Commercial Truck Insurance Rates by State (2024)

FAQs

What state has the cheapest commercial trucking insurance? ›

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.

Vehicle Condition and Fleet Size

However, brand new vehicles can also raise insurance premiums because they are more valuable and have a higher cost to repair and replace. Also, while larger fleets tend to pay less for insurance on a cost-per-mile basis, increasing fleet size will also lead to higher premiums.

Rates are often determined by your industry, level of experience, income, location, and more. But that doesn't mean there's nothing you can do. Your first step should be to use an independent insurance agent when shopping around for commercial insurance coverage.

While each driver's situation is unique, the average commercial truck insurance premium in Texas for drivers with a clean driving record is between $12,000 – $17,200 per year, depending on the type of truck they are looking to insure. In Texas, we see a range of premiums from $12,000 to $17,200 per year.

The average cost for commercial truck insurance in FL is $15,522. Most premiums range from $12,648 to $17,856. These cost estimates are based on truckers with one truck operations who need insurance for liability, cargo and physical damage.

Increase your deductible

Depending on your insurance provider, paying a higher deductible (the amount you pay out of pocket before your insurance coverage kicks in, in the event of an incident) is typically a quick and easy way you can decrease your auto insurance payments.

You may have to pay a fee for early cancellation

Your insurance provider may require that you pay a short-rate cancellation fee for dropping coverage before the policy ends. Make sure you read your policy thoroughly before acting and ask your agent any questions you may have about early cancellation.

Surprisingly Great Rates - State Farm®

The continued impact of catastrophic events is a major factor driving up costs, along with the increasing cost of capital, financial market volatility and inflation. This is an expense carriers need to pass along to customers.

Does credit score affect car insurance? ›

If you've ever applied for a credit card, leased a car or gotten a mortgage for a home, you know that credit scores count. You may be surprised to find out they can also affect your car insurance premiums much the same way your driving record, marital status and payment history can.

In Mississippi, commercial truck insurance costs about $3,552 per year for local commercial truck drivers or owner-operators. If you operate across states, Mississippi's average insurance cost increases to nearly $4,664 per year. Still, it's cheaper than in other states.

Cost of Business Insurance in Florida

The average cost of general liability insurance in Florida is $45 per month, according to Insureon. Professional liability insurance costs an average of $61 per month and workers' compensation insurance costs an average of $46 per month.

Market Analysis and Insights: Global Commercial Truck Insurance Market The global Commercial Truck Insurance market size is projected to reach US$ 171730 million by 2028, from US$ 107770 million in 2021, at a CAGR of 6.8% during 2022-2028.

Generally speaking, it can be slightly more expensive to insure a truck than a car, but the price difference can range from as little as $5 more each month to $100 more each month.