Trucking insurance is often one of the top monthly expenses for trucking companies. The average cost of a large trucking claim involving a fatality is $3,600,000.
Trucking insurance is expensive because of the risk to the public. In most cases a driver is operating 26,000+ lbs at high speeds in sometimes sub-par conditions. That combination of factors can cause millions, if not billions, in damage.
There have been talks in the U.S. House of Representatives about raising the FMCSA auto liability limit from $750,000 to $2,000,000.
From the data we have collected the average box truck policy is around $13,000-$17,000 per truck while the average tractor trailer policy is about $17,000-$25,000. That said, we have box truck policies as low as $6,000 per year and as high as $25,000 per truck.
If you’re paying more than those averages, you are likely paying more than your peer group for your trucking insurance.
The good news is there is almost always the opportunity to reduce your cost through several risk management practices, especially if your trucking company is running 3+ trucks. You can read more about risk management practices here.