How is Trucking Insurance Priced?
Because rates vary so widely, new truck owners sometimes relocate to a state that has lower rates. Paying less for essentials like insurance means expanding your profit margin from the beginning.
The following guide will help you determine how to find the best rates on the coverage you will need for your commercial truck.
What Factors Impact the Cost of Commercial Truck Insurance?
Cost of Commercial Truck Insurance in 50 States
We've ranked all 50 states for the cost of commercial truck insurance*.
| Rank | State | Average local premium rate | Average national premium rate |
|---|---|---|---|
| 1 | Mississippi | $3,552 | $4,664 |
| 2 | Wyoming | $4,927 | $7,149 |
| 3 | Massachusetts | $5,447 | $17,017 |
| 4 | Iowa | $5,615 | $8,866 |
| 5 | Arizona | $6,102 | $11,797 |
| 6 | Nebraska | $6,259 | $8,664 |
| 7 | North Dakota | $6,456 | $9,206 |
| 8 | Montana | $6,501 | $9,492 |
| 9 | Kansas | $6,645 | $10,160 |
| 10 | South Dakota | $6,689 | $9,013 |
| 11 | Wisconsin | $6,714 | $9,231 |
| 12 | New Hampshire | $6,817 | $11,390 |
| 13 | Idaho | $6,887 | $9,008 |
| 14 | Alaska | $6,915 | $9,326 |
| 15 | Vermont | $6,937 | $9,643 |
| 16 | Ohio | $7,094 | $9,933 |
| 17 | Colorado | $7,294 | $12,110 |
| 18 | New Mexico | $7,298 | $9,738 |
| 19 | North Carolina | $7,450 | $10,630 |
| 20 | Pennsylvania | $7,536 | $12,470 |
| 21 | Missouri | $7,646 | $11,757 |
| 22 | Illinois | $7,704 | $13,781 |
| 23 | Indiana | $8,430 | $11,141 |
| 24 | Oregon | $8,484 | $11,272 |
| 25 | Washington | $8,484 | $12,706 |
| 26 | Michigan | $8,910 | $13,793 |
| 27 | Utah | $9,121 | $11,110 |
| 28 | Oklahoma | $9,376 | $13,383 |
| 29 | South Carolina | $9,390 | $13,376 |
| 30 | Maine | $9,535 | $13,763 |
| 32 | Tennessee | $9,592 | $13,773 |
| 33 | Minnesota | $9,669 | $12,820 |
| 34 | Virginia | $9,957 | $13,119 |
| 35 | Alabama | $10,284 | $14,216 |
| 36 | Texas | $10,533 | $14,497 |
| 37 | Nevada | $10,681 | $16,912 |
| 38 | Arkansas | $10,973 | $14,922 |
| 39 | Maryland | $11,112 | $16,056 |
| 40 | Kentucky | $11,555 | $15,500 |
| 41 | West Virginia | $11,687 | $14,638 |
| 42 | California | $11,834 | $14,041 |
| 43 | Florida | $12,872 | $19,480 |
| 44 | Rhode Island | $14,046 | $17,220 |
| 45 | Georgia | $15,200 | $20,641 |
| 46 | Connecticut | $16,946 | $17,004 |
| 47 | New York | $16,949 | $17,585 |
| 48 | Delaware | $17,351 | $19,670 |
| 49 | Louisiana | $19,736 | $23,453 |
| 50 | New Jersey | $20,763 | $20,255 |
What You Would Pay for Truck Insurance in US' Cheapest State
Among all 50 states, owner-operators in Mississippi pay the LOWEST commercial trucking insurance rates.
The minimum coverage Mississippi owner-operators are required to carry depends on:
- the amount of freight the truck will carry as well as
- the business's travel radius.
Trucks that carry hazardous materials are required to have hazmat coverage, with a limit of at least $5,000,000.
Mississippi owner-operators who transport oil must carry at least $1,000,000 in liability insurance.
Average monthly insurance premium costs for Mississippi owner-operators are:
| Insurance Type | Monthly insurance premium |
|---|---|
| General liability insurance | $325 |
| Truck liability coverage | $750 |
| Non-truck liability coverage | $137 |
| Bobtail coverage | $38 |
| Physical damage insurance | (Based on the truck's value) |
| Cargo insurance | (Depends on the cargo type) |
Gain from our trucking insurance expertise in 4 easy steps
Receive quotes
Get your free online quote in minutes or talk to one of our expert/insurance advisors
Talk to your agent
Connect with our experienced advisors for one-on-one support and get the coverage you need.
Get insured
Insure your trucking business and choose from multiple payment options. Pay your way!
Download insurance certificate
Get your Certificate of Insurance (COI) within a day, quick, easy, and hassle free.
Frequently Asked Questions
How Is Trucking Insurance Priced?
When checking commercial truck insurance rates by state, it is important to know the factors that determine the rate owner-operators pay for insurance coverage. These include:
• Owner's age and gender
• Owner's credit score
• Motor vehicle history from the past 35 to 36 months
• Radius within which the truck will travel
• DOT operating history
• Size of fleet
• Additional insureds
Insurance companies also apply discounts that can help you save money on insurance. Characteristics that can help you get lower truck insurance rates include CDL experience, business experience, and proof of prior insurance coverage.
What States Are Best for Truckers?
If you have flexibility that allows you to move or if you just want to know where your state stacks up, knowing which states are best for truckers can help you plan for how much you can expect to pay for insurance.
The best states for truckers are those in which commercial truck drivers have the highest incomes and the lowest insurance costs. In addition to determining your insurance rate, where you live can also directly impact your income as a trucker.
Nebraska has the highest-paid truckers with an average truck driver income of $90,000. Nebraska also has the sixth-lowest commercial truck insurance rates, which makes the state very favorable for owner-operators who are looking to maximize their profits.
Other high-paying states for commercial truck drivers include:
• Pennsylvania
• New Mexico
• Oklahoma
• Wyoming
• Iowa
How Much Does Commercial Truck Insurance Cost?
It is important to remember that you may not receive the same insurance quote as the next owner-operator.
However, on average, owner-operators are currently paying approximately $15,000 per year, or $1,250 each month for a commercial truck insurance policy that includes the most important coverages.
Speak with an insurance agent to determine the rates you can expect to pay annually or per month for your commercial truck insurance.
Check out our beginner's guide to Commercial Truck Insurance Prices.
How Do I Find Cheap Truck Insurance?
You can find cheap truck insurance by speaking with an agent or a broker. We highly recommend comparing quotes from several companies.
Before purchasing a policy, be sure to confirm that your policy will include all the coverages you will need in the state from which you plan to operate and for the types of contracts you want for your business.
Contact CoverWallet to learn more about how to get the lowest insurance rates for your commercial trucking business.
Do you have more on the cost of trucking insurance?
What Are The Insurance Covers That Truckers Like Me Usually Get?
- Trucker Insurance
- Box Truck Insurance
- Bobtail Insurance
- Hot Shot Truck Insurance
- Motor Truck Cargo Insurance
- Refrigerated Truck Insurance
- Semi Truck Insurance
- Car Hauler Insurance
- Dump Truck Insurance
- Flatbed Truck Insurance
- General Liability for Truckers
- Owner Operator Insurance
- Log Truck Insurance
- Non-Trucking Liability Insurance
- Trailer Interchange Insurance
- Commercial Trailer Insurance
- Truck Driver Insurance
- Long Haul Trucking Insurance
FREE Resources for Truckers
More content on trucking insurance cost? You've got it...