier to carry primary trucking liability (limits vary depending on truck GVW and commodities). Of course, you’ll need motor truck cargo coverage for the goods you are transporting. The cost of primary trucking liability can range from $6,000-$15,000, and even higher in some cases. The average cost for basic motor truck cargo coverage can range from $600-$3,000. Refrigerated goods/motor vehicles/heavy equipment/etc. will cost more to insure than grain/building material/etc.
Primary trucking liability and motor truck cargo insurance are only the most basic coverages available. You want to make sure you are working with an insurance agent familiar with trucking insurance and all the exposures a trucker has, not to mention being familiar with regulations and filings required.
Other trucking insurance coverages to consider include:
- Truckers general liability
- Uninsured motorist
- Medical payments
- Physical damage
- Workers compensation
- Umbrella/Excess
To sum it up, trucking insurance costs vary greatly depending on a multitude of factors. To get an accurate cost for your trucking insurance operation, make sure you work with an experienced trucking insurance agent. If you don’t have one, we would be happy to have that discussion with you!
You can contact any of our TEAM MEMBERS to start the conversation.