Trucking Insurance costs are continually increasing with the rise in claims. Those costs are pushed to the yearly insurance premiums for trucking companies. It’s hard to maintain profitability with hauling freight and the margins grow tighter every time the insurance premium increases.
We want to pull back the veil and show how to win with your trucking insurance.
There are two different directions to go with your trucking insurance; companies that are credit based and companies that aren’t. The few prominently known insurance carriers are credit based so if your credit isn’t great they may not be the best option for you.
The other companies are almost always the same rate, at between $16k-$23k a year for a box truck, and $20k-$32k a year for a tractor trailer. It takes a significant amount of variables for the needly to really move off of those rates because the credit is “neutralized” and isn’t actually a factor.
For the more prominent companies, they are very sensitive to garaging address, age, credit, and accidents.If you live in a bigger city, or have less than ideal credit you will almost certainly pay over $20,000 a year.
We often recommend to clients that they part their truck outside cities in suburban areas. This is an easy way to save significantly on your insurance if you are in a larger city but have good credit. An ideal profile for insurance is an individual that is not a young driver, garages their trucks in the suburb, has good credit, a clean record, and owns an older, used truck.
Renting a box truck is often an effective way at decreasing start up costs, but they also are often 20% more to insure than an older box truck. This is not because of you renting, but because the rental is often a newer truck with a higher value.
We have access to insurance carriers that are both credit sensitive and non credit sensitive. You can request a quote here.