Long haul truck drivers spend more nights away from home since most of their journeys cant be made in a single day. Therefore, they’ll typically have to pay more for their insurance. This is because long haul truck drivers travel longer distances so there’s more risk involved. Essentially, your chances of getting into an accident or being a victim of cargo theft increases since you’re spending more time on the road.
So, to better understand your policy, here’s a breakdown of the cost of long haul truck insurance. We’ll also share some money-saving tips. Let’s begin.
What Does Long Haul Truck Insurance Cost?
In recent years, truck insurance rates have soared exponentially. This could be due to several factors, such as the increased number of accidents, claims, cargo thefts, and violations. However, if you maintain a clean record and take the necessary safety precautions then you may be able to save some money.
Below is a list of the common coverages a long haul truck driver would need:
Average Cost by Coverage
- Cargo: $400-$1,800
- Truckers General Liability: $300-$600
- Non-Trucking: $400
- Occupational Accident: $1,600-$2,200
- Physical Damage: $1,000-$3,000
- Primary Liability: $5,000-7,000
- Umbrella: $500-700
- Uninsured/Underinsured Motorist: $50-100
- Workers’ Comp: $3,000-$5,000
It’s important to note, these coverage amounts are not exact and they will vary depending on the insurer you choose and your specific situation.
How to Reduce Your Long Haul Truck Insurance Rates
Here are some ways you can try and save on your long haul truck insurance.
1. Compare Quotes
The first step in the process is to get multiple quotes from different truck insurance companies. Surprisingly, every insurance company charges different rates for the same coverage. So, your best option is to seek assistance from a reputable insurance agency. By doing this your trucking agent can shop around for you and find the best deals.
You’d be pleasantly surprised how much you could save just by comparing your options!
2. Pay Yearly
Insurance companies give you the option to pay monthly or yearly. Oftentimes, truck drivers opt to pay monthly since insurance isn’t cheap. However, many insurers offer very generous discounts to policyholders who pay their premiums yearly.
We understand paying tens of thousands of dollars all at once is nerve-wracking; however, you could save 10-20% by doing this. So, in the long run, it may be worth it for you.
3. Increase Your Deductible
Increasing your deductible is another way to save money on your long haul truck insurance. However, be mindful of how much you can afford when choosing your deductible. If you go to file a claim you’ll be required to pay the stated amount before your insurer steps in. So, consider how much money you have set aside for situations like these and consider how often you file a claim.
So, if you’re someone who files a claim often this may not be the best option for you. Talk with your insurance agent to figure out a deductible that works for your budget.
How an Insurance Company Determines Your Rates
Insurance companies use different methods to determine the overall cost of your truck insurance. For instance, they’ll evaluate your driving record, safety rating, claims history, cargo type, hauling radius, and more.
At the end of the day, your rate is based on how risky you are to insure. Although you can’t control your driving radius as a long haul truck driver, you can take proactive measures to improve your fleet’s overall safety.