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18 Wheeler Insurance — Compare Quotes

By January 18, 2021April 28th, 2022No Comments

Getting a good price on 18 wheeler insurance is tough. The best way to save money is to shop around.

We can help find a policy at the best rate!

18 Wheeler Insurance Average Cost

So, How much does 18 wheeler insurance cost? The cost of depends on several factors, including what goods you haul, where you haul them, how far you haul them, and what your driving record looks like. The average for-hire owner operator should expect to pay between $8,000 and $12,000 a year for 18-wheeler truck insurance. If you own your truck but lease on to another trucking company, insurance will be less since you’ll probably only need bobtail liability and physical damage.

Find Insurance Companies that Quote 18-Wheelers

Anyone shopping for semi truck insurance will quickly realize that coverage doesn’t come cheap. You need to find an insurance company that understands 18 wheelers and can help you meet all your requirements at a reasonable price. The problem is that it’s hard to find the companies that even write trucking risks.

Hazardous road conditions — Truck drivers across America get into over 500,000 accidents a year. This is due, in part, to truckers who keep rolling in bad weather. It’s not totally their fault. When they stop transporting, they stop making money. But drivers who don’t heed caution in inclement weather lead to higher rates of accidents and fatalities.

Driver Fatigue — The sleep schedule for an OTR trucker is constantly changing. It’s tough to rest well in public places. This takes its toll. A driver doesn’t have to fall asleep at the wheel to cause a crash. Sleep deprivation impairs the focus of a driver even while he’s awake.

Momentum — Then there’s the obvious risk. 18-wheelers are big and heavy. When a semi truck causes damage, it causes a lot of damage.

What Determines the Cost of a Policy?

Insurance companies assess risk based on a number of factors. The higher your risk, the more money they will charge you. The biggest factors that companies look at are:

  • Your driving record and experience
  • The value of your truck and trailer
  • Your location and radius of operation
  • Your age and what you haul
  • Your credit rating

Average Cost by Coverage

It’s difficult to pin down exactly how much an 18-wheeler insurance policy will cost you particularly—there are just so many variables at play. The biggest variable in determining your insurance cost is the insurance company you go with. They all price risks differently and the goal is to find the company that understands and prices your risks the best. The coverages you choose will also determine how much you’ll pay.

To get a better idea of how much your the different coverages within your policy will cost, refer to the table below

Coverage Yearly Cost Description
Primary Liability $5000-$7000 Often provided under a motor carrier’s authority, this insurance protects you when you’re at fault during an accident
General Liability $400-$600 Protection from non-collision accidents where you’re deemed at fault. This includes incorrect deliveries
Umbrella Policy $500-700 Provides liability insurance beyond your other coverages. Protects you when there are gaps in your coverage
Physical Damage $2500 Pays for repairs to your 18-wheeler whether it’s damaged from collision, vandalism, theft, or many other incidents. Rate depends on the value of your equipment.
Bobtail Insurance $375-$600 Covers your tractor when it isn’t attached to a trailer
Uninsured Motorist $75 If you’re in an accident with a motorist who doesn’t have insurance, this pays for damages regardless
Occupational Accident Varies Protects independent contractors from work-related hazards in the place of worker’s comp. Many motor carriers require this coverage
Cargo Insurance Varies Pays for damages done to the goods you carry

Cheaper 18 Wheeler Insurance Premiums?

Pay annually – When you talk to your agent, ask him what kind of payment plans they offer. If you can pay the whole premium at once, the company might offer a discount that can equal up to 20% of your total premium!

Discuss Discounts – Every insurance company offers a range of discounts to their customers. To find out if you qualify for any of these discounts, just ask! Do you have a deer guard? There might be a discount for that.

Talk to Several Companies – You can’t change your risk factors, but there is one easy way to lower your insurance costs—shop around! Different companies will offer you different prices for insurance. The trick is finding those companies to begin with. We’ve made it easy. Go to our easy quote request page and we’ll get you in touch with an expert that will  quote your rig. Our service is fast and free!

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