Cheap Trucking Insurance Is Like A Unicorn

October 12, 2020

As compared to last month, there is a 164% increase in the number people searching Google for “cheap trucking insurance” in October 2020. That shouldn’t be surprising, considering one of the top five costs associated with operating a trucking company is trucking insurance. In fact, at the time of this writing, some industry publications noted that carriers were reporting an average of 15% increase in premiums over the previous year. That means there are lots of owner-operators paying $20,000 or more annually in premium for just one unit.

Increasing rates suck and cheap trucking insurance is like a unicorn: it doesn’t exist. The best thing truckers can do is work on getting the lowest rate possible relative to the 1) context of the current economic environment and 2) the unique characteristics that make up their individual business risk profile (i.e. driving record, where they run, load types, years experience, claims history, etc.). Here are ten things you can do to lower your insurance costs.

Raise Your Deductible

One of the fastest ways to lower your trucking insurance rates is to raise your deductible. It’s a quick and easy fix to lower your monthly payments, and most insurance companies will allow deductible adjustments at any time.

By paying a greater amount out of pocket in the event of a claim, you’re decreasing the insurance company’s payout amount, which is why they reduce your annual premium accordingly. Deductibles ranging from $1,000 to $2,500 typically work well for a trucking company looking to lower their insurance rate. If you could come up with more in the event of a claim, however, ask the insurance company if they have a $5,000 deductible option. Be careful though. Some shippers and freight brokers might require that your deductible remain at a certain amount like $2,500 or below.

Hire Experienced Drivers

Hiring only experienced drivers is difficult and often unrealistic. There are plenty of fantastic drivers available that don’t have a ton of miles under their belts.

That being said, drivers with experience tend to pose less of a risk, which will lower insurance rates. Hiring drivers with at least two years of CDL experience that are familiar with varying weather conditions and equipment will aid in reducing your rates.

Also, hiring drivers in a specific age range is associated with lowering operational risks. Try to hire drivers between the ages of thirty-five and sixty-two, as statistics tell us that groups outside this age range are more prone to accidents.

Years of Operation Under the Same Business Name

Operating your trucking company under the same name as time passes will affect trucking insurance costs. Trucking companies that are new to the industry pay higher rates than those that are established.

The kinks that come with any new business usually work themselves out. For trucking companies, as operations, safety programs, and adherence to regulations naturally regulate the frequency of loss and mishaps, insurance premium costs will decrease.

Trucking Company Location and Driving Area

Driving area and company location are part of establishing the rates for commercial trucking insurance quotes. Different routes may have a massive impact on trucking insurance premiums, depending on the insurance carrier.

Since not every road has the same conditions, population density infrastructure, and weather seasons, insurance companies have to consider these factors when underwriting an insurance policy. Avoiding major metropolitan areas like New York City, Houston, Las Vegas, and Los Angeles will contribute to lowering insurance-related trucking costs.

Driver Accident History

Whether you’re applying for a state driver’s license, a CDL, or managing a large trucking corporation, driving history matters to insurance companies. Truck drivers with a terrible history on the road are a huge liability, and insurance providers know it.

A great way to bypass high insurance premiums is to avoid taking on drivers that have had two minor moving violations in the past thirty-six months. Drivers that have fewer accidents contribute to a lower trucking insurance premium.

Driver Employment History

Employment history is an integral part of acquiring any job. Truck driving is no exception. Your insurance company will consider the number of years that your employees have worked for you and previous trucking companies.

If the driver is familiar with the necessary equipment and specific routes, they’ll likely have less of a chance of an accident. Always verify and investigate the employment history and references of any driver that applies to your company.

Choose Your Trucking Insurance Agent Wisely

The insurance company and agent that you choose to work with is important to the outcome of your premium cost. Insurance agents do not have equal access to insurance carriers. It’s essential to team up with an agent that has the expertise you need when it comes to covering trucking companies. Select a trucking specialist who is confident in their abilities to get you quality coverage for a reasonable price. The agents and carriers that are part of the Trucking Insurance Network are experts in the trucking insurance industry and can help you find the coverage you need at the best rates.

Take Care of the Equipment Your Trucking Company Operates

Outdated, broken, rusted, and uninspected equipment will earn you an astronomical rate on your trucking insurance premium. Try to utilize trucks that are less than ten years old whenever possible: the better your equipment, the lower your insurance cost. And take good care of your equipment and have everything regularly maintenance.

Keep a Pristine Department of Transportation Safety Record

Your DOT safety records include all of your inspection reports and driver violations. Insurance companies will take an incredibly close look at your records and the data will be used to determine your insurance rates.

Utilize Safety Features and Programs

As the owner-operator of a trucking company, you likely have plenty of safety features and programs available to you, and you should take advantage of them. Each truck you’ve insured should have warning stickers that provide the public with the information necessary to navigate around the rig safely. Also, mandatory company safe driver training programs for you and your drivers will help in lowering insurance costs. Safe driver training programs are easy to implement both in-person and virtually and show insurance companies that safety is a priority.

The Trucking Insurance Network consists of a select group of insurance companies and insurance agents across America that specialize in writing trucking insurance. Collectively we have unparalleled industry experience and access to every trucking insurance company and product. This enables us to get you the exact coverage you need at the best rates.

We save truckers like you tens of thousands of dollars every month. Call us at (440) 276-8208 or visit to get the best deal on your trucking insurance.