Which States Have the Cheapest Trucking Insurance?

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What is Commercial Truck Insurance?

As a commercial trucking operator, you are constantly on the road. Whether you are a local driver, or over the road driver, you are constantly at risk of auto accidents or damaging what you are hauling. It is important to have the proper insurance coverage in place because one mistake, whether yours or not, can cause a domino effect and a big dent to your business’ funds. Trucking companies also have to follow federal motor carrier rules and regulations which can open up your exposure even further.

When is Commercial Truck Insurance Needed?

Every owner-operator and trucking business should have Commercial Truck insurance. There are a plethora of insurance policies that will help protect your business. While almost every insurance company offers insurance coverage for truckers, some specialize in the trucking industry. It is always a great idea to use this type of company as they understand the unique risks you face. At the very least, the following are recommended insurance policies.

  • Cargo - Certainly, you want to protect the things you are hauling. Whether you are in an auto accident that damages your freight, or completely overturns your trailer and spills all over the road, you will need to replace it. If you don’t have cargo insurance, how will you pay for it it is worth tens of thousands of dollars?

  • Commercial Auto Auto liability will be required before you even start driving. This will cover the physical damage to your truck and trailer if you own it, and liability and property damage for those you may be in an accident with.

  • Workers Compensation - If you own a business and have employees, you will need Workers Compensation insurance. Even if you don’t have any drivers, and only have an employee in the office doing paperwork, you should still have this coverage and many states require it.

Which States Have the Cheapest Trucking Insurance?

While it is hard to pinpoint exactly what you will pay for Commercial Truck insurance based on your state, some of them are cheaper than others. Out of the 50 states, the following are the 5 cheapest as of 2016: Mississippi, Wyoming, Iowa, Nebraska, and Idaho. Also, keep in mind that this can change depending on if you don’t have your USDOT filing. Even though Oklahoma is not the lowest for insurance, it is a great state to own a trucking business due to low gas prices and reasonable rules and regulations.

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Which States are Most Costly for Trucking Insurance?

You may want to consider moving if you live in any of the following states that seem to have higher insurance premiums, some more than three times that of the cheapest: Louisiana, New Jersey, Delaware, Florida, and Rhode Island. Even though California is not on this list, it is one of the worst states for truckers. First, their rules and regulations are some of the hardest to obey and your chance of getting a violation is higher here than any other state. Additionally, it is full of people which means traffic is always a nightmare, regardless of day and time. If you can avoid traveling through this state, it is advisable.

Business Insurance

Running a business is challenging enough without having to worry about lawsuits, employee injuries or property damage. Having the right insurance gives you the peace of mind to focus on what matters - running your business.

The coverage you need depends on the type of business you run. A restaurant owner needs to be covered against customers possibly getting food poisoning while an accountant needs to be covered against calculation errors. CoverWallet's intelligent assessment system will identify the insurance you need based on your specific business, get you a policy that fits your budget, and do it all in less time than you think.

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