A tractor-trailer is a combination of both a trailer and tractor that are connected by a fifth wheel hitch. In general, they’re used to transports heavy loads from one place to another. This type of truck has many names that can often confuse people.
Many people use the word “semi” to describe a tractor-trailer, while others call it an 18-wheeler. There are also other terms to describe these, such as big rigs and semitrailers. So, if you come across these names when reading or discussing a tractor-trailer, you should know that they all refer to the same truck.
Regardless of what you call a tractor-trailer, it’s important to buy insurance for it. Let’s dive into the cost and tell you how you can get discounts on your insurance.
How Much Does It Cost to Insure a Tractor Trailer?
Whether you’re an owner-operator or drive with a carrier, the insurance may cost you between $2,500 and $5,500 annually. If you’re new to trucking, you may be paying up to $18,000 a year for your insurance.
Of course, a variety of variables can affect your truck insurance premiums. Such as, the number of years you have been in the business, your deductibles, driving record, and the different types of insurance you choose to carry.
The policy you choose can make your premiums more expensive. However, these costs outweigh having to pay for the repairs or replacement yourself. Insurance providers consider other variables as well when determining premium costs. These include your radius of operation, your age and location, and the truck’s value. Your payment plan can also impact the overall cost. If you pay a larger amount upfront, your premium will likely be lower.
How Can You Save on Tractor Trailer Insurance?
Fortunately, there are ways you can reduce your insurance premiums on your semi. Ask your insurance carrier if you apply for any discounts so you can get the lowest rate for the best coverage.
Remember that many insurers offer discounts for a number of things. That is to say; you may get discounts on the policy if you:
- Install airbags in your truck
- Maintain a clean driving record
- Pay more upfront for your policy
You can also get a discount if you insure multiple trucks or have your policies bundled. Also, some insurance companies offer unique discounts no one else has.
However, you need to ask these companies what their discounts are in order to reap the benefits.
All in all, the average cost to insure a tractor-trailer is around $5,500; however, it can reach $18,000 if you’re a new venture. Keep in mind that the cost may vary depending on certain factors. It’s best to shop around and find a reputable company that offers discounts and quality coverage.