Commercial insurance covers the merchandise on your truck as well as the vehicle.
Unlike a private vehicle, there is no cut-and-dried average cost for commercial insurance. Your costs will depend on a number of factors related to the driver of the vehicle, what the vehicle will be used for and the type of truck you are insuring among other things. Because there are so many factors involved, the average cost of commercial truck insurance is best expressed as a range of costs, rather than a single dollar amount.
Personal Factors
The driving history of the people who will be driving the truck is an important factor, and is calculated by taking into account all the drivers that will use the truck. If all of the listed drivers have a safe driving record, the costs will be much lower than if one or several of the drivers have had a few traffic citations. And if only one of those drivers has had a DUI or had his license suspended for too many points, the costs of insuring the truck will be noticeably higher.
Truck Factors
The type of truck is another important factor. For example, a basic Ford F-150 is less expensive to insure than an F-250 with a full crew cab, and both will be cheaper than a closed delivery truck or a truck with a dump bed installed. Where the truck is parked at night will also be important, as will the amount of use it is expected to see. More miles on the road equates to a higher risk of getting involved in an accident, and insurance companies will calculate the premiums accordingly.
Business Factors
How the truck is going to be used has a major affect on the rates you can expect to pay because of the risks involved with each type of use. If the truck is only used as transportation to and from an employee's home, it will be less expensive to insure than a truck that used daily to transport materials to a construction site. Similarly, if the truck is used in a courier service, the insurance company will have to insure the truck and the cargo that is being delivered, and that means a much higher insurance premium.
Average Commercial Truck Insurance
When all of the factors have been calculated, the average cost of commercial truck insurance could range anywhere between $800 and $2,500 per year. In some cases, such as when the driver of the truck has a poor driving record, or the truck is being used to transport volatile chemicals, the costs could be much higher, according to the perceived risk of driving the truck. In order to refine your costs, the best solution will be to contact the insurance company and request a personalized quote designed around your truck.
