Since insurance pricing is of keen interest to most trucking firms, I did some research and came up with a list of pricing benchmarks for various insurance coverages. Below is an average price for each type of insurance. Your costs may vary:
|Coverage Type||Annual Cost|
|$1,000,000 Truckers Liability||$4,000 per tractor|
|Truck/Trailer Physical Damage||$2.50 per $100 of equipment values|
|$250,000 Motor Truck Cargo Legal Liability||$500 per tractor|
|Workers Compensation & Employers Liability||$4,000 per driver|
|or Occupational Accident||$1,500 annual per driver|
Remember, these are just benchmarks. Actual premiums are based on a multitude of criteria including, but not limited to: States(s) of operation, limits of liability, driving records, loss experience, commodities hauled, number of vehicles insured, gross vehicle weight (GVW), value of vehicle, deductibles or retentions, etc.
If you’re one of the lucky ones whose premiums are lower, congratulations. However, if your premiums are considerably higher than these benchmarks you may want to contact your agent to find out why. Your higher premiums may be legitimate but you deserve to know why and perhaps your agent can work with you on ways to reduce your premiums.