Dump truck insurance generally costs $5,000 – $20,000 per power unit per year.
(But we say this without knowing your business, your drivers, your loss history, and so on.) There are a lot of factors that go into determining dump truck insurance rates, such as:
- Your drivers and their MVRs
- Your location
- Your loss history/Claims
- Speeding tickets
- Your radius
- How long your business has been around
- What you’re transporting
Your business could be at the lower end or the upper end of this range – or not within this range at all. Dump truck insurance rates vary greatly from business to business, and that’s why it’s important to get dump truck insurance quotes for your business.
|Number of Dump Trucks||Average Insurance Cost per Year|
|1||$5,000 – $20,000|
How much does dump truck insurance cost?
Before we go any further, we have to make an important point.
Dump truck insurance rates vary greatly from business to business because every business is different. Each business faces unique risks. Insurance companies look at a lot of details about dump truck businesses before setting a rate for their insurance – where you’re located, how many trucks you have, your drivers, your loss history, and so on. (More on that later.)
The lower end of the estimated range given above ($5,000) would most likely be a business in a rural area with a very, very clean loss record. The upper end of that range ($20,000) could be a business with tickets and accidents – in other words, a business that does not have a clean loss record. Where your business falls within this range (or outside this range) depends on a variety of factors.
Let’s take a look at some of the details that can affect your rates.
What factors affect the cost of dump truck insurance?
There are a lot of details about your business that affect the cost of dump truck insurance.
This is a big one. The insurance company is very interested in your drivers because they’re the ones actually controlling your vehicles. The age and experience of your drivers have an effect on your rates. Their Motor Vehicle Records (MVRs) also affect your rates. An MVR essentially gives the history of the person’s driving record, including tickets and accidents. If your drivers have plenty of experience and they have clean MVRs, you may see lower insurance rates because they’ve shown that they know what they’re doing and they’re safe drivers.
Tickets and accidents/Loss-runs:
If your business has a history of accidents and traffic tickets, you will probably face higher insurance rates because you’re seen as being a higher risk. To the insurance company, you’re more likely to have another claim. (That’s why it’s so important to emphasize dump truck safety at your business.)
The insurance company will probably request a copy of your loss-run before giving you a quote. Your loss run is a history of the claims and losses that your business has faced. As we said, if you have a lot of claims, you’re seen as being more of a risk. And that means your insurance could be more expensive to offset the risk.
Your dump trucks:
Your insurance rates also depend on the value of your dump trucks. The year, make, and model of the trucks will play a part in your rates. The more valuable your trucks are, the more they will cost to insure because any loss will be more expensive. It simply costs more to repair or replace a big, fancy dump truck that’s worth a lot of money.
How many dump trucks you have.
The number of dump trucks in your fleet also affects how much you’ll pay for dump truck insurance. The more trucks you have, the higher the chance of a claim.
Where you’re located/Your radius:
Your dump truck insurance rates also depend on where you’re located and how far you travel. Rural businesses sometimes pay less on their insurance than metro-based businesses because there’s a higher chance of an accident in a heavily populated city. And crossing state lines also affects your rates.
How long your business has been around:
If your business has been around for a few years, you’re established. You’ve had some time to get your feet under yourself. And that means that there’s more data for the insurance company to review. If you’re a mature business with a clean loss history and good drivers, chances are you’ll pay less for your insurance than a newer business or a business with many claims.
What you’re transporting:
The insurance company will probably want to know what you’re hauling with your dump trucks. The loads you haul affect your rates because the more valuable your loads, the greater a loss would be if, say, you got into an accident…and the higher your dump truck insurance rates.
Get a dump truck insurance quote.
As we’ve explained, insurance rates vary greatly from business to business because of all the factors that go into determining insurance premiums. And that’s why it’s a good idea to get a dump truck insurance quote. It’s the best way to get an accurate idea of how much your insurance will cost. Our truck insurance experts would be happy to help with that. If you fill out our quote form or give us a call today, one of our agents will shop your rates and bring back multiple quotes for you to review – we can help you save money on your truck insurance. We understand the risks you face and the coverages you need to protect yourself.