The cost of commercial or owner operator truck insurance alters from state to state, your current driving record, your previous insurance, and your credit score. For owner-operators with authority, truck insurance can cost anywhere between $8,000 and $12,500 a year. If you have plans to start your own trucking company, you can expect to pay upwards of $20,000 a year. Truck insurance costs for the drivers that lease on to a motor carrier can range between $3,000 and $5,000 per year.
Every insurance company will rate the above factors differently, and with such a big difference in costs, we really do encourage you to do your due diligence when it comes to shopping for truck insurance in North Carolina. The insurance coverage your policy will need will depend on the type of work you do and the type of truck you plan to drive. What things can you do to help you lower your commercial or owner-operator truck insurance rates?
Be Aware of Your Driving Record
If you were operating an insurance company, would you want to work with a driver who would cost you money instead of making you money? Truck insurance companies want to work with drivers who have a clean driving record. You can be offered a cheaper premium by an insurance company when you have compiled a clean driving record over the years. Insurance carriers can obtain reports that give them insight into how you are maintaining your vehicles and if you have any violations.
Know Your Credit Score
Did you know that your credit score has an impact on your trucking insurance rates? Many people are not aware of this, but having a higher credit score can result in lower insurance rates. While this practice may not be agreed upon, it is an acceptable practice to many insurance branches. Insurance companies believe that people who are able to maintain a higher credit score have fewer losses than others. So, it is important to remember that your credit score can have an impact on your truck insurance rates.
Additional Factors That Can Impact Truck Insurance Rates
- The length of time you have your CDL
- The type of products you plan to haul
- The type of equipment you plan to drive and the age of the equipment
Are you ready to save on commercial or owner-operator truck insurance in North Carolina for 2019 and beyond Let’s get started today.
We offer insurance for commercial trucks in Florida, Georgia, Texas, North Carolina, South Carolina, Tennessee, Illinois, Iowa, and Nebraska