Frequently Asked Trucking Insurance Questions
We're here to answer any questions that may come up during the research, quoting, policy, or after the policy is over phase. The FAQs listed on the page are designed to help you thoroughly understand insurance better and answer any questions you may have along the way.
How much does trucking insurance cost?
Think of your trucking insurance premium on a risk meter. The more potential risk an insurance carrier views the higher the premium. Here are the major factors when a carrier determines your rate:
- Your Drivers History: A clean driving record in any case will help you secure a much lower rate v.s a driving record which has a history of accidents, violations, and more.
- Business Timeline: How long you've been in business is a huge factor to determining the premium price. In most cases, businesses with over 2 years will receive a much lower premium than businesses that have less than 2 years.
- Cargo: What you haul in your truck and how heavy it is being hauled will impact the risk level which will change the premium.
- Location + Operating Radius: The longer the operating distance the higher the premium will usually be. Longer distance means more risk because a driver has an increased risk of accidents, falling asleep behind the wheel, loosing focus on the road, and changing weather conditions throughout different areas.
- Vehicle Type:
The heavier the truck, the more the premium will increase. Heavy truck means more risk in event of an accident.
Why are commercial truck insurance rates so high?
Commercial truck insurance rates are high because insurance companies know that there's a higher risk of injury and accidents. Why have the rates risen in the past decade? US Commercial truck insurance rates have risen dramatically over the past few years due to the numerous cases of accidents caused by commercial trucks due to inattentive driving as well as a decreased supply of drivers.
Can I start a trucking company without a CDL license?
All insurers charge different rates for new trucking companies and owner-operators. You are legally allowed to start a trucking company without a CDL, but if you plan on driving the truck, it is a requirement to have a CDL. Premiums are generally higher when it is not owned by an individual who drives.
How can I save money on trucking insurance?
Doing your research upfront, taking good care of your truck, and looking for the least expensive coverage available are three ways to save money on trucking insurance.
- Keep your driving record extra clean to get better rates on your auto insurance policy.
- Look into other cheaper options outside of traditional captive insurance agencies. We are an independent insurance agency which means we can quote from a variety of insurance carriers.
Other factors in premium include what you're hauling, driving radius, time in business, # of trucks, type of trucks, tickets/accidents, the driver(s) history and experience.
What coverage do I need for my business?
Typically, a trucking company will be insured for these lines of coverage:
Auto Liability,
General Liability,
Physical Damage,
Motor Cargo Coverage, Comprehensive/Collision Insurance.
Contact us at
308-430-1953 for more information about protecting your trucking firms assets.
How long will a claim affect my premium?
A claim will affect your premium differently based on the covered riders and the severity of loss. On average, 3 years.
How long does it take to get my filings issued?
Typically filings are done the same day or within 24 business hours.
What's the difference between auto and general liability?
Commercial Auto Liability is focused exclusively on the risks of owning a truck, while
general liability policies focus on protecting a company from risks that could impact the business in any manner.
Commercial Auto liability typically covers property damage and bodily injury to drivers, passengers in your car, pedestrians, and others. General liability protection covers bodily injury to anyone who could sue your company: customers and other guests (walking through the lobby), contractors, and vendors doing work for you.
What's the timeframe to get a quote and be covered?
It typically takes 24-48 hours to get a quote and be covered. Once you decide which plan is best for your trucking needs, we can help you through the application process. .
I've been driving for 10+ years, why is my rate so high?
Even if you have been driving for years, opening your own business is a different ball game in insurance carriers eyes. Your CDL experience will impact your rate, but the time in business will also be a big factor, which means if you are a recently new business, your rates will be similar to other new businesses.
What happens in the event of a claim?
We would be happy to assist you with these questions. You can call us at
308-430-1953, or
fill out the contact form and we'll get back with you right away. Additionally, you can visit our
claim center page for more information.
Can I cancel my policy before it expires if I don't want to renew?
Yes, a cancellation can be done at anytime before the renewal period.
What happens if I paid in advance? If you paid your premium in advance and cancel before the end of term, then insurance companies will refund the remaining balance. If you decide you want to get insured again, you will have to purchase new coverage.
Is my insurance rate impacted by my personal driving record?
Your commercial trucking insurance rate is impacted by your personal driving record if you are an owner-operator with a CDL. A professional driver's license means that any accidents or violations on the road will also affect how much it costs to insure your company’s vehicles