What does commercial truck insurance cost?

To best answer this common question, we analyzed our new for-hire truck policies sold from 2020, and divided them into two groups: • For-hire transport – Truckers who haul goods such as general freight and autos • For-hire specialty –…

What does commercial truck insurance cost?

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To best answer this common question, we analyzed our new for-hire truck policies sold from 2020, and divided them into two groups:
• For-hire transport – Truckers who haul goods such as general freight and autos
• For-hire specialty – Truckers who specialize in a specific niche such as garbage, septic waste, or logging
The California average monthly cost for commercial truck insurance ranged from $1200 for specialty truckers to $1995 for transport truckers. Remember, these are only estimates. Insurance companies use many rating factors to calculate your rate, and each can have a big influence on your premium.
For example, our calculations only include new policies that have both primary liability and physical damage coverages present and clean driving records for all drivers. You can expect your rate to vary if you have different coverage requirements.
We recommend you start by visiting www.downeytruckinginsurance.com and get a quote online or call us at 562-803-4000 and speak with a licensed professional.
Learn more about liability insurance and how it protects you if you’re at fault for an accident.
Does cheap commercial truck insurance exist?
The meaning of ‘cheap’ is relative, but few truckers would describe their truck insurance as cheap; nor would they want to. Trucking is their livelihood. What they’re usually looking for is the ‘best value’, which is a combination of competitive pricing, customized coverages, and first-rate service.
Here are a few things to help you get the best value for your truck insurance:
Adjust your coverages
More coverage equals more protection, but it’s not always in the budget. Luckily, you can adjust your coverages to help you save on your truck insurance cost.
For example, physical damage coverage is usually necessary for trucks with an outstanding loan or lease. To reduce your total cost, you could simply raise your deductibles, say, from $500 to $1,000. Just remember that you’ll have to pay more out of pocket if you have a claim.
Also, remember that less coverage means less protection. Make sure you’re satisfied with the coverage you choose before you start your policy.
Factor monthly payments
Don’t let the annual cost shock you. For example, a commercial truck insurance quote that costs $14,400 per year might sound difficult to manage, but by breaking it into monthly payments – roughly $1200 per month – it becomes less intimidating and easier to budget.
Some companies, offer very significant discounts to customers who pay in full. But each insurance company has unique billing options, so be sure to ask which options you qualify for when getting your truck quote.
Ask about discounts
Discounts† is one of the easiest ways to help you get the best value on commercial truck insurance. A few of our favorite discounts for for-hire truckers include:
• CDL discount – You’ll receive a discount just for having a valid commercial driver’s license for at least two years. How easy is that?
• Business experience discount – You’re eligible for this discount if you’ve been in business for three years or more.
• Paid-in-full discount – Most customers can save up to 15% if they pay their policy in full**. That’s a $1,500 savings on a $10,000 policy! Call Carmar Insurance Agency Today 562-803-4000

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