Truck Insurance Cost For Owner-Operators: Ultimate Guide

In the trucking industry, you have two different options for obtaining authority to transport goods.

1. Leased owner operator. The first option is to simply become a leased owner operator, where you're working underneath another motor carrier's operating authority. As a leased owner operator, you lease your equipment to a larger trucking company. The larger company will typically take care of things like dispatching and administrative work.

Leased owner operators can expect to pay between $5,000 and $8,000 per year for insurance.

2. Single owner operator. The second option is to apply for your own operating authority and become a single owner operator. With this method, you work under your own authority and are responsible for all parts of the process. This includes finding freight, accounting, administrative tasks, and even safety.

Single owner operators can expect to pay about $8,000 to $15,000 per year for your insurance policy.

As you've learned, there are many factors that go into determining what your commercial owner operator truck insurance costs. From the amount of driving experience that you have to the types of loads that you haul, it can be hard to determine what you may pay for insurance.

Your best bet is to contact a specialized CoverWallet trucking insurance agent to get a personalized premium for your business.

Leased Owner Operator Truck Insurance Costs

While the costs of these insurance coverages do vary depending on the numerous factors that we went over above, you can expect to pay between $3,300 and $6,300 annually for your leased owner operator trucking business.

To ensure that you're going to be covered for various events that may happen, you'll want to look into four main types of insurance coverage. These include:

Disclaimer: These are average insurance premiums taken from customer data over a two year period and will vary depending on the cutomser’s business. They should not be taken as a definitive cost proposal.

Single Owner Operator Insurance Costs

When you combine all of the insurance policies that you need for your single owner operator trucking business, you can expect to pay anywhere between $5,925 and $14,000 per year.

This excludes the cost of workers' compensation coverage, which varies drastically depending on how many employees you have at your business.

You'll need all of the following coverages:

Disclaimer: These are average insurance premiums taken from customer data over a two-year period and will vary depending on the cutomser’s business. They should not be taken as a definitive cost proposal.

As with any type of business, you'll need to obtain the appropriate amount of insurance to ensure the financial future of your business. As a leased or single owner operator business, it's best to check in with a CoverWallet agent to determine the specific types of insurance policies that you need and the amount of coverage that makes sense for each policy.